Alpha Teknova, Inc. ( (TKNO) ) has released its Q3 earnings. Here is a breakdown of the information Alpha Teknova, Inc. presented to its investors.
Alpha Teknova, Inc. is a company that specializes in producing critical reagents for the life sciences industry, aimed at facilitating the discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics.
In its third-quarter 2024 earnings report, Teknova announced a 17% increase in total revenue compared to the same period in the previous year, reaching $9.6 million. The company has also revised its total free cash outflow outlook for 2024 to less than $16 million while reaffirming its revenue guidance of $35 to $38 million for the year.
Key financial metrics highlighted in the report include a significant rise in Clinical Solutions revenue by 229% year-over-year, while Lab Essentials revenue remained relatively stable. The company faced non-recurring charges of $2.8 million due to inventory disposals, impacting gross margins, although operating expenses decreased by $2.3 million due to reduced headcount and spending. Despite a net loss of $7.6 million for the quarter, Teknova improved its free cash flow considerably from the previous year.
Teknova’s management expressed confidence in maintaining double-digit revenue growth into the latter half of 2024 and beyond, emphasizing strategic expense management and capital allocation. The company’s outlook remains optimistic as it continues to adapt and align its operations with market demands and financial goals.
