Business
Cytek Biosciences Reports First Quarter 2022 Financial Results
First quarter revenue grew 44% compared to prior year FREMONT, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or
About this update from Cytek Biosciences, Inc.
[{"type":"text","content":"First quarter revenue grew 44% compared to prior year\nFREMONT, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB) today reported financial results for the first quarter ended March 31, 2022. Recent Highlights Total revenue was $35.1 million for the first quarter, representing a 44% increase over the corresponding quarter of 2021Expanded the installed base to 1,226 instruments, with 116 instrument placements during the first quarterContinued to see demand across the increasingly diversified portfolio of Cytek’s offerings, including service revenue that has more than doubled from the prior year “I am pleased with our start to the year, with first quarter revenue growing 44% from the prior year,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “In addition to continuing to grow our installed base of instruments, we have also been successfully diversifying our overall revenue base. Our entire portfolio has continued to perform well, and our execution this quarter demonstrates Cytek’s continued drive, as we look to further grow our business over the course of 2022.” First Quarter 2022 Financial Results Total revenue for the first quarter of 2022 was $35.1 million, a 44% increase over the first quarter of 2021, with continued demand across the full portfolio of Cytek’s offerings. Gross profit was $20.2 million for the first quarter of 2022, an increase of 39% compared to a gross profit of $14.5 million in the first quarter of 2021. Gross profit margin was 58% in the first quarter of 2022 compared to 60% in the first quarter of 2021. Adjusted gross profit margin in the first quarter of 2022 was 61% compared to 60% in the first quarter of 2021, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles. Operating expenses were $22.5 million for the first quarter of 2022, a 69% increase from $13.4 million in the first quarter of 2021. The increase was primarily due to expenses to support continued growth of the business, including further investments in sales and marketing, R&D, and costs related to operating as a public company. Loss from operations in the first quarter of 2022 was $2.4 million compared to income of $1.1 million in the first quarter of 2021. Net loss in the first quarter of 2022 was $2.2 million compared to net...