The cell programming platform company, Ginkgo Bioworks (NYSE:DNA), pre-announced its 2022 financials on Wednesday, indicating $460M – $480M in revenue and 55-60 new cell programs based on preliminary unaudited estimates.
The projections meet the company's previously disclosed guidance ranges for revenue and new cell programs for 2022, Ginkgo (DNA) said.
"I'm very pleased with the robust program growth we achieved in 2022 – nearly doubling the number of programs we added in 2021," Chief Executive Jason Kelly remarked ahead of the company's presentation at the J.P. Morgan Healthcare Conference on Wednesday.
The company also reported ~$1.3B of cash and cash equivalents for the year-end, which it said: "provides ample liquidity and puts Ginkgo in a position of strength to continue to build its leadership position despite a challenging macroenvironment."
However, Ginkgo (DNA) estimates 2022 foundry revenue to fall short of its previously issued guidance of $150M – $170M and biosecurity revenue to exceed the previous forecast of $310M.
In October, Seeking Alpha contributor Richard Durant said the risks to the Ginkgo's (DNA) business model "have not been fully appreciated by investors and must be considered in addition to technology and end market risks."