Business
Teknova Reports Fourth Quarter and Full Year 2023 Financial Results
Full year 2023 total revenue was $36.7 million, down 11% year-over-yearAchieved 36% annual growth in the number of Clinical Solutions customers in 2023Company
About this update from Alpha Teknova, Inc.
[{"type":"text","content":"Full year 2023 total revenue was $36.7 million, down 11% year-over-yearAchieved 36% annual growth in the number of Clinical Solutions customers in 2023Company provides 2024 revenue guidance of $35-38 million HOLLISTER, Calif., March 11, 2024 (GLOBE NEWSWIRE) -- Alpha Teknova, Inc. (“Teknova” or the “Company”) (Nasdaq: TKNO), a leading producer of critical reagents for the discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics, today announced financial results for the fourth quarter and full year ended December 31, 2023. “Our performance in 2023 validates the difficult but transformative changes we have made over the last twelve months,” said Stephen Gunstream, President and Chief Executive Officer of Teknova. He continued, “Our business has demonstrated its ability to withstand challenging market conditions, with signs of positive momentum, while realizing substantial cost reductions across the enterprise. These efforts, combined with a focus on the core of our strategy moving forward, will allow us not only to execute on our key business initiatives but also to be more agile and more responsive to our customers.” Matt Lowell, Teknova’s Chief Financial Officer, added, “With our cost reduction program in place, we have lowered our Adjusted EBITDA break-even revenue to $50-55 million. Based on our revenue guidance and recent cost savings measures, we anticipate full-year free cash outflow of less than $18 million in 2024,” he explained. Corporate and Financial Updates Achieved full year 2023 total revenue of $36.7 million, down 11% as compared to $41.4 million for the full year 2022Achieved 36% annual growth in the number of Clinical Solutions customers in 2023Due to the adverse market conditions and associated lowering of our financial forecasts, Teknova’s tradename and long-lived assets were impaired, resulting in one-time, non-cash charges of $2.2 million and $2.2 million, respectively, for the full year 2023Cash position of $28.6 million at year-end after reducing gross debt by $10.0 million to $12.1 million. Free Cash Flow for the full year 2023 was negative $26.6 million, down significantly from 2022 and less than the previously communicated target of $30 million for 2023Announced an approximately 15% reduction in workforce in January 2024 that will further reduce operating exp...