FREMONT, Calif., April 24, 2025 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), today announced it will report financial results for the first quarter 2025 after market close on Thursday, May 8, 2025. The company’s management will webcast a corresponding conference call beginning at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss its results, business developments and outlook. Live audio of the webcast will be available on the “Investors” section of th ...

Core Viewpoint - Cytek Biosciences has launched the Cytek® Muse® Micro cell analyzer, a next-generation instrument that enhances flow cytometry capabilities while being affordable and user-friendly, targeting various markets including cell and gene therapy and drug discovery [1][2][3] Product Features - The Muse Micro cell analyzer builds on the original Muse system, which was the most compact flow cytometer when introduced in 2013, and has a significant installed base globally [2] - It features a 488 nm blue laser, five parameters including forward and side scatter, and three fluorescent channels, making routine assays faster and more accessible [2][5] - The compact design measures 8 in x 10 in (20 cm x 25 cm) and utilizes advanced microcapillary technology for precise cell counts without the need for calibration beads [5] Market Opportunities - The Muse Micro system aims to make advanced cellular instrumentation accessible to smaller labs and resource-limited facilities, thus expanding Cytek's market reach [3] - It is designed for diverse testing environments across industries such as drug discovery, biopharma, and water quality testing, making it suitable for both academic and industrial laboratories [3][4] Company Overview - Cytek Biosciences is a leading cell analysis solutions company known for its Full Spectrum Profiling™ (FSP®) technology, which enhances multiplexing with precision and sensitivity [4] - The company offers a comprehensive suite of solutions including core FSP instruments, reagent preparation systems, and imaging products under various brands [4]

Financial Data and Key Metrics Changes - Full year revenue in 2024 grew 4% over 2023, reaching $200.5 million, driven by strong growth in service revenue and double-digit growth in international markets outside of the U.S. [12] - Adjusted EBITDA for 2024 was $22.4 million, a gain of more than 77% compared to $12.6 million in 2023 [15][54] - Fourth quarter revenue was $57.5 million, essentially flat compared to Q4 2023 after adjusting for the strong appreciation of the U.S. dollar [16][36] - GAAP net income for Q4 was $9.6 million, including a $2.6 million nonrecurring benefit [45] Business Line Data and Key Metrics Changes - Service revenue grew 8% year-over-year in Q4, mainly due to the growth in the total installed base of instruments [16][38] - Product revenue decreased 3% versus Q4 2023 but increased 14% sequentially versus Q3 2024 [37] - Northern Lights CLC unit placements grew by 15% in 2024 compared to 2023, achieving the highest placement growth rate across the product portfolio [33] Market Data and Key Metrics Changes - Total U.S. revenue declined 10% compared to Q4 last year, driven by lower instrument sales [39] - Asia Pacific revenue grew 21%, driven by strong growth in China [39] - Other international markets, primarily Canada and Latin America, also saw strong growth, with revenue reaching $5.3 million in Q4 compared to $1.9 million in the prior year quarter [39] Company Strategy and Development Direction - The company is focused on driving sustainable growth and profitability through technological leadership and excellent user support [13][34] - The recent acquisition of Luminex has diversified the instrument portfolio and enhanced technical capabilities [25][27] - The company aims to solidify its position as a market leader in next-gen cell analysis solutions [34] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative stance on the China market due to a dynamic environment but noted an uptick in orders related to the China stimulus program [16] - The company expects solid growth in service business and good momentum in instrument sales in APAC, despite softer market conditions in the U.S. and EMEA [59][60] - Full year revenue guidance for 2025 is projected to be in the range of $204 million to $212 million, representing overall growth of 2% to 6% over 2024 [60] Other Important Information - The company repurchased approximately 4 million shares for a total cost of approximately $21.6 million in 2024 [56][57] - Cytek Cloud user base grew by more than 160% in 2024, reaching over 16,000 users [30][124] Q&A Session Summary Question: Can you talk about the 8.5% instrument growth and the mix? - Management noted good growth in Northern Lights and expects that momentum to carry forward, but did not provide specific guidance on product categories [66][70] Question: Can you summarize the impact of recent tariffs and export controls? - Management indicated that the company has a flexible global manufacturing system to mitigate potential impacts from tariffs and export controls [76][80] Question: What is the exposure to NIH funding and its impact? - The company estimated that around 5% of total revenue was funded by NIH grants, with a potential 8% reduction in funding [90][92] Question: What are the expectations for service revenue growth in 2025? - Management expects to continue solid growth in service revenues, driven by the growing installed base [114] Question: Is the company open to additional M&A? - Management confirmed openness to M&A, focusing on businesses in existing or adjacent markets that can contribute positive EBITDA within a year [120][121]

Cytek Biosciences (CTKB) Q4 2024 Earnings Call February 28, 2025 02:21 AM ET Company Participants Paul Goodson - Head of IRWenbin Jiang - President, CEO & Chairman of the BoardWilliam McCombe - Chief Financial OfficerNoah Lewis - Equity Research AssociateChad Wiatrowski - VP - Equity ResearchHarrison Parsons - Research Associate Conference Call Participants David Westenberg - Managing Director & Senior Research AnalystNone - AnalystMatt Sykes - Analyst Operator Thank you for standing by and good day everyon ...

Company Performance - Cytek Biosciences, Inc. reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.06 per share, and matching the earnings from a year ago [1] - The company posted revenues of $57.48 million for the quarter ended December 2024, which was 9.49% below the Zacks Consensus Estimate and a decrease from $58.23 million year-over-year [2] - Over the last four quarters, Cytek has surpassed consensus EPS estimates two times and topped consensus revenue estimates twice [2] Stock Movement and Outlook - Cytek Biosciences shares have declined approximately 23% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is -$0.03 on revenues of $48.02 million, with a breakeven estimate on revenues of $222.35 million for the current fiscal year [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Cytek belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Cytek's stock performance [5][6]

Part I [Business](index=6&type=section&id=Item%201.%20Business) Cytek Biosciences specializes in cell analysis solutions using its patented Full Spectrum Profiling technology, generating revenue from instruments, reagents, software, and services globally - **Key Financial Performance (2022-2024)** | Fiscal Year | Revenue (USD Million) | Net Income/(Loss) (USD Million) | | :--- | :--- | :--- | | 2024 | $200.5 | $(6.0) | | 2023 | $193.0 | $(12.1) | | 2022 | $164.0 | $2.5 | - The company's core business revolves around its patented Full Spectrum Profiling (FSP) technology, which offers high-resolution, high-content, and high-sensitivity cell analysis through its Cytek Aurora™ and Northern Lights™ systems[21](index=21&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - In February 2023, Cytek completed the acquisition of the flow cytometry and imaging (FCI) business from Luminex, adding Amnis® and Guava® branded instruments to its portfolio to expand its offerings into new customer segments[27](index=27&type=chunk) - The company's customer base is diversified, with approximately **40% of 2024 revenue from academic and government institutions** and **60% from pharmaceutical companies, biotechnology firms, distributors, and CROs**[144](index=144&type=chunk) [Our Strategy](index=8&type=section&id=Our%20Strategy) Cytek's core strategies include accelerating solution adoption, continuous innovation, investing in integrated workflow solutions, and driving clinical research applications - Cytek's core strategies include accelerating the adoption of its solutions through enhanced sales and marketing infrastructure, continuing innovation to offer best-in-class solutions, including new instruments, reagents, and software, investing in integrated workflow solutions to drive recurring revenue from consumables and services, and driving the development of clinical research applications, particularly in disease detection, diagnosis, and treatment monitoring[33](index=33&type=chunk) [Our Products](index=9&type=section&id=Our%20Products) The company's product portfolio centers on its FSP platform, including Cytek Aurora and Northern Lights systems, complemented by acquired Amnis and Guava cytometers - The company's product portfolio is centered around its FSP platform, including the Cytek Aurora and Northern Lights systems for cell analysis, and the Aurora CS system for cell sorting, complemented by Amnis and Guava imaging and conventional flow cytometers acquired from Luminex[37](index=37&type=chunk)[40](index=40&type=chunk)[44](index=44&type=chunk) - Cytek offers a suite of integrated solutions including instruments, automated sample loaders, reagents (cFluor and Tonbo brands), and proprietary software (SpectroFlo, InCyte, IDEAS) to provide a comprehensive workflow for customers[49](index=49&type=chunk)[50](index=50&type=chunk)[52](index=52&type=chunk) - The Northern Lights-CLC system is registered for clinical use in the European Union (under IVDR) and as a Class II In Vitro Diagnostic Medical Device in China, enabling its use in clinical settings in these regions[39](index=39&type=chunk) [Sales and Marketing](index=12&type=section&id=Sales%20and%20Marketing) Cytek employs a direct sales force in key regions and uses distributors elsewhere, facing lengthy instrument sales cycles - The company utilizes a direct sales force in North America, Europe, and China, and relies on distributors and sales agents in other regions like Latin America, the Middle East, and parts of Asia-Pacific[61](index=61&type=chunk) - The sales cycle for instruments is often lengthy, taking **six months or longer**, due to in-depth customer evaluations and, in some regions, formal tender processes for institutional sales[62](index=62&type=chunk)[63](index=63&type=chunk) [Manufacturing and Supply](index=13&type=section&id=Manufacturing%20and%20Supply) Cytek operates manufacturing facilities globally, including a key site in China, and relies on limited or sole-source suppliers for critical components - Cytek operates manufacturing facilities in Fremont, CA; San Diego, CA; Seattle, WA; Wuxi, China; and Singapore, with the Wuxi facility key for producing clinical-use instruments and reagents[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - The company relies on a limited number of, and in some cases sole source, suppliers for key components such as certain lasers and semiconductors, posing a potential supply chain risk[70](index=70&type=chunk) [Competition](index=13&type=section&id=Competition) Cytek faces significant competition from established life sciences and in vitro diagnostics companies in the cell analysis market - Cytek faces significant competition from established life sciences and in vitro diagnostics companies, including Agilent Technologies, Beckman Coulter (Danaher), Becton, Dickinson and Company, Bio-Rad Laboratories, Standard BioTools, Miltenyi Biotec, Sony Biotechnology, and Thermo Fisher Scientific[71](index=71&type=chunk) [Intellectual Property](index=14&type=section&id=Intellectual%20Property) The company maintains a patent portfolio across key jurisdictions, with U.S. patents expiring between 2025 and 2038 - **Patent Portfolio as of December 31, 2024** | Jurisdiction | Issued Utility Patents | Pending Utility Patent Applications | | :--- | :--- | :--- | | U.S. | 35 | 45 | | Japan | 10 | 4 | | Europe | 7 | 9 | | China | 3 | 9 | | Other International | 7 | 3 | - The company's U.S. issued patents are expected to expire between **2025 and 2038**, and its Chinese subsidiaries also hold a significant number of patents in China[73](index=73&type=chunk) [Human Capital Resources](index=15&type=section&id=Human%20Capital%20Resources) As of December 31, 2024, Cytek employed 648 individuals across various departments, with significant allocations to sales, marketing, and R&D - **Employee Headcount by Department (as of Dec 31, 2024)** | Department | Number of Employees | | :--- | :--- | | Total Employees | 648 | | Research and Development | 164 | | Sales and Marketing | 244 | | Manufacturing and Operations | 177 | | General and Administrative | 63 | [Government Regulation and Product Approval](index=16&type=section&id=Government%20Regulation%20and%20Product%20Approval) Cytek's products are extensively regulated by the FDA and international bodies, with most U.S. products sold for Research Use Only, and subject to data privacy laws - The company's products are subject to extensive regulation by the FDA and other global authorities, covering design, manufacturing, marketing, and sales, with U.S. clinical devices requiring 510(k) clearance, de novo classification, or PMA approval[87](index=87&type=chunk)[89](index=89&type=chunk) - Most of the company's products in the U.S. are sold as Research Use Only (RUO), exempting them from most FDA premarket requirements, though diagnostic intent could lead to enforcement action[97](index=97&type=chunk) - In the European Union, the company must comply with the In Vitro Diagnostic Medical Devices Regulation (IVDR), which establishes a comprehensive framework for device safety, traceability, and surveillance[103](index=103&type=chunk) - The business is also subject to various data privacy and security laws, including GDPR in Europe, PIPL in China, and CCPA in California, which govern the processing of personal data[113](index=113&type=chunk) [Risk Factors](index=23&type=section&id=Item%201A.%20Risk%20Factors) The company faces numerous risks, including limited operating history, reliance on core products and single-source suppliers, intense market competition, internal control weaknesses, and extensive regulatory and legal exposures - **Business & Operational Risks:** The company has a limited operating history, relies heavily on its core Aurora and Northern Lights systems, and depends on single-source suppliers for key components, creating potential for business disruption[122](index=122&type=chunk)[126](index=126&type=chunk)[129](index=129&type=chunk) - **Market & Competition Risks:** The cell analysis market is highly competitive, with success depending on increasing penetration, expanding into new markets like clinical diagnostics, and continuous new product development[123](index=123&type=chunk)[144](index=144&type=chunk)[154](index=154&type=chunk) - **Financial & Control Risks:** The company has identified material weaknesses in its internal control over financial reporting, which could impact financial statement accuracy and timeliness, making future performance difficult to predict[124](index=124&type=chunk)[187](index=187&type=chunk) - **Regulatory & Legal Risks:** Products may become subject to more onerous FDA regulation, and the company is exposed to risks from data privacy laws, anti-corruption laws, and intellectual property litigation, potentially incurring significant costs and penalties[124](index=124&type=chunk)[227](index=227&type=chunk)[240](index=240&type=chunk) [Unresolved Staff Comments](index=68&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[335](index=335&type=chunk) [Cybersecurity](index=68&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity risk management is overseen by the CFO and IT department, with board oversight, involving threat identification, mitigation, and third-party risk management - The company has implemented processes to identify, assess, and manage cybersecurity risks, overseen by the CFO and IT department, with board-level oversight[335](index=335&type=chunk)[336](index=336&type=chunk)[342](index=342&type=chunk) - Management of cybersecurity risks is integrated into the company's overall risk management framework, and the board receives periodic reports on significant threats and mitigation efforts[338](index=338&type=chunk)[346](index=346&type=chunk) [Properties](index=69&type=section&id=Item%202.%20Properties) Cytek's principal executive offices are in a leased Fremont, CA facility, complemented by an owned manufacturing building in Wuxi, China, and other leased global sites - The company's headquarters are in a leased **99,000 sq. ft.** facility in Fremont, CA, with the lease expiring in February 2029[347](index=347&type=chunk) - Cytek owns a **56,000 sq. ft.** manufacturing and office facility in Wuxi, China, and leases additional manufacturing space in Singapore (**8,500 sq. ft.**) and Seattle, WA[348](index=348&type=chunk)[349](index=349&type=chunk)[350](index=350&type=chunk) [Legal Proceedings](index=70&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, notably a patent infringement lawsuit filed by Beckman Coulter, Inc. regarding its core products - The company is currently being sued by Beckman Coulter, Inc. for alleged patent infringement related to its core flow cytometer and cell sorter products, with Cytek vigorously defending itself and filing a counterclaim[649](index=649&type=chunk) [Mine Safety Disclosures](index=70&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[352](index=352&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=71&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Cytek's common stock trades on Nasdaq under 'CTKB,' with no cash dividends planned, and the company executed a share repurchase program in 2024, succeeded by a new authorization in 2025 - The company does not intend to pay cash dividends in the foreseeable future, retaining earnings to finance business growth[357](index=357&type=chunk) - **2024 Share Repurchase Program Summary** | Period | Total Shares Repurchased | Average Price Paid per Share | Remaining Authorization (at period end) | | :--- | :--- | :--- | :--- | | **June 2024** | 444,319 | $5.99 | $47.3M | | **Aug 2024** | 1,113,843 | $5.45 | $41.5M | | **Sep 2024** | 1,080,512 | $5.37 | $35.5M | | **Oct 2024** | 959,007 | $5.12 | $30.5M | | **Nov 2024** | 373,943 | $5.44 | $28.5M | | **Total for Program** | **3,971,624** | **$6.19 (Life to Date)** | **$28.5M** | - A new **$50 million** share repurchase program was approved by the board to commence on January 1, 2025, succeeding the program that expired at the end of 2024[441](index=441&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=74&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In FY2024, Cytek's revenue grew 4% to $200.5 million, driven by service revenue, narrowing its net loss to $6.0 million, while facing inflation and fundraising challenges, ending with $277.9 million in cash - **Consolidated Results of Operations (2023 vs. 2024)** | Metric (in thousands) | 2024 | 2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue, net** | **$200,453** | **$193,015** | **4%** | | Product Revenue | $153,263 | $156,717 | (2)% | | Service Revenue | $47,190 | $36,298 | 30% | | **Gross Profit** | **$111,106** | **$109,426** | **2%** | | Gross Margin | 55% | 57% | (2 p.p.) | | **Loss from Operations** | **$(20,523)** | **$(27,845)** | **(26)%** | | **Net Loss** | **$(6,020)** | **$(12,148)** | **(50)%** | - The **4% revenue growth** in 2024 was primarily driven by a **$10.9 million (30%) increase in service revenue** from a growing installed base of instruments, which offset a **$3.5 million (2%) decrease in product revenue**[412](index=412&type=chunk)[413](index=413&type=chunk)[414](index=414&type=chunk) - Operating expenses decreased by **$5.6 million**, primarily due to a **$4.7 million reduction in R&D expenses** from streamlining efforts, with net loss improving significantly aided by a one-time **$7.3 million benefit** related to a change in estimate for the BD royalty settlement liability[411](index=411&type=chunk)[419](index=419&type=chunk)[425](index=425&type=chunk) - The company ended 2024 with **$277.9 million** in cash, cash equivalents, and short-term investments, up from **$262.7 million** in 2023, with net cash provided by operating activities at **$25.4 million**[431](index=431&type=chunk)[443](index=443&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=88&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are foreign currency fluctuations, particularly the renminbi and euro, with interest rate risk considered minimal due to short-term investments - The company's main market risk is from foreign currency fluctuations, primarily the renminbi and euro, as it expands its international business, with no hedging instruments used to date[478](index=478&type=chunk)[481](index=481&type=chunk)[482](index=482&type=chunk) - Interest rate risk is considered immaterial due to the short-term nature of the company's cash, cash equivalents, and investments, which are primarily in money market funds and bank deposits[479](index=479&type=chunk)[480](index=480&type=chunk) [Financial Statements and Supplementary Data](index=89&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents Cytek's audited consolidated financial statements for 2022-2024, including the auditor's report noting material weaknesses in internal controls, alongside detailed financial position, performance, equity, and cash flow statements - The independent auditor's report issued an adverse opinion on the company's internal control over financial reporting as of December 31, 2024, due to identified material weaknesses, but issued an unqualified (clean) opinion on the financial statements themselves[487](index=487&type=chunk)[678](index=678&type=chunk) [Consolidated Balance Sheets](index=91&type=section&id=Consolidated%20Balance%20Sheets) This section provides a summary of Cytek's financial position, detailing assets, liabilities, and equity as of December 31, 2024 and 2023 - **Key Balance Sheet Data (as of Dec 31)** | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Total Current Assets** | **$396,446** | **$392,060** | | Cash, cash equivalents & marketable securities | $277,890 | $262,741 | | Inventories | $43,893 | $60,877 | | **Total Assets** | **$499,500** | **$494,457** | | **Total Current Liabilities** | **$67,663** | **$56,226** | | **Total Liabilities** | **$103,763** | **$101,393** | | **Total Stockholders' Equity** | **$395,737** | **$393,064** | [Consolidated Statements of Operations and Comprehensive (Loss) Income](index=92&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20%28Loss%29%20Income) This section details Cytek's financial performance, including revenue, gross profit, operating loss, and net loss for fiscal years 2022-2024 - **Statement of Operations Summary** | (in thousands) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Total Revenue, net** | **$200,453** | **$193,015** | **$164,036** | | **Gross Profit** | **$111,106** | **$109,426** | **$100,974** | | **Loss from Operations** | **$(20,523)** | **$(27,845)** | **$(1,804)** | | **Net (Loss) Income** | **$(6,020)** | **$(12,148)** | **$2,484** | | **Net (Loss) Income per Share, basic** | **$(0.05)** | **$(0.09)** | **$0.02** | [Consolidated Statements of Cash Flows](index=94&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes Cytek's cash inflows and outflows from operating, investing, and financing activities for 2023 and 2024 - **Cash Flow Summary (Year Ended Dec 31)** | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) Operating Activities | $25,379 | $5,281 | | Net cash used in Investing Activities | $(82,974) | $(93,894) | | Net cash (used in) provided by Financing Activities | $(15,822) | $(41,812) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(68,885)** | **$(131,870)** | [Notes to Consolidated Financial Statements](index=96&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations of Cytek's accounting policies and significant transactions, including revenue recognition, the Luminex acquisition, and legal settlement revisions - **Revenue Recognition:** Revenue from product sales is recognized at a point in time upon transfer of control, while service revenue from contracts is recognized ratably over the contract term, with transaction prices allocated based on relative standalone selling prices[541](index=541&type=chunk)[542](index=542&type=chunk)[545](index=545&type=chunk) - **Acquisition:** The February 2023 acquisition of Luminex's FCI business for **$44.9 million** was accounted for as a business combination, resulting in **$6.0 million of goodwill** and **$21.8 million of identifiable intangible assets**, primarily customer relationships and developed technology[595](index=595&type=chunk)[599](index=599&type=chunk)[601](index=601&type=chunk) - **Legal Settlement:** In Q4 2024, the company revised its forecast for sales subject to royalties under the BD settlement, resulting in a **$7.3 million reduction** of the legal settlement liability, which was recognized as a benefit to interest income (expense), net[608](index=608&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=128&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable as there were no changes in or disagreements with accountants on accounting and financial disclosure - Not applicable[665](index=665&type=chunk) [Controls and Procedures](index=128&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective as of December 31, 2024, due to material weaknesses in internal control over financial reporting, with a remediation plan underway - Management concluded that disclosure controls and procedures were not effective as of December 31, 2024, due to material weaknesses in internal control over financial reporting[666](index=666&type=chunk)[669](index=669&type=chunk) - Material weaknesses were identified in the control environment and control activities, specifically related to inadequate IT general controls (access security, change management) and ineffective design of journal entry and reconciliation controls[670](index=670&type=chunk)[671](index=671&type=chunk) - A remediation plan is in progress, focusing on augmenting staff, improving control design with external consultants, enhancing training, and strengthening IT systems and controls[673](index=673&type=chunk)[676](index=676&type=chunk) [Other Information](index=132&type=section&id=Item%209B.%20Other%20Information) The company reported no other information required to be disclosed under this item - None[690](index=690&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=132&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[691](index=691&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=133&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance will be incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[694](index=694&type=chunk) [Executive Compensation](index=133&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation will be incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[696](index=696&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=133&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership by major shareholders and management will be incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[696](index=696&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=133&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence will be incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[697](index=697&type=chunk) [Principal Accountant Fees and Services](index=133&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning fees paid to and services provided by the principal accountant will be incorporated by reference from the 2025 Proxy Statement - Information is incorporated by reference from the 2025 Proxy Statement[697](index=697&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=134&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Annual Report on Form 10-K, including consolidated financial statements and required exhibits - This section contains the list of all exhibits filed with the Form 10-K, including material agreements, corporate governance documents, and officer certifications[698](index=698&type=chunk)[700](index=700&type=chunk) [Form 10-K Summary](index=136&type=section&id=Item%2016.%20Form%2010-K%20Summary) A Form 10-K summary was not provided in this report - Not provided[706](index=706&type=chunk)

Financial Results Announcement - Cytek Biosciences, Inc. announced preliminary unaudited revenue for Q4 2024 and full year ended December 31, 2024[4]. - The press release regarding the financial results was issued on January 15, 2025[4]. - The report does not include detailed financial figures or performance metrics in the provided content[4]. - The financial results are not deemed "filed" under the Securities Exchange Act of 1934[5]. Company Information - The company is listed on the Nasdaq Global Select Market under the symbol CTKB[2]. - The company is not classified as an emerging growth company[3]. - The filing does not include any new or revised financial accounting standards compliance[3]. - The report includes an interactive data file as part of the exhibits[7]. - The report was signed by Wenbin Jiang, President and CEO of Cytek Biosciences, Inc.[11]. - The address of the company's principal executive offices is 47215 Lakeview Boulevard, Fremont, California 94538[1].

Core Insights - Cytek Biosciences reported a total revenue of $57.5 million for Q4 2024, a slight decrease of 1.3% from $58.2 million in Q4 2023, but a 1.4% increase on a non-GAAP constant currency basis [4][11] - The company achieved a gross profit of $33.7 million in Q4 2024, reflecting a 1.8% increase from $33.0 million in Q4 2023, with a gross margin improvement to 59% from 57% [5][12] - For the full year 2024, total revenue reached $200.5 million, marking a 3.9% increase over 2023, with adjusted EBITDA rising significantly by 77% to $22.4 million [11][17] Financial Performance - Q4 2024 operating expenses were $30.7 million, with a non-recurring benefit of $2.6 million from a license and royalty settlement adjustment; excluding this, non-GAAP operating expenses remained unchanged from Q4 2023 [6][8] - The net income for Q4 2024 was reported at $9.6 million, which included non-recurring benefits totaling $8.8 million; without these, non-GAAP net income would have been $2.9 million, down from $5.5 million in Q4 2023 [9][10] - For the full year 2024, the net loss was $6.0 million, an improvement from a net loss of $12.1 million in 2023, with total adjusted EBITDA for the year at $22.4 million compared to $12.6 million in 2023 [16][17] Operational Highlights - The installed base of Cytek instruments expanded to 3,034, with 667 new instruments placed during 2024 [7] - A new manufacturing facility was opened in Singapore to enhance capacity and global supply flexibility [17] - The company repurchased 3,971,624 shares at a cost of approximately $21.6 million and announced a new stock repurchase program for up to $50 million in 2025 [7][17] Future Outlook - Cytek expects total revenue for 2025 to be between $204 million and $212 million, indicating a growth of 2% to 6% over 2024 [19]

Company Overview - Cytek Biosciences, Inc. is a leading cell analysis solutions company that specializes in high-resolution, high-content, and high-sensitivity cell analysis using its patented Full Spectrum Profiling™ (FSP™) technology [2][3] - The company's product offerings include the Cytek Aurora™ and Northern Lights™ systems, the Cytek Aurora CS cell sorter, and the Cytek Orion™ reagent cocktail preparation system, among others [2][3] Financial Announcement - Cytek Biosciences will report its financial results for the fourth quarter and full year 2024 after market close on February 27, 2025 [1] - A conference call will be held at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time to discuss the results, business developments, and outlook [1] Communication Channels - The company utilizes its website, LinkedIn page, and X (formerly Twitter) account for distributing information about its products, financial announcements, and other material information [4]

Core Viewpoint - Cytek Biosciences, Inc. anticipates a revenue growth of approximately 4% for the full year 2024, with preliminary revenue estimates between $200 million and $201 million, despite facing foreign exchange challenges [2][3]. Financial Performance - The expected revenue for 2024 is projected to be between $200 million and $201 million, compared to $193 million in 2023, indicating a growth of 4% [2]. - The anticipated revenue for the fourth quarter of 2024 is between $57 million and $58 million, reflecting an 11% to 13% increase from the third quarter of 2024, but a decline of 2% to flat compared to the fourth quarter of 2023 [2]. - The appreciation of the US dollar negatively impacted fourth quarter revenue by approximately $1.5 million [2]. Market Insights - Cytek's revenue in the Asia Pacific and Rest of World markets showed strong growth, although overall fourth quarter results were slightly below expectations due to currency appreciation and order delays [3]. - The company remains optimistic about its long-term potential and business strategy, highlighting a significant opportunity for its advanced cell analysis tools [3]. Upcoming Events - Cytek will present at the 43rd Annual J.P. Morgan Healthcare Conference on January 16, 2025, providing an opportunity for investors to gain insights into the company's performance and strategy [4]. Company Overview - Cytek Biosciences specializes in cell analysis solutions, utilizing its patented Full Spectrum Profiling™ technology to deliver high-resolution and high-sensitivity analysis tools [5]. - The company's product offerings include the Cytek Aurora™ and Northern Lights™ systems, among others, aimed at providing a comprehensive suite of solutions for customers [5].