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Mar 31, 2024
Cytek Biosciences Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024.
Key Takeaways
Cytek Biosciences reported a 21% increase in total revenue, reaching $44.9 million in Q1 2024. Organic revenue increased by 11% compared to Q1 2023. The company reaffirms its 2024 revenue guidance, expecting full-year revenue in the range of $203 million to $213 million and anticipates reporting positive net income for the year ending December 31, 2024.
Total revenue was $44.9 million, a 21% increase over the corresponding period of 2023.
Organic revenue was $37.3 million, representing an increase of 11% compared to the first quarter of 2023.
Revenue from product lines acquired from Luminex was $7.6 million.
Opened a new facility in Wuxi, China to meet growing global demand and drive operational performance.
Revenue by Segment
Forward Guidance
Cytek Biosciences reaffirms its 2024 revenue guidance, expecting full year 2024 revenue in the range of $203 million to $213 million, representing growth of 5% to 10% over full year 2023, assuming no change in currency exchange rates. For the year ending December 31, 2024, Cytek Biosciences expects to report positive net income.
Positive Outlook
- Revenue expected to grow 5-10% over 2023.
- Expects to report positive net income for the year ending December 31, 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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