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Jun 30, 2024
Cytek Biosciences Q2 2024 Earnings Report
Cytek Biosciences' performance declined due to weakness in the U.S. instrument market, offset by growth in EMEA, APAC, and service revenue; the company narrowed its 2024 revenue guidance and expects positive cash flow from operations.
Key Takeaways
Cytek Biosciences reported a 6% decrease in revenue compared to Q2 2023, totaling $46.6 million, due to U.S. market weakness, though EMEA and APAC regions showed strong growth. The company narrowed its 2024 revenue guidance to $203 million to $210 million and anticipates positive cash flow from operations.
Total revenue was $46.6 million, a 6% decrease compared to Q2 2023.
Gross profit was $25.4 million with a GAAP gross profit margin of 55%.
Operating expenses decreased by 9% to $34.0 million.
The company attained a total installed base of 2,656 Cytek instruments, adding 147 units in Q2 2024.
Revenue by Segment
Forward Guidance
Cytek Biosciences narrowed the range of its 2024 revenue guidance, now expecting full year 2024 revenue to in the range of $203 million to $210 million, representing growth of 5% to 9% over full year 2023, assuming no change in currency exchange rates. In addition, Cytek expects to report a net loss in the single digit millions for the full year 2024 due to an outlook of slightly lower gross profit, higher than expected stock-based compensation, and lower other income. Cytek expects to generate positive cash flow from operations in 2024.
Positive Outlook
- Full year 2024 revenue is expected to grow 5% to 9% over full year 2023.
- The company expects to generate positive cash flow from operations in 2024.
Challenges Ahead
- The company expects to report a net loss in the single digit millions for the full year 2024.
- The net loss is due to an outlook of slightly lower gross profit.
- The net loss is due to higher than expected stock-based compensation.
- The net loss is due to lower other income.
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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