Business
Cytek Biosciences Reports Second Quarter 2023 Financial Results
FREMONT, Calif., Aug. 08, 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., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB) today reported financial results for the second quarter ended June 30, 2023. Recent Highlights Total revenue was $49.7 million, representing 24% growth over the second quarter of 2022 Total revenue on a non-GAAP constant currency basis was $50.0 millionOrganic revenue for Cytek’s existing product portfolio was $41.5 million in the second quarter of 2023, representing an increase of 3% compared to the second quarter of 2022. Second quarter revenue from the product lines acquired from the Luminex Corporation transaction, which closed February 28, 2023, was $8.2 million Shipped the 100th Cytek Aurora Cell Sorter system, underscoring Cytek’s momentum from the scientific community's adoption of the transformative Full Spectrum Profiling™ (FSP™) technology, which streamlines workflows, accelerates discoveries and maximizes efficiencyCompleted global workforce integration and transfer of imaging operations into Cytek, remain on track for full integration of the acquired Luminex flow cytometry business by year end \"I am pleased with Cytek's continued execution throughout the quarter. The shipping of our 100th Cytek Aurora Cell Sorter system and growing user base solidifies Cytek's momentum, fueled by the scientific community's enthusiastic adoption of our transformative Full Spectrum Profiling (FSP) technology,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. \"During our first full quarter post-acquisition, we made continuous and successful strides integrating the acquired Luminex flow cytometry and imaging business. This progress is clear through the expansion of our global presence, made possible by the synergies created within our combined organization.” Second Quarter 2023 Financial Results Total revenue for the second quarter of 2023 was $49.7 million, a 24% increase over the second quarter of 2022. This included $8.2 million of revenue from the products lines acquired from Luminex, which closed on February 28, 2023. Excluding revenue from this acquisition, organic revenue was $41.5 million, a 3% increase compared to the same period of the prior year. On a constant currency basis, total revenue for the second quarter of 2023 was $50.0 million. Gross profit was $28.2 million for the second quarter of 2023, a...