2024-01-10 08:02:20 ET
Ginkgo Bioworks ( NYSE: DNA ) shares rose over 1% premarket on Wednesday after the company reaffirmed its revenue guidance for 2023 based on preliminary estimates.
The company continues to expect revenue of $250M– $260M for the year, which is within Wall Street estimates of $258.65M.
Cell Engineering segment is estimated to generate revenue within the previously disclosed range of $145M – $150M. Biosecurity revenue is also expected to be in line with the previously disclosed guidance of up to $110M in 2023.
Furthermore, the company expects to meet its target of adding 80-85 new cell programs to its platform in 2023.
"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 chief executive officer.
Ginkgo ( DNA ) ended 2023 with nearly $950M of cash and cash equivalents.
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Ginkgo Bioworks reaffirms revenue guidance for 2023