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  "documentTitle": "Twist Bioscience (TWST)",
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  "presentationDate": "2022-11-15 00:00:00",
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      "text": "“Factory of the Future” is just “a story for Wall Street”; “unnecessary and won’t change their costs; will just “add a bunch of new costs and redundancies”",
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      "text": "As we interviewed ex-employees, competitors, and industry experts, we encountered skepticism of the company's claims. A longtime executive in the space, who has advised the company's management and was affiliated with a close competitor, described the “Factory of the Future” as just a “story that I think Wall Street wants to hear”; that it’s “unnecessary and won’t change their costs”; that he’d be “shocked” if they’re out of capacity in San Francisco; and that it will simply “add a bunch of new costs and redundancies.” An ex-Twist executive expressed similar skepticism, stating that is will actually worsen their cost structure with “artificial double expenses” – “that’s an anomaly there.”",
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      "text": "“Factory of the Future” creates redundancy and doubles expenses\n“The plan is—as you’ve probably seen—that the factory of the future was eventually going to take over anything of what was being built and manufactured in south San Francisco. I haven’t seen financials currently. I imagine that you’re going to be building it out, then you’re going to be starting to turn it on for tests, and there’s going to be a period of time—I think we’re in the middle of it—in which you’re going to have artificial double expenses because you are producing in one place for real in south San Francisco and you have basically everything in place as you test and whatnot. That’s an anomaly there.” — Ex-Twist executive",
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      "text": "“As soon as I saw that, I knew it was a story, right? [for Wall Street]. In the Bay area, she’s got the most expensive labor. Your ML scientists are making $300-400k. Your senior executives are making - up in Oregon, you’ll get people a lot less expensive. Your space is a lot less expensive, but you’re still going to have the same challenges. If you’re not going to change the process, it’ll be slightly cheaper because you’ll have cheaper labor, but does that really make that much of a difference? It might in some product areas. I can’t imagine it’s fundamentally going to change their operational efficiency or be profitable, for that matter. I think she’s just going to add a second site. Add a bunch of new costs and redundancies unless they’re at capacity, which I would be shocked. It’s unnecessary. It just fills into a story that I think Wall Street wants to hear.” —Longtime executive in Twist’s space",
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      "text": "“Factory of the Future” is just “a story for Wall Street”; “unnecessary and won’t change their costs; will just “add a bunch of new costs and redundancies”",
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      "text": "“As soon as I saw that, I knew it was a story, right? [for Wall Street]. In the Bay area, she’s got the most expensive labor... I can’t imagine it’s fundamentally going to change their operational efficiency or be profitable, for that matter. I think she’s just going to add a second site. Add a bunch of new costs and redundancies unless they’re at capacity, which I would be shocked. It’s unnecessary. It just fills into a story that I think Wall Street wants to hear.” — Longtime executive in Twist’s space; “The plan is—as you’ve probably seen—that the factory of the future was eventually going to take over anything of what was being built and manufactured in south San Francisco... I think we’re in the middle of it—in which you’re going to have artificial double expenses because you are producing in one place for real in south San Francisco and you have basically everything in place as you test and whatnot. That’s an anomaly there.” — Ex-Twist executive",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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