Business
Teknova Reports Second Quarter 2024 Financial Results
Second quarter 2024 total revenue was $9.6 million, up 3% sequentiallyRaised $15.4 million of equity capital in July 2024Launched two new offerings:
About this update from Alpha Teknova, Inc.
[{"type":"text","content":"Second quarter 2024 total revenue was $9.6 million, up 3% sequentiallyRaised $15.4 million of equity capital in July 2024Launched two new offerings: Express-TekSM Production and RUO+ manufacturing gradeCompany reaffirms 2024 revenue guidance of $35-38 million HOLLISTER, Calif., Aug. 13, 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 second quarter ended June 30, 2024. “We delivered solid results across the board in the first half of 2024,” said Stephen Gunstream, President and Chief Executive Officer at Teknova. “I’m particularly encouraged by the progress we’ve made onboarding new clinical customers, now up to 43, a 26% increase in the past six months. I believe these customers, combined with an improved backdrop in biotech funding, put us in a strong position as we look towards 2025 and beyond,” he added. “During the second quarter of 2024, we delivered improved results over the first quarter of 2024, as we again managed our operating expenses and capital expenditures to plan. We are cautiously optimistic around the timing of further market recovery and are thus maintaining our full-year outlook of $35-38 million of revenue and free cash outflow of less than $18 million,” explained Matt Lowell, Teknova’s Chief Financial Officer. “We are very pleased with the $15.4 million equity capital raise we completed a month ago, which we believe provides sufficient liquidity to bridge the company through to cash flow positive,” he added. Corporate and Financial Updates Second quarter 2024 total revenue of $9.6 million was down 17% compared to $11.5 million in the second quarter 2023. Second quarter 2024 total revenue was up 3% sequentially and up 9% from the second quarter 2023 when adjusted to exclude revenue from a single, large Clinical Solutions order during that timeCash position of $18.6 million and gross debt of $12.1 million at the end of the second quarter 2024Raised $15.4 million of equity capital through a private placement offering in July 2024, which we believe provides sufficient liquidity to bridge the company through to cash flow positiveLaunched two new offerings to provide customers with ...