Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Q2 2023 Earnings Conference Call August 9, 2023 5:30 PM ET
Company Participants
Anna Marie Wagner - Senior Vice President, Corporate Development
Jason Kelly - Co-Founder and Chief Executive Officer
Mark Dmytruk - Chief Financial Officer
Conference Call Participants
Rahul Sarugaser - Raymond James
Matt Sykes - Goldman Sachs
Steve Mah - Cowen
Mark Massaro - BTIG
Anna Marie Wagner
Good evening. I am Anna Marie Wagner, SVP of Corporate Development at Ginkgo Bioworks. I’m joined by Jason Kelly, our Co-Founder and CEO; and Mark Dmytruk, our CFO. Thanks as always for joining us. We’re looking forward to updating you on our progress.
As a reminder, during the presentation today, we’ll be making some forward-looking statements, which involve risks and uncertainties. Please refer to our filings with the Securities and Exchange Commission to learn more about these risks and uncertainties. Today, in addition to updating you on our strong quarter, we’re going to dive deeper into our continued progress on driving operational efficiency across our platform, some recent customer successes and our expanding government relationships. As usual, we’ll end with a Q&A session, and I’ll take questions from analysts, investors and the public. You can submit those questions to us in advance via Twitter, #Ginkgoresults or e-mail at investors@ginkgobioworks.com. Alright. Over to you, Jason.
Jason Kelly
I’m super excited to be chatting with you all today and celebrating a strong quarter for our team at Ginkgo. I always start with a reminder that our mission here is to make biology easier to engineer. And as we dig into the strategic sections today, you’ll see the progress we’re making on that mission, particularly on our path to profitability, driving efficiency through the scaling of our platform.
I’m also proud of the work the Ginkgo team has accomplished this quarter as we continue to scale our platform. We had 105 active cell engineering programs on the platform this quarter, representing 44% growth over last year. Alongside that, we are delivering more work for customers. So we saw a 72% growth in cell engineering services revenue this quarter versus the same quarter last year and we’re driving that growth efficiently. We’ll dive into what is enabling this productivity improvement in the next section.
On the customer side, remember, in Ginkgo’s business, customers are choosing to some of the R&D work they might have considered doing in-house. And to state the obvious, they hire bar to meet at the largest, most sophisticated companies, where Ginkgo really has to showcase our scale of automation in assets that they have to add something to the considerable resources those companies have already in-house. And so, I am super excited to see the progress at Novo-Nordisk, Merck and Sumitomo who are among our most technically advanced customers. We’ve expanded our relationships with all of these customers in the last couple of months on the basis of strong performance and delivery on their programs. You’ll see us sharing more with you on this customer success in the future.