Syngenta Crop Protection AG

Ginkgo provides update on its restructuring process including estimated annualized cost savings of over $85 million from reduction in force BOSTON, Aug. 8, 2024 /PRNewswire/ -- Ginkgo Bioworks Holdings, Inc. (NYSE: DNA, "Ginkgo"), which is building the leading platform for cell programming and biosecurity, today announced its results for the second quarter ended June 30, 2024. The update, including a webcast slide presentation with additional details on the second quarter and supplemental financial information, will be available at investors.ginkgobioworks.com. Second Quarter 2024 Financial Results Second quarter 2024 Total revenue of $56 million, down from $81 million in the comparable prior year period, a decrease of 30% primarily driven by the expected ramp down of K-12 testing in Ginkgo's Biosecurity segment Second quarter 2024 Cell Engineering revenue of $36 million, down from $45 million in the comparable prior year period, a decrease of 20% driven by a decline in revenue from early stage customers partially offset by growth from large/enterprise customers Second quarter 2024 Biosecurity revenue of $20 million with gross profit margin of 41% Second quarter 2024 Loss from operations of $(223) million (inclusive of stock-based compensation expense of $38 million and M&A and restructuring related costs, including asset impairments, of $72 million), compared to Loss from operations of $(184) million (inclusive of stock-based compensation expense of $62 million and M&A and restructuring related costs, including asset impairments, of $26 million) in the comparable prior year period Second quarter 2024 Adjusted EBITDA of $(99) million, down from $(80) million in the comparable prior year period, driven by the decrease in Total revenue partially offset by a decrease in certain operating expenses Cash and cash equivalents balance as of the end of the second quarter of $730 million "This past quarter was a quarter of focused execution for Ginkgo," said Jason Kelly, co-founder and CEO of Ginkgo. "During the Q1 2024 earnings call, we announced that we were taking decisive action to reduce costs in order to reach Adjusted EBITDA breakeven by the end of 2026 and, in June, we commenced a reduction in force impacting 35% of the workforce. Alongside the RIF, we continued to deliver well for customers as reflected in our second quarter revenue and I'm happy we have gained initial traction with our new lab data as a service ("LDaaS") offering, including our first few deals with a large cap tech company." Recent Business Highlights & Strategic Positioning Cell Engineering worked to close deals as Ginkgo's new commercial terms begin to gain traction Added 18 new programs and other customer contracts to the Cell Engineering platform in Q2 2024, of which 10 were comparable in size and scope to historically reported New Programs and an additional 8 contracts that represent a variety of smaller deal archetypes, such as LDaaS projects Signed first LDaaS deals with a large cap tech company in protein characterization Delivered on a major technical milestone for a large pharmaceutical customer Announced a new collaboration with Syngenta Crop Protection aimed at accelerating the launch of a new biological solution to develop and optimize a microbial strain that can meet the productivity targets of a secondary metabolite from the Syngenta Biologicals pipeline Ginkgo Biosecurity continues to work towards creating solutions that offer persistent, pervasive monitoring Ginkgo has put forth a proposed Genomic Analysis Program to address the threat of H5N1. The program builds upon existing practices of pooling and sampling milk for food safety, and integrates novel capabilities to generate genomic analysis of H5N1 if it spreads and evolves Ginkgo began executing on its plan to reach Adjusted EBITDA breakeven by the end of 2026 The reduction in force is estimated to achieve over $85 million in annualized savings by mid-2025 Ginkgo is also implementing significant non-people cost cutting measures, including rationalizing third-party costs and site consolidation Full Year 2024 Outlook Ginkgo reaffirms Total revenue of $170-$190 million in 2024 Ginkgo continues to expect Cell Engineering services revenue of $120-140 million in 2024 Ginkgo continues to expect Biosecurity revenue of at least $50 million in 2024 Conference Call Details Ginkgo will host a videoconference today, Thursday, August 8, 2024, beginning at 5:30 p.m. ET. The presentation will include an overview of second quarter financial performance, recent business updates, a discussion on Ginkgo's outlook, as well as a moderated question and answer session. To ask a question ahead of the presentation, please submit your questions to @Ginkgo on X (hashtag #GinkgoResults) or by sending an e-mail to [email protected]. A webcast link is available on Ginkgo's Investor Relations website and a replay will be made available following the presentation. Ginkgo Investor Website: Audio-Only Dial Ins: +1 646 876 9923 (New York) +1 301 715 8592 (Washington DC) +1 312 626 6799 (Chicago) +1 669 900 6833 (San Jose) +1 253 215 8782 (Tacoma) +1 346 248 7799 (Houston) +1 408 638 0968 (San Jose) Webinar ID: 991 5650 6740 If you experience technical difficulties with any of these dial-ins or if you need international dial-in numbers, please visit our website at for updated dial-in information. About Ginkgo Bioworks Ginkgo Bioworks is the leading horizontal platform for cell programming, providing flexible, end-to-end services that solve challenges for organizations across diverse markets, from food and agriculture to pharmaceuticals to industrial and specialty chemicals. Ginkgo Biosecurity is building and deploying the next-generation infrastructure and technologies that global leaders need to predict, detect, and respond to a wide variety of biological threats. For more information, visit ginkgobioworks.com and ginkgobiosecurity.com, read our blog, or follow us on social media channels such as X (@Ginkgo and @Ginkgo_Biosec), Instagram (@GinkgoBioworks), Threads (@GinkgoBioworks) or LinkedIn. Forward-Looking Statements of Ginkgo Bioworks This press release, the presentation, and the conference call and webcast contain certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our plans, strategies, including with respect to our balance sheet and cash runway, current expectations, operations and anticipated results of operations, both business and financial, including the timing for attaining Adjusted EBITDA breakeven and profitability, the success of our new LDaaS offering and anticipated impacts on our results, our planned reduction in workforce and anticipated impacts thereof, the timing and structuring of our planned site consolidation and the potential financial impact thereof, opportunities for and timing of increased operational efficiency and the expected impact on our operational expenditures, our manufacturing capabilities, potential customer success, including successful application of our offerings by our customers, the capabilities and potential operational and financial success of our acquisitions, partnerships and collaborations, and expected timing thereof, expectations with regard to revenue, the nature of such revenue and any related downstream value share associated with such revenue, funding that is contingent upon Ginkgo's achievement of milestones, expenses, including our stock-based compensation expenses, our full year 2024 outlook, the expansion, timing and potential capabilities of our biosecurity monitoring, surveillance and detection systems, and the market environment, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements generally are identified by the words "believe," "can," "project," "potential," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) our ability to realize near-term and long-term cost savings associated with our site consolidation plans, including the ability to terminate leases or find sub-lease tenants for unused facilities, (ii) volatility in the price of Ginkgo's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Ginkgo operates and plans to operate, variations in performance across competitors, and changes in laws and regulations affecting Ginkgo's business, (iii) the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional business opportunities, (iv) the risk of downturns in demand for products using synthetic biology, (v) the uncertainty regarding the demand for passive monitoring programs and biosecurity services, (vi) changes to the biosecurity industry, including due to advancements in technology, emerging competition and evolution in industry demands, standards and regulations, (vii) the outcome of any pending or potential legal proceedings against Ginkgo, (viii) our ability to realize the expected benefits from and the success of our Foundry platform programs, (ix) our ability to successfully develop engineered cells, bioprocesses, data packages or other deliverables, (x) the product development or commercialization success of our customers, and (xi) the potential negative impact on our business of our planned reduction in force or the failure to realize the anticipated savings associated therewith. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Ginkgo's annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Ginkgo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Ginkgo does not give any assurance that it will achieve its expectations. Use of Non-GAAP Financial Measures Certain of the financial measures included in this release, including Adjusted EBITDA, have not been prepared in accordance with generally accepted accounting principles ("GAAP"), and constitute "non-GAAP financial measures" as defined by the SEC. Ginkgo has included these non-GAAP financial measures because it believes they provide an additional tool for investors to use in evaluating Ginkgo's financial performance and prospects. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. These non-GAAP financial measures are supplemental to, and should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. In addition, these non-GAAP financial measures may differ from non-GAAP financial measures with comparable names used by other companies. See the reconciliation below for additional information regarding certain of the non-GAAP financial measures included in this release, including a description of these non-GAAP financial measures and a reconciliation of the historic measures to Ginkgo's most comparable GAAP financial measures. Ginkgo Bioworks Contacts: INVESTOR CONTACT: [email protected] MEDIA CONTACT: [email protected] SOURCE Ginkgo Bioworks

BASEL, Switzerland--(BUSINESS WIRE)-- Syngenta Group has withdrawn its STAR Market IPO application and will immediately apply for a public listing on the main board at the Shanghai Stock Exchange. The decision was made after China fully rolled out its registration-based share issuance scheme across the country in February – a move that will further improve China’s capital market and clearly define the roles of different boards. Now that the main board of the Shanghai Stock Exchange is meant mainly to support large-scale companies with mature business models and stable earnings performance (blue chips which are good representatives of their respective industries), we believe Syngenta Group, as a leading global agricultural technology company, fits better on the main board of Shanghai Stock Exchange, under its latest registration-based IPO scheme. This main board listing will enable Syngenta Group to access more diversified investors and will be conducive for the company’s long-term value. About Syngenta Group Syngenta Group is one of the world’s biggest agricultural technology companies, with roots going back more than 250 years. With more than 57,000 employees, operating in more than 100 countries, the company strives to transform agriculture with science-driven, technological innovations to deliver high productivity and high-quality food while fighting climate change and restore nature. Syngenta Group is working with farmers to enable Regenerative Agriculture - an outcome-based food production system that nurtures and restores soil health, protects the climate and water resources and biodiversity, and enhances farms' productivity and profitability. Syngenta Group, which is registered in Shanghai, China, and has its management headquarters in Switzerland, draws strength from its four business units: Syngenta Crop Protection, headquartered in Switzerland; Syngenta Seeds, headquartered in the United States; ADAMA®, headquartered in Israel; and Syngenta Group China. Together, these businesses provide industry-leading ways to serve customers around the world. For Syngenta Group photos and videos, please visit the Syngenta Group Media Library. Data protection is important to us. You are receiving this publication on the legal basis of Article 6 para 1 lit. f GDPR (“legitimate interest”). However, if you do not wish to receive further information about Syngenta Group, just send us a brief informal message and we will no longer process your details for this purpose. You can also find further details in our privacy statement. Cautionary Statement Regarding Forward-Looking Statements This document may contain forward-looking statements, which can be identified by terminology such as “expect,” “would,” “will,” “potential,” “plans,” “prospects,” “estimated,” “aiming,” “on track” and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. For Syngenta Group, such risks and uncertainties include risks relating to legal proceedings, regulatory approvals, new product development, increasing competition, customer credit risk, general economic and market conditions, compliance and remediation, intellectual property rights, implementation of organizational changes, impairment of intangible assets, consumer perceptions of genetically modified crops and organisms or crop protection chemicals, climatic variations, fluctuations in exchange rates and/or grain prices, single source supply arrangements, political uncertainty, natural disasters, and breaches of data security or other disruptions of information technology. Syngenta Group assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. View source version on businesswire.com: Contacts Media Relations media@syngentagroup.com Source: Syngenta Group View this news release online at:

BASEL, Switzerland--( BUSINESS WIRE )--Syngenta Crop Protection and FMC Corporation announced today an agreement to bring to market a breakthrough technology to control grass weeds in rice in Asia. The new active ingredient Tetflupyrolimet, discovered and developed by FMC with support from Syngenta for the development in rice, marks the first major herbicide with a novel mode of action (DHODH – HRAC Group 28) in over three decades, promising relief to farmers challenged by weed resistance to existing herbicides. Tetflupyrolimet boosts the yield and quality of rice production by delivering season-long control of the most significant grass weeds, which compete with the crop for water, fertilizer, light and space, and host pests and diseases that impact rice farming. A further benefit of this technology is that it can be used at low rates with good crop safety. In addition to being easy to apply in traditional transplanted rice, the herbicide is also highly suited to direct-seeded rice, paving the way for the greater adoption of modern and more environmentally friendly cropping systems. “This innovation will drive a step-change in the yield and quality of rice harvests, address the growing challenge of weed resistance, and could transform the lives of millions of rice farmers,” said Ioana Tudor, Global Head of Marketing at Syngenta Crop Protection. “At Syngenta, we are excited by the potential of this new technology to elevate the sustainability of global rice production.” Rice production is central to the livelihoods of an estimated 150 million farmers globally, who supply a fifth of the world’s dietary energy. It is the most important food crop in developing countries, accounting for close to 30 percent of the total calorific intake of these populations. Rice farming is also one of the most important sources of employment in rural areas. Under the agreement, Syngenta and FMC will both bring Tetflupyrolimet based products to key rice markets in Asia. Syngenta will register and commercialize Tetflupyrolimet in China – the world’s largest rice market. In addition, Syngenta will commercialize products containing mixtures of Tetflupyrolimet for rice in India, Vietnam, Indonesia, as well as in Japan and South Korea. FMC will register and commercialize Tetflupyrolimet and an array of products in all these countries, except in China where it will focus on mixtures for rice. Syngenta will further exclusively commercialize Tetflupyrolimet for rice in Bangladesh. About Syngenta Crop Protection Syngenta Crop Protection is a leader in agricultural innovation, bringing breakthrough technologies and solutions that enable farmers to grow productively and sustainably. We offer a leading portfolio of crop protection solutions for plant and soil health, as well as digital solutions that transform the decision-making capabilities of farmers. Our 17,900 employees serve to advance agriculture in more than 90 countries around the world. Syngenta Crop Protection is headquartered in Basel, Switzerland, and is part of the Syngenta Group. Follow us on Twitter at www.twitter.com/Syngenta , www.twitter.com/SyngentaUS and on LinkedIn at www.linkedin.com/company/syngenta Data protection is important to us. You are receiving this publication on the legal basis of Article 6 para 1 lit. f GDPR (“legitimate interest”). However, if you do not wish to receive further information about Syngenta, just send us a brief informal message and we will no longer process your details for this purpose. You can also find further details in our privacy statement . Cautionary Statement Regarding Forward-Looking Statements This document may contain forward-looking statements, which can be identified by terminology such as ‘expect’, ‘would’, ‘will’, ‘potential’, ‘plans’, ‘prospects’, ‘estimated’, ‘aiming’, ‘on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. For Syngenta, such risks and uncertainties include risks relating to legal proceedings, regulatory approvals, new product development, increasing competition, customer credit risk, general economic and market conditions, compliance and remediation, intellectual property rights, implementation of organizational changes, impairment of intangible assets, consumer perceptions of genetically modified crops and organisms or crop protection chemicals, climatic variations, fluctuations in exchange rates and/or commodity prices, single source supply arrangements, political uncertainty, natural disasters, and breaches of data security or other disruptions of information technology. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. ©2023 Syngenta. Rosentalstrasse 67, 4058 Basel, Switzerland.