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  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "The slide highlights a potential red flag in capital allocation strategy.",
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      "text": "We find the sudden spike troubling, as Twist has historically been a very low capex business – roughly a mere $2 to $5MM per quarter for years, prior to the spike",
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      "text": "Capital Expenditure By Quarter - Sep 2017 to June 2022 -",
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      "text": "Capital Expenditure: $94MM",
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      "text": "The quarterly trend is just as stunning – capital expenditures in just the last four quarters are almost double what Twist in its entirety since 2017. From Sep 2017 to June 2021, total capex was $50MM, versus the Sep 2021 period to the last reported quarter in June 2002, where Twist spent $94MM. We find the sudden spike troubling, as Twist has historically been a very low capex business – roughly a mere $2 to $5MM per quarter for years, prior to the spike",
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      "text": "Source: Capital IQ data;",
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