{ "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": 193, "pageCount": 236, "prevPage": 192, "nextPage": 194, "slideType": "quote_slide", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses highlighted text to emphasize key negative sentiment regarding Twist's market position.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/193", "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-193", "components": [ { "bbox": null, "kind": "callout", "text": "IDT is Twist’s “biggest threat”; large players have “released new chemistry” that eliminated Twist’s momentary advantage within their niche in NGS", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0933-75bb-9bf4-f350b43c3515", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.62 }, "kind": "paragraph", "text": "“Not bullish” on their NGS offering; race to the bottom in pricing; competitors’ NGS chemistries have caught up", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "62ed446b-1f95-429f-9903-fc6728588c48", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "paragraph", "text": "IDT is Twist’s “biggest threat”; large players have “released new chemistry” that eliminated Twist’s momentary advantage within their niche in NGS", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fcdb1a0a-84ae-4fba-a7dc-d576b868aaa7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "Q: “You’re saying they’re trying to pick off the price-sensitive customers from Roche and others? That’s their game?” A: “Price and actually it is the performance of their probes because of the way that they manufacture probes, they have edged out what was aging technology from Agilent and aging technology from Roche. IDT was the biggest threat when I was at Twist, and one of the reasons why I saw a lot of value in [redacted] was I didn’t want to work for a company that didn’t perform as well. Since joining, Agilent has released new chemistry, and so has Roche. So, they’ve all caught up to that, and it’s no longer a big advantage.” –Former employee now at a key competitor", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "31e6ee6b-3024-4376-b265-4b1facf201de", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.66 }, "kind": "quote", "text": "A: “I’m not bullish about their NGS products. They had a dominant position in hybrid capture when chemistries weren’t caught, and performance wasn’t caught up in their ability to sell the unique relationship. I think the business models have changed at their competitors to catch up. So, it’s a much more competitive space.” Q: “Is it a race to the bottom in pricing?” A: “Usually, sequencing comes first, and that’s what’s happening. Everyone’s going to focus on the race to the bottom for sample prep next. I think if sequencing costs less than sample prep, then the market has to adapt.” –Former employee now at a key competitor", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a3410fac-08ae-4bd8-b6a6-74fc3bccbb3a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“IDT was the biggest threat when I was at Twist, and one of the reasons why I saw a lot of value in [redacted] was I didn’t want to work for a company that didn’t perform as well. Since joining, Agilent has released new chemistry, and so has Roche. So, they’ve all caught up to that, and it’s no longer a big advantage.” — Former employee now at a key competitor", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0933-75bb-9bf4-f648c58a19b4", "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": "5e4e4c15-3586-47e9-be32-c0e3780aa4e2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "He added that IDT is Twist’s “biggest threat” in NGS, and that the large players have all “released new chemistry” that eliminated Twist’s momentary advantage within their little niche in NGS. He continued that he’s “not bullish about their NGS products” and described a race to the bottom in pricing – “it’s a much more competitive space.”", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "95fc338a-7c6a-40c4-9520-6e4fe380151d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "dbe1f5c4-0ecb-41a5-99b5-ca23341d8a56", "evidence": "Citing former employee at a key competitor to validate claims.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }