Alpha Teknova re-elects directors and ratifies auditor By Investing.com

Alpha Teknova, Inc. announced the results of its Annual Meeting of Stockholders held on Monday, where a significant majority of shares were represented. The diagnostics company, based in Hollister, California, saw the re-election of Class III directors and the ratification of its independent auditor for the upcoming fiscal year.

During the meeting, which took place on June 24, 2024, stockholders voted on two key proposals, as detailed in the definitive proxy statement previously filed with the Securities and Exchange Commission. A total of 33,079,272 shares, or 81.03% of the company’s common stock, were present or represented by proxy, demonstrating robust shareholder engagement.

The first proposal involved the election of three Class III directors to serve until the 2027 Annual Meeting of Stockholders. Paul Grossman, Stephen Gunstream, and Alexander Vos were the nominees, each receiving substantial support with over 28 million votes in favor. The number of votes withheld and broker non-votes were also reported, with Grossman receiving 807,568 withheld votes, Gunstream 511,020, and Vos 1,094,196.

The second proposal was to ratify the appointment of Grant Thornton LLP as the independent registered public accounting firm for Alpha Teknova for the fiscal year ending December 31, 2024. This proposal received overwhelming support, with 33,071,709 votes for, 1,650 votes against, and 5,913 abstentions.

Alpha Teknova, which operates under the stock ticker NASDAQ:TKNO, specializes in in vitro and in vivo diagnostic substances. The company’s adherence to corporate governance and shareholder communication was reflected in the smooth execution of the voting process and the transparency of the results.

The 8-K filing with the SEC confirms these outcomes and provides a detailed breakdown of the voting, underscoring the company’s commitment to regulatory compliance and shareholder relations.

The re-election of the directors and the ratification of the auditor are routine corporate governance actions that reflect the trust of Alpha Teknova’s shareholders in the company’s leadership and financial oversight. The information is based on a press release statement from the company.

In other recent news, Teknova reported a 2% year-over-year increase in revenue for Q1 2024, along with an 18% sequential improvement from Q4 2023. This positive performance is attributed to a diverse customer base and the introduction of new products, such as the AAV-Tek AAV Stabilizer and Build-Tek. The company’s focus on cost management resulted in a $2.3 million improvement in adjusted EBITDA compared to the previous year.

Teknova is maintaining its full-year revenue guidance for 2024, projecting to achieve between $35 million and $38 million. The company also anticipates less than $18 million in free cash outflow for the full year 2024.

In terms of future developments, Teknova expects a stronger market environment in early 2025, supported by a 7% revenue increase from the Clinical Solutions segment. The company’s new facility is now operational and contributing to revenue.

Despite a workforce reduction of 31%, Teknova’s aggressive expense management is projected to generate savings of approximately $8 million by Q2 2024. Finally, the company is working with three cell and gene therapy customers who are entering Phase III clinical trials later this year, with commercialization expected in late 2025 to 2026.

InvestingPro Insights

In light of Alpha Teknova’s recent annual meeting, a look at the company’s financial health and market performance may provide shareholders with a broader context to the company’s current position. Alpha Teknova, trading under NASDAQ:TKNO, has a market capitalization of 52.66 million USD, indicating its size within the biotech and diagnostics industry.

Despite challenges, including a revenue decline of 6.45% in the last twelve months as of Q1 2024, there are signs of resilience. Notably, the company’s liquid assets exceed its short-term obligations, providing a cushion for operational needs.

InvestingPro Tips suggest the stock is currently in oversold territory, which could interest value investors looking for potential recovery plays. Moreover, while analysts do not expect the company to be profitable this year, the high shareholder yield could be a positive signal for investors seeking companies that return value to shareholders.

For those considering a deeper investment analysis, InvestingPro offers additional insights. There are 10 more InvestingPro Tips available for Alpha Teknova, which can be accessed through the platform’s service.

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