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  "docSlug": "5fadb686cc03",
  "documentTitle": "Twist Bioscience (TWST)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-11-15 00:00:00",
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  "pageNumber": 139,
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  "notes": "The slide uses a 'kabuki theater' metaphor to describe the company's operational claims.",
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      "kind": "callout",
      "text": "We reviewed each profile, and consistent with the CFO's comments, they strike us as either remote workers to support its California-based manufacturing, or as low-level positions with generally inexperienced employees straight out of school.",
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      "text": "LinkedIn employee geographic mix screenshot",
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      "text": "Furthermore, LinkedIn shows only 70 Twist Bioscience employees in Oregon, out of roughly 1,000 total – and recent comments by the CFO imply that 40 of these are simply California-based workers they've seconded, leading us to conclude they are simply remote-workers supporting its core Bay Area operations, once again indicative of kabuki theater. We reviewed each profile, and consistent with the CFO's comments, they strike us as either remote workers to support its California-based manufacturing, or as low-level positions with generally inexperienced employees straight out of school.",
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      "text": "To date, we've invested a total of $73 million in the factory of the future. Total investments can be, from a CapEx point of view, it's going to be roughly about $110 million... We've actually hired 40 people from our San Francisco site to move up to the Factory of the Future.",
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      "kind": "quote",
      "text": "\"To date, we've invested a total of $73 million in the factory of the future. Total investments can be, from a CapEx point of view, it's going to be roughly about $110 million. So in terms of where we're at, we've actually hired 40 people from our San Francisco site to move up to the Factory of the Future.\" — Twist CFO Jim Thorburn at conference – Aug 9, 2022",
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      "kind": "source-note",
      "text": "Source: https://www.linkedin.com/company/twist-bioscience/people/?facetGeoRegion=90000079; Capital IQ transcripts",
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