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) launched Cytek Cloud, a cloud-based platform aimed at enhancing flow cytometry workflows. This integrated solution consolidates spectral panel design tools, streamlining experiments pre-instrument use. It accelerates insights across various applications like immunology and oncology. Cytek's CEO, Dr. Wenbin Jiang, emphasized the commitment to redefining flow cytometry possibilities. Future enhancements for data management and analysis are planned. Cytek's technology enables high-resolution cellular analysis, enhancing researchers' capabilities in understanding biological systems.
Cytek Biosciences reported third quarter 2022 revenue of $40.5 million, an 18% year-over-year increase. Gross profit rose 26% to $26.9 million, achieving a gross profit margin of 66.4%. Net income improved to $1.6 million, with adjusted EBITDA reaching $7.3 million. The company expanded its installed base to 1,501 instruments, despite facing sales timing issues and currency headwinds. Cytek maintains its 2022 revenue outlook, estimating full-year figures between $160 million and $168 million.
Cytek Biosciences (Nasdaq: CTKB) has appointed Chris Williams as Chief Operating Officer to enhance operations and scalability. Williams aims to drive global operations, leveraging his experience from Thermo Fisher and Bayer Pharmaceuticals. His focus will be on cellular biology and supporting Cytek's growth in new markets. This strategic leadership change is positioned to optimize efficiency as Cytek targets larger markets. Williams holds a Mechanical Engineering degree from the University of Texas at Austin and brings extensive industry expertise.
Cytek Biosciences (Nasdaq: CTKB) announced it will release its financial results for Q3 2022 after market close on November 9, 2022. A conference call will take place at 1:30 PM PT / 4:30 PM ET to discuss the results and future outlook. Cytek is a leader in cell analysis solutions, noted for its Full Spectrum Profiling™ technology, which enhances multiplexing precision and sensitivity in cell analysis. Products include the Aurora and Northern Lights™ systems and related reagents. While certain products are available for clinical use in specific regions, others are solely for research purposes.
Cytek Biosciences (Nasdaq: CTKB) will participate in the 31st Annual Credit Suisse Healthcare Conference on November 9th, presenting at 3:50 PM PT / 6:50 PM ET. The presentation will be accessible via a live and archived webcast on the company’s website. Cytek specializes in cell analysis solutions through its innovative Full Spectrum Profiling™ technology, enhancing cell analysis precision and sensitivity. Products are primarily for research use, with some clinical use in approved regions. For more, visit cytekbio.com.
Cytek Biosciences (Nasdaq: CTKB) announced its participation in the 20th Annual Morgan Stanley Global Healthcare Conference on September 14, 2022, at 11:45 a.m. ET. A live webcast will be available on its website for interested parties. Cytek is a leader in cell analysis solutions, utilizing its patented Full Spectrum Profiling™ (FSP™) technology for advanced cell analysis tools. Its product lineup includes the Aurora and Northern Lights systems and a comprehensive suite of reagents, software, and services.
Cytek Biosciences (Nasdaq: CTKB) reported a strong second quarter for 2022, with total revenue reaching $40.2 million, a 32% increase from the previous year.
The gross profit stood at $24.6 million, marking a 24% rise compared to Q2 2021, although the gross profit margin decreased to 61% from 65%.
Despite operating expenses rising 60% to $25.5 million, the company expects full-year revenue to be at the higher end of $160 million to $168 million.
Cytek Biosciences, a leader in cell analysis solutions, will participate in the 42nd Annual Canaccord Genuity Global Growth Conference in Boston on August 11, 2022, at 8:00 AM PT. The event will feature a fireside chat with company management, accessible via a live and archived webcast on their website. Cytek's innovative Full Spectrum Profiling technology enhances cell analysis precision and sensitivity. Its products are primarily for research use and have received regulatory approvals in some regions. More details are available on their investor relations page.
Cytek Biosciences (Nasdaq: CTKB) will report its second quarter 2022 financial results after market close on August 10, 2022. A conference call will follow on the same day at 2:00 p.m. PT to discuss the results and future outlook. Cytek is a leader in cell analysis solutions, known for its Full Spectrum Profiling™ (FSP™) technology, which enhances cell analysis precision and multiplexing capabilities. Its FSP platform includes instruments like Aurora and Northern Lights™ and reagents tailored for research purposes only. For more details, visit their investor relations website.
Cytek Biosciences (Nasdaq: CTKB) will host its inaugural Analyst and Investor Day on June 22, 2022, starting at 9:00 a.m. ET. This event aims to showcase Cytek's proprietary cell analysis technologies and related market opportunities, featuring presentations from industry leaders and Q&A sessions with the leadership team. A live webcast of the event will be available on Cytek’s investor relations website, and a replay will follow. Cytek specializes in Full Spectrum Profiling technology, enhancing cell analysis tools.
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