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FREMONT, Calif. - Cytek Biosciences, Inc. (NASDAQ:CTKB), a cell analysis solutions provider with a market capitalization of $935 million, announced preliminary unaudited full-year revenue for 2024, showing a 4% increase from the previous year. The company anticipates a revenue range between $200 million and $201 million, up from $193.0 million in 2023. According to InvestingPro analysis, the company maintains a "GREAT" overall financial health score of 3.1 out of 5.
The fourth quarter revenue is expected to be between $57 million and $58 million, marking an 11% to 13% growth over the third quarter of 2024 but reflecting a slight decline of 2% to flat compared to the fourth quarter of 2023. Cytek's CEO, Dr. Wenbin Jiang, noted that despite the negative impact of approximately $1.5 million due to the appreciation of the US dollar, the company's revenue in Asia Pacific and Rest of World markets grew strongly. InvestingPro data shows the company holds more cash than debt on its balance sheet, with a healthy current ratio of 6.21, indicating strong liquidity.
Cytek's financial performance aligns with historical patterns, with the fourth quarter typically being stronger than preceding quarters. However, the recent results fell slightly below expectations, attributed to currency fluctuations and order delays in certain markets.
The company emphasized its confidence in its long-term potential and business strategy, citing the growing demand for its advanced cell analysis tools. Cytek is focused on delivering sustainable growth and profitability through its portfolio, which includes patented Full Spectrum Profiling™ technology and a range of cell analysis instruments.
While these preliminary results are not yet audited or reviewed, Cytek plans to report its complete financial outcomes for the fourth quarter and full year of 2024 during an earnings call expected to take place near the end of February 2025.
Cytek will also present and participate in a Q&A session at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco on January 16, 2025.
The information in this article is based on a press release statement from Cytek Biosciences, Inc. and may be subject to adjustment following the company’s year-end closing and auditing procedures.
In other recent news, Cytek Biosciences has reported a series of significant developments. The company announced a new stock repurchase initiative, committing to buy back up to $50 million worth of its common stock. This follows the expiration of the existing repurchase program of the same amount. Additionally, Piper Sandler adjusted the stock price target for Cytek Biosciences, decreasing it to $8.25 from the previous $8.50, while maintaining an Overweight rating on the stock. This decision is based on the firm's reassessment of the company's financial outlook and historical growth rate.
In terms of financial performance, Cytek Biosciences has shown steady growth in its third quarter of 2024, with a 7% year-over-year increase in total revenue, reaching $51.5 million. This growth was largely driven by strong performance in the EMEA and APAC regions, and a 14% quarterly increase in product revenue due to a recovery in the US biopharma sector. The company also reported a significant improvement in net income, amounting to $0.9 million, a positive shift from a net loss of $6.5 million in the same quarter of the previous year. These recent developments provide investors with an updated view of the company's financial health and future prospects.
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