Revenue Performance - Total revenue for Q3 2024 was $9.6 million, a 17% increase from $8.2 million in Q3 2023[4] - Clinical Solutions revenue surged 229% to $2.0 million in Q3 2024, compared to $0.6 million in Q3 2023[6] - Teknova reaffirms its 2024 revenue guidance of $35 million to $38 million, anticipating roughly 2% growth in Lab Essentials[11][12] Profitability and Margins - Gross margin for Q3 2024 was 0.9%, significantly down from 18.0% in Q3 2023, primarily due to a $2.8 million non-recurring charge[7] - Net loss for Q3 2024 was $7.6 million, or negative $0.15 per diluted share, an improvement from a net loss of $10.2 million, or negative $0.34 per diluted share, in Q3 2023[9][25] - Adjusted EBITDA for Q3 2024 was negative $5.0 million, an improvement from negative $5.5 million in Q3 2023[10] Cash Flow and Liquidity - The company lowered its 2024 total free cash outflow outlook to less than $16 million, down from less than $18 million[12] - Total cash and short-term investments were $31.7 million, with gross debt at $12.1 million at the end of Q3 2024[4] - Cash used in operating activities for the nine months ended September 30, 2024, was $11,455 thousand, a decrease from $15,922 thousand for the same period in 2023, reflecting a reduction of approximately 28.9%[29] - The company’s cash and cash equivalents decreased to $6,145 thousand as of September 30, 2024, down from $32,112 thousand at the end of the previous year, a decline of approximately 81.9%[27] - Free cash flow for the nine months ended September 30, 2024, was $(12,013) thousand, an improvement from $(23,544) thousand for the same period in 2023, indicating a reduction of approximately 48.9%[29] Expenses and Liabilities - Operating expenses decreased to $7.5 million in Q3 2024 from $10.2 million in Q3 2023, driven by reduced headcount and spending[8] - Total current liabilities increased to $9,719 thousand as of September 30, 2024, compared to $8,875 thousand as of December 31, 2023, representing an increase of approximately 9.5%[26] - The company’s long-term debt decreased to $10,857 thousand as of September 30, 2024, down from $13,251 thousand as of December 31, 2023, representing a decline of approximately 18.1%[26] Asset Management - As of September 30, 2024, total assets decreased to $124,099 thousand from $128,587 thousand as of December 31, 2023, representing a decline of approximately 3.9%[26] - The company recorded $2.8 million in non-recurring, non-cash charges related to inventory disposal, which impacted gross profit[4][7] - The company’s accumulated deficit increased to $(112,812) thousand as of September 30, 2024, compared to $(91,786) thousand as of December 31, 2023, indicating a worsening of approximately 22.9%[26] Financing Activities - The company raised $15,141 thousand from equity financing in the three months ended September 30, 2024, compared to $22,915 thousand in the same period of 2023, a decrease of approximately 34.1%[27] - Adjusted EBITDA for the three months ended September 30, 2024, was $(5,001) thousand, an improvement from $(5,477) thousand for the same period in 2023, reflecting a positive change of approximately 8.7%[28] - The company reported a net loss of $7,565 thousand for the three months ended September 30, 2024, compared to a net loss of $10,153 thousand for the same period in 2023, indicating an improvement of approximately 25.9%[28]
Teknova(TKNO) - 2024 Q3 - Quarterly Results