Business
Teknova Reports Fourth Quarter and Full Year 2022 Financial Results
Full year 2022 total revenue was $41.4 million, up 12% year-over-yearNew, state-of-the-art manufacturing facility now operationalCompany provides 2023 revenue
About this update from Alpha Teknova, Inc.
[{"type":"text","content":"Full year 2022 total revenue was $41.4 million, up 12% year-over-yearNew, state-of-the-art manufacturing facility now operationalCompany provides 2023 revenue guidance of $42-46 million HOLLISTER, Calif., March 15, 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 fourth quarter and the full year ended December 31, 2022. “We achieved our operational objectives in 2022, positioning the company for significant and sustainable long-term growth,” said Stephen Gunstream, President and Chief Executive Officer of Teknova. “Despite the expected short-term market related headwinds, the outlook for our end-markets remains positive and we are committed to executing on our strategy. In 2023, we will focus on scaling the business and we expect to deliver revenue growth in line with our long-term expectation of 25% or more beginning in the second half of 2023.” “We are completing a two-year period of planned investments and we’ve also enacted a number of measures to appropriately manage operating costs in 2023 and beyond,” explained Matt Lowell, Chief Financial Officer of Teknova. “As such, we expect our capital expenditures this year will be significantly lower than in 2022 and our operating expenses will be flat compared to 2022, excluding non-recurring charges. We therefore anticipate full-year free cash outflow of approximately $30 million and are comfortable with our liquidity position.” Corporate and Financial Updates Achieved full year 2022 total revenue of $41.4 million, up 12% as compared to $36.9 million for the full year 2021, and up 17% from $35.4 million to $41.4 million, when Sample Transport is excludedCompleted our new, state-of-the-art manufacturing facility which is operational for the production of research-grade (RUO) products. Qualification activities are underway, and the facility is expected to be operational for the production of GMP-grade products by mid-2023Of our now 100 cell and gene therapy customer accounts representing 25% of annual revenue, 56 purchase custom and/or GMP-grade reagents, an increase from 40 in 2021Cash position of $42.2 million at year-end and gross debt of ...