Business
Cytek Biosciences Reports Second Quarter 2024 Financial Results
FREMONT, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions
About this update from Cytek Biosciences, Inc.
[{"type":"text","content":"FREMONT, Calif., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the second quarter ended June 30, 2024. Recent Highlights Total revenue for the second quarter of 2024 was $46.6 million, representing a 4% increase sequentially over the first quarter of 2024 and a 6% decrease over the second quarter of 2023For the first half of 2024, total revenue grew 5% compared to the first half of 2023Launched Enhanced Small Particle (ESP™) detection, an upgrade option for the Cytek Aurora™ and Northern Lights™ systems for the analysis of viruses and other sub-cellular componentsAttained a total installed base of 2,656 Cytek instruments, including the Amnis® and Guava® instruments shipped since the acquisition of the flow cytometry and imaging business from Luminex Corporation in February 2023, adding 147 units in the second quarter of 2024Repurchased $2.7 million of Cytek stock in open market purchases during the second quarter of 2024 under a new $50 million share repurchase program, following the expiration of the previous $50 million repurchase program at the end of 2023 “In the second quarter of 2024, we posted strong year over year double-digit revenue growth in EMEA and APAC as well as in our service business worldwide as compared to the second quarter of 2023. However, this performance was offset by a decline in our U.S. instrument sales, particularly among academic and government customers,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “Despite the headwinds in the U.S. market, we believe the fundamental drivers of long-term growth remain in place, and the underlying opportunity for our products remains strong. We remain focused on executing our business strategy and delivering durable growth and profitability and strong value to our customers and shareholders.” Second Quarter 2024 Financial Results Total revenue for the second quarter of 2024 was $46.6 million, a 6% decrease compared to the second quarter of 2023. The decline in revenue was related to weakness in the U.S. instrument market, offset by strong revenue growth across the EMEA and APAC regions. Gross profit was $25.4 million for the second quarter of 2024, a 10% decrease compared to the second quarter of 2023. GAAP gross profit ma...