Ginkgo Bioworks Lifts Guidance After Mixed Q2 Results-Shares Surge
2022.08.15 23:38
Ginkgo Bioworks Lifts Guidance After Mixed Q2 Results-Shares Surge
Budrigannews.com – Ginkgo Bioworks lifted its full-year guidance after reporting mixed second-quarter results. Losses were wider than expected as rising costs offset better-than-expected revenue.
Ginkgo Bioworks Holdings (NYSE:DNA) stock was up more than 17% in aftermarket hours following the report.
The biotech company reported a loss of 41 cents, compared with Wall Street estimates for a loss of 14 cents. Revenue of $144.6 million topped estimates of $77.6 million.
Total operation expenses swelled to $791.5 million from $103.6 million a year earlier, driven by a surge in research and development costs and general and administrative expenses.
Looking ahead, the company lifted its forecast for revenue to a range of $425 million to $440 million from $375 million to $390 million, compared with estimates of $384.5 million.
Ahead of its pending acquisitions of Zymergen and Bayer (OTC:BAYRY)’s West Sacramento agricultural biologicals R&D facility, the company said the deals were expected to “significantly improve our platform and drive future value.”
The Zymergen transaction is expected to close by Q1 2023, while the Bayer deal is expected to close in Q4 2022, it added.
