Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) Q4 2022 Earnings Call Transcript

Anna Marie Wagner: Yeah, Gaurav. Maybe just to give you a little bit of additional context. The milestones that are in that chart would represent not intermediate, technical at the earliest kind of completion of a technical program milestones and then quite often, a lot of them are further down the value stream of the product. And so given that our average product is — our average program is a couple of years, we wouldn’t have expected to see milestones from those sources yet.

Unidentified Participant: Got it. Thanks, guys. Appreciate it. Congrats.

Anna Marie Wagner: Thanks. All right. Our last question here is from John at Bank of America. John, I’ve opened up your line. John you might need to unmute. We can’t hear you.

Unidentified Participant: Can you hear me?

Anna Marie Wagner: Yes.

Unidentified Participant: Hey. Thanks for letting me on. I would like to go back to the financial guide here. Given that you guys have discussed the recent milestones being pushed out and you expect to capture that soon. Is it fair to assume that the fourth quarter foundry revenues were just purely fee-for-service — and again, if there’s any sort of quantifiable range in terms of the milestone revenues that you might be able to recognize in ’23, if you could provide that, that would be great.

Mark Dmytruk: Yeah. So fourth quarter revenue did have milestone revenue in. We’ve got that on Slide 10 in the deck, it breaks out. And so you’ll see it was about $17 million of the of the $50 million plus of revenue in the quarter was in fact downstream value share milestone revenue. And then — sorry, the second part of the question was 2023 expectation. So I guess I’ll just sort of reiterate the comment I made before. There is — there were some discrete milestones that we were hoping to hit in Q4 that we didn’t. We’re still very much actively working on those. We think the technical work is largely done. There are some factors outside of our control there, but we are still very much working on that.

Unidentified Participant: Got you. Thank you. That’s all for me. Thank you.

Anna Marie Wagner: All right. Thanks, John. That was our last formal question. So unless anyone’s got any closing remarks, we can say good night.

Jason Kelly: Thanks, everybody.

Anna Marie Wagner: Bye.