Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $52.3 million, a year-over-year increase of 2% compared to Q3 2024, driven by strong growth in Asia-Pacific and recurring revenue from services and reagents [6][17][19] - Product revenue, which includes instruments and reagents, decreased by 4% year-over-year, primarily due to a 26% decline in EMEA, offset by a 19% growth in APAC [17][19] - Net loss for Q3 was $5.5 million, compared to a net income of $0.9 million in the prior year quarter, driven by higher operating losses and lower net other income [23][24] Business Line Data and Key Metrics Changes - Instrument revenue to pharma and biotech customers grew 12% worldwide, with a 10% increase in the U.S., driven by the launch of the Aurora EVOS instrument [8][17] - Service revenue grew 19% year-over-year, supported by an expanding installed base and strong utilization of products [19][24] - Reagent revenue achieved its highest-ever quarterly revenue in Q3, representing a 21% growth over the prior year quarter [18][19] Market Data and Key Metrics Changes - U.S. revenue grew 12% in Q3 compared to the prior year, driven by service revenue growth, while EMEA experienced a 28% decline due to lower instrument revenue [19][24] - APAC, including China, saw a 25% increase in revenue, driven by growth in instruments, service, and reagents [19][24] - The Rest of World regions, including Canada and Latin America, achieved double-digit overall revenue growth compared to the third quarter of last year [8] Company Strategy and Development Direction - The company is focused on expanding its global footprint and enhancing its product offerings, including the introduction of the Aurora EVOS analyzer, which has received a strong reception [11][12] - Cytek is committed to driving growth in its reagent product line and has expanded its European headquarters to improve operational efficiency [12][13] - The company aims to leverage its Cytek Cloud platform to enhance customer experience and drive growth in its reagent and service businesses [14][15] Management's Comments on Operating Environment and Future Outlook - Management noted that the U.S. market is showing signs of stabilization, while EMEA remains challenged due to shifts in public spending priorities [25][40] - The company expects continued strong growth in instruments in APAC and stabilization in U.S. instruments, with a reaffirmed full-year 2025 revenue outlook of $196 million to $205 million [24][25] - Management believes that the clinical market represents an attractive business opportunity, particularly with the approval of Cytek's Northern Lights CLC system for clinical use in the EU [16] Other Important Information - The company reported a GAAP gross profit of $27.6 million, a 5% decrease from Q3 2024, with a gross margin of 53% [19][20] - Operating expenses increased by 10% year-over-year, primarily due to higher general and administrative expenses related to legal costs [20][22] - Free cash flow was slightly negative at minus $0.3 million, reducing total cash and marketable securities to $261.7 million [24] Q&A Session Summary Question: Differences in the Aurora EVO product compared to others in the market - Management highlighted that the Aurora EVO includes features such as higher throughput and small particle detection, tailored for pharma customers [30] Question: Insights on double-digit growth in CROs and implications for biopharma - Management clarified that instrument revenue to the aggregate group of pharma, biotech, and CROs grew 12% worldwide, indicating strong demand [32] Question: Quality of customer conversations and spending appetite for next year - Management noted strong growth in Asia-Pacific and stable trends in the U.S., with expectations for continued growth in biopharma spending [38][39] Question: Key assumptions behind the 2025 outlook - Management expects typical seasonal improvement in Q4 driven by budget flush from biopharma customers [41][50] Question: Trends in U.S. academic and government demand - Management indicated that demand continues to be under pressure, with no significant changes expected [42] Question: Initiatives to increase reagent capture rate - Management mentioned improvements in operational efficiency, logistics, and the expansion of facilities to enhance reagent business [43][44] Question: Capital deployment and appetite for share buybacks or acquisitions - Management aims to balance share repurchase and M&A opportunities, with a focus on maintaining a strong balance sheet [53][54]

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]

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 gross profit for Q4 2024 was $33.7 million, an increase of 2% compared to Q4 2023 [40] Business Line Data and Key Metrics Changes - Service revenue grew 8% year-over-year in Q4 2024, 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 2023, 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 2024 compared to $1.9 million in the prior year quarter [39] Company Strategy and Development Direction - The company aims to solidify its position as a market leader in next-gen cell analysis solutions through key growth pillars: Instruments, Applications, Bioinformatics, and Clinical [18] - The recent acquisition of Luminex has diversified the instrument portfolio and enhanced technical capabilities [25] - The company opened a new manufacturing facility in Singapore to increase capacity and enhance global supply chain flexibility [28] 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] - 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 during 2024 [56] - Cytek Cloud user base grew to over 16,000, expanding by more than 160% from the start of 2024 [30] 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 diversified manufacturing locations provide flexibility to mitigate potential impacts from tariffs [76][80] Question: What is the exposure to NIH funding and its impact? - The company estimated around 5% of total revenue is 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 a continuation of the good momentum seen in service revenues in 2024 [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]