Business
Cytek Biosciences Reports Third Quarter 2021 Financial Results
Third quarter total revenue growth of 37% compared to prior year FREMONT, Calif., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek
About this update from Cytek Biosciences, Inc.
[{"type":"text","content":"Third quarter total revenue growth of 37% compared to prior year\nFREMONT, Calif., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB) today reported financial results for the third quarter ended September 30, 2021. Recent Highlights Total revenue was $34.4 million for the third quarter, representing a 37% increase over the third quarter of 2020Expanded the installed base to 970 instruments, with 115 instrument placements during the third quarterLaunched a 25-color immunoprofiling assay, providing researchers with a ready-to-use solution for identifying major human immune subpopulations which play important roles in the innate and adaptive immune response to various diseasesAnnounced the acquisition of the cell analysis business of Tonbo Biosciences™, which includes an extensive portfolio of life science research reagents for flow cytometry, a natural complement to Cytek’s cFluor® family of proprietary reagents \"Our team delivered strong results this quarter, demonstrating solid execution across our business,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “We continued to expand our installed instrument base during the quarter, launched an innovative 25-color immunoprofiling assay, and recently announced an acquisition enhancing our reagent portfolio offering. We plan to continue building on our progress and provide our flow cytometry solutions to more users around the world.” Third Quarter 2021 Financial ResultsTotal revenue for the third quarter of 2021 was $34.4 million, a 37% increase over the third quarter of 2020. This increase was primarily driven by an increase in product revenue due to higher unit sales of the Aurora, Aurora Cell Sorter, and Northern Lights™ systems. Gross profit was $21.4 million for the third quarter of 2021, an increase of 37% compared to a gross profit of $15.6 million in the third quarter of 2020. Gross profit margin was 62% in the third quarter of 2021 compared to 62% in the third quarter of 2020. Non-GAAP gross profit margin in the third quarter of 2021 was 64% compared to 62% in the third quarter of 2020, after adjusting for stock-based compensation expense. Operating expenses were $18.3 million for the third quarter of 2021, a 106% increase from $8.9 million in the third quarter of 2020. Research and development expenses were $6.1 milli...