Ginkgo Bioworks reaffirms FY23 revenue view $250M-$260M, consensus $258.72M

Ginkgo Bioworks announced preliminary performance updates for FY23. Among the results, Ginkgo highlighted that it expects to meet its previously disclosed new program and revenue guidance ranges in 2023 based on its preliminary unaudited estimates. “I’m very pleased with the robust revenue and program growth we have seen in 2023, particularly in the biopharma sector – growing the portion of our cell engineering revenue that is attributable to biopharma customers by more than 50% over the past year,” said Jason Kelly, Ginkgo’s co-founder and CEO. “Our strong balance sheet, with nearly $950 million of cash and cash equivalents, positions us well to take advantage of strategic opportunities while the market faces continued pressure. This, combined with the meaningful improvements we have seen in operational efficiency, gives us a long runway as we plan to increase new programs while reducing operating expenses. I’m proud of our team’s accomplishments in 2023 and am excited to drive continued strong growth in our biopharma vertical in 2024.” Sees FY23 Cell Engineering revenue $145M-$150M; Biosecurity revenue $110M. New Cell Programs are expected to be within the previously disclosed guidance range of 80-85 new Cell Programs added to the platform in 2023. Ginkgo ended 2023 with nearly $950M of cash and cash equivalents, putting Ginkgo in a strong financial position to pursue its strategic objectives while driving towards profitability.