Twist Bioscience Corp Segments Disclosure
| Year ended September 30, | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenues | $ | 376,572 | $ | 312,974 | $ | 245,109 | ||||||||||||||
| Costs and expenses: | ||||||||||||||||||||
Cost of revenues[1] | $ | 161,545 | $ | 154,030 | $ | 132,417 | ||||||||||||||
Research and development expenses[1] | 69,950 | 76,605 | 88,937 | |||||||||||||||||
Selling, general and administrative expenses[1] | 192,024 | 175,883 | 171,070 | |||||||||||||||||
| Depreciation and amortization | 24,853 | 31,432 | 29,310 | |||||||||||||||||
| Stock-based compensation expense | 64,459 | 50,925 | 30,278 | |||||||||||||||||
| Restructuring and other costs | — | — | 9,384 | |||||||||||||||||
| Change in fair value of contingent considerations and holdbacks | — | — | (5,913) | |||||||||||||||||
| Impairment of long-lived assets | — | 44,930 | 6,785 | |||||||||||||||||
| Total costs and expenses | $ | 512,831 | $ | 533,805 | $ | 462,268 | ||||||||||||||
| Loss from operations | $ | (136,259) | $ | (220,831) | $ | (217,159) | ||||||||||||||
| Gain on sale of business | $ | 48,847 | $ | — | $ | — | ||||||||||||||
| Interest income | 11,364 | 15,344 | 14,365 | |||||||||||||||||
| Other income (expense), net | (903) | (2,679) | (672) | |||||||||||||||||
| Income (loss) before income taxes | $ | (76,951) | $ | (208,166) | $ | (203,466) | ||||||||||||||
| Income tax expense | (719) | (560) | (1,152) | |||||||||||||||||
| Net loss | $ | (77,670) | $ | (208,726) | $ | (204,618) | ||||||||||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.