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) 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.
Cytek Biosciences (Nasdaq: CTKB) reported Q2 2024 financial results with total revenue of $46.6 million, a 4% sequential increase but a 6% year-over-year decrease. The company faced weakness in U.S. instrument sales, particularly among academic and government customers, offset by strong growth in EMEA and APAC regions. Cytek's installed base reached 2,656 instruments, adding 147 units in Q2. The company reported a net loss of $10.4 million and adjusted EBITDA of $2.9 million. Cytek narrowed its 2024 revenue guidance to $203-$210 million, representing 5-9% growth over 2023. The company expects a single-digit million net loss for 2024 but anticipates positive cash flow from operations.
Cytek Biosciences (Nasdaq: CTKB) has introduced the SpectroPanel™ tool, a revolutionary intelligent algorithm that automates panel design within its Cytek® Cloud digital ecosystem. This new feature expands the capabilities of the Panel Builder tool, optimizing it for Cytek's Full Spectrum Profiling™ (FSP™) technology. The SpectroPanel tool can suggest optimized panels in minutes, automating the assignment of fluorochromes to markers and significantly reducing the time and effort required for panel design.
Cytek Cloud, with over 11,000 users, offers a suite of integrated online software tools that streamline workflows for full spectrum flow cytometry research. It supports various applications, including immunology, oncology, and infectious diseases. The addition of the SpectroPanel tool is expected to increase adoption of FSP-based instruments across the industry by simplifying the complex process of panel design.
Cytek Biosciences (Nasdaq: CTKB), a leading cell analysis solutions company, has announced it will report its second quarter 2024 financial results after market close on Tuesday, August 6, 2024. The company's management 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 the results, business developments, and outlook. Investors can access the live audio webcast on the company's website at investors.cytekbio.com.
Cytek Biosciences announced a $50 million stock repurchase program, approved by its Board of Directors. This initiative aims to buy back shares of its common stock, listed under the Nasdaq symbol CTKB, up until December 31, 2024, unless modified. Repurchases will take place on the open market or through private transactions, adhering to SEC Rule 10b-18 and legal requirements. The program's extent and timing will depend on liquidity, cash flow, and market conditions. However, Cytek is not obliged to buy back any specific amount and may alter or suspend the program at any time.
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