Ginkgo Bioworks Holdings, Inc. (NASDAQ:DNA) shares are trading lower Friday after the company posted worse-than-expected fourth-quarter results and issued disappointing guidance.
The Details:
The company reported quarterly losses of 11 cents per share which missed the analyst consensus estimate of losses of 10 cents. Quarterly sales came in at $34.76 million, below the analyst consensus estimate of $42.5 million by 18.22 and a 64.64% decrease from sales of $98.28 million year-over-year.
Ginkgo said the decrease in sales was primarily driven by the expected ramp down of K-12 testing in Ginkgo’s Biosecurity segment and the impact of Cell Engineering downstream value share from equity milestones in 2022 that did not recur in 2023.
“2023 was a breakout year for …