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Cytek Biosciences (CTKB)
NASDAQ:CTKB
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Cytek Biosciences
(NASDAQ:CTKB)
55Neutral
Positive Factors
International Market Growth
Management spoke to strong growth in Asia Pacific and Rest Of World markets as key sources of optimism for FY25.
Product Demand
Strong demand observed for the Aurora Cell Sorter, indicating healthy market interest.
Service Revenue
Service revenue grew +8% y/y to $12.5M driven by growth in the instrument installed base.
Negative Factors
Competitive Pressure
Increased competition from companies with larger R&D budgets and commercial reach is impacting Cytek Biosciences' ability to gain market share.
Export Controls
New U.S. export controls on biotech equipment to China may impact Cytek Biosciences' growth despite strong performance.
NIH Funding
Geopolitical concerns and uncertainty regarding NIH funding create challenges for Cytek Biosciences, which has significant exposure to the global academic and government market.
Cytek Biosciences (CTKB) vs. S&P 500 (SPY)
Market Cap
$525.20M
Dividend YieldN/A
Average Volume (3M)840.49K
Price to Earnings (P/E)―
Beta (1Y)2.06
Revenue Growth3.85%
EPS Growth49.09%
CountryUS
Employees676
SectorHealthcare
Sector Strength64
IndustryMedical Equipment & Supplies
Share Statistics
EPS (TTM)-0.04
Shares Outstanding128,097,380
10 Day Avg. Volume1,128,762
30 Day Avg. Volume840,493
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.68
Price to Cash Flow (P/CF)67.40
P/FCF Ratio67.40
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.13Price Target Upside74.75% Upside
Rating ConsensusHold
Number of Analyst Covering4
Cytek Biosciences Business Overview & Revenue Model
Company DescriptionCytek Biosciences, Inc. is a biotechnology company that specializes in the development and manufacturing of cell analysis tools. The company is known for its advanced flow cytometry solutions that enable researchers and scientists to conduct high-dimensional analysis of cells. Cytek's proprietary technology enhances the capabilities of flow cytometry, making it more accessible and efficient for applications in immunology, cancer research, and other fields of biomedical research.
How the Company Makes MoneyCytek Biosciences generates revenue primarily through the sale of its flow cytometry instruments and related products. The company offers a range of flow cytometry systems that cater to different research needs and budgets. In addition to the sale of these instruments, Cytek earns revenue from selling consumables and reagents that are used in conjunction with their systems. The company also provides service contracts and support services for its instruments, adding another stream of recurring revenue. Key partnerships with research institutions and collaborations with other biotech companies also enhance Cytek's market reach and contribute to its financial performance.
Cytek Biosciences Financial Statement Overview
Summary
Cytek Biosciences shows strong gross profit margins and improved cash flows, but faces challenges with negative net income, volatile revenue growth, and a high debt-to-equity ratio.Income Statement
Cytek Biosciences has shown a mixed performance in its income statement metrics. The company reported a significant gross profit margin indicating efficient cost management. However, the net profit margin is a concern due to the consistent net losses reported in recent years. Revenue growth has been volatile, with a decline in the latest year. EBIT and EBITDA margins are negative, reflecting operational challenges.62
Positive
Balance Sheet
The balance sheet reveals a strong equity position, with a high equity ratio suggesting financial stability. However, the company has a high debt-to-equity ratio compared to industry standards. Return on equity is relatively weak due to net losses, indicating inefficiencies in generating profits from shareholders' equity.55
Neutral
Cash Flow
Operating cash flow has shown improvement, indicating better cash generation from core operations. The free cash flow has grown significantly, which is a positive sign for the company's liquidity position. However, the cash flow to net income ratios are not robust due to the company's net losses, suggesting challenges in translating profits into cash.68
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 200.45M | 193.01M | 164.04M | 127.95M | 92.84M | Gross Profit |
| 111.11M | 109.43M | 100.97M | 79.14M | 51.71M | EBIT |
| -20.52M | -27.84M | -1.83M | 6.45M | 13.66M | EBITDA |
| -20.52M | -4.41M | 9.54M | 10.40M | 15.37M | Net Income Common Stockholders |
| -6.02M | -12.15M | 2.58M | 4.42M | 19.41M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 277.86M | 262.41M | 341.15M | 364.62M | 165.23M | Total Assets |
| 499.50M | 494.46M | 519.48M | 463.70M | 219.98M | Total Debt |
| 7.55M | 14.14M | 18.09M | 0.00 | 2.77M | Net Debt |
| -91.16M | -153.16M | -278.51M | -364.62M | -162.46M | Total Liabilities |
| 103.76M | 101.39M | 93.93M | 56.90M | 236.01M | Stockholders Equity |
| 395.74M | 393.06M | 425.30M | 406.46M | -16.03M |
| Cash Flow | Free Cash Flow | |||
| 21.85M | 454.00K | -22.10M | 266.00K | 13.61M | Operating Cash Flow |
| 25.38M | 5.28M | -12.23M | 4.63M | 15.16M | Investing Cash Flow |
| -82.97M | -93.89M | -55.91M | -20.99M | -1.55M | Financing Cash Flow |
| -15.82M | -41.81M | 5.51M | 213.56M | 122.61M |
Cytek Biosciences Technical Analysis
Negative
4.08
Price Trends
4.95
Negative
5.73
Negative
5.64
Negative
Market Momentum
-0.26
Negative
34.56
Neutral
20.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CTKB, the sentiment is Negative. The current price of 4.08 is below the 20-day moving average (MA) of 4.26, below the 50-day MA of 4.95, and below the 200-day MA of 5.64, indicating a bearish trend. The MACD of -0.26 indicates Negative momentum. The RSI at 34.56 is Neutral, neither overbought nor oversold. The STOCH value of 20.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CTKB.
Cytek Biosciences Risk Analysis
Cytek Biosciences disclosed 71 risk factors in its most recent earnings report. Cytek Biosciences reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cytek Biosciences Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $65.67B | 37.88 | 6.92% | 1.71% | 5.89% | 42.05% | |
70 Outperform | $193.04B | 31.06 | 13.15% | 0.30% | 0.05% | 6.87% | |
65 Neutral | $150.17B | 39.78 | 7.57% | 0.51% | -13.50% | -17.25% | |
55 Neutral | $525.20M | ― | -1.53% | ― | 3.85% | 49.09% | |
49 Neutral | $6.88B | ― | -24.09% | ― | -3.92% | -202.80% | |
49 Neutral | $13.03B | ― | -30.11% | ― | -2.93% | -4.69% | |
49 Neutral | $6.86B | 0.72 | -52.93% | 2.49% | 20.83% | 1.11% |
* Healthcare Sector Average
Performance Comparison
CTKB
Cytek Biosciences
4.10
-2.61
-38.90%
BDX
Becton Dickinson
228.71
-14.49
-5.96%
BIO
Bio-Rad Laboratories
247.16
-98.71
-28.54%
DHR
Danaher
210.11
-38.81
-15.59%
ILMN
Illumina
82.28
-51.17
-38.34%
TMO
Thermo Fisher
511.68
-67.84
-11.71%
Cytek Biosciences Earnings Call Summary
Earnings Call Date: Feb 27, 2025 | % Change Since: -15.18% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Neutral
The earnings call reflected a mix of achievements and challenges. Cytek Biosciences experienced revenue and adjusted EBITDA growth, driven by international market success and increased service revenues. However, flat product revenue, challenges in the U.S. market, and potential headwinds from NIH funding reductions and currency exchange rates present concerns.Highlights
Revenue Growth
Full year revenue in 2024 grew 4% over 2023, reaching $200.5 million, driven by strong growth in service revenue and double-digit growth in international markets outside of the U.S.
Adjusted EBITDA Surge
Adjusted EBITDA of $22.4 million in 2024, a gain of more than 77% above the $12.6 million of adjusted EBITDA from 2023.
Service Revenue Increase
Service revenue grew 8% in Q4 2024 due to the growth in the total installed base of instruments.
International Market Success
Strong demand environment in APAC and the Rest of the World region, with a 21% growth in Asia Pacific driven by strong growth in China.
Cytek Cloud User Growth
Cytek Cloud user base grew by more than 160% from the start of 2024, reaching over 16,000 users.
Lowlights
Flat Product Revenue
Product revenue decreased 3% in Q4 2024 compared to Q4 2023, impacted by U.S. dollar strength and softer instrument market in the U.S. and EMEA.
Challenges in U.S. Market
Total U.S. revenue declined 10% year-over-year in Q4 2024, driven by a decline in academic and government instrument revenues.
Currency Exchange Impact
Strong appreciation of the U.S. dollar affected revenue, particularly in EMEA where revenue declined 18% year-over-year in Q4 2024.
NIH Funding Reduction
Potential headwinds from NIH's reduction in funding for indirect costs associated with grants, affecting approximately 5% of Cytek's revenue.
Company Guidance
During Cytek Biosciences' earnings call for the fourth quarter and full year 2024, the company provided several key metrics and guidance for 2025. Full year revenue in 2024 increased by 4% to $200.5 million, with strong service revenue growth and an 8.5% increase in unit volume for Full Spectrum Profiling (FSP) and imaging instruments. Adjusted EBITDA rose by more than 77% from the previous year, reaching $22.4 million. The company repurchased 4 million shares in 2024 and announced a new $50 million repurchase program for 2025. Cytek's 2025 revenue guidance is set between $204 million and $212 million, reflecting 2% to 6% growth over 2024, despite anticipated headwinds such as changes in NIH funding and potential tariff impacts. The company expects continued strong growth in its service business and robust demand in APAC, contrasting with softer conditions in the U.S. and EMEA.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.