Core Insights - Cytek Biosciences reported a total revenue of $41.5 million for Q1 2025, reflecting a 7.6% decrease compared to Q1 2024, primarily due to a slowdown in product sales in the US and EMEA regions, although this was partially offset by growth in the APAC region and strong service revenue globally [4][8] - The company experienced a gross profit of $20.2 million in Q1 2025, which is a 12% decrease from the previous year, resulting in a GAAP gross profit margin of 49% compared to 51% in Q1 2024 [5][20] - Operating expenses increased by 4.1% to $35.1 million, with general and administrative expenses rising significantly from $11.4 million in Q1 2024 to $12.9 million in Q1 2025 [6][7] - The net loss for Q1 2025 was $11.4 million, compared to a net loss of $6.2 million in Q1 2024, indicating a worsening financial position [7][20] - Cytek's cash and marketable securities totaled $265.6 million as of March 31, 2025, down from $277.9 million at the end of 2024, despite share repurchases of $10.6 million during the quarter [9][20] - The company has revised its full-year 2025 revenue guidance to a range of $196 million to $210 million, which represents a potential decline of 2% to growth of 5% compared to 2024 [10] Financial Performance - Total revenue for Q1 2025 was $41.5 million, with product revenue at $28.1 million and service revenue at $13.3 million [20] - Gross profit for the quarter was $20.2 million, leading to a GAAP gross margin of 49% [5][20] - Operating expenses were $35.1 million, with research and development expenses at $9.7 million and sales and marketing expenses remaining flat at $12.5 million [6][20] - The adjusted EBITDA loss for Q1 2025 was $3.3 million, compared to a loss of $0.7 million in Q1 2024 [8][20] Strategic Developments - Cytek expanded its installed base to 3,149 instruments, adding 115 units in Q1 2025, and commenced operations in Singapore to enhance manufacturing capacity [8] - The company launched the Cytek Muse Micro instrument, aimed at providing an affordable option for simplified flow cytometry [8] - Cytek repurchased $10.6 million of its common stock during the first quarter, indicating a commitment to returning value to shareholders [8]