Business
Teknova Reports Second Quarter 2023 Financial Results
Second quarter 2023 total revenue was $11.5 million, up 26% sequentiallyReceived certification of new state-of-the-art facility for production of GMP-grade
About this update from Alpha Teknova, Inc.
[{"type":"text","content":"Second quarter 2023 total revenue was $11.5 million, up 26% sequentiallyReceived certification of new state-of-the-art facility for production of GMP-grade productsCompany revises 2023 revenue guidance to $37-40 million, continues to anticipate free cash outflows of $30 million for full year HOLLISTER, Calif., Aug. 10, 2023 (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 second quarter ended June 30, 2023. “Today we reported strong operating results for the second quarter of 2023, increasing revenue sequentially by 26%, despite a challenging market environment,” said Stephen Gunstream, President and Chief Executive Officer of Teknova. “We continue to deliver to our growth strategy, with the recent certification of our new state-of-the-art facility to produce GMP-grade products that will enable us to expand our revenue capacity to $200 million. Due to near-term headwinds persisting in bioprocessing, however, we are reducing our 2023 revenue outlook. We nonetheless remain optimistic about the long-term potential of our target markets.” “During the first half of 2023, we managed our overall expenses and capital expenditures to plan. Despite the lower revenue outlook, we continue to expect full-year free cash outflow to remain at approximately $30 million,” explained Matt Lowell, Teknova’s Chief Financial Officer. Corporate and Financial Updates Earned second quarter 2023 total revenue of $11.5 million, up 26% from the first quarter 2023 and slightly lower compared to the second quarter 2022Received certification of our new state-of-the-art manufacturing facility for the production of GMP-grade productsExpanded our proprietary product line, AAV-Tek Solutions, by introducing an additional version of our first-of-its-kind AEX Buffer Screening Kit for the AAV8 serotype, as well as 24 new catalog reagents, to deliver end-to-end solutions for gene therapy process developmentTeknova and Sartorius BIA Separations demonstrated a reliable and scalable approach for the enhancement of AAV full capsid enrichment with an optimized AEX PlatformEnded the second quarter 2023 with a cash position of $23.7 million and gross ...