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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": "The slide uses a 'Theranos' comparison to frame the narrative of technological deception.",
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      "text": "Twist’s “DNA chip” narrative - 10,000X higher throughput and lower cost - is fraudulent, covering up a manual, labor-intensive, and fatally-flawed manufacturing process crippled by errors, bottlenecks, and pitiful yields.",
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      "text": "1. Twist's DNA production process is in such disarray that ex-manufacturing employees painted it as an operational meltdown... 2. Twist represents their 'platform' as automated and 'industrialized' but ex-employees indicated it is simply a low-tech, manual body-shop... 3. Contrary to Twist's claim of 'increasing throughput' - the heart of the story - the 'chip' is a massive bottleneck that actually slows down manufacturing...",
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      "text": "Part II: Twist's 'DNA chip' narrative - 10,000X higher throughput and lower cost - is fraudulent, covering up a manual, labor-intensive, and fatally-flawed manufacturing process crippled by errors, bottlenecks, and pitiful yields – thereby driving gross margins we estimate to be negative. Similar to Theranos which claimed to have a 'lab-on-a-chip' but was secretly running blood tests on standard equipment, Twist's workflow requires the same steps as every other commodity DNA manufacturer, but with a crucial difference: it is a fiasco with radically higher costs than its competitors.",
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      "text": "“I don’t know how they an make it”; “their process and method are not sustainable.” — Ex-manufacturing employees. “When I went out there and saw what they were doing, I was shocked.” — A longtime industry executive. “an overengineered solution that they called a chip.” — A longtime industry executive. “the problem is that the whole process is labor intensive”; “what they do is very low margin” and takes “manual labor.” — Ex-employees. “that’s labor and you need people to do that in each tube” — Ex-staff. “one-week process” — Ex-staff. “customers frustrated because they cannot deliver on time.” — Ex-staff.",
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