Alpha Teknova reports FY 2023 revenue $36.7M, down 11%; guides 2024 rev $35-38M; receives covenant waiver from MidCap

Alpha Teknova, Inc.

FY 2023 revenue $36.7M, down 11% YoY; net loss $36.8M ($1.16 diluted EPS); Adjusted EBITDA -$19.2M.
Q4 2023 revenue $7.9M (flat YoY), gross margin 17.0% vs 26.7%; net loss $10.7M ($0.26 diluted EPS).
Issued warrant to MidCap for 125k shares at $2.9934; MidCap waived revenue covenant violations for Nov 2023/Jan 2024 and reduced min revenue req from $42M to $34M.
2024 revenue guidance $35-38M (assuming ~10% Lab Essentials growth); free cash outflow expected <$18M.
Board approved stock option repricing effective Mar 14, 2024 to retain employees.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Alpha Teknova, Inc. reported the fiscal year ending December 31, 2024 results: revenue $35 million to $38 million. Guidance initiated.

Period: the fiscal year ending December 31, 2024
Revenue: $35 million to $38 million
Guidance: initiated
Result: guidance update

Exact text from the filing

Teknova anticipates total revenue of $35 million to $38 million for the fiscal year ending December 31, 2024

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Alpha Teknova, Inc. reported the fiscal year ended December 31, 2023 results: revenue $36.7 million, net income $36.8 million, EPS negative $1.16 per diluted share.

Period: the fiscal year ended December 31, 2023
Revenue: $36.7 million
Net income: $36.8 million
EPS: negative $1.16 per diluted share
Result: reported results

Exact text from the filing

Full Year 2023 Financial Results Total revenue was $36.7 million for the year ended December 31, 2023 (“2023”), an 11% decrease from $41.4 million for the year ended December 31, 2022 (“2022”). Lab Essentials revenue was $28.8 million in 2023, down 9% compared to $31.8 million in 2022. Clinical Solutions revenue was $6.7 million, down 20% compared to $8.4 million in 2022. Gross profit for 2023 was $10.3 million, compared to $17.5 million in 2022. Gross margin for 2023 was 28.1%, compared to 42.2% in 2022. The decrease in gross profit percentage was driven primarily by the decrease in revenue and associated lower absorption of fixed manufacturing costs, and to a lesser extent by increased overhead costs (owing to the completion of our new manufacturing facilities), which were partially offset by reduced headcount. Operating expenses for 2023 were $45.9 million, compared to $67.1 million in 2022. The decrease was primarily related to a one-time, $16.6 million non-cash goodwill impairment

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Alpha Teknova, Inc. reported the fourth quarter ended December 31, 2023 results: revenue $7.9 million, net income $10.7 million, EPS negative $0.26 per diluted share.

Period: the fourth quarter ended December 31, 2023
Revenue: $7.9 million
Net income: $10.7 million
EPS: negative $0.26 per diluted share
Result: reported results

Exact text from the filing

Fourth Quarter 2023 Financial Results Total revenue for the fourth quarter 2023 was $7.9 million, flat compared to $7.9 million in the fourth quarter 2022. Lab Essentials revenue was $6.7 million in the fourth quarter 2023, down 4% compared to $6.9 million in the fourth quarter 2022. Clinical Solutions revenue was $0.9 million, up 14% compared to $0.8 million in the fourth quarter 2022. Gross profit for the fourth quarter 2023 was $1.3 million, compared to $2.1 million in the fourth quarter 2022. Gross margin for the fourth quarter 2023 was 17.0%, compared to 26.7% in the fourth quarter 2022. The decrease in gross profit percentage was driven primarily by increased overhead costs (owing to the completion of our new manufacturing facilities), which were partially offset by reduced headcount. Operating expenses for the fourth quarter 2023 were $12.2 million, compared to $16.3 million in the fourth quarter 2022. Excluding the non-recurring charges of $0.3 million related to a loss conting

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Alpha Teknova, Inc. amended Amendment No. 5 with MidCap Financial Trust valued at $52.135 million senior secured term loan and a $5.0 million working capital facility (effective 2024-03-08).

Action: amendment
Agreement: credit facility
Counterparty: MidCap Financial Trust
Value: $52.135 million senior secured term loan and a $5.0 million working capital facility
Effective: 2024-03-08

Exact text from the filing

On March 8, 2024, Alpha Teknova, Inc. (the “Company”) entered into limited waivers and amendments (collectively “Amendment No. 5”) to (i) the May 10, 2022, Amended and Restated Credit and Security Agreement (Term Loan)

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Source: SEC EDGAR

accession 0000950170-24-029226

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