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Cytek Biosciences, Inc. - CTKB STOCK NEWS

Welcome to our dedicated page for Cytek Biosciences news (Ticker: CTKB), a resource for investors and traders seeking the latest updates and insights on Cytek Biosciences stock.

Cytek Biosciences, Inc. (Nasdaq: CTKB) is a pioneering life sciences technology company dedicated to revolutionizing cell analysis. Headquartered in Fremont, California, Cytek is at the forefront of developing cutting-edge solutions that advance the next generation of cell analysis tools. The company's core instruments, the Cytek Aurora™ and Northern Lights™ systems, are the first full-spectrum flow cytometers capable of delivering high-resolution, high-content, and high-sensitivity cell analysis. These instruments utilize the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells.

Cytek's patented Full Spectrum Profiling™ (FSP™) technology addresses the inherent limitations of other technologies by providing a higher density of information with greater sensitivity, more flexibility, and increased efficiency — all at a lower cost. The company's product portfolio also includes the Cytek Aurora™ CS cell sorter and the Amnis® and Guava® brands' flow cytometer and imaging products. In addition, Cytek offers reagents, software, and services to provide a comprehensive and integrated suite of solutions for its customers.

Cytek generates a majority of its revenue from the United States and is expanding its presence globally with offices and distribution channels across the world. The company expects its full-year revenue for 2023 to be near the high end of its most recent revenue guidance range of $188 million to $192 million. Cytek's innovative approach and robust product lineup position it as a leader in the cell analysis market, with a strong focus on driving strategic growth and long-term profitability.

In January 2024, Cytek will participate in the 42nd Annual J.P. Morgan Healthcare Conference, where it will present its progress and future plans. The company continues to deliver strong financial performance, with fourth-quarter 2023 revenue at $58.6 million, a 21% increase over the previous year. Cytek's CEO, Dr. Wenbin Jiang, highlighted the company's agility and effective execution of its business strategy amidst challenging macro-economic conditions. Looking ahead to 2024, Cytek aims to achieve total revenue between $203 million to $213 million, representing growth of 5% to 10% over the previous year.

More information about Cytek and its products is available at www.cytekbio.com. The company actively uses its website, LinkedIn page, and X (formerly Twitter) account to distribute information about its products, financial announcements, and conference participation. Investors are encouraged to monitor these channels for material information and updates.

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Cytek Biosciences announced a $50 million stock repurchase program, approved by its Board of Directors. This initiative aims to buy back shares of its common stock, listed under the Nasdaq symbol CTKB, up until December 31, 2024, unless modified. Repurchases will take place on the open market or through private transactions, adhering to SEC Rule 10b-18 and legal requirements. The program's extent and timing will depend on liquidity, cash flow, and market conditions. However, Cytek is not obliged to buy back any specific amount and may alter or suspend the program at any time.

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Cytek Biosciences (Nasdaq: CTKB), a key player in cell analysis solutions, will participate in the Goldman Sachs 45th Annual Global Healthcare Conference in Miami Beach, FL. Scheduled for June 12th at 9:20 a.m. Eastern Time, the company's management will engage in a fireside chat. The discussion will be accessible via a live and archived webcast on Cytek's investor relations webpage.

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On May 28, 2024, Cytek Biosciences (Nasdaq: CTKB) announced that its 1-laser and 2-laser 6-color TBNK reagent cocktails received approval from China's National Medical Products Administration (NMPA) for clinical use. These reagents, used in the Cytek Northern Lights-Clinical (NL-CLC) cell analysis systems, aid in diagnosing and monitoring immune-related conditions such as immunodeficiencies, autoimmune diseases, infections, and cancers. The NMPA clearance marks the first clinical 1-laser based 6-color TBNK assay supported by Full Spectrum Profiling (FSP) capability. This approval enhances Cytek's market presence in China, offering new opportunities and strengthening its competitive edge. The Cytek NL-CLC systems are designed to perform optimally in multicolor environments, and their onboard volumetric meters reduce testing costs by eliminating the need for counting beads.

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Cytek Biosciences has introduced the Enhanced Small Particle (ESP™) Detection Option for its Cytek Aurora™ and Cytek Northern Lights™ systems. This upgrade allows researchers to detect subcellular particles, such as extracellular vesicles (EVs), with superior sensitivity and resolution. The global EV market is projected to grow significantly, from $227.5 million in 2023 to $1.3 billion by 2028, at a CAGR of 42.2%. This advancement positions Cytek as a leader in the small particle research market. The ESP Detection Option enhances the study of viruses, bacteria, and nanoparticles, offering unprecedented light scatter sensitivity and enabling more accurate measurement and characterization of small particles.

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Cytek Biosciences reported strong financial results for the first quarter of 2024, with total revenue reaching $44.9 million, a 21% increase from the previous year. The company's organic revenue saw a significant 11% growth, driven by the acquisition of product lines from Luminex Cytek also expanded its operations by opening a new facility in China and received approval for a TBNK panel. Despite a decrease in gross profit margin, the company remains focused on sustainable growth and profitability. Cytek reaffirmed its revenue guidance for 2024, expecting a positive net income for the year.

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Cytek Biosciences, Inc. (Nasdaq: CTKB) will showcase its Full Spectrum Profiling™ (FSP™) technology at CYTO 2024 and AAI’s IMMUNOLOGY2024. The company offers cell analysis solutions for various fields like immunology and oncology. They will conduct educational workshops, tutorials, and exhibit their suite of instruments, reagents, software, and services at these conferences.

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Cytek Biosciences, Inc. (Nasdaq: CTKB) will report its first quarter 2024 financial results on May 8, 2024. The management will hold a conference call to discuss the results, business developments, and outlook.

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Cytek Biosciences, Inc. appoints William McCombe as CFO, reaffirms 2024 revenue guidance of $203 million to $213 million with expected positive net income. McCombe brings extensive experience from leading technology companies and investment banking, positioning Cytek for sustainable growth.
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Cytek Biosciences, Inc. (CTKB) expands its manufacturing capacity with a new facility in Wuxi, China, to meet the increasing demand for cell analysis solutions worldwide. The facility enables unique vendor relationships and in-house component manufacturing, enhancing Cytek's position in the industry. Cytek's product portfolio includes innovative cell analyzers and sorters, empowering scientists with advanced technology for research in various fields like immuno-oncology and infectious diseases.
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Cytek Biosciences reports strong financial results for Q4 and full year 2023 with revenue growth, new product launches, and strategic agreements. Despite increasing expenses, the company shows positive performance and outlines a growth outlook for 2024.
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FAQ

What does Cytek Biosciences, Inc. do?

Cytek Biosciences, Inc. is a life sciences technology company that provides advanced cell analysis tools, including the Cytek Aurora and Northern Lights systems, utilizing full-spectrum fluorescence signatures for high-resolution, high-content, and high-sensitivity cell analysis.

What is the Full Spectrum Profiling™ (FSP™) technology?

Full Spectrum Profiling™ (FSP™) technology is Cytek's patented approach that harnesses the power of information within the entire spectrum of a fluorescent signal to achieve higher levels of multiplexing with precision and sensitivity.

Where is Cytek Biosciences, Inc. headquartered?

Cytek Biosciences, Inc. is headquartered in Fremont, California.

What are Cytek's core instruments?

Cytek's core instruments include the Cytek Aurora™ and Northern Lights™ systems, which are the first full-spectrum flow cytometers capable of high-resolution, high-content, and high-sensitivity cell analysis.

What is the expected revenue range for Cytek in 2023?

Cytek expects its full-year revenue for 2023 to be near the high end of the company's most recent revenue guidance range of $188 million to $192 million.

How can investors stay updated with Cytek's announcements?

Investors can stay updated with Cytek's announcements by monitoring the company's website, LinkedIn page, and X (formerly Twitter) account, in addition to following its SEC filings, news releases, public conference calls, and webcasts.

What financial performance did Cytek report for the fourth quarter of 2023?

For the fourth quarter of 2023, Cytek reported total revenue of $58.6 million, a 21% increase over the fourth quarter of 2022, and a net income of $6.3 million.

What are Cytek's plans for 2024?

Cytek plans to achieve total revenue between $203 million to $213 million for 2024 and expects to report positive net income for the year. The company aims to focus on strategic growth and long-term profitability.

Are Cytek's products available for clinical use?

Cytek's products are primarily for research use only. However, the Northern Lights-CLC system and certain reagents are available for clinical use in China and the European Union.

What industry event will Cytek participate in January 2024?

Cytek will participate in the 42nd Annual J.P. Morgan Healthcare Conference in January 2024, where it will present its progress and future plans.

Cytek Biosciences, Inc.

Nasdaq:CTKB

CTKB Rankings

CTKB Stock Data

807.33M
131.27M
8.74%
66.4%
4.92%
Analytical Laboratory Instrument Manufacturing
Manufacturing
Link
United States of America
FREMONT