Core Insights - Cytek Biosciences reported a record fourth-quarter revenue of $62.1 million, representing an 8% year-over-year increase, attributed to stabilization in the U.S., growth in the E.U., and strong performance in APAC [3][6] - The company ended 2025 with a net loss of $44.1 million, which included a significant non-cash deferred tax valuation allowance [5][13] - Cytek initiated 2026 revenue guidance of $205–212 million, assuming improved market conditions in EMEA and the U.S., along with continued growth in service and reagents [4][16] Revenue Growth - EMEA revenue grew 21% in Q4, driven by services and instruments for academic and government customers, while U.S. revenue grew 5% with double-digit service revenue growth [1][2] - The company experienced double-digit year-over-year revenue growth in both EMEA and APAC during Q4, with mid-single-digit growth in the U.S. [2] Profitability and Margins - GAAP gross margin fell to 53% in Q4, down from 59% a year earlier, attributed to higher costs in service and product gross margins [11] - Adjusted EBITDA for 2025 declined to $5.0 million from $22.4 million in the previous year [5][14] Installed Base and Product Performance - Cytek expanded its global installed base by 208 instruments in Q4, ending 2025 with 3,664 units installed [7] - The launch of the Cytek Aurora Evo system contributed to a 21% unit growth in the Aurora category in Q4 [7] Recurring Revenue and Reagents - Recurring revenue represented 34% of total revenue for 2025, increasing 21% year-over-year [9] - Reagent revenue grew more than 20% in Q4 and over 25% for the full year, driven by initiatives such as faster delivery times and a larger catalog [8] Cash Position and Share Buybacks - Cytek ended 2025 with $261.5 million in cash and equivalents, with a slight negative free cash flow of -$0.2 million in Q4 [15] - The company repurchased approximately $15.1 million of stock during 2025, representing about 3.3 million shares [15] Future Outlook - The company expects continued strong growth in service and reagents but anticipates only modest growth in instruments [17] - Management plans to invest commercially in segments where the company is currently weak, including enhancements to the reagent sales force [17]