While revenue at Twist Bioscience is up, reducing its headcount is a cost-cutting measure as the company strives for profitability.
A large bioscience employer in South San Francisco has laid off around 25% of its workforce.first reported. While revenue at the company is up, reducing its headcount is a cost-cutting measure as it strives for profitability. The announcement was made during a quarterly earnings call last week.
About three-fourths of the layoffs are Bay Area employees, some of whom work remotely, a Twist Bioscience spokesperson told SFGATE. The company declined to comment on whether these cuts would affect the company's current real estate holdings. “While this was a difficult decision, it was the right one for Twist and sets us up for long term success on a path to profitability, operating more efficiently while still continuing to support our high growth focus areas, continuing to serve our customers who are improving health and sustainability,” a Twist spokesperson said in a statement sent to SFGATE.
Headquartered in South San Francisco, Twist Bioscience manufactures synthetic DNA and produced its first product this year. While the majority of the company is based in the Bay Area, it also maintains a manufacturing facility in Wilsonville, Oregon. Twist Bioscience has around 494 employees in the Bay Area, according to LinkedIn. The bioscience company began shifting its operations from Mission Bay in San Francisco to South San Francisco in 2016.
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