UNITED STATES
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Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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| Item 2.02. | Results of Operations and Financial Condition. |
On March 15, 2022, Alpha Teknova, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2021 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information in this Item 2.02, including the Press Release, is intended to be furnished under Item 2.02 and Item 9.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release issued by Alpha Teknova, Inc., dated March 15, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALPHA TEKNOVA, INC. | ||||||||
| Date: March 15, 2022 | By: | /s/ Stephen Gunstream |
||||||
| Stephen Gunstream | ||||||||
| President and Chief Executive Officer | ||||||||
Exhibit 99.1
Teknova Reports Fourth Quarter and Full Year 2021 Financial Results
Full year 2021 total revenue was $36.9 million, up 18% year-over-year
Excluding Sample Transport revenue of $1.5 million, full year 2021 total revenue was $35.4 million,
up 31% year-over-year
Company provides 2022 revenue guidance of $44-$48 million
HOLLISTER, Calif., March 15, 2022 – Alpha Teknova, Inc. (“Teknova”) (Nasdaq: TKNO), a leading provider of critical reagents for the discovery, development, and commercialization of drug therapies, novel vaccines, and molecular diagnostics, today announced financial results for the fourth quarter and the full year ended December 31, 2021.
“We had solid fourth quarter revenue and a great finish to a year in which we made meaningful progress against our strategic priorities,” said Stephen Gunstream, President and CEO of Teknova. “We continue to see robust demand for our high-quality, custom solutions, and anticipate another year of strong revenue growth ahead. We also continue to make strategic investments across our Company to develop the products, capabilities, and infrastructure necessary to execute on our long-term growth strategy.”
Corporate and Financial Updates
| • | Achieved quarterly total revenue of $10.1 million, consistent with total revenue for the same period in 2020, and up 26% to $9.6 million in the fourth quarter 2021, as compared to $7.6 million in the fourth quarter 2020, when Sample Transport is excluded |
| • | Achieved full year 2021 total revenue of $36.9 million, up 18% as compared to $31.3 million for the full year 2020, and up 31% to $35.4 million for the full year 2021, as compared to $27.0 million for the full year 2020, when Sample Transport is excluded |
| • | Invested in manufacturing capacity expansion in existing facilities and construction of a new, state-of-the art GMP manufacturing facility, including new hires with process development and automation expertise |
| • | Strengthened talent base through hires in R&D, sales and marketing, finance, and operations |
1
Revenue for the Fourth Quarter and Full Year of 2021
| For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||||||
| (Dollars in Thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Lab Essentials |
$ | 6,744 | $ | 5,746 | $ | 27,184 | $ | 21,240 | ||||||||
| Clinical Solutions |
2,439 | 1,666 | 6,793 | 4,807 | ||||||||||||
| Sample Transport |
495 | 2,530 | 1,530 | 4,297 | ||||||||||||
| Other |
432 | 215 | 1,386 | 953 | ||||||||||||
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| Total revenue |
$ | 10,110 | $ | 10,157 | $ | 36,893 | $ | 31,297 | ||||||||
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Fourth Quarter 2021 Financial Results
Total revenue for the fourth quarter 2021 was $10.1 million, in line with $10.2 million in the fourth quarter 2020. Excluding Sample Transport, revenue for the fourth quarter 2021 was $9.6 million, a 26% increase from $7.6 million in the fourth quarter 2020.
Gross profit for the fourth quarter 2021 was $5.0 million, compared to $5.6 million in the fourth quarter 2020. Gross margin for the fourth quarter 2021 was 49.2% of revenue, compared to 54.8% in the fourth quarter 2020. Excluding the impact of a $0.2 million benefit from reversing a portion of the reserve related to excess Sample Transport inventory, gross margin was 47.0% for the fourth quarter 2021. The lower gross margin for the fourth quarter 2021 reflects higher costs associated with expected investments that the Company began making in its current manufacturing capacity and capabilities to support long-term growth.
Operating expenses for the fourth quarter 2021 were $9.7 million, compared to $4.8 million in the fourth quarter 2020. The increase was primarily related to continued personnel increases in R&D, sales and marketing, finance, and operations. The increase also reflects the new costs in the fourth quarter 2021 associated with operating as a public company when compared to the fourth quarter 2020.
Net loss attributable to common stockholders for the fourth quarter 2021 was negative $3.6 million, or negative $0.13 per diluted share, compared to net income attributable to common stockholders of positive $0.1 million, or positive $0.03 per diluted share, for the fourth quarter 2020.
Cash used in operating activities for the fourth quarter 2021 was $3.1 million, compared to cash provided by operating activities of $2.4 million for the fourth quarter 2020.
Adjusted EBITDA for the fourth quarter 2021 was negative $3.4 million, compared to positive $1.6 million for the fourth quarter 2020. Free Cash Flow was negative $10.5 million for the fourth quarter 2021, compared to negative $1.1 million for the fourth quarter 2020.
2
Full Year 2021 Financial Results
Total revenue was $36.9 million for the year ended December 31, 2021 (“2021”), an 18% increase from $31.3 million for the year ended December 31, 2020 (“2020”). Excluding Sample Transport, revenue for 2021 was $35.4 million, a 31% increase from $27.0 million in 2020.
Gross profit for 2021 was $17.6 million, compared to $17.8 million in 2020. Gross margin for 2021 was 47.8%, compared to 56.7% in 2020. Excluding the impact of a $0.4 million net reserve related to excess Sample Transport inventory, gross margin was 48.9% for 2021. The lower gross margin for 2021 reflects higher costs associated with expected investments that the Company began making in its current manufacturing capacity and capabilities to support long-term growth.
Operating expenses for 2021 were $29.6 million, compared to $13.1 million in 2020. Operating expenses increased as the Company invested in personnel in R&D, sales and marketing, finance, and operations. The increase also reflects the substantial new costs in 2021 associated with operating as a public company when compared to 2020.
Net loss attributable to common stockholders for 2021 was negative $9.8 million, or negative $0.61 per diluted share, compared to net income attributable to common stockholders of positive $0.6 million, or positive $0.16 per diluted share, for 2020.
Cash used in operating activities for 2021 was $9.1 million, compared to cash provided by operating activities of $2.5 million for 2020.
Adjusted EBITDA for 2021 was negative $7.6 million, compared to positive $7.0 million for 2020. Free Cash Flow was negative $28.9 million for 2021, compared to negative $3.0 million for 2020.
As of December 31, 2021, the Company had $87.5 million in cash and cash equivalents.
2022 Revenue Outlook
Teknova anticipates total revenue of $44 million to $48 million for the fiscal year ending December 31, 2022, which assumes approximately 25% growth in Lab Essentials and approximately 60% growth in Clinical Solutions. The Company does not anticipate any revenue from Sample Transport in 2022.
Conference Call and Webcast
Teknova will host a webcast and conference call on Tuesday, March 15, beginning at 4:30 p.m. ET. Participants can access the live webcast on the Investor Relations section of the Teknova website and at this link: https://edge.media-server.com/mmc/p/6tqmpjbi. The conference call can be accessed by dialing +1 877-312-1451 for domestic callers and +1 470-495-9521 for international callers. The conference ID number is 5787239. The webcast will be available for replay on the Company’s website approximately two hours after the event.
3
About Teknova
Teknova is expediting clinical breakthroughs in life sciences by providing custom products and reagents for drug therapies, novel vaccines, and molecular diagnostics. With a focus on agility and customization, Teknova delivers research-grade and GMP products, including cell culture media and supplements, protein and nucleic acid purification buffers, and molecular biology reagents for a multitude of established and emerging applications, including cell and gene therapy, mRNA therapeutics, genomics, and synthetic biology. Teknova’s proprietary processes enable the manufacture and delivery of high-quality, custom, made-to-order products with short turnaround times and at scale across all stages of development, including commercialization.
Non-GAAP Financial Measures
This press release contains financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP). Teknova uses the following non-GAAP financial measures in assessing the performance of our business and the effectiveness of our business strategies: (a) Adjusted EBITDA and (b) Free Cash Flow.
Teknova defines Adjusted EBITDA as net income (loss) adjusted for interest income (expense), net, provision for (benefit from) income taxes, depreciation expense, amortization of intangible assets, and stock-based compensation expense. Adjusted EBITDA reflects further adjustments to eliminate the impact of certain items, including certain non-cash and other items that we do not consider representative of our ongoing operating performance.
Teknova defines Free Cash Flow as cash provided by (used in) operating activities less purchases of property, plant, and equipment.
Teknova presents Adjusted EBITDA and Free Cash Flow in this press release because Teknova believes that analysts, investors, and other interested parties frequently use these measures to evaluate companies in our industry and that such measures facilitate comparisons on a consistent basis across reporting periods. Teknova also believes such measures are helpful in highlighting trends in our operating results because they exclude items that are not indicative of our core operating performance.
A full reconciliation of these non-GAAP measures to the most comparable GAAP measures is included at the end of this release.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements relating to our long-term growth strategy, demand for our products, expansion of our production capacity and
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commercial and R&D capabilities. The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. These forward-looking statements are based on management’s current expectations and beliefs and are subject to uncertainties and factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks include, but are not limited to, those related to the statements about our expectations for full-year 2022 revenue guidance; our cash flows and revenue growth rate; our supply chain, sourcing, manufacturing and warehousing; inventory management; risks related to global economic and marketplace uncertainties related to the impact of the COVID-19 pandemic; reliance on a limited number of customers for a high percentage of our revenue; acquisitions of other companies and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), including in our final prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on June 25, 2021, all of which you may obtain for free on the SEC’s website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contacts
Matt Lowell
Chief Financial Officer
matt.lowell@teknova.com
+1 831-637-1100
Sara Michelmore
MacDougall Advisors
smichelmore@macdougall.bio
+1 781-235-3060
Media Contact
Jenn Henry
Senior Vice President, Marketing
jenn.henry@teknova.com
+1 831-313-1259
5
ALPHA TEKNOVA, INC.
Condensed Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
| For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenue |
$ | 10,110 | $ | 10,157 | $ | 36,893 | $ | 31,297 | ||||||||
| Cost of sales |
5,131 | 4,588 | 19,272 | 13,542 | ||||||||||||
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| Gross profit |
4,979 | 5,569 | 17,621 | 17,755 | ||||||||||||
| Operating expenses: |
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| Research and development |
1,390 | 482 | 4,312 | 1,507 | ||||||||||||
| Sales and marketing |
1,283 | 840 | 3,777 | 2,229 | ||||||||||||
| General and administrative |
6,786 | 3,165 | 20,392 | 8,208 | ||||||||||||
| Amortization of intangible assets |
287 | 287 | 1,148 | 1,148 | ||||||||||||
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| Total operating expenses |
9,746 | 4,774 | 29,629 | 13,092 | ||||||||||||
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| Income (loss) from operations |
(4,767 | ) | 795 | (12,008 | ) | 4,663 | ||||||||||
| Other income (expenses), net |
||||||||||||||||
| Interest income (expense), net |
(36 | ) | 13 | (589 | ) | 87 | ||||||||||
| Other expense, net |
(38 | ) | 3 | (40 | ) | (24 | ) | |||||||||
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| Total other income (expenses), net |
(74 | ) | 16 | (629 | ) | 63 | ||||||||||
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| Income (loss) before income taxes |
(4,841 | ) | 811 | (12,637 | ) | 4,726 | ||||||||||
| Provision for (benefit from) income taxes |
(1,194 | ) | 234 | (2,834 | ) | 1,156 | ||||||||||
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| Net income (loss) |
(3,647 | ) | 577 | (9,803 | ) | 3,570 | ||||||||||
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| Less: undistributed income attributable to preferred stockholders |
— | (480 | ) | — | (2,962 | ) | ||||||||||
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| Net income (loss) attributable to common stockholders |
$ | (3,647 | ) | $ | 97 | $ | (9,803 | ) | $ | 608 | ||||||
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| Net income (loss) per share attributable to common stockholders |
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| Basic |
$ | (0.13 | ) | $ | 0.03 | $ | (0.61 | ) | $ | 0.17 | ||||||
| Diluted |
$ | (0.13 | ) | $ | 0.03 | $ | (0.61 | ) | $ | 0.16 | ||||||
| Weighted average shares used in computing net income (loss) per share attributable to common stockholders |
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| Basic |
28,011,935 | 3,599,232 | 16,087,653 | 3,599,232 | ||||||||||||
| Diluted |
28,011,935 | 4,304,019 | 16,087,653 | 3,800,636 | ||||||||||||
6
ALPHA TEKNOVA, INC.
Condensed Balance Sheets
(Unaudited)
(In thousands)
| As of December 31, | ||||||||
| 2021 | 2020 | |||||||
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 87,518 | $ | 3,315 | ||||
| Short-term investments - marketable securities |
— | 1,811 | ||||||
| Accounts receivable, net |
4,666 | 4,623 | ||||||
| Inventories, net |
5,394 | 3,582 | ||||||
| Income taxes receivable |
1,188 | 1,417 | ||||||
| Prepaid expenses and other current assets |
2,438 | 1,666 | ||||||
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| Total current assets |
101,204 | 16,414 | ||||||
| Property, plant and equipment, net |
29,810 | 10,008 | ||||||
| Goodwill |
16,613 | 16,613 | ||||||
| Intangible assets, net |
18,704 | 19,852 | ||||||
| Other non-current assets |
180 | 24 | ||||||
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| Total assets |
$ | 166,511 | $ | 62,911 | ||||
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| LIABILITIES, CONVERTIBLE AND REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 2,248 | $ | 1,635 | ||||
| Accrued liabilities |
5,495 | 2,327 | ||||||
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| Total current liabilities |
7,743 | 3,962 | ||||||
| Deferred tax liabilities |
3,153 | 5,990 | ||||||
| Other accrued liabilities |
273 | 350 | ||||||
| Long-term debt |
11,870 | — | ||||||
| Deferred rent |
269 | 204 | ||||||
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| Total liabilities |
23,308 | 10,506 | ||||||
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| Commitments and contingencies |
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| Series A convertible and redeemable preferred stock |
— | 35,638 | ||||||
| Stockholders’ equity: |
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| Preferred stock |
— | — | ||||||
| Common stock |
— | — | ||||||
| Additional paid-in capital |
150,741 | 14,495 | ||||||
| Retained earnings (accumulated deficit) |
(7,538 | ) | 2,265 | |||||
| Accumulated other comprehensive income |
— | 7 | ||||||
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| Total stockholders’ equity |
143,203 | 16,767 | ||||||
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| Total liabilities, convertible and redeemable preferred stock and stockholders’ equity |
$ | 166,511 | $ | 62,911 | ||||
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7
ALPHA TEKNOVA, INC.
Condensed Statements of Cash Flows
(Unaudited)
(In thousands)
| For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating activities: |
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| Net income (loss) |
$ | (3,647 | ) | $ | 577 | $ | (9,803 | ) | $ | 3,570 | ||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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| Bad debt expense |
— | (7 | ) | 235 | (12 | ) | ||||||||||
| Depreciation and amortization |
783 | 571 | 2,883 | 2,044 | ||||||||||||
| Stock-based compensation |
624 | 269 | 1,551 | 300 | ||||||||||||
| Inventory reserve |
(235 | ) | (39 | ) | 441 | (29 | ) | |||||||||
| Deferred taxes |
(1,197 | ) | 189 | (2,837 | ) | 2,090 | ||||||||||
| Amortization of debt issuance costs |
45 | — | 134 | — | ||||||||||||
| Loss on disposal of property, plant, and equipment |
37 | — | 41 | 11 | ||||||||||||
| Other |
— | 3 | (10 | ) | 37 | |||||||||||
| Changes in operating assets and liabilities: |
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| Accounts receivable |
(108 | ) | 119 | (278 | ) | (2,352 | ) | |||||||||
| Inventories |
(756 | ) | (627 | ) | (2,253 | ) | (987 | ) | ||||||||
| Income taxes receivable |
3 | (250 | ) | 229 | (1,241 | ) | ||||||||||
| Prepaid expenses and other current assets |
476 | (44 | ) | (1,301 | ) | (949 | ) | |||||||||
| Accounts payable |
(198 | ) | 575 | 270 | 867 | |||||||||||
| Accrued liabilities |
1,257 | 1,001 | 1,810 | (886 | ) | |||||||||||
| Other |
(166 | ) | 97 | (181 | ) | 42 | ||||||||||
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| Cash provided by (used in) operating activities |
(3,082 | ) | 2,434 | (9,069 | ) | 2,505 | ||||||||||
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| Investing activities: |
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| Purchase of property, plant, and equipment |
(7,412 | ) | (3,497 | ) | (19,877 | ) | (5,466 | ) | ||||||||
| Proceeds from loan to related party |
— | 7 | 529 | 27 | ||||||||||||
| Purchase of short-term marketable securities |
— | 12 | — | (1,763 | ) | |||||||||||
| Proceeds on sales of short-term marketable securities |
— | — | 1,132 | 1,747 | ||||||||||||
| Proceeds from maturities of short-term marketable securities |
— | 820 | 695 | 3,720 | ||||||||||||
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| Cash provided by (used in) investing activities |
(7,412 | ) | (2,658 | ) | (17,521 | ) | (1,735 | ) | ||||||||
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| Financing activities: |
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| Repayment of long-term debt |
— | — | — | (45 | ) | |||||||||||
| Indemnity holdback release |
— | — | — | (1,554 | ) | |||||||||||
| Proceeds from long-term debt, net |
(1 | ) | — | 11,889 | — | |||||||||||
| Debt issuance costs |
— | — | (153 | ) | — | |||||||||||
| Payment of issuance costs for initial public offering |
— | — | (3,615 | ) | — | |||||||||||
| Proceeds from initial public offering, net of underwriters’ commissions and discounts |
— | — | 102,672 | — | ||||||||||||
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| Cash provided by (used in) financing activities |
(1 | ) | — | 110,793 | (1,599 | ) | ||||||||||
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| Change in cash and cash equivalents |
(10,495 | ) | (224 | ) | 84,203 | (829 | ) | |||||||||
| Cash and cash equivalents at beginning of period |
98,013 | 3,539 | 3,315 | 4,144 | ||||||||||||
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| Cash and cash equivalents at end of period |
$ | 87,518 | $ | 3,315 | $ | 87,518 | $ | 3,315 | ||||||||
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8
ALPHA TEKNOVA, INC.
Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures
(Unaudited)
(In thousands)
| For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net (loss) income – as reported |
$ | (3,647 | ) | $ | 577 | $ | (9,803 | ) | $ | 3,570 | ||||||
| Add back: |
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| Interest income (expense), net |
(36 | ) | 13 | (589 | ) | 87 | ||||||||||
| Provision for (benefit from) income taxes |
(1,194 | ) | 234 | (2,834 | ) | 1,156 | ||||||||||
| Depreciation expense |
496 | 285 | 1,735 | 897 | ||||||||||||
| Amortization of intangible assets |
287 | 286 | 1,148 | 1,147 | ||||||||||||
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| EBITDA |
$ | (4,022 | ) | $ | 1,369 | $ | (9,165 | ) | $ | 6,683 | ||||||
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| Other and one-time expenses: |
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| Stock-based compensation expense |
624 | 269 | 1,551 | 300 | ||||||||||||
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| Adjusted EBITDA |
$ | (3,398 | ) | $ | 1,638 | $ | (7,614 | ) | $ | 6,983 | ||||||
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| For the Three Months Ended December 31, |
For the Twelve Months Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Cash provided by (used in) operating activities |
$ | (3,082 | ) | $ | 2,434 | $ | (9,069 | ) | $ | 2,505 | ||||||
| Purchase of property, plant, and equipment |
(7,412 | ) | (3,497 | ) | (19,877 | ) | (5,466 | ) | ||||||||
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| Free Cash Flow |
$ | (10,494 | ) | $ | (1,063 | ) | $ | (28,946 | ) | $ | (2,961 | ) | ||||
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