$145 million of
Total revenue in Q2 2022, representing 231% growth over Q2
2021
13 new Cell Programs added in Q2 2022,
representing 86% growth over Q2 2021
Pending acquisitions of Zymergen and Bayer's
West Sacramento agricultural biologicals capabilities expected to
enable new growth opportunities in the coming years
Approximately $1.4
billion cash balance provides continued multi-year runway as
Ginkgo drives towards profitability
BOSTON, Aug. 15, 2022 /PRNewswire/ -- Ginkgo Bioworks
Holdings, Inc. (NYSE: DNA) ("Ginkgo"), the leading horizontal
platform for cell programming, today announced its results for the
second quarter ended June 30, 2022.
The update, including a webcast slide presentation with additional
details on the second quarter and supplemental financial
information, will be available at investors.ginkgobioworks.com.
"We delivered a strong quarter across both our cell programming
and biosecurity businesses," said Jason
Kelly, co-founder and CEO of Ginkgo. "We added 13 new Cell
Programs and more than doubled our second-quarter Foundry revenue
year-over-year. We executed well on our biosecurity business
through the remainder of the school year and are seeing traction
across this business with longer-term, diversified biosecurity
opportunities, including being awarded a new contract from the CDC
to continue our pathogen monitoring work in airports. We are
excited about our recently announced transactions with Zymergen and
Bayer, which we expect to significantly improve our platform and
drive future value. Our strong cash balance of approximately
$1.4 billion affords us the ability
to play offense when compelling opportunities arise, while we
remain focused on our cash runway and can consider multiple levers
as we drive towards profitability."
Recent Business Highlights & Strategic
Positioning
- Generated Foundry revenue of $44
million in Q2 2022, representing 105% growth over the
comparable prior year period, including a previously announced
equity milestone from the successful completion of the third
productivity target in our collaboration with Cronos Group
Inc.
- Added 13 new Cell Programs to the Foundry platform in Q2 2022,
representing 86% growth over the comparable prior year period
- Concentric by Ginkgo, Ginkgo's biosecurity and public health
offering, had another strong quarter, producing $100 million in revenue in Q2 2022
-
- Concentric was recently awarded the contract to continue CDC's
traveler-based SARS-CoV-2 genomic surveillance program, which we
expect will expand inbound pathogen monitoring at ports of entry,
building on our partnership over the last year with XpresCheck
- On July 24, 2022, Ginkgo entered
into a definitive agreement to acquire Zymergen in an all-stock
transaction
-
- The merger is expected to improve the capacity, capabilities,
and efficiency of Ginkgo's platform for its diverse customer base
and enable new growth opportunities across many end markets
- The transaction is expected to close by Q1 2023, subject to
approval by Zymergen's stockholders, receipt of regulatory
approvals, and satisfaction or waiver of other closing
conditions
- Also on July 24, 2022, Ginkgo
entered into a definitive agreement to acquire Bayer's West
Sacramento agricultural biologicals R&D facility
-
- As part of the transaction, Bayer will be entering into a
multi-year partnership with Ginkgo, representing Ginkgo's largest
ever cell programming contract (in terms of R&D service fees)
and with the potential to earn downstream value in the form of
royalties on net sales from products developed under the
partnership
- The transaction is expected to close in Q4 2022, subject to
regulatory approvals and customary closing conditions
- Added Dr. Kathy Hopinkah Hannan
to the Ginkgo Board of Directors
-
- Dr. Hannan brings over thirty years of experience as a senior
C-Suite executive, corporate advisor, independent board director
and strategist leading significant operations and high priority
initiatives
Second Quarter 2022 Financial Highlights
- Second quarter 2022 Total revenue of $145 million, up from $44
million in the comparable prior year period, an increase of
231%
- Second quarter 2022 Foundry revenue of $44 million, up from $22
million in the comparable prior year period, an increase of
105%. Second quarter 2022 Foundry revenue included downstream value
share revenue related to the equity milestone achievement by Cronos
Group Inc.
- Second quarter 2022 Biosecurity revenue of $100 million with a gross profit margin of
36%
- Second quarter 2022 Loss from operations of $(647) million (inclusive of stock-based
compensation expense of $607
million), compared to Loss from operations of $(60) million in the comparable prior year
period. The stock-based compensation expense primarily relates to
the continued GAAP accounting for the modification of restricted
stock units issued prior to becoming a public company, as disclosed
in our annual report on Form 10-K filed with the SEC on
March 29, 2022
- Second quarter 2022 Adjusted EBITDA of $(23) million, improved from $(38) million in the comparable prior year
period
- Cash and cash equivalents balance as of the end of the second
quarter of approximately $1.4 billion
puts Ginkgo in a strong financial position to pursue its strategic
objectives
Full Year 2022 Guidance
- Ginkgo continues to expect to add 60 new Cell Programs to the
Foundry platform in 2022
- Ginkgo further revised its expectation for Total revenue from
$375 – $390
million to $425 –$440 million
in 2022
- Ginkgo continues to expect Foundry revenue of $165 – $180 million
in 2022
- While Biosecurity remains an uncertain business, based on
strong year-to-date performance Ginkgo now expects Biosecurity
revenue in 2022 of at least $260
million
Conference Call Details
Ginkgo will host a videoconference today, Monday, August 15, 2022, beginning at
4:30 p.m. ET. The presentation will
include an overview of the second quarter financial performance,
recent business updates, a discussion on Ginkgo's outlook, as well
as a moderated question and answer session.
To ask a question ahead of the presentation, please submit your
questions to @Ginkgo on Twitter (hashtag #GinkgoResults) or by
sending an e-mail to investors@ginkgobioworks.com.
A webcast link is available on Ginkgo's Investor Relations
website and a replay will be made available following the
presentation.
Ginkgo Investor Website:
https://investors.ginkgobioworks.com/events/
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington
DC)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 924 3540 6075
If you experience technical difficulties with any of these
dial-ins or if you need international dial-in numbers, please visit
our web site at https://investors.ginkgobioworks.com/events/ for
updated dial-in information.
About Ginkgo Bioworks
Ginkgo is building a platform to enable customers to program
cells as easily as we can program computers. The company's platform
is enabling biotechnology applications across diverse markets, from
food and agriculture to industrial chemicals to pharmaceuticals.
Ginkgo has also actively supported a number of COVID-19 response
efforts, including K-12 pooled testing, vaccine manufacturing
optimization, and therapeutics discovery. For more information,
visit www.ginkgobioworks.com.
Forward-Looking Statements of Ginkgo Bioworks
This press release, the presentation, and the conference call
and webcast contain certain forward-looking statements within the
meaning of the federal securities laws, including statements
regarding our plans, strategies, current expectations, operations
and anticipated results of operations, both business and financial,
all of which are subject to known and unknown risks, uncertainties
and other factors that may cause our actual results, performance or
achievements, market trends, or industry results to differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements generally are
identified by the words "believe," "can," "project," "potential,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) the effect of Ginkgo's
business combination with Soaring Eagle Acquisition Corp. ("Soaring
Eagle") on Ginkgo's business relationships, performance, and
business generally, (ii) risks that the business combination
disrupts current plans of Ginkgo and potential difficulties in
Ginkgo's employee retention, (iii) the outcome of any legal
proceedings that may be instituted against Ginkgo related to its
business combination with Soaring Eagle, (iv) volatility in the
price of Ginkgo's securities now that it is a public company due to
a variety of factors, including changes in the competitive and
highly regulated industries in which Ginkgo operates and plans to
operate, variations in performance across competitors, changes in
laws and regulations affecting Ginkgo's business, changes in the
combined capital structure and expectations associated with
increases in the number of shares available for sale, (v) the
ability to implement business plans, forecasts, and other
expectations after the completion of the business combination, and
ability to identify and realize additional opportunities, (vi) the
risk of downturns in demand for products using synthetic biology,
(vii) the unpredictability of the duration of the COVID-19 pandemic
and the demand for COVID-19 testing and the commercial viability of
our COVID-19 testing business, (viii) changes to the biosecurity
industry, including due to advancements in technology, emerging
competition and evolution in industry demands, standards and
regulations, and (ix) our ability to close and realize the expected
benefits of pending merger and acquisition transactions. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of Ginkgo's
most recent quarterly report on Form 10-Q filed with the U.S.
Securities and Exchange Commission (the "SEC"), and other documents
filed by Ginkgo from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Ginkgo assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise. Ginkgo does not give any
assurance that it will achieve its expectations.
Use of Non-GAAP Financial Measures
Certain of the financial measures included in this release,
including Adjusted EBITDA, have not been prepared in accordance
with generally accepted accounting principles ("GAAP"), and
constitute "non-GAAP financial measures" as defined by the
SEC. Ginkgo has included these non-GAAP financial measures
because it believes they provide an additional tool for investors
to use in evaluating Ginkgo's financial performance and prospects.
Due to the nature and/or size of the items being excluded, such
items do not reflect future gains, losses, expenses or benefits and
are not indicative of our future operating performance. These
non-GAAP financial measures are supplemental to, should not be
considered in isolation from, or as an alternative to, financial
measures determined in accordance with GAAP. In addition, these
non-GAAP financial measures may differ from non-GAAP financial
measures with comparable names used by other companies. See the
reconciliation below for additional information regarding certain
of the non-GAAP financial measures included in this release,
including a description of these non-GAAP financial measures and a
reconciliation of the historic measures to Ginkgo's most comparable
GAAP financial measures.
Ginkgo Bioworks Contacts:
INVESTOR
CONTACT:
investors@ginkgobioworks.com
MEDIA
CONTACT:
press@ginkgobioworks.com
Ginkgo Bioworks
Holdings, Inc.
|
Condensed Consolidated
Balance Sheets
|
(in thousands, except
per share data, unaudited)
|
|
|
|
|
|
|
|
As of June
30,
|
|
As of December
31,
|
|
|
2022
|
|
2021
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$1,377,152
|
|
$1,550,004
|
Accounts receivable,
net
|
|
171,624
|
|
131,544
|
Accounts receivable -
related parties
|
|
3,253
|
|
4,598
|
Inventory,
net
|
|
8,102
|
|
3,362
|
Prepaid expenses and
other current assets
|
|
38,717
|
|
33,537
|
Total current
assets
|
|
1,598,848
|
|
1,723,045
|
Property and equipment,
net
|
|
176,221
|
|
145,770
|
Investments
|
|
89,068
|
|
102,037
|
Equity method
investments
|
|
6,914
|
|
13,194
|
Intangible assets,
net
|
|
39,180
|
|
21,642
|
Goodwill
|
|
30,973
|
|
21,312
|
Other non-current
assets
|
|
53,015
|
|
43,990
|
Total
assets
|
|
$1,994,219
|
|
$2,070,990
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$19,459
|
|
$8,189
|
Deferred
revenue
|
|
45,504
|
|
33,240
|
Accrued expenses and
other current liabilities
|
|
70,059
|
|
93,332
|
Total current
liabilities
|
|
135,022
|
|
134,761
|
Non-current
liabilities:
|
|
|
|
|
Deferred rent, net of
current portion
|
|
20,214
|
|
18,746
|
Deferred revenue, net
of current portion
|
|
156,981
|
|
155,991
|
Lease financing
obligation
|
|
51,545
|
|
22,283
|
Warrant
liabilities
|
|
27,294
|
|
135,838
|
Other non-current
liabilities
|
|
36,107
|
|
35,992
|
Total
liabilities
|
|
427,163
|
|
503,611
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock,
$0.0001 par value
|
|
—
|
|
—
|
Common stock, $0.0001
par value
|
|
164
|
|
161
|
Additional paid-in
capital
|
|
5,098,018
|
|
3,804,844
|
Accumulated
deficit
|
|
(3,557,255)
|
|
(2,297,925)
|
Accumulated other
comprehensive loss
|
|
(5,496)
|
|
(1,715)
|
Total Ginkgo Bioworks
Holdings, Inc. stockholders' equity
|
|
1,535,431
|
|
1,505,365
|
Non-controlling
interest
|
|
31,625
|
|
62,014
|
Total stockholders'
equity
|
|
1,567,056
|
|
1,567,379
|
Total liabilities and
stockholders' equity
|
|
$1,994,219
|
|
$2,070,990
|
Ginkgo Bioworks
Holdings, Inc.
|
|
Condensed Consolidated
Statements of Operations and Comprehensive Loss
|
|
(in thousands, except
share and per share data, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Foundry
revenue
|
|
$44,242
|
|
$21,592
|
|
$65,730
|
|
$44,096
|
|
Biosecurity
revenue:
|
|
|
|
|
|
|
|
|
|
Product
|
|
3,887
|
|
355
|
|
17,834
|
|
6,130
|
|
Service
|
|
96,489
|
|
21,689
|
|
229,459
|
|
37,507
|
|
Total
revenue
|
|
144,618
|
|
43,636
|
|
313,023
|
|
87,733
|
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of Biosecurity
product revenue
|
|
2,444
|
|
1,820
|
|
10,539
|
|
11,755
|
|
Cost of Biosecurity
service revenue
|
|
61,467
|
|
15,290
|
|
138,804
|
|
29,055
|
|
Research and
development (1)
|
|
289,188
|
|
52,031
|
|
611,908
|
|
111,616
|
|
General and
administrative (1)
|
|
438,427
|
|
34,440
|
|
873,195
|
|
52,367
|
|
Total operating
expenses
|
|
791,526
|
|
103,581
|
|
1,634,446
|
|
204,793
|
|
Loss from
operations
|
|
(646,908)
|
|
(59,945)
|
|
(1,321,423)
|
|
(117,060)
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
|
Interest income
(expense), net
|
|
1,674
|
|
(478)
|
|
1,277
|
|
(953)
|
|
Loss on equity method
investments
|
|
(10,166)
|
|
(4,346)
|
|
(31,053)
|
|
(32,970)
|
|
(Loss) gain on
investments
|
|
(38,673)
|
|
2,755
|
|
(38,223)
|
|
15,377
|
|
Change in fair value of
warrant liabilities
|
|
23,509
|
|
—
|
|
108,544
|
|
—
|
|
Gain on deconsolidation
of subsidiary
|
|
—
|
|
—
|
|
15,900
|
|
—
|
|
Other (expense) income,
net
|
|
(51)
|
|
7,119
|
|
1,586
|
|
5,774
|
|
Total other (expense)
income, net
|
|
(23,707)
|
|
5,050
|
|
58,031
|
|
(12,772)
|
|
Loss before income
taxes
|
|
(670,615)
|
|
(54,895)
|
|
(1,263,392)
|
|
(129,832)
|
|
Income tax
benefit
|
|
(45)
|
|
(431)
|
|
(229)
|
|
(590)
|
|
Net loss
|
|
(670,570)
|
|
(54,464)
|
|
(1,263,163)
|
|
(129,242)
|
|
Net loss attributable
to non-controlling interest
|
|
(1,745)
|
|
(523)
|
|
(3,833)
|
|
(1,732)
|
|
Net loss attributable
to Ginkgo Bioworks Holdings,
Inc. stockholders
|
|
$(668,825)
|
|
$(53,941)
|
|
$(1,259,330)
|
|
$(127,510)
|
|
Net loss per share
attributable to Ginkgo Bioworks
Holdings, Inc. common stockholders, basic and diluted
|
|
$(0.41)
|
|
$(0.04)
|
|
$(0.78)
|
|
$(0.10)
|
|
Weighted average common
shares outstanding, basic
and diluted
|
|
1,620,703,542
|
|
1,292,538,294
|
|
1,614,138,189
|
|
1,291,416,874
|
|
Comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$(670,570)
|
|
$(54,464)
|
|
$(1,263,163)
|
|
$(129,242)
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment
|
|
(3,141)
|
|
—
|
|
(3,781)
|
|
—
|
|
Total other
comprehensive loss
|
|
(3,141)
|
|
—
|
|
(3,781)
|
|
—
|
|
Comprehensive
loss
|
|
$(673,711)
|
|
$(54,464)
|
|
$(1,266,944)
|
|
$(129,242)
|
|
|
|
|
(1) In the first half
of 2022, R&D and G&A expenses included a significant charge
to stock-based compensation expense as a result of the
modification of the vesting terms of restricted
stock units and all related earnout shares. Total stock-based
compensation expense,
inclusive of $0.8 million and $7.0 million in
employer payroll taxes for the three and six months ended June 30,
2022, respectively,
was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(in
thousands)
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Research and
development
|
|
|
$217,291
|
|
$22
|
|
$483,631
|
|
$40
|
General and
administrative
|
|
|
389,979
|
|
14,497
|
|
782,674
|
|
14,597
|
Total
|
|
|
$607,270
|
|
$14,519
|
|
$1,266,305
|
|
$14,637
|
|
|
|
|
|
|
|
|
|
|
Ginkgo Bioworks
Holdings, Inc.
|
Condensed Consolidated
Statements of Cash Flows
|
(in thousands,
unaudited)
|
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
|
Net loss
|
|
$
(1,263,163)
|
|
$ (129,242)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
19,096
|
|
12,794
|
Stock-based
compensation
|
|
1,259,336
|
|
14,637
|
Loss on equity method
investments
|
|
31,053
|
|
32,970
|
Loss (gain) on
investments
|
|
38,223
|
|
(15,377)
|
Non-cash customer
consideration
|
|
(18,139)
|
|
—
|
Change in fair value
of loans receivable
|
|
292
|
|
(4,384)
|
Change in fair value
of warrant liabilities
|
|
(108,544)
|
|
—
|
Gain on
deconsolidation of subsidiary
|
|
(15,900)
|
|
—
|
In-process research
and development
|
|
1,162
|
|
—
|
Other non-cash
activity
|
|
510
|
|
—
|
Changes in
operating assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
|
(38,598)
|
|
(6,479)
|
Prepaid expenses and
other current assets
|
|
4,973
|
|
4,854
|
Inventory
|
|
(4,740)
|
|
20
|
Other non-current
assets
|
|
(419)
|
|
(55)
|
Accounts
payable
|
|
10,650
|
|
(7,321)
|
Accrued expenses and
other current liabilities
|
|
(12,758)
|
|
19,139
|
Deferred revenue,
current and non-current
|
|
(19,708)
|
|
(6,067)
|
Deferred rent,
non-current
|
|
1,468
|
|
914
|
Other non-current
liabilities
|
|
(3,989)
|
|
555
|
Net cash used in
operating activities
|
|
(119,195)
|
|
(83,042)
|
Cash flows from
investing activities:
|
|
|
|
|
Cash acquired in
acquisition
|
|
1,440
|
|
—
|
Purchase of convertible
note
|
|
(6,500)
|
|
—
|
Purchases of property
and equipment
|
|
(13,153)
|
|
(45,969)
|
Purchase of marketable
equity securities
|
|
(3,691)
|
|
—
|
Deconsolidation of
subsidiary - cash
|
|
(28,772)
|
|
—
|
Prepayment for business
acquisition
|
|
—
|
|
(1,210)
|
Other
|
|
28
|
|
202
|
Net cash used in
investing activities
|
|
(50,648)
|
|
(46,977)
|
Cash flows from
financing activities:
|
|
|
|
|
Proceeds from exercise
of stock options
|
|
76
|
|
39
|
Taxes paid related to
net share settlement of equity awards
|
|
(981)
|
|
—
|
Principal payments on
capital leases and lease financing obligation
|
|
(720)
|
|
(448)
|
Contingent
consideration payment
|
|
(521)
|
|
—
|
Payment of deferred
offering costs
|
|
—
|
|
(2,147)
|
Net cash used in
financing activities
|
|
(2,146)
|
|
(2,556)
|
Effect of foreign
exchange rates on cash and cash equivalents
|
|
(104)
|
|
—
|
Net decrease in cash,
cash equivalents and restricted cash
|
|
(172,093)
|
|
(132,575)
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
1,550,004
|
|
380,801
|
Restricted cash,
beginning of period
|
|
42,924
|
|
5,076
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
1,592,928
|
|
385,877
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
|
1,377,152
|
|
235,893
|
Restricted cash, end of
period
|
|
43,683
|
|
17,409
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$ 1,420,835
|
|
$253,302
|
Ginkgo Bioworks
Holdings, Inc.
|
Selected Non-GAAP
Financial Measures
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net loss attributable
to Ginkgo Bioworks Holdings, Inc.
stockholders
|
|
$ (668,825)
|
|
$ (53,941)
|
|
$(1,259,330)
|
|
$ (127,510)
|
Interest (income)
expense, net
|
|
(1,674)
|
|
478
|
|
(1,277)
|
|
953
|
Income tax
benefit
|
|
(45)
|
|
(431)
|
|
(229)
|
|
(590)
|
Depreciation and
amortization
|
|
9,608
|
|
7,165
|
|
19,096
|
|
12,794
|
EBITDA
|
|
(660,936)
|
|
(46,729)
|
|
(1,241,740)
|
|
(114,353)
|
Stock-based
compensation (1)
|
|
607,270
|
|
14,519
|
|
1,266,305
|
|
14,637
|
Loss on equity method
investments (2)
|
|
9,952
|
|
3,823
|
|
30,216
|
|
31,238
|
Loss (gain) on
investments
|
|
38,673
|
|
(2,755)
|
|
38,223
|
|
(15,377)
|
Change in fair value of
warrant liabilities
|
|
(23,509)
|
|
—
|
|
(108,544)
|
|
—
|
Gain on deconsolidation
of subsidiary
|
|
—
|
|
—
|
|
(15,900)
|
|
—
|
Merger and acquisition
related expenses (3)
|
|
2,716
|
|
—
|
|
6,562
|
|
—
|
In-process research and
development (4)
|
|
1,605
|
|
—
|
|
1,605
|
|
—
|
Other
(5)
|
|
906
|
|
(6,406)
|
|
332
|
|
(4,831)
|
Adjusted
EBITDA
|
|
$ (23,323)
|
|
$ (37,548)
|
|
$ (22,941)
|
|
$ (88,686)
|
|
(1)
For the three and six months ended
June 30, 2022, includes employer payroll taxes of $0.8 million and
$7.0 million, respectively.
|
(2)
Represents losses on equity method
investments under the hypothetical liquidation at book value
method, net of losses attributable to non-
controlling
interests.
|
(3)
Represents transaction and
integration costs directly related to mergers and acquisitions
including (i) due diligence, legal and other
professional fees
associated with acquisitions and (ii) the fair value adjustments to
contingent consideration liabilities resulting from
acquisitions. In the second
quarter of 2022, we redefined Adjusted EBITDA to exclude the impact
of merger and acquisition related
expenses. We elected to recast
our previous first quarter 2022 Adjusted EBITDA calculation to
exclude these costs and conform to the
new
presentation.
|
(4)
Represents acquired intangible assets
expensed to research and development associated with an asset
acquisition.
|
(5)
For the three and six months ended
June 30, 2022, includes change in fair value of Access Bio
Convertible Notes. For the three and six
months ended June
30, 2021, includes change in fair value of Access Bio Convertible
Notes and gain related to a settlement payment.
|
|
|
|
|
|
|
|
|
|
|
Ginkgo Bioworks
Holdings, Inc.
|
Segment
Information
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
Foundry
|
$ 44,242
|
|
$ 21,592
|
|
$ 65,730
|
|
$ 44,096
|
Biosecurity
|
100,376
|
|
22,044
|
|
247,293
|
|
43,637
|
Total
revenue
|
144,618
|
|
43,636
|
|
313,023
|
|
87,733
|
Segment cost of
revenue:
|
|
|
|
|
|
|
|
Biosecurity
|
63,911
|
|
17,110
|
|
149,343
|
|
40,810
|
Segment research and
development expense:
|
|
|
|
|
|
|
|
Foundry
|
62,779
|
|
40,828
|
|
110,068
|
|
71,722
|
Biosecurity
|
443
|
|
4,374
|
|
960
|
|
27,777
|
Total segment research
and development expense
|
63,222
|
|
45,202
|
|
111,028
|
|
99,499
|
Segment general and
administrative expense:
|
|
|
|
|
|
|
|
Foundry
|
36,601
|
|
14,722
|
|
63,294
|
|
27,877
|
Biosecurity
|
12,409
|
|
5,084
|
|
25,644
|
|
9,619
|
Total segment general
and administrative expense
|
49,010
|
|
19,806
|
|
88,938
|
|
37,496
|
Segment operating
income (loss):
|
|
|
|
|
|
|
|
Foundry
|
(55,138)
|
|
(33,958)
|
|
(107,632)
|
|
(55,503)
|
Biosecurity
|
23,613
|
|
(4,524)
|
|
71,346
|
|
(34,569)
|
Total segment
operating income (loss)
|
(31,525)
|
|
(38,482)
|
|
(36,286)
|
|
(90,072)
|
Operating expenses
not allocated to segments:
|
|
|
|
|
|
|
|
Stock-based
compensation (1)
|
607,270
|
|
14,519
|
|
1,266,305
|
|
14,637
|
Depreciation and
amortization
|
9,326
|
|
6,944
|
|
18,532
|
|
12,351
|
Change in fair value
of contingent consideration
liability
|
(1,213)
|
|
—
|
|
300
|
|
—
|
Loss from
operations
|
$ (646,908)
|
|
$ (59,945)
|
|
$(1,321,423)
|
|
$ (117,060)
|
|
|
|
|
|
|
|
|
(1) Includes $0.8 million and $7.0 million in
employer payroll taxes for the three and six months ended June 30,
2022, respectively.
|
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SOURCE Ginkgo Bioworks