{ "docId": "019dd923-622c-750b-8b9a-4b91788fc785", "docSlug": "5fadb686cc03", "documentTitle": "Twist Bioscience (TWST)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-11-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 100, "pageCount": 236, "prevPage": 99, "nextPage": 101, "slideType": "ceo_quote", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A format to present an expert's critique of the company's business model.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/100", "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-100", "components": [ { "bbox": null, "kind": "callout", "text": "If you’re a sub shop owner and you have to make a ham sandwich three different ways to make it right once, you’re going to lose money.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0932-77cf-bfeb-abcb680c0e67", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "paragraph", "text": "Twist is like a money-burning subway shop that has to make a ham sandwich “three different way to make it right once”; investors are oblivious to the actual manufacturing dynamic", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ffa99c8c-6efd-4672-8c80-0e83ad700a2e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "quote", "text": "Q: “If you were at a Christmas party and had to explain to your aunt what the market’s missing, what are those bullet points that would summarize why this is not the kind of animal that people think it is?”\nA: “If you’re a sub shop owner and you have to make a ham sandwich three different ways to make it right once, you’re going to lose money. That’s that analogy. It’s something that I don’t think they get. For my aunt or someone along that line, I would just say, think of any business, if you have to do it multiple times to make one product, you have to make sure that every time you do it, that cost is extraordinarily low and that you know how to price it to get the appropriate positive gross margins to eventually achieve at least operational net zero. But if you can’t make a profit, you’re not long for this world.” –Ex-senior executive of Gen9", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c8cd2e2-aa8d-48ba-abea-dff811e8464e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“If you’re a sub shop owner and you have to make a ham sandwich three different ways to make it right once, you’re going to lose money. That’s that analogy. It’s something that I don’t think they get. For my aunt or someone along that line, I would just say, think of any business, if you have to do it multiple times to make one product, you have to make sure that every time you do it, that cost is extraordinarily low and that you know how to price it to get the appropriate positive gross margins to eventually achieve at least operational net zero. But if you can’t make a profit, you’re not long for this world.” — Ex-senior executive of Gen9", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0932-77cf-bfeb-aedcef23e146", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "572e7051-c44f-4dc9-8737-81a01c26bf64", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "When we asked the executive – who, we repeat, used the same Agilent chip that Twist’s entire story is built on – to explain their fatal flaw in simple terms and what investors fail to grasp, he stated that it’s like a subway shop having to make a ham sandwich “three different ways to make it right once”: “you’re going to lose money...it’s something that I don’t think [investors] get...you’re not long for this world.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "84591a10-42ba-4297-a7ba-409d5683f60c", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "argument-from-analogy", "slug": null, "matchId": "3ea9cf2e-503e-4341-92f5-c9fa9ab2dcf2", "evidence": "Uses a subway shop sandwich analogy to explain manufacturing inefficiency.", "confidence": 0.9 } ], "arcBeats": [], "loops": [ { "to": 100, "from": 90, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "ba084e17-8baa-48c4-95ae-b7f2113f8ae2", "evidence": "Analysis of Twist's financial struggles and industry implications", "position": 1, "objective": "Highlight the consequences of Twist's actions", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.6, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }