What happened
Cutting-edge biotech company Ginkgo Bioworks Holdings (DNA 3.29%) was a popular stock on Tuesday. The cell engineering specialist's share price zoomed more than 7% higher today, thanks to quarterly results that greatly pleased investors.
So what
Interestingly, Ginkgo actually missed widely on earnings. For its second quarter, the company's net loss ballooned to nearly $669 million ($0.41 per share), from a shortfall just shy of $54 million in the same period a year ago. On average, analysts tracking the stock were expecting a much thinner deficit of $0.05 per share.
The story was much different on the top line, with almost $145 million in total revenue. That was nearly double the just under $79 million that was collectively anticipated by prognosticators.
Ginkgo concentrates on cell programming and editing, and the addition of 13 new programs was a key factor in that big revenue surprise.
CEO Jason Kelly pointed out that the specialty healthcare company was awarded a contract from the Centers for Disease Control and Prevention for pathogen monitoring at U.S. airports.
Now what
Another big reason investors were happy with Ginkgo is that the company raised revenue guidance for the entirety of 2022. On the back of an estimated new 60 cell programs that should hit the market this year, the company is forecasting a top line of $425 million to $440 million for this year. That's quite a bump from its previous projection of $375 million to $390 million.
Ginkgo did not provide any profitability estimates in its guidance.
