Alpha Teknova Inc (TKNO) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Teknova second-quarter 2022 financial results conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加 Teknova 2022 年第二季度財務業績電話會議。此時，所有參與者都處於只聽模式。演講者的演講結束後，將進行問答環節。 （操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to the first speaker, Ms. Sara Michelmore.

請注意，今天的會議正在錄製中。我現在想把會議交給第一位發言人 Sara Michelmore 女士。

Great. Thank you, operator. Welcome to Teknova's second-quarter 2022 earnings conference call. With me on today's call are Stephen Gunstream, Teknova's President and Chief Executive Officer; and Matt Lowell, Teknova's Chief Financial Officer, who will make prepared remarks and then take your questions.

偉大的。謝謝你，運營商。歡迎參加 Teknova 2022 年第二季度收益電話會議。和我一起參加今天電話會議的有 Teknova 總裁兼首席執行官 Stephen Gunstream； Teknova 的首席財務官 Matt Lowell 將發表事先準備好的評論，然後回答您的問題。

As a reminder, the forward-looking statements that we make during this call including those regarding business goals and expectations for the financial performance of the company are subject to risks and uncertainties that may cause actual events or results to differ. Additional information concerning these risk factors is included in the press release the company issued earlier today, and they are more fully described in the company's various filings with the SEC.

提醒一下，我們在本次電話會議期間做出的前瞻性陳述，包括那些關於業務目標和對公司財務業績的預期的陳述，都受到可能導致實際事件或結果不同的風險和不確定性的影響。有關這些風險因素的更多信息包含在公司今天早些時候發布的新聞稿中，並且在公司向美國證券交易委員會提交的各種文件中對其進行了更全面的描述。

Today's comments will reflect the company's current views, which could change as a result of new information, future events, or other factors. And the company does not obligate or commit itself to update these forward-looking statements except as required by law.

今天的評論將反映公司當前的觀點，這些觀點可能會因新信息、未來事件或其他因素而發生變化。除非法律要求，否則公司沒有義務或承諾更新這些前瞻性陳述。

This company's management believes that in addition to GAAP results, non-GAAP financial measures can provide meaningful insight on evaluating the company's financial performance and the effectiveness of its business strategy. During this call, we will therefore use non-GAAP financial measures of certain of our results. Reconciliations of GAAP to non-GAAP financial measures are included in the press release that we issued this afternoon, which is posted to Teknova's website and at the www.sec.gov/edgar.

該公司管理層認為，除了 GAAP 結果外，非 GAAP 財務指標可以為評估公司的財務業績及其業務戰略的有效性提供有意義的見解。因此，在本次電話會議中，我們將對某些結果使用非 GAAP 財務指標。 GAAP 與非 GAAP 財務指標的對賬包含在我們今天下午發布的新聞稿中，該新聞稿發佈在 Teknova 的網站和 www.sec.gov/edgar 上。

Non-GAAP financial measures should always be considered only as a supplement to and not as a substitute for or as superior to financial measures prepared in accordance with GAAP. The non-GAAP financial measures in this presentation may differ from similarly named non-GAAP financial measures used by other companies.

非 GAAP 財務措施應始終僅被視為補充，而不是替代或優於根據 GAAP 編制的財務措施。本演示文稿中的非 GAAP 財務措施可能不同於其他公司使用的類似名稱的非 GAAP 財務措施。

Please also be advised that the company has posted a supplemental slide deck to accompany today's prepared remarks. It can be accessed on the Investor Relations sections of Teknova's website and on today's webcast. And now, I will turn the call over to Stephen.

另請注意，該公司已發布補充幻燈片以配合今天準備好的評論。它可以在 Teknova 網站的投資者關係部分和今天的網絡廣播中訪問。現在，我將把電話轉給斯蒂芬。

Thank you, Sara. Good afternoon, and thank you, everyone, for joining us for our second-quarter earnings call. Teknova is a leading provider of critical reagents that accelerate the introduction of drug therapies, novel vaccines, and molecular diagnostics. We manufacture high-quality custom reagents with short turnaround time in our position to scale with our customers as they advance their products from discovery to commercialization.

謝謝你，薩拉。下午好，謝謝大家參加我們的第二季度財報電話會議。 Teknova 是關鍵試劑的領先供應商，可加速藥物療法、新型疫苗和分子診斷學的引入。我們以較短的周轉時間生產高質量的定制試劑，以便在我們的客戶將其產品從發現推進到商業化的過程中與他們一起擴大規模。

This is best exemplified in cell and gene therapy, where there is a significant need for custom-made reagents in volumes less than 1,000 liters. Our ability to manufacture custom clinical-grade bioprocessing solutions with short turnaround times enables our cell and gene therapy customers to reduce the time from discovery to clinical impact.

這在細胞和基因治療中得到了最好的例證，其中非常需要體積小於 1,000 升的定制試劑。我們能夠以較短的周轉時間製造定制的臨床級生物工藝解決方案，使我們的細胞和基因治療客戶能夠縮短從發現到產生臨床影響的時間。

Our interactions with current and potential customers continue to validate the growing need for high-quality custom research in clinical-grade solutions across the industry, and we are investing to meet the demand. Already, approximately 80 cell and gene therapy customers regularly use Teknova's products with over 45 of those purchased in custom and/or clinical-grade reagents. We believe this provides us with a strong foundation for growth as their therapies advance through the development pipeline and into commercial production.

我們與現有和潛在客戶的互動繼續驗證了整個行業對臨床級解決方案的高質量定制研究的需求不斷增長，我們正在投資以滿足需求。已經有大約 80 名細胞和基因治療客戶定期使用 Teknova 的產品，其中超過 45 名客戶購買了定制和/或臨床級試劑。我們相信，隨著他們的療法通過開發管道進入商業生產，這為我們的增長奠定了堅實的基礎。

The outlook for cell and gene therapy remains promising, and there is a significant market for us to target today with over 1,900 therapies in early stages of clinical development. During Q2, we increased our existing manufacturing capacity in advance with the construction of our new state-of-the-art facility in Hollister, California. This facility remains on track to be operational by the end of 2022 and will give us the capacity to manufacture approximately an additional $150 million in product revenue annually. We expect to complete the initial phase of our buildout by the end of Q3 and to begin qualification activities later this fall.

細胞和基因療法的前景依然看好，我們今天瞄準了一個重要的市場，有超過 1,900 種療法處於臨床開發的早期階段。在第二季度，我們通過在加利福尼亞州霍利斯特建設新的最先進的工廠，提前提高了現有的製造能力。該設施有望在 2022 年底前投入運營，將使我們有能力每年額外製造約 1.5 億美元的產品收入。我們希望在第三季度末完成擴建的初始階段，並在今年秋季晚些時候開始資格認證活動。

We continue to build our organization and have made nearly all the critical hires we require to execute our growth plan. Teknova has grown significantly over the past year, and I want to thank all of our associates whose dedication have been and will continue to be critical to our success. During Q2, we also achieved record revenue and are pleased to have finished the first half of 2022 with strong revenue performances in both our lab essentials and clinical solutions portfolios.

我們繼續建設我們的組織，並已聘用了幾乎所有執行增長計劃所需的關鍵人員。 Teknova 在過去的一年裡取得了長足的進步，我要感謝我們所有的員工，他們的奉獻精神一直並將繼續對我們的成功至關重要。在第二季度，我們還實現了創紀錄的收入，並很高興在 2022 年上半年以我們實驗室必需品和臨床解決方案組合的強勁收入表現結束。

While we continue to see healthy demand across our broader customer base, we now expect lower than anticipated revenue in the second half of 2022. We believe this is due in a large part to certain of our early-stage biopharma customers deferring large purchases in both our lab essentials and clinical solutions portfolios.

雖然我們繼續看到更廣泛的客戶群的健康需求，但我們現在預計 2022 年下半年的收入低於預期。我們認為這在很大程度上是由於我們的某些早期生物製藥客戶推遲了在這兩個領域的大筆採購我們的實驗室必需品和臨床解決方案組合。

Specifically, these customers report that they are actively managing their near-term orders for products. We believe this may reflect company-specific efforts to extend cash runway in response to perceived challenges in the capital market's funding environment.

具體來說，這些客戶報告說他們正在積極管理他們的近期產品訂單。我們認為，這可能反映了公司為應對資本市場融資環境中的挑戰而延長現金跑道的具體努力。

Early-stage biopharma customers including cell and gene therapy customers do represent an important and faster end market for our custom and clinical-grade products. Our exposure to this customer segment is greater than some of our bioprocessing peers but also positions us well to participate in what we believe to be a significant growth opportunity ahead.

包括細胞和基因治療客戶在內的早期生物製藥客戶確實代表了我們定制和臨床級產品的重要且更快的終端市場。我們對這一客戶群的接觸比我們的一些生物加工同行更大，但也使我們能夠很好地參與我們認為未來的重要增長機會。

We are engaged with our customers including those who have deferred orders, and they have expressed their intention to order from us in the future. We continue to expect to support them as they advance their development programs critical to their future success.

我們正在與我們的客戶接洽，包括那些有延期訂單的客戶，他們表示有意在未來向我們訂購。我們繼續期望在他們推進對他們未來成功至關重要的發展計劃時為他們提供支持。

While we have revised our '22 revenue outlook, I want to reiterate our belief that the fundamental growth opportunity for Teknova remains unchanged. And we are confident in our ability to help our customers accelerate the introduction of novel therapies through our unique ability to manufacture custom-made reagents in volumes less than 1,000 liters and with short turnaround times.

雖然我們修改了 22 年的收入前景，但我想重申我們的信念，即 Teknova 的基本增長機會保持不變。我們有信心通過我們獨特的能力來製造體積小於 1,000 升且周轉時間短的定制試劑，從而幫助我們的客戶加速引入新療法。

Lastly, our balance sheet remains strong, and we have access to greater than $100 million in liquidity that will enable us to execute our growth strategy and achieve positive cash flow without the need to raise additional capital. I will now hand the call over to Matt for a discussion of financials.

最後，我們的資產負債表依然強勁，我們可以獲得超過 1 億美元的流動資金，這將使我們能夠執行我們的增長戰略並實現正現金流，而無需籌集額外資金。我現在將電話轉給馬特討論財務問題。

Thanks, Stephen. And good afternoon, everyone. We delivered strong results for the second quarter of 2022. Starting with revenue highlights. Total revenue was $11.7 million for the second quarter of 2022, a 41% increased from $8.3 million in the second quarter of 2021.

謝謝，斯蒂芬。大家下午好。我們在 2022 年第二季度取得了強勁的業績。從收入亮點開始。 2022 年第二季度的總收入為 1170 萬美元，比 2021 年第二季度的 830 萬美元增長了 41%。

On the trailing 12-month basis excluding sample transport revenue, total revenue increased 33%. Given our small overall revenue base and the potential for large orders to drive some variability in our growth rates, we believe trailing 12 months' revenue growth is a useful additional metric to track our growth. By way of reminder, Teknova launched the sample transport product in the latter part of 2020 to address the need for COVID-19 tests, and we are no longer -- and we no longer market or manufacture the product.

在過去 12 個月的基礎上，不包括樣品運輸收入，總收入增長了 33%。鑑於我們的總體收入基數較小，而且大訂單有可能推動我們的增長率出現一些變化，我們認為過去 12 個月的收入增長是跟踪我們增長的有用的附加指標。提醒一下，Teknova 在 2020 年下半年推出了樣品運輸產品，以滿足 COVID-19 測試的需求，我們不再 - 我們不再銷售或製造該產品。

Lab essentials products are targeted at the research-use only or RUO market and include both catalog and custom products. Lab essentials' revenue was $8.4 million in the second quarter, a 30% increase from $6.5 million in the second quarter of 2021 and an 18% increase on the trailing 12-month basis. It was a strong quarter for lab essentials, reflecting an increase in both the number of active customers and average revenue per active customer.

實驗室必需品產品針對僅供研究使用或 RUO 市場，包括目錄產品和定制產品。 Lab essentials 第二季度的收入為 840 萬美元，比 2021 年第二季度的 650 萬美元增長 30%，比過去 12 個月增長 18%。這是實驗室必需品的強勁季度，反映出活躍客戶數量和每個活躍客戶的平均收入都有所增加。

Our custom order business also continues to grow on the trailing 12-month basis. Clinical solutions products are made according to good manufacturing practices or GMP quality standards and are primarily used by customers in the clinical development or commercial release phase of a therapy or diagnostic.

我們的定制訂單業務也在過去 12 個月的基礎上繼續增長。臨床解決方案產品根據良好生產規範或 GMP 質量標準製造，主要由客戶在治療或診斷的臨床開發或商業發布階段使用。

Our clinical solutions revenue was $2.9 million in the second quarter, an 85% increase from $1.6 million in the second quarter of 2021 and a 91% increase on the trailing 12-month basis. Revenue growth was strong in the quarter primarily attributable to higher average revenue per active customer. We also observed an increase in the number of active customers.

我們的臨床解決方案收入在第二季度為 290 萬美元，比 2021 年第二季度的 160 萬美元增長了 85%，比過去 12 個月增長了 91%。本季度收入增長強勁，主要歸因於每個活躍客戶的平均收入增加。我們還觀察到活躍客戶數量有所增加。

Turning to the income statement. Gross profit for the second quarter of 2022 was $5.2 million compared to $3.4 million in the second quarter of 2021. Gross margin was 44.9% in the second quarter, which is up from 40.3% in the second quarter of 2021.

轉向損益表。 2022 年第二季度的毛利潤為 520 萬美元，而 2021 年第二季度為 340 萬美元。第二季度毛利率為 44.9%，高於 2021 年第二季度的 40.3%。

Excluding the impact of a $0.7 million charge from recording an inventory reserve related to excess sample transport inventory, gross margin was 48.7% in the second quarter of 2021. Higher labor and overhead costs impacted gross margin in the second quarter of 2022.

不計入與樣品運輸庫存過剩相關的庫存儲備的 70 萬美元費用的影響，2021 年第二季度的毛利率為 48.7%。較高的勞動力和間接費用影響了 2022 年第二季度的毛利率。

Operating expenses for the second quarter of 2022 were $11.9 million compared to $5.9 million in the second quarter of 2021. Operating expenses increased primarily related to additional headcount, marketing costs, and stock-based compensation expenses.

2022 年第二季度的運營費用為 1190 萬美元，而 2021 年第二季度為 590 萬美元。運營費用的增加主要與員工人數增加、營銷成本和股票補償費用有關。

We continued to invest in the people critical to our near and long-term success including the addition of key members to the R&D, sales and marketing, people, and IT teams. As of June 30, 2022, the company had 295 associates, up 24% from December 31, 2021.

我們繼續投資於對我們近期和長期成功至關重要的人員，包括在研發、銷售和營銷、人員和 IT 團隊中增加關鍵成員。截至 2022 年 6 月 30 日，公司擁有 295 名員工，比 2021 年 12 月 31 日增加了 24%。

Net loss for the second quarter of 2022 was $6.2 million or $0.22 per diluted share compared to net loss of $2.3 million or $0.52 per diluted share for the second quarter of 2021. Adjusted EBITDA, a non-GAAP measure, was negative for $4.9 million for the second quarter of 2022 compared to negative $1.5 million for the second quarter of 2021.

2022 年第二季度的淨虧損為 620 萬美元或攤薄後每股收益 0.22 美元，而 2021 年第二季度的淨虧損為 230 萬美元或攤薄後每股收益 0.52 美元。調整後的 EBITDA（一項非公認會計原則指標）為負值，為 490 萬美元2022 年第二季度為負 150 萬美元，而 2021 年第二季度為負。

Now for cash flow and balance sheet highlights. Capital expenditure in the second quarter was $10.9 million, compared to $4.7 million in the second quarter of 2021. The large majority of spend in the second quarter went towards our new facility.

現在是現金流和資產負債表的亮點。第二季度的資本支出為 1090 萬美元，而 2021 年第二季度為 470 萬美元。第二季度的大部分支出用於我們的新設施。

We also continued to make investments in our current production facilities. We are building capacity ahead of the demand curve to ensure our customers are able to receive their custom products in weeks instead of months.

我們還繼續對現有生產設施進行投資。我們正在構建需求曲線之前的產能，以確保我們的客戶能夠在數周而不是數月內收到他們的定制產品。

Free cash flow, a non-GAAP measure which we define as cash provided by or used in operating activities less purchases of property plant and equipment, in the second quarter was negative $16.8 million compared to negative $8.2 million in the second quarter of 2021. This decrease, compared to the prior-year period, was primarily due to lower adjusted EBITDA and the significant increase in capital expenditure.

自由現金流是一項非美國通用會計準則指標，我們將其定義為經營活動提供或使用的現金減去物業廠房和設備的購買，第二季度為負 1680 萬美元，而 2021 年第二季度為負 820 萬美元。這與去年同期相比，減少的主要原因是調整後的 EBITDA 較低以及資本支出顯著增加。

Turning to the balance sheet. As of June 30, 2022, we had $64.7 million in cash and cash equivalents and $17.1 million in gross debt. As I shared on our first-quarter call in May, we amended our existing credit facility to increase the amount available under it by $30 million to $57 million.

轉向資產負債表。截至 2022 年 6 月 30 日，我們擁有 6470 萬美元的現金和現金等價物以及 1710 萬美元的總債務。正如我在 5 月份的第一季度電話會議上分享的那樣，我們修改了現有的信貸安排，將其下的可用金額增加 3000 萬美元至 5700 萬美元。

We took an additional draw of $5.1 million at closing in May, and we'll be drawing a planned $5.0 million at the end of October. This new financing was a strategic priority to help ensure we will have the capital to execute our domestic organic growth plan.

我們在 5 月結束時額外提取了 510 萬美元，我們將在 10 月底提取計劃中的 500 萬美元。這筆新融資是一項戰略重點，有助於確保我們有足夠的資金來執行我們的國內有機增長計劃。

Turning to our 2022 revenue guidance and outlook. Our new revenue guidance is $38 million to $42 million. At the midpoint, this guidance assumes revenue growth of approximately 13% as compared to 2021 excluding sample transport. With respect to product categories, we now expect year-over-year lab essentials revenue growth of approximately 10% and clinical solutions revenue growth of at least 45%.

轉向我們的 2022 年收入指導和展望。我們的新收入指引為 3800 萬至 4200 萬美元。在中點，本指南假設收入與 2021 年相比增長約 13%，不包括樣品運輸。關於產品類別，我們現在預計實驗室必需品收入同比增長約 10%，臨床解決方案收入增長至少 45%。

Concurrent with the change in revenue outlook, we are actively slowing the pace of hiring relative to our prior forecast, while we continue to invest in priority areas that will drive future demand, support the opening of our new facility, and strengthen our GMP capabilities. Our balance sheet is strong. And coupled with the capital available to us under our credit facility, we are well-positioned to execute our growth plan and achieve positive cash flow without needing to raise additional capital.

在收入前景發生變化的同時，我們正在積極放慢相對於我們之前預測的招聘步伐，同時我們繼續投資於將推動未來需求的優先領域，支持我們新設施的開放，並加強我們的 GMP 能力。我們的資產負債表很強勁。再加上我們的信貸額度下可用的資金，我們有能力執行我們的增長計劃並實現正現金流，而無需籌集額外資金。

With that, I'll turn the call back to Stephen.

有了這個，我會把電話轉回斯蒂芬。

Thanks, Matt. Overall, we were pleased with our second-quarter 2022 performance and the progress we made against our strategic priorities. The fundamental growth opportunity for Teknova remains unchanged, and we are confident in our ability to help our customers accelerate the introduction of novel therapies through our unique ability to manufacture custom-made reagents in volumes smaller than 1,000 liters with short turnaround times.

謝謝，馬特。總體而言，我們對 2022 年第二季度的業績以及我們在戰略重點方面取得的進展感到滿意。 Teknova 的基本增長機會保持不變，我們有信心通過我們獨特的能力以較短的周轉時間製造體積小於 1,000 升的定制試劑，從而幫助我們的客戶加速引入新療法。

Our balance sheet remains strong, and we have access to the capital we need to execute our growth strategy. We will now take your questions.

我們的資產負債表依然強勁，我們可以獲得執行增長戰略所需的資金。我們現在將回答您的問題。

(Operator Instructions) Max Masucci, Cowen.

（操作員說明）Max Masucci，Cowen。

Hi. This is Stephanie on for Max. Thanks for taking the question, and congrats on a great quarter. So just my first question is on your guide. So you lowered your guidance range due to early-stage biopharma customers deferring launch purchases. Can you just provide some more details on how to bridge the low to high end of your guidance, and what assumptions you are taking into both ends of the range?

你好。這是 Max 的 Stephanie。感謝您提出這個問題，並祝賀一個偉大的季度。所以我的第一個問題是關於你的指南。因此，由於早期生物製藥客戶推遲購買，您降低了指導範圍。您能否提供更多詳細信息，說明如何將指導的低端連接到高端，以及您對范圍兩端的假設是什麼？

Yeah, I'm happy to talk to that, Stephanie. Yeah. As you've heard from the comments we just made, we changed and lowered the guidance range to $38 million to $42 million. Looking at the order book today, we feel that that's a reasonable range for performance in 2022.

是的，斯蒂芬妮，我很高興與之交談。是的。正如您從我們剛剛發表的評論中聽到的那樣，我們更改了指導範圍並將其降低至 3800 萬至 4200 萬美元。看看今天的訂單，我們認為這是 2022 年業績的合理範圍。

I would say things that could affect whether we move towards the lower end or the higher end of the range depends really on the external environment here. As we said in our comments, we believe a lot of this is due to the uncertainty in the capital markets environment. So there is some dependency on how that gets resolved over the coming quarters.

我想說的是，可能影響我們是走向范圍的低端還是高端的事情實際上取決於這裡的外部環境。正如我們在評論中所說，我們認為這在很大程度上是由於資本市場環境的不確定性。因此，在未來幾個季度如何解決這個問題有一定的依賴性。

But I guess what I would say is if we have some larger orders, more than expected come in here in the next several months, we would be expecting to come out towards the higher end of that range. And if for any reason, there would be a worsening in the environment, that might push us towards the lower end. But otherwise, we think the midpoint of the range is a reasonable target based on what we know now.

但我想我會說的是，如果我們有一些更大的訂單，在接下來的幾個月裡超過預期，我們會期望達到該範圍的高端。如果出於任何原因，環境會惡化，那可能會將我們推向低端。但除此之外，根據我們目前所知，我們認為區間的中點是一個合理的目標。

Understood. That's helpful. And then just a follow-up on that. So it sounds like you're confident that the purchases from your early biopharma customers are only being deferred based on the comments you made earlier in the call. And it sounds like the purchases that they are deferring are coming from both lab essentials and clinical solutions.

明白了。這很有幫助。然後只是跟進。所以聽起來你很有信心，只是根據你早些時候在電話會議上發表的評論，推遲了從早期生物製藥客戶那裡購買的產品。聽起來他們推遲的採購來自實驗室必需品和臨床解決方案。

So I would be curious to hear especially with -- from the custom products. Are the products that they are deferring not necessary for running their trials? Or are these deferred product purchases for programs that that are being halted for the time being? Any additional color would be great.

所以我很想听到特別是來自定制產品的消息。他們推遲的產品是否不是運行試驗所必需的？或者這些延期產品購買是為了暫時停止的項目？任何額外的顏色都會很棒。

No problem, Stephanie. So we believe this is largely transient in nature. We've had conversations with all of these customers. And remember, from a lab essentials perspective, we do quite a bit in that custom side, where we are doing custom reagents for them for the development in the preclinical the clinical phases where they do not yet need clinical-grade reagents.

沒問題，斯蒂芬妮。因此，我們認為這在很大程度上是暫時的。我們已經與所有這些客戶進行了對話。請記住，從實驗室必需品的角度來看，我們在定制方面做了很多工作，我們正在為他們定制試劑，以便在他們尚不需要臨床級試劑的臨床前和臨床階段進行開發。

And so it's a combination of those. And our clinical solutions customers, which are in that early stage as well, which are basically at a point where they are saying, we are not sure exactly based on timing, which we largely believe is due to the uncertainty in the market.

所以它是這些的組合。而我們的臨床解決方案客戶，也處於早期階段，基本上處於他們所說的地步，我們不確定確切的時間，我們在很大程度上認為這是由於市場的不確定性。

And so it is both of those. But all of our conversations with them and with the conversation about their belief in our products and our services and are excited to continue to work with us. And it's just a matter of timing until those orders are actually pushed through.

所以這兩者都是。但是我們與他們的所有對話以及關於他們對我們的產品和服務的信念的對話，並很高興繼續與我們合作。在這些訂單真正通過之前，這只是時間問題。

Got it. That's helpful. Thank you. And then if I could just squeeze in one more. So your clinical solutions, GMP business is progressing nicely, and Q2 came in higher than we expected. Are you finding that your existing customers are transitioning from your RUO to GMP offerings better than expected? Or are you finding new customers that want your GMP offerings right off the bat?

知道了。這很有幫助。謝謝。然後如果我能再擠一個。因此，您的臨床解決方案、GMP 業務進展順利，第二季度的收入高於我們的預期。您是否發現現有客戶從 RUO 過渡到 GMP 產品的情況好於預期？或者您是否正在尋找希望立即獲得 GMP 產品的新客戶？

I'd say we have both. So we have an increase in the total number of clinical customers, as Matt mentioned in the call, but we also have those customers that have been in our pipeline for some time that are not progressing through. And so we are seeing a benefit of both in this case.

我會說我們都有。因此，正如馬特在電話中提到的那樣，我們的臨床客戶總數有所增加，但我們也有一些客戶已經在我們的管道中有一段時間了，但沒有取得進展。因此，在這種情況下，我們看到了兩者的好處。

And remember that many of these customers are customers that we've been working with for the last six to 12 months to get them set up for this scale they need going forward. So these are all in the works, and we'll migrate to that pipeline over time.

請記住，這些客戶中有許多是我們在過去 6 到 12 個月中一直與之合作的客戶，目的是讓他們為他們未來需要的這種規模做好準備。所以這些都在進行中，我們將隨著時間的推移遷移到該管道。

Got it. Understood. Thanks again for taking all my questions.

知道了。明白了。再次感謝您回答我所有的問題。

Thank you.

謝謝。

Thank you.

謝謝。

Matt Larew, William Blair.

馬特·拉魯，威廉·布萊爾。

Hey, good afternoon. Just trying to put the pieces here together a little bit, because obviously you did not beat the last two quarters. Many of your larger peers reported beat them in several ways. So the guide down does seem to be pretty out of step with what's going on both with your business year to date and this phase.

嘿，下午好。只是想把這裡的各個部分拼湊起來，因為很明顯你在最後兩個季度沒有贏。您的許多較大的同齡人報告說在幾個方面打敗了他們。因此，向下指南似乎與您的業務年度迄今為止和本階段的情況完全不一致。

So can you just tell us what your exposure is to early-stage biopharma customers both perhaps by the number of customers -- excuse me, percentage of revenue and percentage of your customer base?

那麼，您能否通過客戶數量告訴我們您對早期生物製藥客戶的風險敞口——對不起，收入百分比和客戶群百分比？

So we are not going to disclose the exact numbers of these things, but I can talk to you little bit in general terms, Matt. So we have -- if you remember, the company, we onboarded our first GMP customer in 2008. And I believe at the end of 2021, we reported -- was that --

所以我們不會透露這些東西的確切數量，但我可以用一般的術語和你談談，馬特。所以我們 - 如果你還記得的話，公司，我們在 2008 年加入了我們的第一個 GMP 客戶。我相信在 2021 年底，我們報告 - 是 -

2018.

2018.

Sorry, 2018. And then at the end of 2021, we reported 22 active clinical customers. And so that represents -- you can take a look at our clinical solutions revenue, it's now becoming on the trailing 12-month basis, about a quarter of our total revenue has been those 22 customers. And if you think about the timing of when those onboarded, they, by their very nature, have to be in the early stage of the clinical development pipeline.

對不起，2018 年。然後在 2021 年底，我們報告了 22 個活躍的臨床客戶。所以這代表——你可以看看我們的臨床解決方案收入，它現在已經成為過去 12 個月的基礎，我們總收入的大約四分之一是這 22 個客戶。而且，如果您考慮這些人入職的時間，就其本質而言，他們必須處於臨床開發管道的早期階段。

And so I think that's a good way for you to gauge exposure to the capital markets environment. Like I said earlier in the call here, we absolutely believe in cell and gene therapy in the long run, and our growth strategy remains unchanged. We believe these therapies are going to be the next wave of medicine. And it's just a timing issue right now that is transient in nature that we believe will resolve itself over time here as the capital markets become more predictable and there's more clarity there.

所以我認為這是衡量資本市場環境敞口的好方法。就像我早些時候在這裡的電話會議中所說的那樣，從長遠來看，我們絕對相信細胞和基因療法，我們的增長戰略保持不變。我們相信這些療法將成為下一波醫學浪潮。現在這只是一個時間問題，本質上是暫時的，我們相信隨著時間的推移，隨著資本市場變得更加可預測並且那裡更加清晰，它會在這裡自行解決。

Okay. And then on the guidance, Matt, maybe a little bit more specific. Does anything -- do any of the orders that these customers, these large orders that customers have indicated you are deferred, does any piece of the guidance assume those coming back during 2022?

好的。然後關於指導，馬特，也許更具體一點。有什麼事嗎——這些客戶的任何訂單，客戶表示您已推遲的這些大訂單，是否有任何指南假設這些訂單會在 2022 年返回？

No. No, we are not. Our current assumption is that those are deferred out of 2022. Of course, we are continuing with our teams to develop business as we always have. So there is certainly the possibility that there could be orders coming back or additional new orders that would come in this year. But our guidance right now at the midpoint assumes fairly static situation at this point.

不，不，我們不是。我們目前的假設是將這些推遲到 2022 年。當然，我們將繼續與我們的團隊一如既往地發展業務。因此，今年肯定有可能會有訂單回來或增加新訂單。但我們目前在中點的指導假設此時情況相當穩定。

And as I mentioned earlier to Stephanie, there is some -- obviously with the range there, depending on what exactly we see happening through the end of this quarter, Q3, there could be some -- there is some obviously variable output -- options, excuse me, for what me might see for the full year. But right now, no. We are not assuming that those are in the pipeline or to be delivered in 2022.

正如我之前向斯蒂芬妮提到的那樣，有一些——顯然有範圍，這取決於我們在本季度末看到的確切情況，第三季度，可能會有一些——有一些明顯可變的輸出——選項，對不起，我可能會看到全年的情況。但現在，沒有。我們不假設這些正在籌備中或將在 2022 年交付。

Okay. And then finally, obviously the big piece of the value prop there is the turnaround times. And in exchange for that, it sounds, historically, customers have been less price sensitive. I am just curious now that some customers are facing short of cash runway, thinking about deferring expenses, if you are setting from the competition, they may be willing to tolerate longer lead times at an expense for cost. I'm just curious what the conversations look like with those deferred purchases and then how you might cut them back.

好的。最後，很明顯，最重要的價值支柱是周轉時間。作為交換，從歷史上看，客戶對價格的敏感度較低。我現在很好奇，有些客戶面臨現金跑道短缺，考慮推遲費用，如果你從競爭中脫穎而出，他們可能願意以成本為代價容忍更長的交貨時間。我只是好奇那些延期購買的對話是什麼樣的，然後你如何減少它們。

To be honest, that has not come up at all. I think that we have a very loyal customer base. But see, I think when you think about the cost of the materials they would be buying from us versus the cost of time, it's much more important to get their products quickly.

老實說，這根本沒有出現。我認為我們有一個非常忠誠的客戶群。但是，我認為當你考慮他們從我們這裡購買的材料成本與時間成本時，快速獲得他們的產品更為重要。

So as soon as they have their capital and want to drive that forward, I think that time is going to be of the essence for them and a priority. And every one of them that we have spoken with has indicated that this is just the timing piece. And we will be -- as soon as that gets resolved, they will be placing those orders with us.

因此，一旦他們擁有資本並希望推動這一進程，我認為時間對他們來說將是至關重要的，也是當務之急。與我們交談過的每一位都表示這只是一個時機。我們將 - 一旦問題得到解決，他們就會向我們下訂單。

Okay. Thank you.

好的。謝謝。

Thank you, Matt.

謝謝你，馬特。

Thank you.

謝謝。

Jacob Johnson, Stephens.

雅各布約翰遜，斯蒂芬斯。

Hey. Thanks. Good afternoon. I do have some questions on guidance. Maybe first, you talked about this is more of a delay in orders. Maybe the timing is pushed out.

嘿。謝謝。下午好。我確實有一些關於指導的問題。也許首先，你談到這更多的是訂單延遲。也許時間被推遲了。

Is there any element of this where you may lose out on these orders? Or could we be looking at a 2023, where you have a catch-up -- who knows what 2023 is going to look like? But you have a catch-up from some of these deferred orders next year plus general growth. Just how we think about differing these orders versus maybe losing them.

是否存在任何您可能會失去這些訂單的因素？或者我們可以看看 2023 年，在那裡你有一個追趕——誰知道 2023 年會是什麼樣子？但是你可以從明年的一些延期訂單中得到追趕，再加上總體增長。我們如何考慮改變這些訂單而不是可能失去它們。

Yeah. So first, we are not yet giving guidance on 2023, obviously. But from a perspective of have we lost the customers, or we think we'll lose them? I think the answer is no. Like I said, we have had conversations with all of these customers, and they have indicated over and over again that this is where their priority.

是的。所以首先，顯然我們還沒有給出 2023 年的指導。但從我們失去客戶的角度來看，還是我們認為我們會失去他們？我認為答案是否定的。就像我說的，我們已經與所有這些客戶進行了對話，他們一再表示這是他們的首要任務。

And we are going to get this through. It's just a matter of at what point in time, so we do think this is largely transient in nature. Now, whether or not there is a backup and then a release and that is an additional growth driver in 2020, we cannot see yet. We do not know.

我們將解決這個問題。這只是時間點的問題，所以我們確實認為這在很大程度上是暫時的。現在，是否有備份然後發布，這是 2020 年的額外增長動力，我們還看不到。我們不知道。

But I will also say that, of course, our efforts here from a market size perspective, we are still, as you know, a small portion of that overall cell and gene therapy market that are in that pipeline yet. And we are continuing to build that opportunity funnel. And they take six to 12 to 18 months for a lot of these customers, right? So I think that we still see a lot of validation from our customers that we are in the right spot in providing something that others cannot provide at the moment.

但我還要說的是，當然，從市場規模的角度來看，我們在這裡所做的努力，正如你所知，我們仍然是整個細胞和基因治療市場的一小部分，但仍在該管道中。我們正在繼續建立這個機會漏斗。對於很多這樣的客戶，他們需要 6 到 12 到 18 個月，對嗎？所以我認為我們仍然從客戶那裡看到很多驗證，我們在提供其他人目前無法提供的東西方面處於正確的位置。

Okay. Thanks for that, Stephen. And then I think you talked about maybe some lumpy orders being impacted on the clinical solutions side of things, but you also lowered the lab essentials outlook. Can you just talk about that segment, the impact there? And I apologize if you already spoke to it.

好的。謝謝你，斯蒂芬。然後我想你談到了一些塊狀訂單可能會影響臨床解決方案方面的事情，但你也降低了實驗室必需品的前景。你能談談那個部分，那裡的影響嗎？如果您已經與它交談過，我深表歉意。

Sure, no problem. On the lab essentials side, again, we have this underlying growth of the base business and the catalog side of the business that's historically been at Teknova for a significant period of time. And it's in every major institution, life science institution, in the United States. That continues to exist.

好沒問題。在實驗室必需品方面，我們再次看到基礎業務的潛在增長和 Teknova 歷史上很長一段時間的業務目錄方面。它存在於美國的每個主要機構、生命科學機構中。那繼續存在。

Now, if there is some pullback on the discovery side because of the uncertainty that's different than what we've necessarily seen, it's on the larger orders side where they start to get into the custom piece where they are in that bridge between, say, a catalog product and a clinical product where those customers are giving their specific reagents and working through to scale up for preclinical. And so that's why that lab essentials is also in that range where things could be a little bit different.

現在，如果由於與我們必然看到的不同的不確定性而在發現方面出現一些回調，那就是在更大的訂單方面，他們開始進入定製件，他們在他們之間的橋樑中，比如說，目錄產品和臨床產品，這些客戶提供他們的特定試劑並努力擴大臨床前規模。因此，這就是為什麼實驗室必需品也在那個範圍內，事情可能會有所不同。

Okay, that makes sense, Stephen. And then I guess last question is just thinking ahead and thinking about the current environment we're in. You have seen some of your existing customers pull back on spend. But in terms off your ability to add new customers, I guess particularly in clinical solutions, any change in the efforts there? Is it harder to get people across the finish line? Just thoughts on winning new customers there.

好的，這是有道理的，史蒂芬。然後我想最後一個問題只是提前思考並思考我們所處的當前環境。您已經看到一些現有客戶縮減了支出。但是就您增加新客戶的能力而言，我想特別是在臨床解決方案方面，那裡的努力有什麼變化嗎？讓人們越過終點線更難嗎？只是想在那裡贏得新客戶。

Yeah. So like I said, we've got to -- customer value proposition remains the same. There's a clear recognition when we talk to them about what we offer versus what's available on the market. And as Matt indicated in the earnings call, we do see an increase in the total number of clinical customers.

是的。所以就像我說的，我們必須——客戶價值主張保持不變。當我們與他們談論我們提供的產品與市場上可用的產品時，會清楚地認識到這一點。正如馬特在財報電話會議中指出的那樣，我們確實看到臨床客戶總數有所增加。

We're not releasing those numbers at this moment. But obviously, the timing of that is when those built and those orders actually come through. So at this point of time, we have not seen a change, where someone who is saying, look, actually, we are going to -- we are not going to be interested in moving to Teknova at all at this point. It's just a matter of time.

我們目前不會發布這些數字。但顯然，時間是那些建造和那些訂單實際通過的時間。所以在這個時候，我們還沒有看到任何變化，有人說，看，實際上，我們將 - 我們現在根本不會對遷移到 Teknova 感興趣。這只是時間問題。

Okay. Perfect. Thanks for taking all the questions, Stephen.

好的。完美的。感謝您回答所有問題，斯蒂芬。

Sure. Thanks, Jacob.

當然。謝謝，雅各布。

As there are no further questions in the queue, this concludes our conference call. Thank you, all, for participating. You may now disconnect, and have a pleasant day.

由於隊列中沒有其他問題，我們的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接，並度過愉快的一天。