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Alpha Teknova (Nasdaq: TKNO) released its Q1 2024 financial results, reporting a 2% increase in total revenue to $9.3 million compared to $9.1 million in Q1 2023. Lab Essentials revenue remained flat at $7.3 million, while Clinical Solutions revenue rose 7% to $1.7 million. The company launched the Build-Tek™ Solutions, an innovative product allowing quick buffer formulation for early-stage therapy development. Gross profit declined to $2.2 million due to increased overhead costs. Operating expenses dropped to $10.2 million, leading to a net loss reduction from $8.8 million in Q1 2023 to $8.1 million in Q1 2024. Adjusted EBITDA improved to negative $3.8 million from negative $6.1 million. Teknova reaffirmed its 2024 revenue guidance of $35-38 million and free cash outflow of less than $18 million.
Teknova has launched Build-Tek Solutions, a custom configurator providing high-quality, customizable buffers for early-stage experiments with quick turnaround times. They also introduced the AAV-Tek AAV Stabilizer, enhancing capsid yield by up to 50% and safeguarding product integrity. The products aim to support research scientists in advancing science and therapy development.
Alpha Teknova, Inc. (“Teknova”) will report its financial results for the first quarter of 2024 on May 13, 2024. Teknova is a leading producer of critical reagents for therapies, vaccines, and diagnostics. The company will host a webcast and conference call on the same day. Investors can access the live webcast from the Investor Relations section of the Teknova website.