Business
Teknova Reports First Quarter 2023 Financial Results
First quarter 2023 total revenue was $9.1 million, up 16% sequentially Launch of proprietary AAV-Tek™ Solutions gene therapy product line Company reaffirms
About this update from Alpha Teknova, Inc.
[{"type":"text","content":"First quarter 2023 total revenue was $9.1 million, up 16% sequentially Launch of proprietary AAV-Tek™ Solutions gene therapy product line Company reaffirms 2023 revenue guidance of $42-46 million HOLLISTER, Calif., May 10, 2023 (GLOBE NEWSWIRE) -- Alpha Teknova, Inc. (“Teknova” or the “Company”) (Nasdaq: TKNO), a leading producer of critical reagents for the research, discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics, today announced financial results for the first quarter ended March 31, 2023. “Today we reported operating results in line with our expectations for the first quarter of 2023,” said Stephen Gunstream, President and Chief Executive Officer of Teknova. “We continue to execute operationally, as we work to qualify our new facility to produce GMP-grade products and launched our first, proprietary product line. Our outlook for the full year is unchanged and we remain confident in our ability to deliver revenue growth in line with our long-term expectations during the second half of 2023.” “During the first quarter of 2023, we managed our operating expenses and capital expenditures to plan. We continue to expect full-year free cash outflow of approximately $30 million,” explained Matt Lowell, Chief Financial Officer of Teknova. Corporate and Financial Updates First quarter 2023 total revenue of $9.1 million, up 16% from the fourth quarter 2022 and down 18% from the first quarter 2022Qualification activities are underway in our new, state-of-the-art manufacturing facility and we expect it to be operational for the production of GMP-grade products by mid-2023Launched our first, proprietary product line, AAV-Tek™ Solutions, specifically created to address critical pain points in the AAV gene therapy development workflowReleased a first-of-its-kind product in this line — the AAV-Tek AEX Buffer Screening Kit — that could save months of process development time by helping gene therapy developers to identify the ideal buffer formulations for use during AAV downstream processingCash position of $30.2 million and gross debt of $22.1 million at the end of the first quarter 2023 Revenue for the First Quarter For the Three Months Ended March 31, (Dollars in thousands) 2023 2022 Lab Essentials $7,257 $6,975 Clinical Solutions 1,609 3,812 Other 255 360 Total revenue $9,121 $11,147 Fir...