Core Insights - Cytek Biosciences, a leader in spectral flow cytometry, is set to showcase its advanced solutions at two major industry events, emphasizing the growing demand for deeper cellular insights in cancer research and diagnostics [1][4] Company Overview - Cytek Biosciences specializes in high-resolution, high-content, and high-sensitivity cell analysis tools, utilizing its patented Full Spectrum Profiling™ (FSP) technology [8] - The company's FSP systems have been referenced in over 2,800 peer-reviewed publications, indicating widespread acceptance and application in the research community [2] Technology and Innovation - Cytek's Full Spectrum Profiling™ technology allows for the profiling of more than 40 markers in a single tube, significantly enhancing efficiency and reducing analysis time [7] - The integration of spectral flow cytometry with machine learning is being explored to simplify data analysis and reduce technician workload, as demonstrated in workshops at upcoming conferences [4][6] Industry Events - The European Society for Clinical Cell Analysis (ESCCA) 2025 Conference will take place from September 17 to September 20, 2025, in Montpellier, France, focusing on clinical applications in various fields [3] - The ICCS Annual Meeting & Course will be held from September 28 to September 30, 2025, in Philadelphia, bringing together professionals to advance knowledge in clinical cytometry [5] Leadership and Expertise - Dr. Wenbin Jiang, CEO of Cytek, highlighted the advantages of spectral flow cytometry in enabling laboratories to achieve more with less, thereby allowing scientists to focus on high-skill tasks [7] - Workshops led by experts like Dr. Joseph C. Lownik and Dr. Paul K. Wallace will present innovative approaches to using spectral flow cytometry for accurate diagnosis of leukemia and lymphoma [4][6]

Company Overview - Cytek Biosciences is participating in the Global Healthcare Conference hosted by Morgan Stanley, with CEO Wenbin Jiang and CFO Bill McCombe representing the company [1]. Event Context - The conference is in its third day, indicating a significant platform for companies in the healthcare sector to present their insights and developments [1].

Summary of Cytek Biosciences FY Conference Call Company Overview - **Company**: Cytek Biosciences (NasdaqGS:CTKB) - **Industry**: Life Science Tools, specifically Flow Cytometry Key Accomplishments and Performance - **2025 Performance**: Cytek has managed to navigate unexpected challenges, including export controls and funding reductions, with minimal impact on overall performance [2] - **Instrument Sales Growth**: Core Full Spectrum Profiling (FSP) instruments achieved a 3% year-over-year unit growth despite challenging market conditions [3][5] - **Market Position**: Cytek is recognized as a leader in the flow cytometry market, with its FSP technology becoming the industry standard [4][5] Technology and Product Development - **FSP Technology**: Cytek's FSP technology allows for the analysis of more than 50 colors, significantly surpassing conventional flow cytometers [4] - **Aurora Evo Launch**: The new Aurora Evo instrument was launched, incorporating features tailored to pharmaceutical needs, such as automation and support for small particle analysis [20][22] - **Clinical Market Expansion**: Cytek has received clinical clearance in China and is working towards FDA approval in the U.S. for its clinical products [36][37] Market Dynamics and Trends - **Total Addressable Market (TAM)**: The flow cytometry market has an initial TAM of $7.5 billion, with potential growth to $16 billion as applications expand [6][7] - **Funding Challenges**: The U.S. academic and government markets are experiencing funding pressures, impacting purchase decisions, but signs of stabilization are emerging [11][12] - **Regional Performance**: Strong performance in Asia-Pacific, particularly in China, with increasing market share due to Cytek's established reputation [19][13] Financial Insights - **Revenue Growth**: Service and reagent revenues grew 18% year-over-year in Q2, with a stable relationship between installed base growth and service revenue [29] - **Reagent Market Potential**: Cytek captures less than 10% of the $150 million annual reagent market, with strategies in place to accelerate adoption [30][31] - **Guidance for 2025**: The company expects growth in the range of -2% to +2%, with confidence stemming from strong performance in Asia-Pacific and service sectors [42][43] Competitive Landscape - **Market Competition**: The shift towards full spectrum technology has led to increased competition, but Cytek views this as an endorsement of its leadership rather than a threat [39][40] - **Pricing Strategy**: Cytek maintains a cost-efficient approach, focusing on performance rather than pricing as the primary driver for customer selection [40] Long-term Growth Outlook - **Future Opportunities**: Cytek anticipates significant growth potential as the installed base matures and the clinical market expands [46] - **EBITDA Growth Potential**: High incremental margins on instrument sales suggest substantial EBITDA growth as top-line growth resumes [46] Conclusion - Cytek Biosciences is well-positioned in the flow cytometry market, with innovative technology, a strong market presence, and a clear strategy for growth despite current challenges. The company is focused on expanding its product offerings and market share while navigating funding pressures in key regions.

Summary of Cytek Biosciences (CTKB) Conference Call Industry Overview - The conference focused on advancements in proteomics and cellular research, highlighting the importance of new technologies in these fields [2][3]. Key Companies Discussed - **Cytek Biosciences**: A life science tool company specializing in flow cytometry technology [6]. - **Quantum SI**: A company offering next-generation protein sequencing technology [3]. Core Points and Arguments Technological Advancements - **Quantum SI's Technology**: Introduces next-generation protein sequencing that allows for the study of single amino acid variants and post-translational modifications, which are crucial for understanding disease progression and therapy responses [3][4]. - **Cytek's Full Spectrum Technology**: Enhances flow cytometry by capturing all signals from cells, allowing for the detection of more parameters and improving sensitivity, particularly in cancer studies [6][7][8]. Market Dynamics - **Demand for New Applications**: Both companies noted a shift in customer needs towards more complex studies that traditional technologies could not address [4][5]. - **Challenges in Adoption**: New technologies face skepticism regarding their accuracy and applicability, necessitating proof of concept through data generation in leading research centers [10][11]. Business Management in a Challenging Market - **Financial Resilience**: Quantum SI highlighted its strong balance sheet, allowing it to maintain strategic investments despite market challenges [16][18]. - **Flow Cytometry Market**: Cytek emphasized the ongoing need for flow cytometers in labs, with many existing units nearing replacement, presenting an opportunity for growth [19][20][21]. Replacement Opportunities - **Market Size**: There are approximately 50,000 flow cytometers in use, with many due for replacement, creating a significant market opportunity [22]. - **Key Factors for Replacement**: New technology performance, backward compatibility, and overall cost reduction are critical for capturing replacement opportunities [23][24]. Clinical Market Progress - **Geographic Expansion**: Cytek has received clinical approvals in China and is progressing in Europe, with plans to navigate the more complex FDA approval process in the U.S. [27][28][29]. Future Pipeline and Innovations - **Quantum SI's Proteus Platform**: Expected to launch in 2026, this platform will significantly enhance sequencing capabilities, allowing for more complex sample analysis [36][39]. - **AI Integration**: Both companies are leveraging AI to improve operational efficiency and enhance product capabilities, with Quantum SI focusing on proprietary data to train AI models for better performance [40][41][45]. Additional Important Insights - **Market Disruption**: Cytek views competition as an opportunity to solidify its market leadership, especially in light of disruptions from competitors [25][26]. - **Revenue Growth**: Cytek's revenue growth has outpaced instrument sales, indicating a strong service and reagent business [26]. This summary encapsulates the key discussions and insights from the conference, highlighting the advancements in proteomics and flow cytometry, market dynamics, and future opportunities for both Cytek Biosciences and Quantum SI.

Company Performance - Cytek Biosciences, Inc. reported quarterly earnings of $0.01 per share, exceeding the Zacks Consensus Estimate of a loss of $0.02 per share, and showing improvement from a loss of $0.08 per share a year ago, resulting in an earnings surprise of +150.00% [1] - The company posted revenues of $45.6 million for the quarter ended June 2025, which was 3.3% below the Zacks Consensus Estimate and a decrease from $46.62 million in the same quarter last year [2] - Over the last four quarters, Cytek has surpassed consensus EPS estimates three times but has only topped revenue estimates once [2] Stock Performance - Cytek Biosciences shares have declined approximately 40.2% since the beginning of the year, contrasting with the S&P 500's gain of 7.1% [3] - The current Zacks Rank for Cytek is 4 (Sell), indicating expectations of underperformance in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.02 on revenues of $52.78 million, while for the current fiscal year, it is projected at -$0.01 on revenues of $204.97 million [7] - The outlook for the Medical - Biomedical and Genetics industry, where Cytek operates, is currently in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $45.6 million, a decrease of $1 million or 2.2% compared to Q2 2024, primarily due to lower product revenue in EMEA and APAC, partially offset by strong growth in service revenue worldwide, which grew by 18% [8][22] - Product revenue decreased by 9% year-over-year, driven by a significant decline in EMEA, while US product revenue increased by 2% [22][23] - GAAP gross profit was $23.9 million, a 6% decline versus the prior year, with a gross profit margin of 52% compared to 55% in the prior year quarter [25] Business Line Data and Key Metrics Changes - Recurring revenue businesses reached 32% of trailing twelve-month sales in Q2, growing by 16% year-over-year, with service and reagent revenue each increasing by 18% [9][10] - FSP unit volume grew by 3% in Q2, led by AURORA analyzers, with particular strength in the US showing 10% year-over-year growth [10][11] - Service revenue continued to deliver strong growth of 18% in Q2 versus the prior year and 21% for the first half [24] Market Data and Key Metrics Changes - Total US revenue was up 7% over the prior year, driven by service and reagents, while EMEA revenue declined by 11% due to lower instrument sales [11][24] - APAC sales declined following a strong Q1, primarily due to longer sales cycles, but showed solid growth on a year-over-year basis [12] - The rest of the world region, including Canada and Latin America, delivered single-digit percentage revenue growth compared to last year's second quarter [12] Company Strategy and Development Direction - The company aims to solidify its market leadership in next-gen cell analysis solutions through innovation and differentiated offerings, including the launch of the Cytec Aurora EVO system [17][31] - The focus remains on expanding the installed base globally, which is expected to drive growth in instrument revenue and sustainable recurring revenue in service and reagent businesses [31][32] - The company is open to M&A opportunities that have synergy potential, while also investing in organic growth through its reagent and service segments [48][50] Management's Comments on Operating Environment and Future Outlook - Management noted that the capital equipment spending environment remains challenging, particularly in the academic and government sectors, but expects a recovery over time [14][32] - The company narrowed its full-year 2025 revenue guidance to a range of $196 million to $205 million, reflecting overall growth of -2% to +2% compared to 2024 [29] - Management expressed confidence in the growth of recurring revenue streams and the core business despite the current market challenges [29][30] Other Important Information - The installed instrument base grew by 146 units in Q2, bringing the total to 3,295 units, indicating steady expansion across a diverse customer base [15][16] - The company reported a positive free cash flow of $900,000 in Q2, despite stock repurchases totaling $4.5 million [28] Q&A Session Summary Question: How is the Flow Cytometry market performing and are there any competitive concerns? - Management indicated that the overall flow cytometry market is experiencing a downturn due to funding challenges, but the company continues to grow its core business and unit volume [34][35] Question: How comfortable is the company with the second half guidance? - Management expects stronger performance in the second half, driven by recurring revenue growth, while capital spending is anticipated to be back-end weighted [40][41] Question: Is the company open to M&A opportunities? - Management confirmed openness to M&A, focusing on opportunities with synergy potential in existing markets or adjacencies [48][49] Question: What is the expected contribution from new products like AURORA EVO? - AURORA EVO is expected to be a significant contributor to revenue, supporting margins, while MUSE Micro is not expected to have a major impact on margins [64][65] Question: What are the drivers of service revenue growth? - Service revenue growth is driven by the installed base, with expectations that this growth will continue based on past performance [66][67]

PART I FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited interim consolidated financial statements for Cytek Biosciences, Inc. as of June 30, 2025, show a net loss of $17.0 million and a slight decrease in total assets [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $493.3 million as of June 30, 2025, driven by reduced cash, while liabilities increased and stockholders' equity declined due to net losses Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $75,470 | $98,716 | | Marketable securities | $186,552 | $179,145 | | Total current assets | $382,825 | $396,446 | | Total assets | $493,320 | $499,500 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $73,270 | $67,663 | | Total liabilities | $115,763 | $103,763 | | Total stockholders' equity | $377,557 | $395,737 | | Total liabilities and stockholders' equity | $493,320 | $499,500 | [Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Total revenue decreased 5% to $87.1 million for the six months ended June 30, 2025, resulting in a wider net loss of $17.0 million Statement of Operations Summary (in thousands, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Product Revenue | $59,525 | $68,698 | | Service Revenue | $27,534 | $22,779 | | **Total Revenue, net** | **$87,059** | **$91,477** | | Gross Profit | $44,024 | $48,449 | | Loss from Operations | $(25,598) | $(19,260) | | **Net Loss** | **$(16,985)** | **$(16,603)** | | Net Loss Per Share (basic & diluted) | $(0.13) | $(0.13) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was $17,000 for the six months ended June 30, 2025, with significant cash outflows from investing and financing activities Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(17) | $10,161 | | Net cash used in investing activities | $(6,961) | $(3,732) | | Net cash used in financing activities | $(14,147) | $(98) | | **Net (decrease) increase in cash** | **$(23,275)** | **$10,288** | - The significant cash used in financing activities during the first six months of 2025 was driven by **$15.1 million** in share repurchases[16](index=16&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, revenue disaggregation, the 2023 FCI Acquisition, legal proceedings, share repurchases, and material weaknesses in internal controls - The company operates as a single reportable segment, providing cell analysis solutions with its Full Spectrum Profiling (FSP) technology, expanded by the **2023 FCI Business acquisition**[19](index=19&type=chunk) Revenue Disaggregation - Six Months Ended June 30 (in thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | **Sales Channel** | | | | Direct sales channel | $63,439 | $68,869 | | Distributor channel | $23,620 | $22,608 | | **Customer Mix** | | | | Academia and government | $38,886 | $38,643 | | Biotechnology, pharmaceutical, etc. | $48,173 | $52,834 | - The company's ongoing share repurchase program, authorized for up to **$50 million**, saw **3.3 million shares repurchased for $15.1 million** as of June 30, 2025, with **$35.0 million remaining**[122](index=122&type=chunk) - A patent infringement lawsuit filed by Beckman Coulter, Inc. in August 2024 alleges that Cytek's Aurora and Northern Lights products infringe on their patents, with a trial scheduled for August 17, 2026[152](index=152&type=chunk) - In July 2025, the company initiated a plan to transition manufacturing operations from Seattle to Singapore by the end of fiscal year 2025 to optimize efficiency and reduce costs[164](index=164&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 5% revenue decrease, declining gross margin, increased operating expenses due to litigation, and macroeconomic challenges impacting sales [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Total revenue decreased 5% to $87.1 million, driven by a 13% decline in product revenue, while operating loss widened due to increased general and administrative expenses Revenue Comparison - Six Months Ended June 30 (in thousands) | Revenue Type | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Product | $59,525 | $68,698 | $(9,173) | (13)% | | Service | $27,534 | $22,779 | $4,755 | 21% | | **Total** | **$87,059** | **$91,477** | **$(4,418)** | **(5)%** | - The **13% decrease in product revenue** for the first six months of 2025 was primarily due to lower sales in EMEA and the United States, partially offset by growth in the APAC market[214](index=214&type=chunk) - General and administrative expenses increased by **$3.3 million (14%)** for the six months ended June 30, 2025, primarily due to ongoing patent litigation expenses[223](index=223&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$262.0 million** in cash and investments as of June 30, 2025, deemed sufficient for the next 12 months, despite significant share repurchases - As of June 30, 2025, cash, cash equivalents, and short-term investments totaled approximately **$262.0 million**[229](index=229&type=chunk) - The company has an "at the market" sales agreement to sell up to **$150.0 million** of its common stock, with no sales made under this agreement as of the report date[235](index=235&type=chunk) - Management believes existing cash and anticipated cash flows will be sufficient to meet capital needs for at least the next 12 months[233](index=233&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk stems from foreign currency fluctuations, especially the renminbi and euro, while interest rate risk is considered immaterial - The company's main market risk is foreign currency fluctuations, primarily from the renminbi and the euro, due to its global revenue streams[251](index=251&type=chunk) - Interest rate risk is not considered material because cash and investments are held in short-term instruments[249](index=249&type=chunk)[250](index=250&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective as of June 30, 2025, due to material weaknesses in IT controls and financial reporting procedures, with a remediation plan underway - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were **not effective** due to material weaknesses in internal controls[254](index=254&type=chunk) - Identified material weaknesses include inadequate general information technology controls (GITCs) and ineffective design and/or review procedures for journal entries and balance sheet account reconciliations[256](index=256&type=chunk) - A remediation plan is in progress, involving hiring qualified personnel, revising control designs with external consultants, and expanding training and monitoring[257](index=257&type=chunk)[259](index=259&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 18 for details on ongoing legal proceedings, including a patent infringement lawsuit by Beckman Coulter, Inc - The company is involved in legal proceedings, with details provided in Note 18 of the financial statements[263](index=263&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) Key risks include limited operating history, product dependence, supply chain reliance, international trade issues, internal control weaknesses, and intellectual property litigation - The company has a limited operating history and is highly dependent on a small number of products (Cytek Aurora, Northern Lights, Aurora CS), which have substantial sales cycles[265](index=265&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) - Reliance on single and sole-source suppliers for key components without long-term contracts poses a significant supply chain risk[265](index=265&type=chunk)[272](index=272&type=chunk) - International operations are subject to risks including tariffs, export controls, and sanctions, with new US government license requirements for exports to countries like China potentially impacting sales and R&D[266](index=266&type=chunk)[285](index=285&type=chunk) - The company has identified material weaknesses in its internal control over financial reporting, which could prevent the accurate or timely reporting of its financial condition[269](index=269&type=chunk)[330](index=330&type=chunk) - The company faces risks from intellectual property litigation, including claims that could prevent product sales or require costly licenses, with an ongoing lawsuit with Beckman Coulter noted[427](index=427&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=91&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,214,005 shares** for **$3.71 per share** during Q2 2025 under its **$50 million** program, with **$35 million** remaining Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Repurchased | Average Price Paid ($) | | :--- | :--- | :--- | | April 2025 | 939,946 | 3.72 | | May 2025 | 274,059 | 3.65 | | June 2025 | — | — | | **Total** | **1,214,005** | **3.71** | - As of June 30, 2025, approximately **$35.0 million** remained authorized for purchase under the company's stock repurchase program, expiring on December 31, 2025[481](index=481&type=chunk)

[Second Quarter 2025 Overview](index=1&type=section&id=second-quarter-2025-overview) This section summarizes key financial and operational achievements and strategic direction for the quarter [Second Quarter Highlights](index=1&type=section&id=second-quarter-highlights) Cytek Biosciences reported a 2% decrease in total revenue for Q2 2025, reaching $45.6 million, primarily due to lower product revenue in EMEA and APAC, offset by growth in service revenue and U.S. product revenue | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----------------------- | :-------- | :-------- | :----------- | | Total Revenue | $45.6M | $46.6M | -2% | | Recurring Revenue Growth | - | - | +16% | - Expanded total installed base to **3,295 Cytek instruments**, adding **146 units** in Q2 2025, representing **3% unit growth** of Cytek FSP® instruments compared to Q2 2024[8](index=8&type=chunk) - Launched the Cytek Aurora™ Evo system, a new full spectrum flow cytometer with faster sample throughput, automated startup/shutdown, enhanced resolution for small particle detection, and data harmonization[8](index=8&type=chunk) - Repurchased **$4.5 million** of Cytek common stock in open market purchases during the second quarter of 2025[8](index=8&type=chunk) [CEO Commentary and Strategic Focus](index=1&type=section&id=ceo-commentary-and-strategic-focus) Dr. Wenbin Jiang, CEO, highlighted steady growth in FSP unit placements and recurring revenue despite a challenging macro environment - Achieved steady growth in FSP unit placements and recurring revenue businesses despite a challenging macro environment[4](index=4&type=chunk) - Launched the Cytek Aurora Evo system, expected to accelerate broader adoption of solutions[4](index=4&type=chunk) - Strategic focus includes expanding the installed base globally, growing recurring revenue through service and reagent businesses, and strengthening market leadership through innovation[5](index=5&type=chunk) [Second Quarter 2025 Financial Results (GAAP)](index=1&type=section&id=second-quarter-2025-financial-results-gaap) This section details the company's GAAP financial performance for the quarter, including revenue, gross profit, operating expenses, and net loss [Revenue and Gross Profit Analysis](index=1&type=section&id=revenue-and-gross-profit-analysis) Total revenue for Q2 2025 decreased by 2% year-over-year to $45.6 million, primarily due to lower product revenue in EMEA and APAC, partially offset by growth in service revenue and U.S. product revenue | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :-------------------- | :--------------------- | :--------------------- | :----------- | | Total Revenue, net | $45,602 | $46,617 | -2% | | Product Revenue | $31,415 | $34,576 | -9.1% | | Service Revenue | $14,187 | $12,041 | +17.8% | | GAAP Gross Profit | $23,867 | $25,436 | -6.2% | | GAAP Gross Profit Margin | 52% | 55% | -3 ppts | [Operating Expenses and Profitability](index=2&type=section&id=operating-expenses-and-profitability) Operating expenses increased by 2% to $34.5 million in Q2 2025, leading to an increased loss from operations of $10.6 million and a net loss of $5.6 million | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :-------------------------- | :--------------------- | :--------------------- | :----------- | | Total Operating Expenses | $34,491 | $33,963 | +1.5% | | Research and Development | $8,826 | $10,001 | -11.8% | | Sales and Marketing | $12,134 | $12,268 | -1.1% | | General and Administrative | $13,531 | $11,694 | +15.7% | | Loss from Operations | $(10,624) | $(8,527) | +24.6% | | Net Loss | $(5,583) | $(10,434) | -46.5% | [Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=consolidated-statements-of-operations) This section presents the unaudited consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025, and June 30, 2024 | (In thousands, except share and per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :---------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | **Revenue, net:** | | | | | | Product | $31,415 | $34,576 | $59,525 | $68,698 | | Service | 14,187 | 12,041 | 27,534 | 22,779 | | **Total revenue, net** | **45,602** | **46,617** | **87,059** | **91,477** | | **Cost of sales:** | | | | | | Product | 14,921 | 15,808 | 30,450 | 32,554 | | Service | 6,814 | 5,373 | 12,585 | 10,474 | | **Total cost of sales** | **21,735** | **21,181** | **43,035** | **43,028** | | **Gross profit** | **23,867** | **25,436** | **44,024** | **48,449** | | **Operating expenses:** | | | | | | Research and development | 8,826 | 10,001 | 18,550 | 19,796 | | Sales and marketing | 12,134 | 12,268 | 24,643 | 24,811 | | General and administrative | 13,531 | 11,694 | 26,429 | 23,102 | | **Total operating expenses** | **34,491** | **33,963** | **69,622** | **67,709** | | **Loss from operations** | **(10,624)** | **(8,527)** | **(25,598)** | **(19,260)** | | **Other income (expense), net** | **3,849** | **1,341** | **7,557** | **3,081** | | **Loss before income taxes** | **(6,775)** | **(7,186)** | **(18,041)** | **(16,179)** | | **(Benefit from) provision for income taxes** | **(1,192)** | **3,248** | **(1,056)** | **424** | | **Net loss** | **$(5,583)** | **$(10,434)** | **$(16,985)** | **$(16,603)** | | **Net loss per share, basic and diluted** | **$(0.04)** | **$(0.08)** | **$(0.13)** | **$(0.13)** | | **Net comprehensive loss** | **$(5,013)** | **$(9,075)** | **$(17,040)** | **$(15,523)** | [Balance Sheet and Liquidity](index=2&type=section&id=balance-sheet-and-liquidity) This section provides an overview of the company's financial position, including assets, liabilities, equity, and cash and marketable securities [Consolidated Balance Sheets](index=7&type=section&id=consolidated-balance-sheets) This section presents the unaudited consolidated balance sheets as of June 30, 2025, and the audited balance sheets as of December 31, 2024 | (In thousands, except share and per share data) | June 30, 2025 (unaudited) | December 31, 2024 (audited) | | :---------------------------------------------- | :------------------------ | :-------------------------- | | **Assets** | | | | Current assets: | | | | Cash and cash equivalents | $75,470 | $98,716 | | Marketable securities | 186,552 | 179,145 | | Total current assets | $382,825 | $396,446 | | Total assets | $493,320 | $499,500 | | **Liabilities and stockholders' equity** | | | | Total current liabilities | 73,270 | $67,663 | | Total liabilities | $115,763 | $103,763 | | Total stockholders' equity | $377,557 | $395,737 | | Total liabilities and stockholders' equity | $493,320 | $499,500 | [Cash and Marketable Securities](index=2&type=section&id=cash-and-marketable-securities) As of June 30, 2025, Cytek's cash and marketable securities totaled $262.0 million, a decrease of $3.6 million from March 31, 2025 | Metric | June 30, 2025 | March 31, 2025 | Change | | :-------------------------- | :------------ | :------------- | :----- | | Cash and marketable securities | $262.0M | $265.6M | -$3.6M | - The decrease of **$3.6 million** in cash and marketable securities occurred despite a **$4.5 million** cash expenditure for the repurchase of Cytek shares during the second quarter[14](index=14&type=chunk) [Non-GAAP Financial Measures](index=1&type=section&id=non-gaap-financial-measures) This section presents and reconciles non-GAAP financial metrics, such as adjusted gross profit and EBITDA, to provide additional insights into operational performance [Adjusted Gross Profit and Margin](index=1&type=section&id=adjusted-gross-profit-and-margin) Adjusted gross profit for Q2 2025 was $25.5 million, a 6.2% decrease from Q2 2024, with the adjusted gross profit margin at 56% | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :-------------------------- | :--------------------- | :--------------------- | :----------- | | Non-GAAP Adjusted Gross Profit | $25,458 | $27,139 | -6.2% | | Non-GAAP Adjusted Gross Margin | 56% | 58% | -2 ppts | [Adjusted EBITDA](index=2&type=section&id=adjusted-ebitda) Adjusted EBITDA for Q2 2025 was $1.3 million, a decrease from $2.9 million in Q2 2024, with Adjusted EBITDA excluding investment income showing a loss of $0.8 million | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :------------------------------------ | :--------------------- | :--------------------- | :----------- | | Non-GAAP Adjusted EBITDA | $1,270 | $2,947 | -56.9% | | Non-GAAP Adjusted EBITDA (excl. investment income) | $(778) | $1,046 | -174.4% | [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=reconciliation-of-gaap-to-non-gaap-measures) This section provides a detailed reconciliation of GAAP financial measures to non-GAAP measures for the three months ended June 30, 2025 and 2024 | (In thousands) | June 30, 2025 | June 30, 2024 | | :------------------------------------ | :------------ | :------------ | | GAAP Gross profit | $23,867 | $25,436 | | Stock based compensation | $1,110 | $1,200 | | Amortization of acquisition-related intangible assets | $481 | $503 | | **Non-GAAP Adjusted gross profit** | **$25,458** | **$27,139** | | GAAP Gross margin | 52% | 55% | | **Non-GAAP Adjusted gross margin** | **56%** | **58%** | | GAAP Net income | $(5,583) | $(10,434) | | Depreciation and amortization | $2,988 | $2,479 | | Provision for (benefit from) income taxes | $(1,192) | $3,248 | | Interest income | $(555) | $(1,416) | | Interest expense | $414 | $134 | | Foreign currency exchange loss (gain) | $(1,593) | $1,784 | | Stock based compensation | $6,791 | $7,152 | | **Non-GAAP Adjusted EBITDA** | **$1,270** | **$2,947** | | Investment income | $(2,048) | $(1,901) | | **Non-GAAP Adjusted EBITDA excluding investment income** | **$(778)** | **$1,046** | [2025 Financial Outlook](index=2&type=section&id=2025-financial-outlook) This section outlines the company's updated revenue guidance and growth expectations for the full fiscal year 2025 [2025 Revenue Guidance](index=2&type=section&id=2025-revenue-guidance) Cytek Biosciences has narrowed its full-year 2025 revenue guidance to a range of $196 million to $205 million, representing a growth rate of -2% to +2% over full-year 2024 | Metric | 2025 Guidance | | :-------------------- | :------------ | | Full Year Revenue | $196M - $205M | | YoY Growth Rate | -2% to +2% | [Company Information](index=2&type=section&id=company-information) This section offers background on Cytek Biosciences, its technology, product portfolio, and contact details for media and investors [About Cytek Biosciences, Inc.](index=2&type=section&id=about-cytek-biosciences-inc) Cytek Biosciences is a leading cell analysis solutions company known for its patented Full Spectrum Profiling™ (FSP®) technology, enabling high-resolution, high-content, and high-sensitivity cell analysis - Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company[17](index=17&type=chunk) - Utilizes patented Full Spectrum Profiling™ (FSP®) technology for high-resolution, high-content, and high-sensitivity cell analysis[17](index=17&type=chunk) - Product platforms include FSP instruments (Cytek Aurora™, Northern Lights™, Cytek Aurora™ CS, Cytek Aurora™ Evo), Cytek Orion™ reagent system, Enhanced Small Particle™ (ESP™) detection technology, Amnis® and Guava® brands, and associated reagents, software, and services[17](index=17&type=chunk)[18](index=18&type=chunk) - Cytek's products are for research use only, with exceptions for clinical use in China and the EU for the Northern Lights-CLC system and certain reagents[19](index=19&type=chunk) [Webcast Information](index=2&type=section&id=webcast-information) Cytek will host a conference call and webcast on Wednesday, August 6, 2025, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its second quarter 2025 financial results - Conference call and webcast to be held on Wednesday, August 6, 2025, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time[16](index=16&type=chunk) - Webcast access available at investors.cytekbio.com[16](index=16&type=chunk) [Disclosure Channels](index=3&type=section&id=disclosure-channels) Cytek utilizes its website, LinkedIn page, and X (formerly Twitter) account as official channels for distributing material information about the company - Cytek uses its website (www.cytekbio.com), LinkedIn page, and X (formerly Twitter) account as channels for distributing information[20](index=20&type=chunk) - These channels are used to comply with disclosure obligations under Regulation FD, and investors should monitor them alongside SEC filings and news releases[20](index=20&type=chunk) [Media and Investor Contacts](index=5&type=section&id=media-and-investor-contacts) Contact information is provided for media inquiries through Stephanie Olsen of Lages & Associates and for investor relations through Paul Goodson - Media Contact: Stephanie Olsen, Lages & Associates, (949) 453-8080, stephanie@lages.com[24](index=24&type=chunk) - Investor Contact: Paul Goodson, Head of Investor Relations, Cytek Biosciences, pgoodson@cytekbio.com[24](index=24&type=chunk) [Legal and Financial Disclosures](index=3&type=section&id=legal-and-financial-disclosures) This section contains important cautionary statements regarding non-GAAP financial information and forward-looking statements, highlighting associated risks [Statement Regarding Use of Non-GAAP Financial Information](index=3&type=section&id=statement-regarding-use-of-non-gaap-financial-information) Cytek presents non-GAAP financial measures, such as Adjusted gross profit and Adjusted EBITDA, to supplement GAAP results, aiding in performance comparison and benchmarking - Non-GAAP financial measures (Adjusted gross profit, Adjusted gross profit margin, Adjusted EBITDA, and Adjusted EBITDA excluding investment income) are presented to supplement U.S. GAAP results[21](index=21&type=chunk) - Management uses non-GAAP measures to exclude certain non-cash and other expenses not indicative of core operating results, aiding in performance comparison and external benchmarking[21](index=21&type=chunk) - Investors are encouraged to carefully consider GAAP results and the provided reconciliations to fully understand the business[21](index=21&type=chunk) [Forward-Looking Statements](index=4&type=section&id=forward-looking-statements) This section contains a cautionary statement regarding forward-looking statements, which are subject to various known and unknown risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements subject to risks, uncertainties, and other factors that may cause actual results to differ materially[22](index=22&type=chunk) - Key risk factors include global geopolitical, economic, and market conditions; impacts of export controls, tariffs, and NIH funding policies; ability to forecast demand, manage growth, and maintain relationships; competition; and intellectual property protection[22](index=22&type=chunk) - Cytek disclaims any obligation to update forward-looking statements, except as required by law, and advises against relying on them as of any date subsequent to the press release date[23](index=23&type=chunk)

Core Insights - Cytek Biosciences reported a total revenue of $45.6 million for Q2 2025, reflecting a 2% decrease compared to Q2 2024, primarily due to lower product revenue in EMEA and APAC regions, although service revenue showed growth globally and in the U.S. [5][10] - The company launched the Cytek Aurora Evo system, which is expected to enhance the adoption of its solutions and strengthen its market position [3][10] - Cytek's total recurring revenue, which includes service and reagent revenues, grew by 16% year-over-year, accounting for 32% of the total revenue over the last 12 months [10] Financial Performance - GAAP gross profit for Q2 2025 was $23.9 million, a 6% decrease from Q2 2024, with a gross profit margin of 52% compared to 55% in the previous year [6][10] - Operating expenses increased by 2% to $34.5 million, with R&D expenses decreasing by 12% to $8.8 million, while general and administrative expenses rose by 16% to $13.5 million [7][8] - The net loss for Q2 2025 was $5.6 million, an improvement from a net loss of $10.4 million in Q2 2024 [8][10] Market Outlook - The company narrowed its 2025 revenue guidance to a range of $196 million to $205 million, indicating a potential growth of -2% to +2% compared to 2024 [12] - Cytek aims to expand its installed base globally and enhance recurring revenue through its service and reagent businesses, while focusing on innovation to redefine industry standards [4][10]

Core Viewpoint - Cytek Biosciences, Inc. will report its financial results for Q2 2025 on August 6, 2025, followed by a conference call to discuss the results and business outlook [1]. Company Overview - Cytek Biosciences is a leading company in cell analysis solutions, utilizing its patented Full Spectrum Profiling™ (FSP) technology to deliver high-resolution and high-sensitivity cell analysis tools [2]. - The company's product offerings include FSP instruments such as Cytek Aurora™, Northern Lights™, and Cytek Orion™, along with various reagents, software, and services [2]. - Cytek is headquartered in Fremont, California, with a global presence through offices and distribution channels [2]. Product Usage - Cytek's products are intended for research use only, with specific exceptions for clinical use in China and the European Union for certain systems and reagents [3]. Information Distribution - The company utilizes its website, LinkedIn, and X (formerly Twitter) for distributing material information and compliance with disclosure obligations under Regulation FD [4].