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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 uses a Q&A transcript format to validate the thesis that Twist is losing competitive momentum.",
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      "text": "NGS market is driven by a handful or “very, very large customers”; Twist has now hit the wall per competitive intel",
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      "text": "The former employee indicated that Twist is getting especially saturated in NGS – the bulk of its revenue and its driver of recent growth. He stated that in his current role at a key competitor, he now has “visibility into a lot more than I had at Twist” and that he can “see the progression of the business, who has what, a lot more clearly.” Based on his competitive intelligence, he stated that Twist has hit the wall: “since moving over, there’s been no traction, no loss of business [to Twist] in what I would consider those whale accounts.” He explained that the entire NGS market is driven by “only a handful of very, very large, what I’d call whales, the big, big, big NGS customers” that are “the driver” of NGS market growth. Based on their purchase activity, he stated Twist isn’t gaining any share.",
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      "text": "A: “I’ll say that there are only a handful of very, very large, what I’d call whales, the big, big, big NGS customers in the American market.”\nQ: “For hybrid capture or NGS specifically?”\nA: “Yes, well, both. Library prep and hybrid capture. Twist was able to gain traction with two of those within the time that I was there, but since joining [key competitor name redacted], I have visibility into a lot more than I had at Twist, given it was all business development and [competitor name redacted] has had primer business in every molecular biology lab in the U.S., so I had a lot more visibility. I could see the progression of the business, who has what, a lot more clearly. Since moving over, there’s been no traction, no loss of business in what I would consider those whale accounts, and that really is the driver of a lot of sustainable and profitable growth in the NGS market or hybrid capture.”\nQ: “Who are those whales that are well-known in the hybrid capture market? Sounds like every competitor knows them.”\nA: “GeneDx, Regeneron, The Broad Institute, Ambry Genetics, and Tempus. They’re are in the clinical market, as a service provider for health systems or hospitals for NGS. That’s where I would say all the run-rate, all the predictable and growable business is. The other part of the market is the academic one, which is much smaller orders.”\nQ: “You’re looking at these customers’ purchase activity at [current employer name redacted, key Twist competitor] and whatever they’re telling you, and you’re concluding that Twist is not going to gain any share?\nA: “Yeah, exactly.” —Former employee now at a key competitor",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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