Business
Cytek Biosciences Reports First Quarter 2023 Financial Results
FREMONT, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB) today reported financial results
About this update from Cytek Biosciences, Inc.
[{"type":"text","content":"FREMONT, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB) today reported financial results for the first quarter ended March 31, 2023. First Quarter Highlights Total revenue was $37.1 million, or $38.1 million on a constant currency basis, representing 6% and 9% increases respectively, over the first quarter of 2022. Organic revenue for Cytek’s existing product portfolio was $33.7 million in the first quarter of 2023, representing a decline of 4% compared to the first quarter of 2022Revenue from the product lines acquired from Luminex Corporation, which closed February 28, 2023, was $3.4 million Net loss was $6.8 million and adjusted EBITDA was $(2.5) million for the first quarter of 2023Completed the acquisition of the flow cytometry and imaging business of Luminex Corporation for an aggregate cash consideration of $44.9 million on February 28, 2023Expanded installed base of Cytek’s existing instruments to 1,766, with 96 instrument placements during the first quarter of 2023Launched 20-Color Acute Myeloid Leukemia (AML) Panel for the development of AML therapies and MRD assessments*Entered strategic partnership with Bio-Rad Laboratories to expand reagent capabilities \"While we saw strong growth across Europe and APAC during the first quarter, with notable strength in China, we experienced softness with our pharma and biotech customer base in the U.S., particularly at the end of the quarter. Despite these headwinds, we firmly believe the underlying opportunity for our novel FSP platform remains strong,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “At the end of February, we completed the acquisition of product lines from the Luminex flow cytometry and imaging business, which provide important contributions to our technological capabilities, product range, customer base and commercial reach. We are excited for the expected contributions and leverage from this acquisition as it expands both the technologies Cytek can provide and the breadth of the customer base we can reach with our complete cell analysis solutions.” First Quarter 2023 Financial Results Total revenue for the first quarter of 2023 was $37.1 million, a 6% increase over the first quarter of 2022. This included $3.4 million of revenue from the Luminex acquisition, which closed on February 28, 2023....