Alpha Teknova, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting total revenue of $9.6 million. This represents a 17% increase compared to $8.2 million in the third quarter of 2023, demonstrating year-on-year double-digit revenue growth.
Clinical Solutions revenue saw a significant increase, rising 229% to $2.0 million from $0.6 million in the prior-year quarter. Lab Essentials revenue remained largely stable at $7.2 million, compared to $7.3 million in the third quarter of 2023.
The company reported a net loss of $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. Adjusted EBITDA improved to negative $5.0 million from negative $5.5 million year-over-year, and free cash outflow decreased to negative $2.4 million from negative $5.4 million.
Gross profit for the quarter was $0.1 million, resulting in a gross margin of 0.9%, which was impacted by a $2.8 million non-recurring charge related to inventory disposal and write-down. Excluding this charge, the gross margin would have been 29.8%.
Teknova reaffirmed its fiscal 2024 total revenue guidance of $35 million to $38 million, while lowering its anticipated free cash outflow from less than $18 million to less than $16 million for the full year.
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