Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $44.9 million, a 21% increase compared to Q1 2023 [32] - Organic revenue grew 11% in Q1 2024, reaching $37.3 million, excluding revenue from the acquired Luminex business [32] - Gross profit was $23 million for Q1 2024, a 9% increase from $21 million in Q1 2023, with a GAAP gross profit margin of 51% compared to 57% in the prior year [8][34] - Net loss for Q1 2024 was $6.2 million, an improvement from a loss of $6.8 million in the prior year [34] - Adjusted gross profit margin was 55% in Q1 2024, down from 59% in the prior year [33] Business Line Data and Key Metrics Changes - The company sold 99 organic Cytek instruments in Q1 2024, bringing the total installed base to 2,247 instruments [15] - Research and development expenses were flat at $9.8 million compared to $10 million in the prior year [20] - Sales and marketing expenses increased to $12.5 million in Q1 2024 from $11.1 million in the prior year, primarily due to increased headcount [20] Market Data and Key Metrics Changes - The company experienced increased strength in Europe and China, with customers returning to previous buying patterns [2] - In the US and APAC (excluding China), elongated sales cycles continued to be observed [2] Company Strategy and Development Direction - The company aims to strengthen its competitive position by focusing on revenue growth, margin expansion, and capital efficiencies [26] - A new 50,000 square foot facility was opened in Wuxi, China, to increase manufacturing capacity and operational efficiencies [16] - The company is committed to advancing next-generation cell analysis solutions and addressing the needs of customers in various healthcare fields [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the return of purchasing patterns in Europe and China, while acknowledging ongoing challenges in the US and APAC [74] - The company expects modest growth across all product and service lines, with most growth weighted towards the second half of the year [50] - Revenue guidance for 2024 is reiterated at $203 million to $213 million, representing 5% to 10% growth over 2023 [35] Other Important Information - The company launched a special panel software package at the CYTO conference, aimed at enhancing the usability of its instruments [7] - Cash from operations for Q1 2024 was positive at $4 million, with total cash and marketable securities increasing to $270.4 million [49] Q&A Session Summary Question: What is the current growth seen in China and Europe? - Management noted that growth is primarily from the academic space, particularly in universities and research institutions, with expectations for benefits from a new stimulus program in the future [38] Question: Are there any competitive pricing pressures from peers? - Management acknowledged the presence of elongated purchasing cycles in North America and APAC but did not indicate significant price discounting from competitors [40] Question: What factors contributed to the decline in gross margin? - The decline was attributed to unusual inventory adjustments from the integration of Luminex inventories and higher overhead expenses relative to revenue [45][47] Question: How is the new facility impacting customer demand? - The facility is designed to support product manufacturing across the board, enhancing the company's ability to meet rising global demand [80] Question: What is the outlook for reagent rentals and their impact on revenue? - Reagent rental is currently a small portion of the business, but there are expectations for growth as the clinical business expands [54][79]

Cytek Biosciences, Inc. (CTKB) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 80%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced earnings of $0.07, delivering a surprise of 133.33%.Over the last four quarters, the comp ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION FORM 10-Q CYTEK BIOSCIENCES, INC. (Exact name of Registrant as specified in its Charter) _______________________________________________________ Registrant's telephone number, including area code: (877) 922-9835 _______________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share CTKB The N ...

Cytek Biosciences Reports First Quarter 2024 Financial Results FREMONT, Calif., May 8, 2024 (GLOBE NEWSWIRE) — Cytek® Biosciences, Inc. ("Cytek Biosciences" or "Cytek") (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the first quarter ended March 31, 2024. Recent Highlights • Total revenue was $44.9 million, representing a 21% increase over the corresponding period of 2023 • Organic revenue was $37.3 million, representing an increase of 11% compared to the fir ...

FREMONT, Calif., April 30, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (Nasdaq: CTKB), a leading cell analysis solutions company, continues its commitment to advancing the cell analysis market by actively participating in key industry gatherings worldwide. The company's Full Spectrum Profiling™ (FSP™) technology, designed for streamlining workflows, expediting discoveries, and enhancing efficiency, will be prominently featured at both CYTO 2024 and AAI’s IMMUNOLOGY2024. The company's distinctive approa ...

FREMONT, Calif., April 30, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (NASDAQ:CTKB), a leading cell analysis solutions company, continues its commitment to advancing the cell analysis market by actively participating in key industry gatherings worldwide. The company's Full Spectrum Profiling™ (FSP™) technology, designed for streamlining workflows, expediting discoveries, and enhancing efficiency, will be prominently featured at both CYTO 2024 and AAI's IMMUNOLOGY2024. The company's distinctive approac ...

FREMONT, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (NASDAQ:CTKB), a leading cell analysis solutions company, today announced it will report financial results for the first quarter 2024 after market close on Wednesday, May 8th, 2024. 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" s ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Cytek Biosciences, Inc. (CTKB) .Cytek Biosciences currently has a ...

A downtrend has been apparent in Cytek Biosciences, Inc. (CTKB) lately with too much selling pressure. The stock has declined 7.3% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indi ...

Shares of Cytek Biosciences, Inc. (CTKB) have gained 0.7% over the past four weeks to close the last trading session at $6.91, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $10.20 indicates a potential upside of 47.6%.The mean estimate comprises five short-term price targets with a standard deviation of $1.10. While the lowest estimate of $9 indicates a 30.3% increase from the ...