Alpha Teknova, Inc.

Good day, and thank you for standing by. Welcome to the Technova first quarter 2022 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during that session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded, and if you require any assistance during the call, please press star 0. I would now like to hand the conference over to your speaker today, Ms. Sarah Mitchell-Moore. Ms. Mitchell-Moore, the floor is yours.

Great. Thank you, operator. I want to welcome everyone to TechNova's first quarter 2022 earnings conference call. On today's call, Stephen Bonstream, TechNova's president and chief executive officer, will provide business highlights and updates, followed by Matt Lowell, TechNova's chief financial officer, We'll review financial results and provide an update on the company's 2022 outlook. After we conclude the prepared remarks, we will be happy to take your questions. 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 and they are more fully described in the company's various filings with the SEC. 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 these forward-looking statements except as required by law. Additionally, the company's management believes that GAAP results 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. 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 was issued this afternoon, which is also posted to Technova's website and at the SEC website. Non-GAAP financial measures should always be considered only as a supplement to and not a substitute for or 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. Please be advised that the company has posted a supplemental slide deck to accompany today's prepared remarks, which can be accessed on the IR section of TechNova's website and on today's webcast. And with that, I'll turn the call over to Steven.

Thank you, Sarah. Good afternoon, and thank you everyone for joining us for our first quarter earnings call. Technova is a leading provider of critical reagents that accelerate the introduction of drug therapies, novel vaccines, and molecular diagnostics. We manufacture high-quality customer agents with short turnaround times and are positioned to scale with our customers as they advance their products from discovery to commercialization. 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 rapidly manufacture custom clinical-grade bioprocessing solutions enables our cell and gene therapy customers to reduce the time from discovery to clinical impact. Our interactions with current and potential customers continue to validate the growing need for high-quality custom research and clinical-grade solutions across the industry, and we are investing aggressively to meet the demand. As part of this investment, we are building the depth and breadth of our team across all functional areas. Bringing talent to Technova remains a top priority in 2022 as we execute on our long-term strategic initiatives. Our organization has grown significantly over the past year, and I want to thank all of our associates whose dedication has been and will continue to be critical to our success. Q1 was a strong start to the year as we posted record total quarterly revenue of $11.1 million and made meaningful progress against our strategic priorities. Underlying order demand was strong in both our lab essentials and clinical solutions business lines, and we are on track to deliver at least 30% revenue growth for the full year 2022, excluding sample transport. In lab essentials, we continue to see strong demand for our catalog and custom products, as well as increase in the number of active customers and average revenue per active customer on a trailing 12-month basis. We remain confident in our 25% full year growth target for lab essentials. Clinical Solutions revenue was very strong in the quarter as we delivered a number of large orders. We continue to grow Clinical Solutions customer base and now expect to deliver at least 60% revenue growth for the full year. We also made meaningful progress on our investment priorities. First, we made investments to enhance our existing capacity and advanced construction on our new state-of-the-art facility in Hollister, California. This facility is on track to be operational by the end of 2022 and will provide the capacity to manufacture products worth approximately $150 million in revenue annually. Second, we continued to build our organization by bringing in talent across the company that will help ensure our near and long-term success. This included new personnel in R&D, sales, marketing, finance, quality, and operations. 2022 is our second year into the company's aggressive investment plan that will strengthen the foundation for our future growth. We remain focused on the following priorities. First, to deliver revenue between 45 and 48 million, a growth rate of greater than 30% at the midpoint, excluding sample transport. Second, to increase our current production capacity and bring our new manufacturing facility online by year end. Third, to build out our commercial and marketing teams and associated capabilities to drive demand before our new facility opens, and lastly, to develop new products to improve efficiency in cell and gene therapy bioproduction. Overall, we are pleased with our performance in the quarter and the progress we've made against our long-term strategic plan. I will now hand the call over to Matt for a discussion of the financials.