Business
Cytek Biosciences Reports Third Quarter 2022 Financial Results
Third quarter revenue grew 18% compared to prior year quarter Improved gross margins, net income, and adjusted EBITDA over prior year quarter FREMONT, Calif.,
About this update from Cytek Biosciences, Inc.
[{"type":"text","content":"Third quarter revenue grew 18% compared to prior year quarter Improved gross margins, net income, and adjusted EBITDA over prior year quarter FREMONT, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB) today reported financial results for the third quarter ended September 30, 2022. Recent Highlights Total revenue was $40.5 million for the third quarter, representing an 18% increase over the corresponding quarter of 2021Achieved a gross profit margin of 66.4% and adjusted gross profit margin of 68.4% for the third quarter, up from 61.9% and 63.5% in the prior year, respectivelyNet income was $1.6 million for the third quarter, with adjusted EBITDA of $7.3 millionExpanded the installed base to 1,501 instruments, with 142 instrument placements during the third quarterContinued to contribute to scientific advancements with 112 peer-reviewed publications referencing Cytek during the third quarterAppointed Chris Williams as Chief Operating Officer “Our results this quarter demonstrate the success of our efforts to operate our business efficiently and effectively in a challenging macro environment,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “We achieved continued improvement across gross margins, net income, and adjusted EBITDA, all while further growing our sales across the globe, diversifying our revenue base, and executing on our broader strategy. Although macro factors continue to impact the broader industry, I am proud of our team’s achievements and demonstrated ability to adapt to the evolving environment, and am confident for the remainder of 2022 and beyond.” Third Quarter 2022 Financial Results Total revenue for the third quarter of 2022 was $40.5 million, an 18% increase over the third quarter of 2021, with continued demand across the full portfolio of Cytek’s offerings. During the third quarter, total revenue was adversely affected by the timing of certain sales, as well as foreign currency headwinds given the continued strengthening of the US Dollar. Gross profit was $26.9 million for the third quarter of 2022, an increase of 26% compared to a gross profit of $21.3 million in the third quarter of 2021. Gross profit margin was 66.4% in the third quarter of 2022 compared to 61.9% in the third quarter of 2021. Adjusted gross profit margin in the third quart...