Alpha Teknova, Inc. (TKNO) 2026 Q1 法說會逐字稿

Hello, and welcome to Teknova First Quarter 2026 Financial Results. (Operator Instructions) I would now like to hand the conference over to Jennifer Henry, Senior Vice President of Marketing. You may begin.

您好，歡迎參加 Teknova 2026 年第一季財務業績說明會。（接線員指示）現在我想將會議交給行銷資深副總裁 Jennifer Henry。您可以開始了。

Thank you, operator. Welcome to Teknova's First Quarter 2026 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.

謝謝，接線員。歡迎參加 Teknova 2026 年第一季財報電話會議。今天與我一同出席的有 Teknova 總裁兼執行長 Stephen Gunstream，以及 Teknova 財務長 Matt Lowell；他們將先發表事先準備的談話，接著回答各位的提問。

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.

提醒各位，我們在本次電話會議中所作的前瞻性陳述（包括與公司業務目標及財務表現預期相關者）均受風險與不確定性影響，可能導致實際事件或結果出現差異。關於這些風險因素的更多資訊已載於公司今日稍早發布的新聞稿中，並在公司向美國證券交易委員會（SEC）提交的各項文件中有更完整的說明。

Today's comments 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 its forward-looking statements, except as required by law.

今日的評論反映公司目前觀點；該等觀點可能因新資訊、未來事件或其他因素而改變。除法律要求外，公司不承擔亦不承諾更新其前瞻性陳述之義務。

The company's management believes that in addition to GAAP results, non-GAAP financial measures can provide meaningful insight when evaluating the company's financial performance and the effectiveness of its business strategies. We will, therefore, use non-GAAP financial measures of certain of our results during this call. 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 www.sec.gov/edgar.

公司管理層認為，除 GAAP 結果外，非 GAAP 財務衡量指標在評估公司財務表現及其業務策略有效性時亦能提供有意義的洞見。因此，我們將在本次電話會議中就部分結果使用非 GAAP 財務衡量指標。GAAP 與非 GAAP 財務衡量指標之調節表已包含於我們今日下午發布的新聞稿中，該新聞稿已張貼於 Teknova 官網以及 www.sec.gov/edgar。

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 財務衡量指標應僅作為依 GAAP 編製之財務衡量指標的補充，而不應被視為其替代或優於 GAAP 指標。本簡報中的非 GAAP 財務衡量指標可能與其他公司使用之同名非 GAAP 指標有所不同。

Please also be advised that the company has posted a supplemental slide deck to accompany today's prepared remarks. They can be accessed on the Investor Relations section of Teknova's website and on today's webcast.

另請注意，公司已發布補充投影片簡報，以配合今日的事先準備談話。可於 Teknova 官網的投資人關係（Investor Relations）專區以及今日的網路直播中取得。

And now I will turn the call over to Stephen.

接下來我將把電話會議交給 Stephen。

Thank you, Jen. Good afternoon, and thank you, everyone, for joining us for our first quarter 2026 earnings call.

謝謝你，Jen。各位下午好，感謝大家參加我們 2026 年第一季財報電話會議。

It was a relatively straightforward quarter for us across the board with revenue and operating expenses delivering in line with or better than our expectations. Revenue grew 13% compared to the same period last year, led by 85% growth in Clinical Solutions. Gross margin, operating expenses and free cash outflow were in line with our expectations, including the planned incremental spend in sales and marketing.

本季整體而言相對平穩，營收與營業費用的表現符合或優於我們的預期。營收較去年同期成長 13%，主要由臨床解決方案（Clinical Solutions）成長 85% 所帶動。毛利率、營業費用與自由現金流出均符合我們的預期，其中包含按計畫增加的銷售與行銷投入。

From a macro environment perspective, we continue to see stabilization across our end markets. And as we learn more about how our customers are planning for late-stage clinical trials and commercial production, we are growing increasingly confident in our ability to deliver long-term sustainable above-market growth.

從總體環境角度來看，我們持續看到終端市場趨於穩定。隨著我們更了解客戶如何規劃後期臨床試驗與商業化生產，我們對於實現長期、可持續且高於市場的成長能力愈發有信心。

Building on that, I would like to provide a little more detail around our thoughts on the current macro environment. In the first quarter, we saw an increase in the number and total dollar value of orders over $25,000 compared to the same period last year, which we believe indicates that some of our customers are shifting their focus from cash conservation to strategic execution. While there are still accounts focused on conserving capital, we believe this headwind has now been offset by an increase in customers placing orders to move their research and clinical studies forward.

基於此，我想更詳細說明我們對當前總體環境的看法。第一季，我們看到單筆超過 25,000 美元的訂單數量與總金額較去年同期增加；我們認為這顯示部分客戶正將重心從保留現金轉向策略性執行。雖然仍有部分客戶專注於節省資本，但我們認為這股逆風如今已被更多客戶下單推進其研究與臨床研究所抵銷。

Notably, we are seeing growth in nearly every end market segment we serve, including life science tools, diagnostics and biopharma. Moreover, some of our leading indicators such as customer engagement and funnel health provide us more confidence in a predictable market backdrop going forward. We are, therefore, encouraged that we began ramping our commercial investment at the beginning of 2026.

值得注意的是，我們服務的幾乎每個終端市場區隔都出現成長，包括生命科學工具、診斷與生物製藥。此外，一些領先指標（例如客戶互動與銷售漏斗健康度）也讓我們對未來更可預測的市場背景更有信心。因此，我們對於在 2026 年初開始加大商業化投資感到鼓舞。

As a reminder, the roughly $2 million annual increase in commercial spend is split between marketing and sales to increase lead generation activities, build lead qualification infrastructure and onboard sales associates with experience in tools, diagnostics and large pharma.

提醒各位，每年約 200 萬美元的商業支出增加，將分配於行銷與銷售，用以提升潛在客戶開發活動、建立潛在客戶資格審核（lead qualification）基礎設施，並招募具備工具、診斷及大型藥廠經驗的業務人員。

I'm happy to say that these initiatives are on track and that we should be able to see their impact on revenue by early 2027. We believe these investments, combined with the rebound in biotech funding and the progression of our customers' therapies and diagnostics towards commercialization should position us for approximately 20% revenue growth in 2027.

我很高興地表示，這些計畫進展如期，我們應可在 2027 年初看到其對營收的影響。我們認為，這些投資加上生技資金回溫，以及客戶的療法與診斷產品朝商業化推進，將使我們在 2027 年有望達成約 20% 的營收成長。

Operationally, we continue to focus on driving efficiency through process improvements, automation and software implementation. In the first quarter, we increased our high-volume bottle production by tripling our single batch size and implementing an automated aseptic filling line. This project allows us to not only scale production volumes, but also to reduce labor hours per unit.

在營運方面，我們持續透過流程改善、自動化與軟體導入來提升效率。第一季，我們將高產量瓶裝產品的單批次產量提升至原來的三倍，並導入自動化無菌充填產線。此專案不僅讓我們能擴大產量，也能降低每單位所需工時。

From a software perspective, we have now migrated 90% of our 3,000-plus paper batch records to digital, providing enhanced data analytics, increased visibility, better documentation quality and improved standardization. We are fortunate to have dedicated engineering and software development teams on staff to lead these initiatives as we look to scale and achieve profitability.

在軟體方面，我們已將 3,000 份以上紙本批次紀錄中的 90% 遷移至數位化，帶來更強的資料分析能力、更高的可視性、更佳的文件品質與更完善的標準化。我們很幸運擁有專職的工程與軟體開發團隊來主導這些計畫，以支持我們擴張並達成獲利。

In the meantime, we remain focused on executing our plan by driving growth in Lab Essentials customer wallet share and increasing our active Clinical Solutions customer count. We are excited about the traction we are seeing so far in 2026 and believe the substantial investments we've made over the past three years have positioned the company to scale and generate significant value for our customers and stockholders alike.

同時，我們仍專注於執行計畫：提升 Lab Essentials 客戶錢包占有率（wallet share），並增加臨床解決方案（Clinical Solutions）的活躍客戶數。我們對 2026 年迄今所看到的進展感到振奮，並相信過去三年所做的大量投資已使公司具備擴張能力，為客戶與股東創造可觀價值。

I will now hand the call over to Matt to talk through the financials.

接下來我將把電話會議交給 Matt，請他說明財務表現。

As Stephen explained, revenue was up 13% for the first quarter of 2026 compared to the same quarter prior year. This was also the first Q1 in which we earned over $11 million in revenue in nearly three years. I'm also very pleased with our progress on key profitability measures and cash usage. Overall, we delivered strong financial results for the first quarter 2026.

如 Stephen 所說，2026 年第一季營收較去年同期成長 13%。這也是近三年來，我們首次在第一季創造超過 1,100 萬美元的營收。我也對我們在關鍵獲利指標與現金使用方面的進展感到非常滿意。整體而言，我們在 2026 年第一季交出強勁的財務成果。

The revenue, 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 first quarter 2026, up 3% compared to $8.1 million in the first quarter of 2025. The increase in Lab Essentials' revenue was attributable to higher average revenue per customer, partially offset by a decreased number of customers.

就營收而言，Lab Essentials 產品主要面向僅供研究使用（RUO）市場，包含型錄產品與客製化產品。2026 年第一季 Lab Essentials 營收為 840 萬美元，較 2025 年第一季的 810 萬美元成長 3%。Lab Essentials 營收增加主要歸因於每位客戶的平均營收提高，但部分被客戶數量下降所抵銷。

Clinical Solutions products are made according to good manufacturing practices, or GMP, quality standards and are primarily used by our customers as components or inputs in the development and manufacture of diagnostic and therapeutic products. Clinical Solutions revenue was $2.1 million for the first quarter 2026, an 85% increase from $1.2 million in the first quarter of 2025.

臨床解決方案（Clinical Solutions）產品依照優良製造規範（GMP）品質標準生產，主要供客戶用作診斷與治療產品開發與製造的組件或投入材料。2026 年第一季 Clinical Solutions 營收為 210 萬美元，較 2025 年第一季的 120 萬美元成長 85%。

The increase in Clinical Solutions revenue was attributable to an increased number of customers and to a slightly lesser extent, higher average revenue per customer. We expect revenue per customer to increase over time as a subset of these customers ramp up their purchase volume as they move through the clinical phases.

Clinical Solutions 營收增加主要歸因於客戶數量增加，此外（但影響略小）也來自每位客戶的平均營收提高。我們預期，隨著其中一部分客戶在臨床各階段推進並逐步拉升採購量，每位客戶的營收將隨時間增加。

However, this metric can be affected by the addition of newer Clinical Solutions or GMP catalog customers who typically order less. Just as a reminder, due to the larger average order size in Clinical Solutions compared to Lab Essentials, there can be more quarter-to-quarter revenue lumpiness in this category.

然而，該指標可能會受到新增較新的 Clinical Solutions 或 GMP 型錄客戶影響，因其通常下單量較小。再次提醒，由於 Clinical Solutions 的平均訂單金額大於 Lab Essentials，因此此類別的營收在季度間可能會有較明顯的波動（lumpiness）。

On to the income statement. Gross profit for the first quarter of 2026 was $3.8 million compared to $3.0 million in the first quarter of 2025. Gross margin was 34.2% in the first quarter of 2026, which is up from 30.7% in the first quarter of 2025. The increase in gross profit was driven primarily by higher revenue.

接著看損益表。2026 年第一季毛利為 380 萬美元，較 2025 年第一季的 300 萬美元增加。2026 年第一季毛利率為 34.2%，高於 2025 年第一季的 30.7%。毛利增加主要由較高的營收所帶動。

Operating expenses for the first quarter of 2026 were $8.1 million and for the first quarter 2025 were $8.0 million. The increase in 2026 was primarily driven by higher spending in sales and marketing, resulting from higher headcount and increased marketing expenses. Partially offset by lower general and administrative expenses attributable to lower stock-based compensation expense and professional fees.

2026 年第一季營業費用為 810 萬美元，2025 年第一季為 800 萬美元。2026 年的增加主要由銷售與行銷支出提高所致，原因包括人力增加與行銷費用上升；部分被一般及行政費用下降所抵銷，該下降主要歸因於較低的股份基礎給付（stock-based compensation）費用與專業服務費。

Net loss for the first quarter of 2026 was $4.6 million or negative $0.08 per diluted share compared to a net loss of $4.6 million or negative $0.09 per diluted share for the first quarter of 2025. Adjusted EBITDA, a non-GAAP measure, was negative $2.0 million for the first quarter of 2026 compared to negative $2.5 million for the first quarter of 2025.

2026 年第一季淨損為 460 萬美元，或每股稀釋後虧損 0.08 美元；相較之下，2025 年第一季淨損為 460 萬美元，或每股稀釋後虧損 0.09 美元。調整後 EBITDA（Adjusted EBITDA，非 GAAP 指標）在 2026 年第一季為負 200 萬美元，較 2025 年第一季的負 250 萬美元改善。

Capital expenditures for the first quarter 2026 and 2025 were both $0.2 million. Free cash outflow, a non-GAAP measure, which we define as cash provided by or used in operating activities, less purchases of property, plant and equipment was $3.6 million for the first quarter of 2026 compared to $4.3 million for the first quarter of 2025. This decrease compared to prior year was due to lower cash used in operating activities.

2026 年與 2025 年第一季的資本支出皆為 0.2 百萬美元。自由現金流出（非 GAAP 指標），我們將其定義為營運活動提供或使用的現金，扣除購置不動產、廠房及設備的支出後，2026 年第一季為 3.6 百萬美元，較 2025 年第一季的 4.3 百萬美元為低。相較前一年下降的原因在於營運活動使用的現金較少。

Turning to the balance sheet. As of March 31, 2026, we had $17.8 million in cash, cash equivalents and short-term investments and $13.2 million in total borrowings.

接著看資產負債表。截至 2026 年 3 月 31 日，我們持有 17.8 百萬美元的現金、約當現金及短期投資，總借款為 13.2 百萬美元。

2026 outlook. Turning to our 2026 guidance and outlook. We are reiterating our 2026 total revenue guidance of $42 million to $44 million. At the midpoint, this implies approximately 6% revenue growth compared to 2025. As our underlying end markets continue to recover, we have seen improvement in orders of custom products from both biopharma and life science tools and diagnostics customers.

2026 年展望。接著談我們對 2026 年的指引與展望。我們重申 2026 年全年總營收指引為 4,200 萬至 4,400 萬美元。以中位數計算，這意味著相較 2025 年約 6% 的營收成長。隨著我們的終端市場持續復甦，我們看到來自生物製藥以及生命科學工具與診斷客戶的客製化產品訂單有所改善。

Customer conversations about future 2026 custom product orders continue to be encouraging, and we have started to see more large orders, those greater than $25,000, but are waiting to see more durability before we consider adjusting our guidance for the year.

與客戶就 2026 年後續客製化產品訂單的對話仍令人鼓舞，我們也開始看到更多大額訂單（單筆超過 25,000 美元），但在考慮調整全年指引之前，我們仍希望先看到更具持續性的趨勢。

As we have indicated before, due to the high percentage of fixed costs associated with our operations, we estimate that each additional dollar of revenue drops through at a marginal cash rate of approximately 70% with some variability quarter-to-quarter in reported results due to GAAP accounting. We continue to expect gross margin in the mid-30s percentage range for the full year 2026.

如同我們先前所指出的，由於我們營運相關的固定成本占比較高，我們估計每增加 1 美元營收，約有 70% 會以邊際現金率貢獻（但因 GAAP 會計處理，已揭露結果在各季之間可能有些波動）。我們仍預期 2026 年全年毛利率將落在 30% 中段區間。

The company posted operating expenses of $8.1 million in Q1 2026, which reflects our scaled investment in sales and marketing, which we expect to be approximately $2 million for the full year 2026. Our expectation is that these investments will pay off as soon as the end of 2026, but more likely in 2027 in the form of double-digit revenue growth rates.

公司在 2026 年第一季的營業費用為 8.1 百萬美元，反映我們在銷售與行銷方面的擴大投資；我們預期 2026 年全年該項投資約為 2 百萬美元。我們預期這些投資最快在 2026 年底就能見到成效，但更可能在 2027 年以兩位數營收成長率的形式展現。

At this higher spending level, we expect to become adjusted EBITDA positive in the range of $52 million to $57 million in annualized revenue. If customer end markets are stronger in 2027 and our stepped-up commercial activity bears fruit as expected, and we should report a positive adjusted EBITDA quarter by the end of 2027.

在此較高的支出水準下，我們預期當年化營收達到 5,200 萬至 5,700 萬美元區間時，將轉為調整後 EBITDA 為正。若 2027 年客戶終端市場更為強勁，且我們加碼的商業活動如預期開花結果，我們應可在 2027 年底前呈報單季調整後 EBITDA 為正。

The company continues to see a reduction in free cash outflow during the first quarter of 2026 compared to the same quarter in the prior year. While the company saw an increase in free cash outflow compared to the fourth quarter of 2025, this is consistent with the company's expectations for the year and is higher due to certain larger payments typically occurring during the first quarter.

公司在 2026 年第一季的自由現金流出相較前一年同期持續下降。雖然相較 2025 年第四季自由現金流出有所增加，但這符合公司對全年表現的預期，且主要是因為某些較大筆付款通常會在第一季發生，因而使金額較高。

We anticipate lower average quarterly free cash outflow for the remainder of the year. As such, the company continues to expect free cash outflow of less than $10 million for the full year 2026, even with the increased investment in our commercial capabilities.

我們預期今年剩餘期間的平均單季自由現金流出將較低。因此，即使我們加大對商業能力的投資，公司仍預期 2026 年全年自由現金流出將低於 1,000 萬美元。

With that, I will turn the call back to Stephen.

接下來，我把電話交回給 Stephen。

Thanks, Matt. Overall, we were very pleased with the start to 2026 and the progress we've made against our strategic priorities. We believe the outlook for our end markets remains positive, and we are committed to executing on our strategy to help our customers accelerate the introduction of novel therapies, diagnostics and other products that improve human health.

謝謝，Matt。整體而言，我們對 2026 年的良好開局以及在策略優先事項上的進展感到非常滿意。我們相信終端市場的展望仍然正向，並致力於執行我們的策略，協助客戶加速推出新型療法、診斷以及其他能改善人類健康的產品。

We will now take your questions.

我們現在開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Mac Etoch, Stephens.

Mac Etoch，Stephens。

Hey, good afternoon, and thank you for taking my questions. Great to hear about the updated macro outlook. I've heard some of your peers talk about maybe a little bit of a bifurcation between earlier-stage biotech and later-stage biotech. So, I'd just love to get your sense of what you're hearing at this point from these individual customers or if you're seeing a similar trend in your customer base. Thank you.

嗨，午安，謝謝讓我提問。很高興聽到更新後的總體展望。我聽到一些同業提到，早期階段生技與後期階段生技之間可能出現些許分化。所以我想請教你們目前從這些個別客戶聽到的情況，或你們是否也在客戶群中看到類似趨勢。謝謝。

Yes. Thanks, Mac. In some ways, yes, we're seeing some similarities, right? We had some nice large pharma growth in the quarter. But on the clinical side of our business, we did still see some of these earlier stage Phase I, Phase II place some nice orders with us.

是的，謝謝你，Mac。某些方面來說，是的，我們看到一些相似之處，對吧？我們本季在大型藥廠方面有不錯的成長。但在我們業務的臨床端，我們仍看到一些較早期的第一期、第二期客戶向我們下了不錯的訂單。

And a lot of that probably has to do with the work we've been doing with them for some time.

而這其中很大一部分可能與我們長期以來與他們合作所做的工作有關。

In the very early stage on the research side in the Lab Essentials, there is a little softness there, but we haven't seen it as much. It could just be some of the accounts that we're supporting today, but we're starting to get more customer engagement from these smaller biotechs, and it's looking pretty encouraging right now.

在研究端、也就是 Lab Essentials 的非常早期階段，確實有一點疲軟，但我們並沒有看到那麼明顯。這可能只是我們目前所支援的部分客戶帳戶所致，但我們開始看到這些較小型生技公司有更多客戶互動，目前看起來相當令人鼓舞。

Appreciate that. And then as we think about just your general different end markets that you serve, it sounds like all of them are kind of coming back together as one. Are there any that are leading the pack more so than others?

了解，謝謝。接著從你們所服務的不同終端市場來看，聽起來它們都在逐步回到同一個節奏。是否有任何市場領先其他市場、復甦更快？

Yes. Like I just mentioned, we had some nice growth in large pharma in the quarter. We did get some nice growth in the diagnostics side as well in the tools and diagnostics, but particularly on the liquid biopsy, we had some nice orders come in there. So, we're seeing some growth there. I think, like I said, the biopharma as a whole is a little bit slower, but you're starting to see some growth there, and there are certainly pockets where we expect that to increase throughout the year.

是的。如我剛才提到的，我們本季在大型藥廠方面有不錯的成長。在工具與診斷領域的診斷端也有不錯的成長，尤其是在液體活檢方面，我們收到一些不錯的訂單，所以我們看到那裡有成長。我認為，如我所說，整體生物製藥仍稍微慢一些，但你開始看到一些成長，而且確實有一些區塊我們預期會在今年逐步加速。

I appreciate the color.

謝謝補充說明。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Great. Thanks for taking the questions, guys. Congrats on the quarter. Maybe just following up actually on the previous question a little bit more and kind of the commentary regarding customers advancing through clinical development. I think you flagged both within kind of the biopharma and biotech guys. I guess do you have a sense maybe what kind of proportion even like broad strokes, what percent of customers are in that pre-clinical Phase I bucket versus those in Phase III or kind of approaching commercial? I guess I'm just kind of wondering how that funnel is looking at that point at this point, just especially if the funding environment continues to improve.

太好了。謝謝讓我提問，各位。本季表現恭喜。也許延續上一題再追問一下，關於客戶在臨床開發進程推進的評論。我想你們提到在生物製藥與生技客戶中都有看到。我想請教你們是否大致掌握一個比例，例如粗略來看，有多少百分比的客戶在臨床前／第一期那個區間，相對於在第三期或接近商業化的客戶？我想了解目前那個漏斗的狀況，尤其是在資金環境持續改善的情況下。

Yes, Brendan, it's not that different than what we put out in our slides for the 2025 full year. We are supporting approximately 70 therapies. There are five therapies in Phase II or Phase III that are nearing completion at the moment and then 12 in Phase I and then the rest are pre-clinical.

是的，Brendan，這與我們在 2025 年全年簡報投影片中揭露的並沒有太大不同。我們大約支援 70 項療法。目前有 5 項療法處於第二期或第三期，且接近完成；另外有 12 項在第一期，其餘則為臨床前。

And so, I think that's we'd expect the number to increase as we go throughout this year. I mean that's our strategy as you onboard more of these clinical customers. And certainly, if the biotech funding comes back, we expect that to continue. And we've done that really since we started targeting these clinical customers back in 2020.

因此，我認為隨著今年推進，我們預期這個數字會增加。這就是我們的策略：隨著你導入更多這類臨床客戶，數量就會上升。而且如果生技融資回溫，我們預期這個趨勢會延續。我們自 2020 年開始鎖定這些臨床客戶以來，確實一直在做這件事。

Got it. Okay. Great. And maybe just kind of a quick follow-up. I think we started to see some increases in maybe wet lab spending activity actually as a result of it seems like kind of rolling out some of their own AI capabilities internally and kind of needing to validate those models and the targets that they're starting to get.

了解。好的，很好。再一個簡短追問。我想我們開始看到一些濕實驗室支出活動增加，似乎是因為他們在內部推動自有的 AI 能力，並需要驗證那些模型以及他們開始得到的標的。

It feels like it's still quite early. But I guess, do you have any sense of this materializing in any way kind of within your customers' ordering patterns? And any reason maybe why that wouldn't be kind of a notable tailwind for Teknova over the coming quarters? Just kind of any incremental color on how you guys are thinking about that.

感覺仍在相當早期。但我想請教，你們是否看到這在客戶的下單模式上以任何形式開始具體化？以及是否有任何理由使其不會在未來幾季成為 Teknova 的明顯順風？想請你們補充一些你們如何看待這件事的說明。

Thanks.

謝謝。

Yes. I think these AI data generation programs are significant, and it's lots of reagents, right? So, they're generating significant amounts of data. We are supporting many of the customers that are supporting the end users here to generate that data or directly.

是的。我認為這些 AI 資料生成計畫很重要，而且需要大量試劑，對吧？所以他們正在生成大量資料。我們正在支援許多客戶，這些客戶要嘛是在支援終端使用者生成資料，要嘛就是我們直接支援。

So, the standard products we offer in our catalog products like the LB broth grow bacteria or the buffers things to purify proteins, I would expect that to be a tailwind for us. And there are customers we're supporting that we are seeing pick up their spend with us for those reasons, but it's not yet significant or material.

因此，我們型錄中的標準產品，例如 LB 肉湯用於培養細菌，或是用於純化蛋白質的緩衝液等，我預期這會成為我們的順風。我們確實看到一些我們所支援的客戶因為這些原因而增加在我們這裡的支出，但目前尚未達到顯著或具重大性影響的程度。

All right, great. Thanks, guys.

好，太好了。謝謝各位。

Matt Larew, William Blair.

Matt Larew，William Blair。

Hi, good afternoon. Matt, the nice upside in the quarter relative to certainly the Street. The guide was maintained. You referenced wanting to see more durability there before changing the guide. It does seem like more companies than normal have called out benefit from more days in the quarter that reverses later in the year. Just curious if there is any timing impact like that or any orders that got pulled forward into the print or if indeed it's just an effort to be conservative given the broader macro picture.

嗨，下午好。Matt，本季相較於市場預期確實有不錯的上行表現。不過指引仍維持不變。你提到在調整指引之前，希望先看到更高的持續性。看起來今年比往常更多公司提到，因為本季工作天數較多而受惠，但這種效應會在今年稍晚反轉。想請教你們這邊是否也有類似的時間點影響，或是否有任何訂單被提前拉到本次公布期內？還是說，這主要只是基於更廣泛的總體經濟情勢而採取保守作法？

Right. Good question, Matt. I would say, I mean, we do have some of this phenomenon where we have business days impacts, particularly the catalog portion of our business, which again is about 60% of the total business. I would say that was not really a factor for Q1. It will be and usually is for Q4. But so I would say we saw a pretty typical ordering and delivery type of behavior in Q1.

對。好問題，Matt。我會說，我們確實有一些這種現象，也就是工作天數的影響，特別是在我們業務中的型錄（catalog）部分；而這部分約占整體業務的 60%。我會說，這在第一季其實不是主要因素；它會在第四季發生，而且通常也確實如此。但因此我會說，我們在第一季看到的是相當典型的下單與交付行為。

So I don't think anything that's really impacted unusually here. As you noted, and I did as well that I mean there is still macro uncertainty. And while we're off to a good start here, we're certainly optimistic, but not ready to suggest that there could be to increase our guidance range at this time, but it's definitely something that we're evaluating each quarter here, and it's encouraging to have this great start.

所以我不認為這裡有任何不尋常的影響。如你所指出、我也提到的，總體環境仍存在不確定性。雖然我們在這裡有個很好的開局，我們當然樂觀，但目前還沒準備好表示要在此時提高我們的指引區間。不過這絕對是我們每一季都在評估的事情，而有這樣的強勁開局令人鼓舞。

Okay. And then you brought up Stephen 2027 in your remarks and to be positioned for 20% revenue growth if I look at sort of TTM revenue at this point, certainly has improved over sort of one year ago, particularly on the Clinical Solutions side and Lab Essentials has stabilized at least in the mid-single digits. As you think about kind of where we're at from a TTM perspective today to how you get to 20% in 2027, what elements you see improving the most? Certainly, you called out things like larger orders today and improving funnel. But where do you think the 20% comes from for next year, relative to today? Thanks.

好的。接著你在談話中提到 Stephen 2027，以及要具備達成 20% 營收成長的定位。如果我看目前的 TTM（過去十二個月）營收，確實比一年前改善不少，尤其是在 Clinical Solutions 端，而 Lab Essentials 至少也穩定在中個位數成長。當你思考從今天的 TTM 水準到 2027 年達到 20% 的路徑時，你認為哪些要素會改善最多？你當然提到像是目前更大的訂單與漏斗改善。但相較於今天，你認為明年那 20% 的來源主要會是什麼？謝謝。

Yes. So, I think a couple of things come into play. First is an improving backdrop, right? We've seen the biotech funding now two quarters ahead of where it's been. We've shown from past data, and we think it's pretty similar this time that we we'll start seeing an impact from about a four-quarter lag, three- to four-quarter lag in that.

是的。我想有幾個因素會發揮作用。第一是外部環境的改善，對吧？我們看到生技（biotech）資金挹注已經連續兩季走在先前水準之上。我們也從過去的數據顯示，而且我們認為這次也很類似，我們大約會在三到四季的落後期（lag）之後開始看到其影響。

So, we're expecting to see that towards the end of each year. And I think that will drive a portion of that growth. So, the baseline kind of picking up a little bit.

因此，我們預期會在每年接近年底時看到這個影響。我認為這將帶動其中一部分成長，也就是基礎盤（baseline）會稍微回升一些。

On the clinical side, we are supporting more customers and there's more of them moving later into the pipeline, including we'd expect either diagnostic or therapeutic commercial approval by the end of next year. And so that even then moving from Phase I to Phase II or Phase II to Phase III or Phase III, obviously, into commercial, those will drive significant growth. That base is relatively small. And that actually is true on the diagnostic side. There's a couple in there on the liquid biopsy side that we may be supporting larger volumes for next year.

在臨床端，我們正在支援更多客戶，而且有更多客戶往研發管線的後期推進；其中我們預期在明年年底前，會有診斷或治療產品取得商業核准。因此，即便只是從第一期到第二期、第二期到第三期，或第三期進入商業化，這些都會帶來顯著成長。這個基礎目前相對較小。診斷端其實也是如此。其中在液體活檢（liquid biopsy）方面有幾個案子，我們明年可能會支援更大的量。

And then in addition, this investment we make on the commercial side, both on the marketing and on the people in the field, that will take six to 12 months to ramp up, and that will help us as well. So, the historical Lab Essentials business has grown 11% on average since 2008. And so that mid-single digit, I think we start to see that pick up a little bit. And then combined with these other things should get us into that 20% range.

此外，我們在商業端的投資，包含行銷以及前線人員配置，將需要 6 到 12 個月的爬坡期（ramp up），這也會對我們有所幫助。歷史上，Lab Essentials 業務自 2008 年以來平均成長 11%。因此目前的中個位數成長，我認為會開始略有回升。再加上其他這些因素，應該能讓我們進入 20% 的區間。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt，Craig-Hallum Capital Group。

Good afternoon, and congratulations on the nice start of the year. Regarding the Clinical Solutions, obviously, a phenomenal Q1, up 85% year-on-year. I'm just curious if there was anything to call out within that. Was there a larger order that kind of drove some of that? Or was it more broad-based?

下午好，也恭喜今年有個很好的開局。關於 Clinical Solutions，第一季表現顯然非常亮眼，同比成長 85%。我想請教這裡面是否有什麼特別值得一提的因素？是否有某筆較大的訂單帶動了其中一部分？還是說成長更為全面、分散？

You noted several large orders, but was that really it? And how should we be thinking about cadence for that bucket over the remainder of the year?

你提到有幾筆大單，但主要就是這個原因嗎？另外，我們應該如何看待今年剩餘期間這個項目的節奏（cadence）？

Yes, I'll let Matt touch on the cadence in a minute. But just when you look at the customers we supported in Q1, we talk about this a lot about the lumpiness. So I think the question is right to say, is this just a lumpy quarter? Or is this something that is more broad-based. In this case, it is more broad-based.

是的，我等一下讓 Matt 談談節奏。不過先說，當你看我們第一季所支援的客戶時，我們常談到這個業務的波動性（lumpiness）。所以我認為你的問題很合理：這只是某一季的波動，還是更廣泛的成長？在這個案例中，它是更廣泛的。

In fact, we had a fairly large customer last year order that we came over that. And then a number of customers here that we delivered for in Q1. So I would say it's pretty positive on our side that this one is not just a onetime lumpy piece that we're having for a quarter.

事實上，我們有一個去年下單的相當大的客戶訂單在今年交付；另外第一季也為多位客戶完成交付。所以我會說，對我們而言相當正面，因為這不只是某一季一次性的波動貢獻。

But I'll let Matt talk a little bit about the cadence for the rest of the year.

不過我讓 Matt 再談一下今年剩餘期間的節奏。

Right. And I think just echo what Stephen said, I think we're feeling pretty good about the diversity in that part of the business in Q1 and also based on the discussions we're having now for the rest of the year. I think that's an area where we should continue to see that at these kind of levels or let's just say, in the $2 million range a quarter or better depending on how things go later in the year. But that's definitely going to be an important component of growth this year. So all to say that, yes, I think that part is looking good, and we should continue to see good results in that part of the business.

對。我想呼應 Stephen 的說法，我們對第一季該業務的客戶多元性，以及基於我們目前對今年剩餘時間的討論，都感到相當不錯。我認為這個領域應該會持續維持在這類水準，或者說每季約 200 萬美元的區間，甚至視今年稍晚情況而更高。但這肯定會是今年成長的重要組成。因此總結來說，是的，我認為這一塊看起來不錯，我們應該會持續在這部分業務看到良好成果。

That's great. And then shifting gears a little bit. With some of the investments that you've been making, digitizing all the paper, some of the investments in creating larger batch sizes. As I think about your target, 60% to 65% gross margins in a few years, how much of that is going to come from volume leverage versus some of these new strategic decisions that you've been making the past year or two to kind of help with the gross margin lift?

很好。接著稍微換個方向。你們做了一些投資，例如把所有紙本資料數位化，以及為了建立更大的批量（batch sizes）所做的投資。當我思考你們幾年內 60% 到 65% 的毛利率目標時，其中有多少會來自於量的槓桿（volume leverage），又有多少會來自於你們過去一兩年做出的這些新策略決策，以推動毛利率提升？

Yes, that's a good question, Matt. I do believe that the single biggest driver is and will continue to be volume growth. But obviously, we're not just going to sit and rest on our laurels and wait for that to play out.

是的，這是個好問題，Matt。我確實相信，最大、而且將持續是最大的驅動因素會是量的成長。但很顯然，我們不會只是坐等它自然發生。

There's lots of other things we can be doing and are doing. And that's the example you gave there is a good one. And they are meaningful. I don't these are not trivial things and there are sometimes they can play out as productivity benefits where we see that benefit more as we grow than immediately in terms of the cost reduction. It can just mean we have cost restraint as we grow.

我們還有很多其他可以做、也正在做的事情。你剛提到的例子就是很好的例子，而且它們是有意義的。我不認為這些是微不足道的事情；而且有時候它們會以生產力效益的形式呈現，也就是我們在成長過程中更能看到其效益，而不一定是立即反映為成本下降。它也可能只是意味著我們在成長時能更好地控制成本。

So we have that digitization and a lot of other projects always going on, and there's just a never-ending bucket of opportunities to do that. But I wouldn't want to I would still say that the main driver is volume growth and what we're seeing that's happening right now, and we're excited about it.

所以我們有數位化以及許多其他專案一直在進行，而且這類機會永遠做不完。但我仍想強調，主要驅動因素還是量的成長，以及我們現在看到正在發生的事情；我們對此感到興奮。

Matthew Parisi, KeyBanc Capital Markets.

Matthew Parisi，KeyBanc Capital Markets。

This is Matthew Parisi on for Paul Knight. Congrats on the quarter. You mentioned the onboarding of new sales associates during the call. And I was just wondering how long that ramp period takes.

我是 Matthew Parisi，代 Paul Knight 提問。恭喜本季表現。你在電話會議中提到新銷售同仁的到職（onboarding）。我想請教這個爬坡期通常需要多久？

Yes. I think typically, in my experience, this is six to 12 months until you really start to see the impact from that. And so I think I mentioned in here that probably towards the end of this year, we'll be able to see that. We're starting to see some early indicators with more meetings, more engagement with some of the target accounts that we're after. And so it's been great to onboard them, and we're very happy we started in January.

是的。以我的經驗，通常需要 6 到 12 個月，你才會真正開始看到其影響。所以我想我在這裡也提到，大概到今年年底我們就能看到。我們已經開始看到一些早期指標，例如更多會議、與我們鎖定的目標客戶有更多互動。因此能讓他們到職很棒，我們也很高興我們在一月就開始了。

So I think all is going to plan.

所以我認為一切都按計畫進行。

Thank you. That's all for me.

謝謝。我的問題就到這裡。

Ladies and gentlemen, I'm showing no further questions in the queue. That concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，我這邊顯示隊列中沒有其他問題。今天的電話會議到此結束。感謝各位的參與。您現在可以斷線。