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 it will release its first quarter 2023 financial results after the market closes on May 9, 2023. A conference call, starting at 1:30 PM PT / 4:30 PM ET, will follow to discuss these results along with business developments and future outlook. The call can be accessed via the company's investor webpage. Cytek specializes in cell analysis tools, leveraging its Full Spectrum Profiling™ technology to enhance precision and multiplexing. With the recent acquisition of DiaSorin’s Flow Cytometry & Imaging business unit, it added Amnis® and Guava® flow cytometers to its offerings, strengthening its product lineup. Most of Cytek's products are designated for research use only, with limited availability for clinical use in regions with regulatory approvals.
Cytek Biosciences (Nasdaq: CTKB) launched a new 20-Color Acute Myeloid Leukemia (AML) Panel, designed for efficient AML research and measurable residual disease (MRD) detection. This single-tube flow panel enhances operational efficiency by streamlining sample preparation, reducing reagent waste, and improving sensitivity. Utilizing Cytek’s Full Spectrum Profiling™ technology, it enables detailed analysis of normal and aberrant cells, offering critical support for drug discovery and clinical trials. The panel aims to aid researchers in developing life-saving therapies while conserving precious sample resources.
Cytek Biosciences (Nasdaq: CTKB) reported robust financial results for 2022, with total revenue reaching $164 million, marking a 28% year-over-year increase. The fourth quarter alone saw revenues of $48.3 million, a 24% increase from Q4 2021. Net income for the year was $2.5 million, while adjusted EBITDA stood at $21.2 million. Looking ahead, the company projects 2023 revenues between $225 million and $235 million, indicating a growth of 37% to 43% YoY, bolstered by a recent acquisition from Luminex. Despite rising operating expenses, Cytek's expanded instrument installations signify positive growth momentum.
DiaSorin and Cytek Biosciences announced the sale of substantially all assets from Luminex Corporation's Flow Cytometry & Imaging business to Cytek for approximately USD 46.5 million. This transaction, aligning with DiaSorin's strategic focus communicated to investors, is expected to enhance Cytek’s product capabilities and operational efficiency. It supports Cytek’s goals to develop new products and serve previously underserved customer segments. DiaSorin operates globally in the In Vitro Diagnostic field, emphasizing continuous investment in research and development.
DiaSorin and Cytek Biosciences have announced an agreement for Cytek to acquire substantially all assets of DiaSorin's Flow Cytometry & Imaging (FCI) business unit. This strategic transaction is expected to close within 30 days, enhancing Cytek's product offerings with advanced imaging and flow cytometry solutions. The FCI unit, which includes a network of over 7,000 installed instruments, will expand Cytek's global reach. This move aligns with DiaSorin's strategic focus on core business areas, as highlighted in their recent investor communications.
Cytek Biosciences (Nasdaq: CTKB) is set to report its financial results for Q4 and full year 2022 after market close on February 28, 2023. A conference call will follow at 1:30 PM PT to discuss results, business developments, and future outlook. Cytek is recognized for its Full Spectrum Profiling™ (FSP™) technology, enhancing cell analysis solutions through precision and sensitivity. Their products are for research use only in most markets, with some available for clinical use in approved regions. Investors should monitor Cytek's website and social media for updates and disclosures.
Cytek Biosciences (Nasdaq: CTKB) has announced a strategic partnership with Bio-Rad Laboratories to enhance its flow cytometry systems. This collaboration introduces Bio-Rad's StarBright™ Dyes, which are known for their superior brightness and stability. These dyes will be utilized to develop reagents that support high-parameter applications on Cytek's Aurora and Northern Lights™ systems. The partnership aims to improve multiparameter analysis capabilities, allowing researchers to design better panels. Cytek plans to optimize single vial reagents and multicolor panels for over 1,500 Full Spectrum Profiling™ instruments deployed worldwide.
Cytek Biosciences (Nasdaq: CTKB) announced its participation in upcoming investor conferences, starting with the 2023 BTIG MedTech Conference from February 14-16 in Snowbird, UT, where management will engage in one-on-one meetings with investors. Additionally, Cytek will be at the Cowen 43rd Annual Health Care Conference in Boston, MA, presenting a fireside chat and Q&A on March 8 at 12:50 p.m. ET. The company specializes in innovative cell analysis solutions powered by its patented Full Spectrum Profiling™ technology, which enhances precision in multiplexing analysis. More details are available on Cytek's website.
FAQ
What is the current stock price of Cytek Biosciences (CTKB)?
What is the market cap of Cytek Biosciences (CTKB)?
What does Cytek Biosciences, Inc. do?
What is the Full Spectrum Profiling™ (FSP™) technology?
Where is Cytek Biosciences, Inc. headquartered?
What are Cytek's core instruments?
What is the expected revenue range for Cytek in 2023?
How can investors stay updated with Cytek's announcements?
What financial performance did Cytek report for the fourth quarter of 2023?
What are Cytek's plans for 2024?
Are Cytek's products available for clinical use?
What industry event will Cytek participate in January 2024?
