Cytek Biosciences, Inc. Stock Price, News & Analysis

Cytek Biosciences (Nasdaq: CTKB) launched a new 20-Color Acute Myeloid Leukemia (AML) Panel, designed for efficient AML research and measurable residual disease (MRD) detection. This single-tube flow panel enhances operational efficiency by streamlining sample preparation, reducing reagent waste, and improving sensitivity. Utilizing Cytek’s Full Spectrum Profiling™ technology, it enables detailed analysis of normal and aberrant cells, offering critical support for drug discovery and clinical trials. The panel aims to aid researchers in developing life-saving therapies while conserving precious sample resources.

Cytek Biosciences (Nasdaq: CTKB) reported robust financial results for 2022, with total revenue reaching $164 million, marking a 28% year-over-year increase. The fourth quarter alone saw revenues of $48.3 million, a 24% increase from Q4 2021. Net income for the year was $2.5 million, while adjusted EBITDA stood at $21.2 million. Looking ahead, the company projects 2023 revenues between $225 million and $235 million, indicating a growth of 37% to 43% YoY, bolstered by a recent acquisition from Luminex. Despite rising operating expenses, Cytek's expanded instrument installations signify positive growth momentum.

DiaSorin and Cytek Biosciences announced the sale of substantially all assets from Luminex Corporation's Flow Cytometry & Imaging business to Cytek for approximately USD 46.5 million. This transaction, aligning with DiaSorin's strategic focus communicated to investors, is expected to enhance Cytek’s product capabilities and operational efficiency. It supports Cytek’s goals to develop new products and serve previously underserved customer segments. DiaSorin operates globally in the In Vitro Diagnostic field, emphasizing continuous investment in research and development.

DiaSorin and Cytek Biosciences have announced an agreement for Cytek to acquire substantially all assets of DiaSorin's Flow Cytometry & Imaging (FCI) business unit. This strategic transaction is expected to close within 30 days, enhancing Cytek's product offerings with advanced imaging and flow cytometry solutions. The FCI unit, which includes a network of over 7,000 installed instruments, will expand Cytek's global reach. This move aligns with DiaSorin's strategic focus on core business areas, as highlighted in their recent investor communications.

Cytek Biosciences (Nasdaq: CTKB) is set to report its financial results for Q4 and full year 2022 after market close on February 28, 2023. A conference call will follow at 1:30 PM PT to discuss results, business developments, and future outlook. Cytek is recognized for its Full Spectrum Profiling™ (FSP™) technology, enhancing cell analysis solutions through precision and sensitivity. Their products are for research use only in most markets, with some available for clinical use in approved regions. Investors should monitor Cytek's website and social media for updates and disclosures.

Cytek Biosciences (Nasdaq: CTKB) has announced a strategic partnership with Bio-Rad Laboratories to enhance its flow cytometry systems. This collaboration introduces Bio-Rad's StarBright™ Dyes, which are known for their superior brightness and stability. These dyes will be utilized to develop reagents that support high-parameter applications on Cytek's Aurora and Northern Lights™ systems. The partnership aims to improve multiparameter analysis capabilities, allowing researchers to design better panels. Cytek plans to optimize single vial reagents and multicolor panels for over 1,500 Full Spectrum Profiling™ instruments deployed worldwide.

Cytek Biosciences (Nasdaq: CTKB) announced its participation in upcoming investor conferences, starting with the 2023 BTIG MedTech Conference from February 14-16 in Snowbird, UT, where management will engage in one-on-one meetings with investors. Additionally, Cytek will be at the Cowen 43rd Annual Health Care Conference in Boston, MA, presenting a fireside chat and Q&A on March 8 at 12:50 p.m. ET. The company specializes in innovative cell analysis solutions powered by its patented Full Spectrum Profiling™ technology, which enhances precision in multiplexing analysis. More details are available on Cytek's website.

Cytek Biosciences (Nasdaq: CTKB) launched Cytek Cloud, a cloud-based platform aimed at enhancing flow cytometry workflows. This integrated solution consolidates spectral panel design tools, streamlining experiments pre-instrument use. It accelerates insights across various applications like immunology and oncology. Cytek's CEO, Dr. Wenbin Jiang, emphasized the commitment to redefining flow cytometry possibilities. Future enhancements for data management and analysis are planned. Cytek's technology enables high-resolution cellular analysis, enhancing researchers' capabilities in understanding biological systems.

Cytek Biosciences reported third quarter 2022 revenue of $40.5 million, an 18% year-over-year increase. Gross profit rose 26% to $26.9 million, achieving a gross profit margin of 66.4%. Net income improved to $1.6 million, with adjusted EBITDA reaching $7.3 million. The company expanded its installed base to 1,501 instruments, despite facing sales timing issues and currency headwinds. Cytek maintains its 2022 revenue outlook, estimating full-year figures between $160 million and $168 million.