Welcome to our dedicated page for Cytek Biosciences news (Ticker: CTKB), a resource for investors and traders seeking the latest updates and insights on Cytek Biosciences stock.
Cytek Biosciences, Inc. (Nasdaq: CTKB) is a pioneering life sciences technology company dedicated to revolutionizing cell analysis. Headquartered in Fremont, California, Cytek is at the forefront of developing cutting-edge solutions that advance the next generation of cell analysis tools. The company's core instruments, the Cytek Aurora™ and Northern Lights™ systems, are the first full-spectrum flow cytometers capable of delivering high-resolution, high-content, and high-sensitivity cell analysis. These instruments utilize the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells.
Cytek's patented Full Spectrum Profiling™ (FSP™) technology addresses the inherent limitations of other technologies by providing a higher density of information with greater sensitivity, more flexibility, and increased efficiency — all at a lower cost. The company's product portfolio also includes the Cytek Aurora™ CS cell sorter and the Amnis® and Guava® brands' flow cytometer and imaging products. In addition, Cytek offers reagents, software, and services to provide a comprehensive and integrated suite of solutions for its customers.
Cytek generates a majority of its revenue from the United States and is expanding its presence globally with offices and distribution channels across the world. The company expects its full-year revenue for 2023 to be near the high end of its most recent revenue guidance range of $188 million to $192 million. Cytek's innovative approach and robust product lineup position it as a leader in the cell analysis market, with a strong focus on driving strategic growth and long-term profitability.
In January 2024, Cytek will participate in the 42nd Annual J.P. Morgan Healthcare Conference, where it will present its progress and future plans. The company continues to deliver strong financial performance, with fourth-quarter 2023 revenue at $58.6 million, a 21% increase over the previous year. Cytek's CEO, Dr. Wenbin Jiang, highlighted the company's agility and effective execution of its business strategy amidst challenging macro-economic conditions. Looking ahead to 2024, Cytek aims to achieve total revenue between $203 million to $213 million, representing growth of 5% to 10% over the previous year.
More information about Cytek and its products is available at www.cytekbio.com. The company actively uses its website, LinkedIn page, and X (formerly Twitter) account to distribute information about its products, financial announcements, and conference participation. Investors are encouraged to monitor these channels for material information and updates.
Cytek Biosciences (Nasdaq: CTKB) announced its participation in the Piper Sandler 36th Annual Healthcare Conference in New York. The company's management will engage in a fireside chat on Tuesday, December 3, 2024, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). A live and archived webcast of the presentation will be available to interested parties through the 'Investors' section of Cytek's website at investors.cytekbio.com.
Cytek Biosciences (Nasdaq: CTKB) has been named 'Overall BioTech Company of the Year' in the 2024 BioTech Breakthrough Awards program, which attracted nominations from 14 countries. The company is recognized for its pioneering work in spectral flow cytometry and its Full Spectrum Profiling™ technology. Cytek's platform includes the Aurora™ and Northern Lights™ systems, the Aurora™ CS cell sorter, and Amnis® and Guava® branded products. The company's impact is evidenced by over 2,100 peer-reviewed articles and its commitment to making flow cytometry more accessible for research and clinical applications.
Cytek Biosciences (CTKB) has launched the world's first Enhanced Small Particle (ESP™) Detection Option for its Aurora™ CS cell sorter system. This groundbreaking technology enables detection and sorting of particles as small as 70 nm, including exosomes and extracellular vesicles (EVs). The system builds on Cytek's Full Spectrum Profiling™ technology and allows seamless assay transfer from analyzer to sorter. This advancement is particularly significant for research in drug delivery, cell therapy, disease diagnostics, and vaccine delivery, enabling researchers to analyze materials previously impossible to sort.
Cytek Biosciences (CTKB) reported Q3 2024 financial results with total revenue of $51.5 million, up 7% year-over-year and 10% quarter-over-quarter. The company achieved $143.0 million in year-to-date revenue, 6% above the same period in 2023. Notable developments include the launch of SpectroPanel™ tool and expansion of installed base to 2,821 instruments. Q3 showed a net income of $0.9 million, improving from a $6.5 million loss in Q3 2023. The company maintains its 2024 revenue guidance of $203-210 million, projecting 5-9% growth. Cash position remained strong at $277.8 million, with $12.1 million used for share repurchases during Q3.
Cytek Biosciences (Nasdaq: CTKB) has announced its participation in two major investor conferences in November 2024. The company will present at the Guggenheim Inaugural Healthcare Conference in Boston on November 11 at 11:00 a.m. ET, featuring a fireside chat. Additionally, they will deliver a presentation at the UBS Global Healthcare Conference in Rancho Palos Verdes on November 13 at 4:15 p.m. PT. Both presentations will be accessible via live and archived webcasts on the company's investor relations website.
Cytek Biosciences (Nasdaq: CTKB) has announced it will release its third quarter 2024 financial results after market close on Tuesday, November 5, 2024. The company will host a conference call and webcast at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time on the same day to discuss results, business developments, and outlook. The webcast will be accessible through the Investors section of Cytek's website.
Cytek Biosciences (Nasdaq: CTKB) is set to showcase its Full Spectrum Profiling™ (FSP™) technology at two major clinical conferences: the European Society for Clinical Cell Analysis (ESCCA) 2024 Conference in September and the 39th International Clinical Cytometry (ICCS) Meeting & Course in October. At ESCCA, Dr. Nicholas McCarthy will lead a symposium on streamlining AML-MRD analysis using a 21-color antibody panel for the Cytek® Northern Lights™- CLC flow cytometer. At ICCS, Dr. David Ng will host a Lunch and Learn session, highlighting how spectral flow cytometry has improved efficiency in resource- laboratories, reducing reagent consumption and streamlining processes.
Cytek Biosciences (Nasdaq: CTKB) announced the resignation of its Chief Operating Officer, Chris Williams, effective September 27, 2024. Williams is leaving to accept a CEO position at another company. Instead of replacing the COO role, Cytek will restructure to create a flatter, more efficient management structure.
During his tenure, Williams played key roles in the company's growth, improving operational processes and enhancing efficiency. CEO Dr. Wenbin Jiang expressed gratitude for Williams' contributions and sees the restructuring as an opportunity to increase agility and empower teams. Williams will remain with Cytek until his departure date to ensure a smooth transition and assist with the restructuring process.
Cytek Biosciences (Nasdaq: CTKB) has achieved EN ISO 13485:2016 certification for its San Diego reagent manufacturing facility. This certification, which covers design, development, manufacturing, and distribution of reagents and accessories, demonstrates Cytek's commitment to quality standards in the medical device industry. The company's facilities in Wuxi, China, and Fremont, California, are also ISO 13485 certified.
The certification is a important step towards Cytek's entry into the U.S. clinical market. It encompasses the company's cFluor®, Guava®, Muse®, and Tonbo™ reagents, which are tailored for flow cytometry applications. Chris Williams, COO of Cytek, emphasized that this achievement sets the foundation for market expansion and reassures customers of the company's commitment to high-quality products.
Cytek Biosciences (Nasdaq: CTKB), a leading cell analysis solutions company, has announced its participation in three upcoming investor conferences:
1. UBS Genomic Medicine Summit in Dana Point, CA on August 14, 2024. Cytek will join a panel discussion titled 'Expanding Horizons - Spatial and Beyond' at 2:00 p.m. PT / 5:00 p.m. ET.
2. Wells Fargo Healthcare Conference in Boston, MA on September 4-5, 2024. The company will participate in investor 1x1 meetings.
3. Morgan Stanley 22nd Annual Global Healthcare Conference in New York, NY on September 6, 2024. Cytek will participate in a fireside chat at 4:45 a.m. PT / 7:45 a.m. ET.
Live and archived webcasts of these presentations will be available on the 'Investors' section of Cytek's website at investors.cytekbio.com.
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