Cytek Biosciences Reports Third Quarter 2024 Financial Results
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 (CTKB) ha riportato i risultati finanziari del terzo trimestre del 2024 con un fatturato totale di 51,5 milioni di dollari, in aumento del 7% rispetto all'anno precedente e del 10% rispetto al trimestre precedente. L'azienda ha raggiunto 143,0 milioni di dollari di fatturato dall'inizio dell'anno, superiore del 6% rispetto allo stesso periodo del 2023. Tra gli sviluppi significativi vi è il lancio dello strumento SpectroPanel™ e l'espansione della base installata a 2.821 strumenti. Il terzo trimestre ha mostrato un utile netto di 0,9 milioni di dollari, migliorando rispetto a una perdita di 6,5 milioni di dollari nel terzo trimestre del 2023. L'azienda mantiene la sua previsione di fatturato per il 2024 tra 203 e 210 milioni di dollari, prevedendo una crescita del 5-9%. La posizione di cassa è rimasta forte a 277,8 milioni di dollari, con 12,1 milioni di dollari utilizzati per riacquisti di azioni durante il terzo trimestre.
Cytek Biosciences (CTKB) informó los resultados financieros del tercer trimestre de 2024 con ingresos totales de 51,5 millones de dólares, un aumento del 7% en comparación con el año anterior y del 10% en comparación con el trimestre anterior. La empresa logró 143,0 millones de dólares en ingresos acumulados hasta la fecha, un 6% más que en el mismo periodo de 2023. Entre los desarrollos notables se incluye el lanzamiento de la herramienta SpectroPanel™ y la expansión de la base instalada a 2,821 instrumentos. El tercer trimestre mostró una ganancia neta de 0,9 millones de dólares, mejorando con respecto a una pérdida de 6,5 millones de dólares en el tercer trimestre de 2023. La empresa mantiene su guía de ingresos para 2024 de entre 203 y 210 millones de dólares, proyectando un crecimiento del 5-9%. La posición de efectivo se mantuvo sólida en 277,8 millones de dólares, con 12,1 millones utilizados para recompra de acciones durante el tercer trimestre.
Cytek Biosciences (CTKB)는 2024년 3분기 재무 결과를 보고하며 총 수익이 5,150만 달러에 달했다고 발표했습니다. 이는 지난해 대비 7%, 전분기 대비 10% 증가한 수치입니다. 회사는 올해 누적 수익을 1억 4,300만 달러 달성하였으며, 이는 2023년 같은 기간보다 6% 높은 수치입니다. 주목할 만한 발전으로는 SpectroPanel™ 도구의 출시와 설치된 장비 수가 2,821대로 확대된 것이 포함됩니다. 3분기에는 순이익이 90만 달러로, 2023년 3분기에 기록된 650만 달러의 손실에서 개선되었습니다. 회사는 2024년의 매출 가이던스를 2억 3천만에서 2억 1천만 달러로 유지하며, 5-9%의 성장을 예상하고 있습니다. 현금 보유고는 2억 7천7백80만 달러로 견고하게 유지되었으며, 3분기 동안 주식 재매입에 1,210만 달러가 사용되었습니다.
Cytek Biosciences (CTKB) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 51,5 millions de dollars, en hausse de 7 % par rapport à l'année précédente et de 10 % par rapport au trimestre précédent. L'entreprise a réalisé un chiffre d'affaires cumulé de 143,0 millions de dollars depuis le début de l'année, soit 6 % de plus que pendant la même période en 2023. Parmi les développements notables, on trouve le lancement de l'outil SpectroPanel™ et l'expansion de la base installée à 2 821 instruments. Le troisième trimestre a montré un bénéfice net de 0,9 million de dollars, amélioré par rapport à une perte de 6,5 millions de dollars au troisième trimestre 2023. L'entreprise maintient ses prévisions de chiffre d'affaires pour 2024 entre 203 et 210 millions de dollars, projetant une croissance de 5 à 9 %. La situation de trésorerie est restée solide à 277,8 millions de dollars, avec 12,1 millions de dollars utilisés pour le rachat d'actions durant le troisième trimestre.
Cytek Biosciences (CTKB) hat die finanziellen Ergebnisse des 3. Quartals 2024 bekannt gegeben, mit einem Gesamtumsatz von 51,5 Millionen Dollar, was einem Anstieg von 7% im Vergleich zum Vorjahr und 10% im Vergleich zum Vorquartal entspricht. Das Unternehmen erzielte einen Umsatz von 143,0 Millionen Dollar seit Jahresbeginn, was 6% über dem gleichen Zeitraum im Jahr 2023 liegt. Bedeutende Entwicklungen umfassen die Einführung des SpectroPanel™-Tools sowie die Erweiterung des installierten Bestands auf 2.821 Instrumente. Im 3. Quartal erzielte das Unternehmen einen Nettoertrag von 0,9 Millionen Dollar, was eine Verbesserung im Vergleich zu einem Verlust von 6,5 Millionen Dollar im 3. Quartal 2023 darstellt. Das Unternehmen hält an seiner Umsatzprognose für 2024 von 203 bis 210 Millionen Dollar fest und erwartet ein Wachstum von 5-9%. Die Liquiditätsposition blieb mit 277,8 Millionen Dollar stark, wobei im 3. Quartal 12,1 Millionen Dollar für Aktienrückkäufe verwendet wurden.
- Revenue growth of 7% YoY to $51.5 million in Q3 2024
- Improved net income to $0.9 million from -$6.5 million loss YoY
- Adjusted EBITDA increased to $7.6 million from $3.7 million YoY
- Added 164 new instrument installations in Q3
- Strong cash position of $277.8 million
- Gross profit margin declined to 56% from 57% YoY
- Operating loss of $4.2 million in Q3 2024
- Expecting net loss in single digit millions for full year 2024
Insights
The Q3 results show mixed signals with some positive developments amidst ongoing challenges. Revenue grew
Key metrics show operational improvements, with adjusted EBITDA more than doubling to
However, the reaffirmed full-year guidance of
The expansion of Cytek's installed base to 2,821 instruments, with 164 new units in Q3, indicates steady market penetration despite challenging conditions. The launch of SpectroPanel™ tool strengthens their digital ecosystem, potentially driving higher customer retention and recurring revenue streams.
Regional performance diversity, particularly strong growth in EMEA and APAC, helps offset potential market-specific weaknesses. The company's strategic focus on cell analysis solutions positions it well in growing markets, though market headwinds continue to impact overall growth rates.
The share repurchase program demonstrates management's confidence in the company's valuation and commitment to shareholder returns, having bought back 2.2 million shares since June 2024.
FREMONT, Calif., Nov. 05, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the third quarter ended September 30, 2024.
Recent Highlights
- Total revenue for the third quarter of 2024 was
$51.5 million , representing a7% increase over the third quarter of 2023 and a10% increase over the second quarter of 2024. Year-to-date revenue of$143.0 million at September 30, 2024 was6% above the same 9 month period in 2023
- Launched SpectroPanel™ tool, a proprietary new intelligent algorithm which suggests optimized panels in minutes, expanding the capabilities of the Panel Builder tool within the Cytek® Cloud digital ecosystem
- Expanded to a total installed base of 2,821 Cytek instruments, including the Amnis® and Guava® instruments shipped since the acquisition of the flow cytometry and imaging business from Luminex Corporation in February 2023, adding 164 units in the third quarter of 2024
- Repurchased
$12.1 million of Cytek common stock in open market purchases during the third quarter of 2024 and a total of 2.2 million shares of Cytek common stock since the stock repurchase program was announced in June 2024
“We delivered solid year-over-year revenue growth in the third quarter of 2024 despite persistent industry headwinds, demonstrating how we are leading with the strength of our portfolio, loyal customer base and reputation in serving growing markets that need better technology for cell analysis,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “As we look ahead, we remain focused on strong execution of our growth pillars and building on the positive momentum we are seeing with the demand for our products. With the combination of our industry-leading end-to-end technology portfolio, global diversification and clear long-term growth drivers, we believe we are fundamentally well positioned to deliver sustainable growth and profitability.”
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was
Gross profit was
Operating expenses were
Research and development expenses were
Sales and marketing expenses were
General and administrative expenses were
Loss from operations in the third quarter of 2024 was
Adjusted EBITDA in the third quarter of 2024 was
Cash and marketable securities were
2024 Outlook
Cytek Biosciences reaffirms its 2024 revenue guidance of full year 2024 revenue to be in the range of
Webcast Information
Cytek will host a conference call to discuss its third quarter 2024 financial results on Tuesday, November 5, 2024, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. A webcast of the conference call can be accessed at investors.cytekbio.com.
About Cytek Biosciences, Inc.
Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling™ (FSP™) technology. Cytek’s novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek’s FSP platform includes its core instruments, the Cytek Aurora™ and Northern Lights™ systems; its cell sorter, the Cytek Aurora CS; the Cytek Orion™ reagent cocktail preparation system; the Enhanced Small Particle™ (ESP™) detection technology; the flow cytometer and imaging products under the Amnis® and Guava® brands; and reagents, software and service to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.
Cytek’s products are for research use only and not for use in diagnostic procedures (other than Cytek’s Northern Lights-CLC system and certain reagents, which are available for clinical use in China and the European Union).
Cytek, SpectroPanel, Full Spectrum Profiling, FSP, Cytek Aurora, Northern Lights, Cytek Orion, Enhanced Small Particle, ESP, Amnis and Guava are trademarks of Cytek Biosciences, Inc.
In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page and X (formerly Twitter) account as channels of distribution of information about its company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Cytek may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Cytek’s website, LinkedIn page, and X account in addition to following its SEC filings, news releases, public conference calls and webcasts.
Statement Regarding Use of Non-GAAP Financial Information
Cytek has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three-month periods ended September 30, 2024 and September 30, 2023. Management believes that non-GAAP financial measures, including “Adjusted gross profit margin” and “Adjusted EBITDA” referenced above, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the company’s core operating results. Management uses non-GAAP measures to compare the company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Cytek encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might," "will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding the execution of Cytek’s growth pillars; the potential to build on positive momentum with the demand for Cytek’s products; long-term growth drivers; the potential to deliver sustainable growth and profitability; and Cytek’s future financial performance, including its outlook for fiscal year 2024. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. These statements also deal with future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Factors that could cause actual results to differ materially include global geopolitical, economic and market conditions; Cytek's ability to evaluate its prospects for future viability and predict future performance; Cytek’s ability to accurately forecast customer demand and adoption of its products; Cytek’s ability to recognize the anticipated benefits of collaborations; Cytek’s dependence on certain sole and single source suppliers; competition; market acceptance of Cytek’s current and potential products; Cytek’s ability to manage the growth and complexity of its organization, maintain relationships with customers and suppliers and retain key employees; Cytek’s ability to maintain, protect and enhance its intellectual property; and Cytek’s ability to continue to stay in compliance with its material contractual obligations, applicable laws and regulations. You should refer to the section entitled “Risk Factors” set forth in Cytek’s most recent Annual Report on Form 10-K filed with the SEC on March 13, 2024, Cytek’s Quarterly Report on Form 10-Q to be filed with the SEC on or about the date hereof and other filings Cytek makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Cytek’s forward-looking statements. Although Cytek believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. The forward-looking statements in this press release are based on information available to Cytek as of the date hereof, and Cytek disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Cytek’s views as of any date subsequent to the date of this press release.
Media Contact:
Stephanie Olsen
Lages & Associates
(949) 453-8080
stephanie@lages.com
Investor Relations Contact:
Paul D. Goodson
Head of Investor Relations
pgoodson@cytekbio.com
| Cytek Biosciences, Inc. Consolidated Balance Sheets | ||||||
(In thousands, except share and per share data) | September 30, 2024 | December 31, 2023 | ||||
| (unaudited) | (audited) | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 162,272 | $ | 167,299 | ||
| Restricted cash | 31 | 331 | ||||
| Marketable securities | 115,505 | 95,111 | ||||
| Trade accounts receivable, net | 52,634 | 55,928 | ||||
| Inventories | 46,800 | 60,877 | ||||
| Prepaid expenses and other current assets | 12,949 | 12,514 | ||||
| Total current assets | 390,191 | 392,060 | ||||
| Deferred income tax assets, noncurrent | 30,778 | 30,487 | ||||
| Property and equipment, net | 18,508 | 18,405 | ||||
| Operating lease right-of-use assets | 10,124 | 10,853 | ||||
| Goodwill | 16,183 | 16,183 | ||||
| Intangible assets, net | 20,492 | 23,084 | ||||
| Other noncurrent assets | 4,950 | 3,385 | ||||
| Total assets | $ | 491,226 | $ | 494,457 | ||
| Liabilities and stockholders’ equity | ||||||
| Current liabilities: | ||||||
| Trade accounts payable | $ | 5,389 | $ | 3,032 | ||
| Legal settlement liability, current | 2,496 | 2,561 | ||||
| Accrued expenses | 20,733 | 20,035 | ||||
| Other current liabilities | 8,814 | 7,903 | ||||
| Deferred revenue, current | 25,365 | 22,695 | ||||
| Total current liabilities | 62,797 | 56,226 | ||||
| Legal settlement liability, noncurrent | 17,066 | 16,477 | ||||
| Deferred revenue, noncurrent | 14,787 | 15,132 | ||||
| Operating lease liability, noncurrent | 7,756 | 9,479 | ||||
| Long term debt | 1,236 | 1,648 | ||||
| Other noncurrent liabilities | 2,121 | 2,431 | ||||
| Total liabilities | $ | 105,763 | $ | 101,393 | ||
| Stockholders’ equity: | ||||||
| Common stock, issued and outstanding shares as of September 30, 2024 and December 31, 2023, respectively. | 130 | 131 | ||||
| Additional paid-in capital | 430,072 | 423,386 | ||||
| Accumulated deficit | (44,840 | ) | (29,178 | ) | ||
| Accumulated other comprehensive gain (loss) | 101 | (1,275 | ) | |||
| Total stockholders’ equity | 385,463 | 393,064 | ||||
| Total liabilities and stockholders’ equity | $ | 491,226 | $ | 494,457 | ||
| Cytek Biosciences, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) | ||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||
| (In thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Revenue, net: | ||||||||||||
| Product | $ | 39,544 | $ | 38,441 | $ | 108,242 | $ | 110,065 | ||||
| Service | 11,956 | 9,559 | 34,735 | 24,717 | ||||||||
| Total revenue, net | 51,500 | 48,000 | 142,977 | 134,782 | ||||||||
| Cost of sales: | ||||||||||||
| Product | 17,490 | 16,205 | 50,044 | 45,557 | ||||||||
| Service | 5,005 | 4,617 | 15,479 | 12,847 | ||||||||
| Total cost of sales | 22,495 | 20,822 | 65,523 | 58,404 | ||||||||
| Gross profit | 29,005 | 27,178 | 77,454 | 76,378 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 9,882 | 11,171 | 29,679 | 33,282 | ||||||||
| Sales and marketing | 12,429 | 12,076 | 37,240 | 37,587 | ||||||||
| General and administrative | 10,942 | 10,351 | 34,044 | 33,217 | ||||||||
| Total operating expenses | 33,253 | 33,598 | 100,963 | 104,086 | ||||||||
| Loss from operations | (4,248 | ) | (6,420 | ) | (23,509 | ) | (27,708 | ) | ||||
| Other income (expense): | ||||||||||||
| Interest expense | (119 | ) | (595 | ) | (694 | ) | (1,677 | ) | ||||
| Interest income | 1,433 | 1,622 | 4,208 | 4,965 | ||||||||
| Other income, net | 3,091 | 1,208 | 3,972 | 4,600 | ||||||||
| Total other income, net | 4,405 | 2,235 | 7,486 | 7,888 | ||||||||
| Income (loss) before income taxes | 157 | (4,185 | ) | (16,023 | ) | (19,820 | ) | |||||
| (Benefit from) provision for income taxes | (784 | ) | 2,271 | (360 | ) | (2,169 | ) | |||||
| Net income (loss) | 941 | (6,456 | ) | (15,663 | ) | (17,651 | ) | |||||
| Net income (loss), basic and diluted | $ | 941 | $ | (6,456 | ) | $ | (15,663 | ) | $ | (17,651 | ) | |
| Net income (loss) per share, basic | $ | 0.01 | $ | (0.05) | $ | (0.12 | ) | $ | (0.13 | ) | |
| Net income (loss) per share, diluted | $ | 0.01 | $ | (0.05) | $ | (0.12 | ) | $ | (0.13 | ) | |
| Weighted-average shares used in calculating net income (loss) per share, basic | 131,003,744 | 136,173,278 | 131,121,301 | 135,862,905 | |||||||
| Weighted-average shares used in calculating net income (loss) per share, | |||||||||||
| diluted | 132,785,552 | 136,173,278 | 131,121,301 | 135,862,905 | |||||||
| Comprehensive income (loss): | |||||||||||
| Net income (loss) | $ | 941 | $ | (6,456 | ) | $ | (15,663 | ) | $ | (17,651 | ) |
| Foreign currency translation adjustment, net of tax | 101 | 165 | 1,232 | (856 | ) | ||||||
| Unrealized gain (loss) on marketable securities | 195 | 15 | 144 | (26 | ) | ||||||
| Net comprehensive income (loss) | $ | 1,237 | $ | (6,276 | ) | $ | (14,287 | ) | $ | (18,533 | ) |
| Cytek Biosciences, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited) | |||||||
| Three months ended | |||||||
(In thousands) | September 30, 2024 | September 30, 2023 | |||||
| (Unaudited) | (Unaudited) | ||||||
| GAAP Gross profit | $ | 29,005 | $ | 27,178 | |||
| Stock based compensation | $ | 1,154 | $ | 829 | |||
| Amortization of acquisition-related intangible assets | $ | 492 | $ | 458 | |||
| Non-GAAP Adjusted gross profit | $ | 30,651 | $ | 28,465 | |||
| Non-GAAP Adjusted gross profit margin % | 60 | % | 59 | % | |||
| GAAP Net income (loss) | $ | 941 | $ | (6,456 | ) | ||
| Depreciation and amortization | $ | 2,807 | $ | 2,561 | |||
| (Benefit from) provision for income taxes | $ | (784 | ) | $ | 2,271 | ||
| Interest income | $ | (1,433 | ) | $ | (1,622 | ) | |
| Interest expense | $ | 119 | $ | 595 | |||
| Foreign currency exchange (gain) loss | $ | (1,076 | ) | $ | 613 | ||
| Stock based compensation | $ | 7,053 | $ | 5,758 | |||
| Non-GAAP Adjusted EBITDA | $ | 7,627 | $ | 3,720 | |||
FAQ
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