BOSTON - Ginkgo Bioworks (NYSE: DNA), a company engaged in cell programming and biosecurity, has announced the nomination of Myrtle Potter and Ross Fubini for election to its board as independent directors. The election is set to take place at the company's annual meeting on June 13, 2024.
The announcement comes as board chair Marijn Dekkers and committee chair Reshma Kewalramani prepare to retire from their positions at the same meeting. CEO Jason Kelly expressed gratitude for their contributions and excitement for the expertise the nominees will bring.
Myrtle Potter has over 25 years of experience in technology and life sciences, including executive roles at Genentech and Sumitomo Pharma America. She has leveraged AI in biopharmaceutical development and served on several public company boards, including Amazon (NASDAQ:AMZN) and Express Scripts.
Ross Fubini, with a background in venture capital, is known for his role in supporting companies such as Anduril and Verkada. His expertise spans various industries, and he has been involved in advising and investing in over 200 companies.
Ginkgo Bioworks offers a platform for organizations across diverse markets to tackle challenges using synthetic biology. The company's biosecurity branch aims to address biological threats with advanced technology.
The press release includes forward-looking statements regarding the potential election of new directors and the company's future operations. These statements are based on current expectations and are subject to risks and uncertainties, which could cause actual events to differ materially.
Shareholders are encouraged to read the Definitive Proxy Statement for the 2024 Annual Meeting, filed with the SEC on April 29, 2024, for detailed information on the director nominations and other relevant documents. The information is based on a press release statement.
InvestingPro Insights
As Ginkgo Bioworks prepares for its annual meeting and the election of new board members, the company's financial health and market performance remain crucial for investors. Ginkgo, with its focus on cell programming and biosecurity, is navigating a challenging market landscape, reflected in its financial metrics. According to InvestingPro data, Ginkgo Bioworks holds a market capitalization of $1.99 billion, with a negative Price/Earnings (P/E) ratio of -2.47 for the last twelve months as of Q4 2023. The company's revenue during this period was reported at $251.46 million, with a significant revenue decline of 47.36%.
Despite these hurdles, Ginkgo Bioworks exhibits a strong gross profit margin of 78.52%, suggesting efficiency in its core operations. However, the company's aggressive growth strategy and investment in technology have led to an operating income margin of -291.84%, indicating substantial expenses relative to income.
Investors should note the company's stock performance, which has seen a notable decline over recent months. The one-month price total return as of early 2024 stands at -25.85%, and the six-month return is equally challenging at -36.29%. This trend aligns with an InvestingPro Tip that highlights the stock's poor performance over the last month and the significant price fall over the last three months. Furthermore, Ginkgo Bioworks does not pay a dividend, which may be a consideration for income-focused investors.
For those interested in a deeper dive into Ginkgo Bioworks' financials and stock performance, additional InvestingPro Tips are available. The platform offers insights such as the company's cash position relative to debt, its shareholder yield, and liquidity status. Interested readers can explore these tips and more by visiting the InvestingPro page for Ginkgo Bioworks at https://www.investing.com/pro/DNA. Plus, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more valuable insights.
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