Cytek Biosciences Reports Fourth Quarter and Full Year 2024 Financial Results and Provides 2025 Outlook

Core Insights - Cytek Biosciences reported a total revenue of $57.5 million for Q4 2024, a slight decrease of 1.3$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$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$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]