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Sep 30, 2024
Cytek Biosciences Q3 2024 Earnings Report
Reported solid year-over-year revenue growth despite industry headwinds.
Key Takeaways
Cytek Biosciences reported a 7% increase in revenue compared to the third quarter of 2023, driven by growth in EMEA and APAC regions and service revenue. The company reaffirms its 2024 revenue guidance.
Total revenue for Q3 2024 was $51.5 million, a 7% increase year-over-year and a 10% increase over Q2 2024.
Launched SpectroPanel™ tool, enhancing the Cytek® Cloud digital ecosystem.
Expanded installed base to 2,821 Cytek instruments, adding 164 units in Q3 2024.
Repurchased $12.1 million of Cytek common stock in Q3 2024.
Forward Guidance
Cytek Biosciences reaffirms its 2024 revenue guidance of full year 2024 revenue to be 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 continues to expect to report a net loss in the single digit millions for the full year 2024 and positive cash flow from operations in 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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