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  "documentTitle": "Twist Bioscience (TWST)",
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      "text": "Essentially, gene synthesis was never meant to make money.",
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      "text": "They described an explicit price dumping strategy – selling far below cost, hoping you can make it up later - indicating that they had no other option given there’s “not a very good way to differentiate” synthetic DNA: “the sequence is the sequence.” Another ex-employee bluntly stated that “gene synthesis was never meant to make money.”",
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      "text": "Every single Twist ex-executive and employee we interviewed echoed the comments by competitors, that the only way they could “break into the market” or “elbow in” vs. incumbents was by “cutting the price in half.”",
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      "text": "Essentially, the way that Twist was able to elbow its way into the market compared to other competitors like IDT or GenScript is they came in operating at a loss, offered the DNA at half the price... there is not a very good way to differentiate the product.",
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      "text": "In order to break into the market, they had to beat everyone else on price... no matter how well you optimize it, it will never be a high-margin product. Essentially, gene synthesis was never meant to make money.",
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      "text": "Essentially, the way that Twist was able to elbow its way into the market compared to other competitors like IDT or GenScript is they came in operating at a loss, offered the DNA at half the price, expecting that their technology would improve over time and enable them to make a profit. But if you want to enter a market, you either have to offer something that is differentiated, or you have to offer something at a lower price. In the case of synthetic DNA, there is not a very good way to differentiate the product. The sequence is the sequence. It's hard to say we offer a better-quality DNA product because the quality is the sequence, and if you meet the specs—is it clear what I'm trying to say? — Former Twist manager in a manufacturing role, previously and currently employed by key competitors",
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      "text": "Source: Scorpion Capital consultation calls with experts",
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