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  "documentTitle": "Twist Bioscience (TWST)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-11-15 00:00:00",
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  "notes": "Includes a quote from an ex-Twist executive and screenshots of GenScript's website to demonstrate service overlap.",
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      "kind": "callout",
      "text": "Twist’s main competitors are low-cost Chinese players with cheap labor vs. Twist’s Bay Area cost structure “Our competitors mainly are Chinese companies. You look at GENEWIZ and GenScript, and their founders are Chinese, and they have a lot of business in China. In that sense, they are very competitive in terms of pricing. Twist built a lab in the Bay area. You have to pay the Bay area salary and so on. That’s why the competition is very great…” -Ex-Twist executive",
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      "text": "Twist's main competitors are low-cost Chinese players with cheap labor vs. Twist's Bay Area cost structure",
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      "text": "Genscript website – same services as Twist",
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      "text": "Twist has one of the most horrific competitive positions we have seen – which helps to explain its mind-bending losses. One side, it competes with cheap Chinese players like Genscript and Genewiz. On the other, it competes against larger established players like Danaher/IDT, Roche, Agilent, and others. And we’re ignoring the swarm of smaller, local players proliferating Google ads adverting the lowest price per base pair. Yet it gets worse: an impending flood of disruptive, venture-backed entrants with newer technologies and approaches that can produce longer sequences, at even lower prices, with better quality. An ex-employee stated that “our competitors mainly are Chinese companies” while Twist has to pay “Bay Area salary and so on.” Genscript, for example, is $5.5B market cap and has 3X Twist’s LTM revenues.",
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      "text": "“Our competitors mainly are Chinese companies. You look at GENEWIZ and GenScript, and their founders are Chinese, and they have a lot of business in China. In that sense, they are very competitive in terms of pricing. Twist built a lab in the Bay area. You have to pay the Bay area salary and so on. That's why the competition is very great...” — Ex-Twist executive",
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      "text": "Source: https://www.genscript.com/bioengineering.html",
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