{ "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": 147, "pageCount": 236, "prevPage": 146, "nextPage": 148, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 4, "notes": "The slide uses a Q&A format to provide evidence of operational failure.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/147", "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-147", "components": [ { "bbox": null, "kind": "callout", "text": "Twist is slow, sub-scale, can’t meet order timelines; “always been slower” than competitors; need “a really long time” to deliver; giving orders to competitors instead", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0932-77cf-bff0-195bba28006d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.42 }, "kind": "list", "text": "Twist is slow, sub-scale, can’t meet order timelines; “always been slower” than competitors; need “a really long time” to deliver; giving orders to competitors instead", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99a345d9-7d2d-42ab-b0a0-f2e260987262", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "A Novartis scientist, in a leadership role, indicated that Twist is slow at manufacturing orders, sub-scale, and incapable of meeting order timelines for large customers – in sharp contrast to Twist signature claim of a “high throughput silicon platform”: “they ask for a really long time”; “always been slower” than competitors like Sigma and Thermo, who deliver in 2-4 weeks vs. Twist at 8-10 weeks; and that simply can’t meet timelines “20% or 30% of the time”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55795305-4cd5-4c82-9f40-d76196e40899", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "Q: What happens when you try to do a large order? They just say it’s going to take too long? Or we don’t have the capacity? A: Yes, either or. What happens sometimes is that they ask for a really long time because they don’t have the capacity right now. Q: Have they always been slower than the other vendors? A: They’ve always been slower compared to Sigma and Thermo Fisher because Sigma and Thermo Fisher are much bigger, and they have more capacity. They probably have more production staff. Q: What is the lead time with Twist versus Sigma or Thermo? A: I think we’re talking about between 2-4 weeks with Sigma and Thermo and then with Twist for these orders; you are talking more about 8-10 weeks. Q: You’re basically saying they can’t really scale manufacturing. How often have they said no, we can’t do it or they just quote you lead times that are too long? A: That happened more in the past that they were saying yes, and then they didn’t meet the timelines and then after a couple of times, I asked them, are you really going to meet the timeline? And now they are more honest. I would say 20% or 30% of the time, when we ask, and they say that they cannot meet the timelines, that I need to move to another vendor. - Novartis, a large Twist customer, scientist in a leadership role", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bf844dc3-5914-431d-977c-4844aaceaffa", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“they ask for a really long time”; “always been slower” than competitors like Sigma and Thermo, who deliver in 2-4 weeks vs. Twist at 8-10 weeks; and that simply can’t meet timelines “20% or 30% of the time” — Novartis, a large Twist customer, scientist in a leadership role.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0932-77cf-bff0-1d7b280cc350", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "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": "d9ecbbaf-ca42-45d3-9f26-872325d21dc5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Novartis, a large and frustrated Twist customer, summarized a number of recurring themes across our due diligence calls regarding Twist’s value proposition, product quality, and differentiation vs. competitors.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bcda209c-9101-4077-a75f-6f78b3ebc0df", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "7d38e2db-0428-4de9-ae6a-3e4afc510697", "evidence": "Contrasts company claim of 'high throughput' with customer experience of 'slow' and 'sub-scale'.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }