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  "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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  "notes": "Uses LinkedIn Insights data and 10K filings to highlight a contradiction between company narrative and operational reality.",
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      "kind": "callout",
      "text": "Twist 10K filing for 2021: “We shipped products to approximately 2,900, 2,200, and 1,300 customers in fiscal years ended 2021, 2020, and 2019, respectively. Our percentage of revenue from repeat customers were 98%, 97% and 97% for the fiscal years ended 2021, 2020, and 2019, respectively.”",
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      "text": "Headcount growth in sales, business development, and marketing was negative over last 6 months, while total employee count only grew 15%",
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      "text": "headcount growth: 15%",
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      "text": "For example, the company is merely milking current customers vs. driving revenue from new ones. Its last 10K stated that 98% of revenue was from what it defines as “repeat customers,” which it portrays as an impressive metric despite the implication. We further noted LinkedIn stats indicating that its total headcount only grew 15% over 6 months – far below its previous rate – and that headcount growth in sales, business development, and marketing was actually negative over the period, per its LinkedIn page.",
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      "text": "We shipped products to approximately 2,900, 2,200, and 1,300 customers in fiscal years ended 2021, 2020, and 2019, respectively. Our percentage of revenue from repeat customers were 98%, 97% and 97% for the fiscal years ended 2021, 2020, and 2019, respectively. — Twist 10K filing for 2021",
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      "text": "Source: https://www.linkedin.com/company/twist-bioscience/insights/; Twist 10K filing",
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