Cytek Biosciences, Inc. ( (CTKB) ) has released its Q3 earnings. Here is a breakdown of the information Cytek Biosciences, Inc. presented to its investors.
Cytek Biosciences, Inc. is a prominent company in the cell analysis solutions industry, specializing in advanced cell analysis tools utilizing its patented Full Spectrum Profiling technology. Headquartered in Fremont, California, Cytek’s innovative approach allows for high-resolution and high-content cell analysis.
For the third quarter of 2024, Cytek Biosciences reported a total revenue of $51.5 million, marking a 7% increase from the same period in 2023. The company attributes this growth to strong performance across the EMEA and APAC regions and robust service revenue globally. Additionally, Cytek launched the SpectroPanel tool, which enhances the capabilities of its digital ecosystem.
Key financial highlights include a gross profit of $29.0 million, also up by 7% from the prior year, and a net income of $0.9 million, a notable improvement from a net loss of $6.5 million in the third quarter of 2023. The company successfully repurchased $12.1 million worth of its common stock, demonstrating confidence in its financial health and future prospects. Furthermore, Cytek’s adjusted EBITDA reached $7.6 million, significantly higher than the previous year’s $3.7 million.
Looking ahead, Cytek Biosciences remains optimistic about its growth prospects, reaffirming its 2024 revenue guidance between $203 million and $210 million, which represents a 5% to 9% growth over the previous year. The company is focused on executing its growth strategies, supported by its comprehensive technology portfolio and expanding global presence.
