Business
Teknova Reports Third Quarter 2022 Financial Results
Third quarter 2022 total revenue was $10.7 million, up 14% year-over-yearCompany updates 2022 revenue outlook to $40-42 millionCash position of $50 million
About this update from Alpha Teknova, Inc.
[{"type":"text","content":"Third quarter 2022 total revenue was $10.7 million, up 14% year-over-yearCompany updates 2022 revenue outlook to $40-42 millionCash position of $50 million supports path to profitability HOLLISTER, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Alpha Teknova, Inc. (“Teknova” or the “Company”) (Nasdaq: TKNO), a leading provider of critical reagents for the discovery, research, development, and commercialization of drug therapies, novel vaccines, and molecular diagnostics, today announced financial results for the third quarter ended September 30, 2022. “Teknova delivered a solid third quarter revenue performance, driven by robust Lab Essentials growth and healthy demand across our broad customer base,” said Stephen Gunstream, President and CEO of Teknova. “Most recently, we entered the qualification phase of our new state-of-the-art production facility and announced an Early Access Program for the first novel products to emerge from our R&D pipeline. We are balancing selective strategic investments with prudent management of our capital to position Teknova for accelerated growth and remain on our path to profitability.” Corporate and Financial Updates Achieved quarterly total revenue of $10.7 million, up 14% compared to $9.4 million in the third quarter 2021Remained on track with capacity expansion of existing facilities and are nearing completion of the Company’s new, state-of-the-art manufacturing facility. Qualification activities are underway, and facility expected to be operational for production of research grade products by the end of 2022Reported cash position of $49.9 million, supporting ongoing investment in future growthIntroduced an Early Access Program for two novel products in development and added WFI Quality Water to the Company’s product portfolioGoodwill was fully impaired, resulting in a one-time, non-cash impairment charge of $16.6 million in the third quarter 2022 Revenue for the Third Quarter and Year-to-Date 2022 For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, 2022 2021 2022 2021 Lab Essentials $9,470 $7,195 $24,838 $20,440 Clinical Solutions 919 1,690 7,673 4,354 Sample Transport — 73 6 1,035 Other 303 434 1,012 954 Total revenue $10,692 $9,392 $33,529 $26,783 Third Quarter 2022 Financial Results Total revenue for the third quarter 2022 was $10.7 million, up 14% compared to $9.4 m...