FREMONT, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the fourth quarter and year ended December 31, 2024.
Recent Highlights
Total revenue was $200.5 million, or $201.3 million on a non-GAAP constant currency basis, for the full year 2024, representing 3.9% and 3.9% increases, respectively, over the full year 2023
Expanded total Cytek installed base to 3,034 instruments, with 667 total instruments placed during the full year 2024
Net loss in the year ended December 31, 2024 was $6.0 million compared to net loss of $12.1 million in the year ended December 31, 2023
Total adjusted EBITDA was $22.4 million for the full year of 2024, a gain of 77% over the full year 2023. Adjusted EBITDA excluding investment income was $14.4 million for the full year 2024 compared to $5.2 million for the full year 2023, a gain of 128%
Opened a new manufacturing facility in Singapore to access low-cost manufacturing, increase capacity and enhance global supply flexibility
Repurchased a total of 3,971,624 shares of common stock at an aggregate cost of approximately $21.6 million from June through year end 2024Announced a stock repurchase program for up to an additional aggregate of $50 million in 2025
“I am pleased with our continued market penetration with our FSP™ technology, the increased number of instrument deployments and a substantial increase in adjusted EBITDA and positive cash flow generation in what continues to be a dynamic industry environment. Our full-year results reflect our team’s strong focus on execution of our growth strategy and the leadership, strength, and resilience of the Cytek platform,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “Looking ahead, as we continue our path to further advance Cytek as a market leader in cell analysis, the durable foundation we have built provides us with confidence in our expectations and our long-term objective of delivering sustainable growth and profitability.”
Fourth Quarter 2024 Financial Results
Total revenue for the fourth quarter of 2024 was $57.5 million, a 1.3% decrease from the $58.2 million in the fourth quarter of 2023. On a non-GAAP constant currency basis, total revenue for the fourth quarter of 2024 was $58.6 million, an increase of 1.4% compared to the fourth quarter of 2023.
Gross profit was $33.7 million for the fourth quarter of 2024, an increase of 1.8% compared to a gross profit of $33.0 million in the fourth quarter of 2023. Gross margin was 59% in the fourth quarter of 2024 compared to 57% in the fourth quarter of 2023. Non-GAAP adjusted gross margin, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles, was 61% in the fourth quarter of 2024 compared to 59% in the fourth quarter of 2023.
Operating expenses were $30.7 million for the fourth quarter of 2024. This included a non-recurring, non-cash reduction of $2.6 million from an adjustment to a license and royalty settlement liability. Excluding this benefit, non-GAAP operating expenses were $33.2 million unchanged from $33.2 million in the fourth quarter of 2023.
Research and development expenses were $9.7 million for the fourth quarter of 2024 compared to $10.9 million for the fourth quarter of 2023.
Sales and marketing expenses were $11.9 million for the fourth quarter of 2024 compared to $11.6 million for the fourth quarter of 2023.
General and administrative expenses were $9.1 million for the fourth quarter of 2024. This included the $2.6 million non-recurring reduction mentioned above. Excluding this reduction, non-GAAP general and administrative expenses would have been $11.6 million compared to $10.8 million for the fourth quarter of 2023.
Income from operations in the fourth quarter of 2024 was $3.0 million, which included the $2.6 million non-recurring benefit described above. Excluding this benefit, non-GAAP income from operations would have been $0.4 million compared to a loss from operations of $0.1 million in the fourth quarter of 2023.
Net income in the fourth quarter of 2024 was $9.6 million. This included the $2.6 million non-recurring benefit described above and a $6.3 million non-recurring non-cash interest expense benefit related to the same adjustment for a total of $8.8 million non-recurring benefit. This contributed $6.7 million after tax to net income. Excluding these items, non-GAAP net income would have been $2.9 million, compared to net income of $5.5 million in the fourth quarter of 2023.
Adjusted EBITDA in the fourth quarter of 2024 was $12.5 million compared to $9.9 million in the fourth quarter of 2023, after adjusting for stock-based compensation expense, foreign currency exchange impacts acquisition-related expenses, and the non-recurring items described above. Excluding investment income, Adjusted EBITDA for the fourth quarter was $10.2 million compared to $8.0 million in the fourth quarter of 2023.
Full Year 2024 Financial Results
Total revenue for the year ended December 31, 2024 was $200.5 million, a 3.9% increase over the year ended December 31, 2023. On a non-GAAP constant currency basis, total revenue for the year ended December 31, 2024 was $201.3 million, a 3.9% increase over the year ended December 31, 2023.
Gross profit was $111.1 million for the year ended December 31, 2024, an increase of 1.5% compared to a gross profit of $109.4 million in the year ended December 31, 2023. Gross margin was 55% in the year ended December 31, 2024 compared to 57% in the year ended December 31, 2023. Non-GAAP adjusted gross margin in the year ended December 31, 2024 was 59% compared to 59% in the year ended December 31, 2023, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles.
Operating expenses were $131.6 million for the year ended December 31, 2024. This included a non-recurring non-cash reduction of $2.6 million from an adjustment to a license and royalty settlement liability. Excluding this benefit, non-GAAP operating expenses were $134.2 million, a 2.2% decrease from $137.3 million in the year ended December 31, 2023.
Research and development expenses were $39.4 million dollars for the year ended December 31, 2024, compared to $44.2 million dollars for the year ended December 31, 2023.
Sales and marketing expenses were $49.1 million dollars for the year ended December 31, 2024, compared to $49.1 million dollars for the year ended December 31, 2023.
General and administrative expenses were $43.1 million dollars for the year ended December 31, 2024. This included the $2.6 million non-recurring reduction mentioned above. Excluding this reduction, non-GAAP general and administrative expenses would have been $45.7 million compared to $44.0 million dollars for the year ended December 31, 2023.
Loss from operations in the year ended December 31, 2024 was $20.5 million, which included the $2.6 million non-recurring benefit mentioned above, compared to loss from operations of $27.8 million in the year ended December 31, 2023. Net loss in the year ended December 31, 2024 was $6.0 million. This included the $2.6 million non-recurring benefit described above and a $6.3 million non-recurring non-cash interest expense benefit related to the same adjustment for a total of $8.8 million non-recurring benefit. This contributed $6.7 million after tax to net income. Excluding these items, non-GAAP net loss would have been $12.7 million compared to net loss of $12.1 million in the year ended December 31, 2023.
Total adjusted EBITDA in the year ended December 31, 2024 was $22.4 million compared to $12.6 million in the year ended December 31, 2023, after adjusting for stock-based compensation expense, certain non-recurring expenses, foreign currency exchange impacts, and the non-recurring items described above. Adjusted EBITDA excluding investment income was $14.4 million for the full year 2024 compared to $5.2 million for the full year 2023.
Cash, cash equivalents, restricted cash and short-term investments in marketable securities were $277.9 million as of December 31, 2024. The primary utilization of cash throughout 2024 was the share repurchase program.
2025 Outlook
Cytek Biosciences expects total revenue for the year ended December 31, 2025 to be in the range of $204 million to $212 million, representing growth of 2% to 6% over the year ended December 31, 2024, assuming no change in currency exchange rates.
Webcast Information
Cytek will host a conference call to discuss its fourth quarter and year end 2024 financial results on Thursday, February 27, 2024, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. A webcast of the conference call can be accessed at investors.cytekbio.com.
About Cytek Biosciences
Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content, and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling™ (FSP™) technology. Cytek’s novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek’s platform includes: its core FSP instruments, the Cytek Aurora™ and Northern Lights™ systems and the Cytek Aurora CS cell sorter; the Cytek Orion™ reagent cocktail preparation system; the Enhanced Small Particle™ (ESP™) detection technology; the flow cytometer and imaging products under the Amnis® and Guava® brands; and reagents, software and service to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.
Cytek’s products are for research use only and not for use in diagnostic procedures (other than Cytek’s Northern Lights-CLC system and certain reagents, which are available for clinical use in China and the European Union).
Cytek, Full Spectrum Profiling, FSP, Cytek Aurora, Northern Lights, Cytek Orion, Enhanced Small Particle, ESP, Amnis and Guava are trademarks of Cytek Biosciences, Inc.
In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page and X (formerly Twitter) account as channels of distribution of information about its company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Cytek may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Cytek’s website, LinkedIn page, and X account in addition to following its SEC filings, news releases, public conference calls and webcasts.
Statement Regarding Use of Non-GAAP Financial Information
Cytek has presented certain financial information in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and also on a non-GAAP basis for the three-month period and full year period ended December 31, 2024 and December 31, 2023. Management believes that non-GAAP financial measures, including “Adjusted gross margin,” “Adjusted gross profit,” “Adjusted EBITDA,” “Adjusted EBITDA excluding investment income,” revenue on a “constant currency basis,” operating expenses (excluding the non-recurring benefit from an adjustment to a license and royalty settlement liability), general and administrative expenses (excluding the non-recurring benefit from an adjustment to a license and royalty settlement liability), income from operations (excluding the non-recurring benefit from an adjustment to a license and royalty settlement liability) and net income/loss from operations (excluding the after-tax contribution to net income from the non-recurring benefit from an adjustment to a license and royalty settlement liability) referenced above, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the company’s core operating results. Management uses non-GAAP measures to compare the company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Cytek encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.
Forward-Looking Statements
This press release and the related conference call, webcast and presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might," "will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, statements regarding Cytek’s growth strategy; Cytek’s market opportunities and positioning to serve a large and growing cell analysis market; the potential to deliver sustainable growth and profitability; Cytek’s future financial performance, including its outlook for fiscal year 2025 and expectations for 2025 total revenue; Cytek’s expectations of increased capacity and enhanced global supply flexibility following the opening of its Singapore manufacturing facility; and the impacts of new export controls and licensing requirements on Cytek’s business and industry. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. These statements also deal with future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In addition, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements. Factors that could cause actual results to differ materially include global geopolitical, economic and market conditions; Cytek's ability to evaluate its prospects for future viability and predict future performance; Cytek’s ability to accurately forecast customer demand and adoption of its products; Cytek’s ability to recognize the anticipated benefits of collaborations; Cytek’s dependence on certain sole and single source suppliers; competition; market acceptance of Cytek’s current and potential products; Cytek’s ability to manage the growth and complexity of its organization, maintain relationships with customers and suppliers and hire and retain key employees; Cytek’s ability to manage the impacts of recent and future export controls and licensing requirements, tariffs and NIH funding policies on its business; Cytek’s ability to manufacture its products in high-quality commercial quantities successfully and consistently to meet demand; Cytek’s ability to increase penetration in its existing markets and expand into adjacent markets; Cytek’s ability to secure additional distributors or maintain good relationships with its existing distributors; Cytek’s ability to successfully develop and introduce new products; Cytek’s ability to maintain, protect and enhance its intellectual property; Cytek’s ability to continue to stay in compliance with its material contractual obligations, applicable laws and regulations; and foreign currency exchange impacts. You should refer to the section entitled “Risk Factors” set forth in Cytek’s most recent Quarterly Report on Form 10-Q filed with the SEC on November 7, 2024, Cytek’s Annual Report on Form 10-K to be filed with the SEC on or about the date hereof and other filings Cytek makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Cytek’s forward-looking statements. Although Cytek believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. The forward-looking statements in this press release and the related conference call, webcast and presentation are based on information available to Cytek as of the date hereof, and Cytek disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Cytek’s views as of any date subsequent to the date of this press release. Information contained on, or that is referenced or can be accessed through, our website does not constitute part of this document and inclusions of any website addresses herein are inactive textual references only.
Media Contact:
Stephanie Olsen
Lages & Associates
(949) 453-8080
stephanie@lages.com
Investor Relations Contact:
Paul D. Goodson
Head of Investor Relations
pgoodson@cytekbio.com
Cytek Biosciences, Inc. | ||||||||
(In thousands, except share and per share data) | December 31, 2024 | December 31, 2023 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 98,716 | $ | 167,299 | ||||
Restricted cash | 29 | 331 | ||||||
Marketable securities | 179,145 | 95,111 | ||||||
Trade accounts receivable, net | 60,588 | 55,928 | ||||||
Inventories | 43,893 | 60,877 | ||||||
Prepaid expenses and other current assets | 14,075 | 12,514 | ||||||
Total current assets | 396,446 | 392,060 | ||||||
Deferred income tax assets, noncurrent | 33,374 | 30,487 | ||||||
Property and equipment, net | 17,962 | 18,405 | ||||||
Operating lease right-of-use assets | 10,168 | 10,853 | ||||||
Goodwill | 16,663 | 16,183 | ||||||
Intangible assets, net | 20,128 | 23,084 | ||||||
Other noncurrent assets | 4,759 | 3,385 | ||||||
Total assets | $ | 499,500 | $ | 494,457 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 5,529 | $ | 3,032 | ||||
Legal settlement liability, current | 1,705 | 2,561 | ||||||
Accrued expenses | 21,443 | 20,035 | ||||||
Other current liabilities | 13,494 | 7,903 | ||||||
Deferred revenue, current | 25,492 | 22,695 | ||||||
Total current liabilities | 67,663 | 56,226 | ||||||
Legal settlement liability, noncurrent | 9,036 | 16,477 | ||||||
Deferred revenue, noncurrent | 16,098 | 15,132 | ||||||
Operating lease liability, noncurrent | 7,552 | 9,479 | ||||||
Long term debt | 1,050 | 1,648 | ||||||
Other noncurrent liabilities | 2,364 | 2,431 | ||||||
Total liabilities | $ | 103,763 | $ | 101,393 | ||||
Stockholders’ equity: | ||||||||
Common stock, $0.001 par value; 1,000,000,000 authorized shares as of December 31, 2024 and December 31, 2023, respectively; 129,205,901 and 130,714,906 issued and outstanding shares as of December 31, 2024 and December 31, 2023, respectively. | 129 | 131 | ||||||
Additional paid-in capital | 430,791 | 423,386 | ||||||
Accumulated deficit | (35,199 | ) | (29,178 | ) | ||||
Accumulated other comprehensive gain (loss) | 16 | (1,275 | ) | |||||
Total stockholders’ equity | 395,737 | 393,064 | ||||||
Total liabilities and stockholders’ equity | $ | 499,500 | $ | 494,457 | ||||
Cytek Biosciences, Inc. | ||||||||||||
(In thousands, except share and per share data) | 2024 | 2023 | 2022 | |||||||||
Revenue, net: | ||||||||||||
Product | $ | 153,263 | $ | 156,717 | $ | 148,600 | ||||||
Service | 47,190 | 36,298 | 15,436 | |||||||||
Total revenue, net | 200,453 | 193,015 | 164,036 | |||||||||
Cost of sales: | ||||||||||||
Product | 69,088 | 65,327 | 49,955 | |||||||||
Service | 20,259 | 18,262 | 13,107 | |||||||||
Total cost of sales | 89,347 | 83,589 | 63,062 | |||||||||
Gross profit | 111,106 | 109,426 | 100,974 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 39,402 | 44,151 | 34,858 | |||||||||
Sales and marketing | 49,114 | 49,148 | 33,230 | |||||||||
General and administrative | 43,113 | 43,972 | 34,690 | |||||||||
Total operating expenses | 131,629 | 137,271 | 102,778 | |||||||||
Loss from operations | (20,523 | ) | (27,845 | ) | (1,804 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income (expense), net | 5,239 | (2,071 | ) | (2,573 | ) | |||||||
Interest income | 5,121 | 6,413 | 4,619 | |||||||||
Other income, net | 4,463 | 7,794 | 1,018 | |||||||||
Total other income, net | 14,823 | 12,136 | 3,064 | |||||||||
(Loss) income before income taxes | (5,700 | ) | (15,709 | ) | 1,260 | |||||||
Provision for (benefit from) income taxes | 320 | (3,561 | ) | (1,224 | ) | |||||||
Net (loss) income | $ | (6,020 | ) | $ | (12,148 | ) | $ | 2,484 | ||||
Less: net loss allocated to noncontrolling interests | — | — | 92 | |||||||||
Net (loss) income attributable to common stockholders, basic and diluted | $ | (6,020 | ) | $ | (12,148 | ) | $ | 2,576 | ||||
Net (loss) income attributable to common stockholders per share, basic | $ | (0.05 | ) | $ | (0.09 | ) | $ | 0.02 | ||||
Net (loss) income attributable to common stockholders per share, diluted | $ | (0.05 | ) | $ | (0.09 | ) | $ | 0.02 | ||||
Weighted-average shares used in calculating net (loss) income per share, basic | 130,611,330 | 135,283,044 | 134,510,831 | |||||||||
Weighted-average shares used in calculating net (loss) income per share, diluted | 130,611,330 | 135,283,044 | 138,562,111 | |||||||||
Comprehensive (loss) income: | ||||||||||||
Net (loss) income | $ | (6,020 | ) | $ | (12,148 | ) | $ | 2,484 | ||||
Foreign currency translation adjustment, net of tax | 1,193 | (549 | ) | (1,611 | ) | |||||||
Unrealized gain (loss) on marketable securities | 97 | (29 | ) | 17 | ||||||||
Net comprehensive (loss) income | $ | (4,730 | ) | $ | (12,726 | ) | $ | 890 | ||||
Reconciliation of GAAP to Non-GAAP Measures | ||||||||
Three months ended | ||||||||
(In thousands) | December 31, 2024 | December 31, 2023 | ||||||
GAAP Gross profit | $ | 33,652 | $ | 33,048 | ||||
Stock based compensation | 1,139 | 824 | ||||||
Amortization of acquisition-related intangible assets | 498 | 610 | ||||||
Non-GAAP Adjusted gross profit | $ | 35,289 | $ | 34,482 | ||||
GAAP Gross margin | 59 | % | 57 | % | ||||
Non-GAAP Adjusted gross margin | 61 | % | 59 | % | ||||
GAAP Net income | $ | 9,643 | $ | 5,503 | ||||
Depreciation and amortization | 2,849 | 2,423 | ||||||
Provision for (benefit from) income taxes | 680 | (1,392 | ) | |||||
Interest income | (913 | ) | (1,447 | ) | ||||
Interest (income) expense, net | (5,933 | ) | 393 | |||||
Foreign currency exchange loss (gain) | 1,764 | (1,255 | ) | |||||
License and royalty settlement adjustment | (2,561 | ) | — | |||||
Stock based compensation | 7,003 | 5,669 | ||||||
Acquisition related expenses | — | — | ||||||
Non-GAAP Adjusted EBITDA | $ | 12,532 | $ | 9,894 | ||||
Investment income | (2,298 | ) | (1,897 | ) | ||||
Non-GAAP Adjusted EBITDA excluding investment income | $ | 10,234 | $ | 7,997 | ||||
Reconciliation of GAAP to Non-GAAP Measures | ||||||||
Twelve months ended | ||||||||
(In thousands) | December 31, 2024 | December 31, 2023 | ||||||
GAAP Gross profit | $ | 111,106 | $ | 109,426 | ||||
Stock based compensation | 4,438 | 3,213 | ||||||
Amortization of acquisition-related intangible assets | 1,997 | 1,721 | ||||||
Non-GAAP Adjusted gross profit | $ | 117,541 | $ | 114,360 | ||||
GAAP Gross margin | 55 | % | 57 | % | ||||
Non-GAAP Adjusted gross margin | 59 | % | 59 | % | ||||
GAAP Net loss | $ | (6,020 | ) | $ | (12,148 | ) | ||
Depreciation and amortization | 10,595 | 9,230 | ||||||
Provision for (benefit from) income taxes | 320 | (3,561 | ) | |||||
Interest income | (5,121 | ) | (6,413 | ) | ||||
Interest (income) expense, net | (5,240 | ) | 2,071 | |||||
Foreign currency exchange loss (gain) | 3,597 | (108 | ) | |||||
License and royalty settlement adjustment | (2,561 | ) | — | |||||
Stock based compensation | 26,848 | 22,048 | ||||||
Acquisition related expenses | — | 1,512 | ||||||
Non-GAAP Adjusted EBITDA | $ | 22,418 | $ | 12,631 | ||||
Investment income | (8,016 | ) | (7,420 | ) | ||||
Non-GAAP Adjusted EBITDA excluding investment income | $ | 14,402 | $ | 5,211 | ||||
Revenue | Three months ended | Three months ended | |||
As reported | 57,476 | 58,234 | |||
Non-GAAP constant currency | 58,590 | 57,795 | |||
FX Impact [$] | 1,114 | (439 | ) | ||
FX Impact [%] | 1.9 | % | (0.8 | )% | |
Revenue | Twelve months ended | Twelve months ended | |||
As reported | 200,453 | 193,015 | |||
Non-GAAP constant currency | 201,346 | 193,697 | |||
FX Impact [$] | 893 | 682 | |||
FX Impact [%] | 0.4 | % | 0.4 | % | |