Investing.com -- Shares of biotech firm Cytek Biosciences saw a sharp drop of up to 19% intraday, marking the most significant fall since May.
This comes following the company’s announcement of preliminary sales for the fourth quarter, which failed to meet market expectations.
The preliminary revenue for the quarter is estimated to be between $57 million and $58 million, which represents a year-over-year decrease of 2% to no change. This falls short of the Bloomberg Consensus estimate of $61.5 million.
The company has indicated that the strengthening of the US dollar had a negative impact on the fourth quarter revenue, causing a reduction of approximately $1.5 million.
Looking ahead to the full year, Cytek Biosciences anticipates its 2024 revenue to fall within the range of $200 million to $201 million. This projection reflects a 4% growth compared to the company’s 2023 revenue, which stood at $193 million.
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