{
  "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": 57,
  "pageCount": 236,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses expert testimony to undermine the company's historical growth narrative.",
  "elementsJson": [
    "paragraph",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-4b91788fc785/57",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-4b91788fc785#slide-57",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Twist entered the market and was “shouty shouty” about pricing at 5 cents a base pair; yet couldn’t build and deliver orders",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bfe7-e29d13b73eb0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.45
      },
      "kind": "quote",
      "text": "What happened was Twist started to come out—so, right out of the gate, as a finance person, what I never understood was you price DNA by the base, and at the time, a low price point for a gene was something like 35 cents a base and normally a fragment would be 1,000 to 2,000 bases. When Gen9 came out, I think they came out at 15 cents a base. But I never understood why they dropped so low when there was a little bit of room there.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "324104c3-36df-460b-bfba-aabca5f2bf60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "quote",
      "text": "Twist came out very early out of the gate, talking about 5 cents a base. Of course, with everything, people want things bigger, faster, and cheaper, so people started listening. They also had a very, very good marketing department. Everywhere they go, they're very shouty-shouty...But when I would listen to Twist speak, I could read between the lines and know that things they said meant that they weren't succeeding in building people's orders. They weren't succeeding in delivering people's orders on time.",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72d25187-7d57-474d-98eb-c54d925fd2c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“What happened was Twist started to come out—so, right out of the gate, as a finance person, what I never understood was you price DNA by the base, and at the time, a low price point for a gene was something like 35 cents a base and normally a fragment would be 1,000 to 2,000 bases. When Gen9 came out, I think they came out at 15 cents a base. But I never understood why they dropped so low when there was a little bit of room there.” — Executive recently at IDT, a key Twist competitor, currently employed at another synthetic biology player",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0932-77cf-bfe7-e5697ccf58ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "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": "4f66a477-1034-47f7-867d-5dd2cda98f3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Twist's approach at launch about 5 years ago was to radically underprice the competition in an effort to purchase market share and \"growth.\"",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47a10874-a3f4-4548-8ae2-395953dcc05d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "67c71e03-c6e0-45e5-bd70-9cabaac8da3a",
      "evidence": "Uses expert quotes to contradict the company's stated growth strategy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 70,
      "from": 55,
      "beatId": "f840f37b-dc3b-4f69-a41b-48aecbb588b4",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Presentation of the thesis",
      "beatSlug": null,
      "evidence": "Clear articulation of the case against Twist",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}