Cytek Biosciences, Inc. (NASDAQ: CTKB) has announced its preliminary, unaudited revenue results for the full year ended December 31, 2024. The company expects its full-year revenue for 2024 to be between $200 million and $201 million, reflecting a 4% growth compared to its 2023 revenue of $193.0 million. This growth was impacted by a negative foreign exchange effect of approximately $1.0 million.
Specifically, the expected fourth quarter revenue of $57 million to $58 million represents an 11% to 13% growth compared to the third quarter of 2024, but it also indicates a decline of 2% to flat growth compared to the strong fourth quarter of 2023. The appreciation of the US dollar negatively affected the fourth quarter revenue by approximately $1.5 million.
Dr. Wenbin Jiang, CEO of Cytek Biosciences, commented that the fourth quarter revenue was higher than the preceding quarters of 2024, in line with historical patterns, but slightly below expectations due to the impact of the appreciation of the US dollar against other currencies and order delays in some markets. However, he expressed confidence in Cytek's long-term potential and business strategy, highlighting strong growth in the Asia Pacific and rest of world markets.
Despite the positive revenue results, it's important to note that the preliminary financial figures have not been audited, reviewed, or compiled by an independent registered public accounting firm. Therefore, the actual revenue may differ from the estimates once the company's year-end closing and auditing procedures are completed.
Cytek Biosciences plans to provide more comprehensive financial results for the fourth quarter and full year ended December 31, 2024, along with its 2025 financial guidance during its earnings call expected to be held near the end of February 2025.
The company will also be presenting and participating in a Q&A session at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco, CA, on January 16, 2025, where interested parties can access a live and archived webcast of the presentation on the "Investors" section of the company website.
Cytek Biosciences, Inc. is a leading cell analysis solutions company that specializes in high-resolution, high-content, and high-sensitivity cell analysis using patented Full Spectrum Profiling™ (FSP™) technology. The company's product suite includes core FSP instruments, a reagent cocktail preparation system, enhanced small particle™ (ESP™) detection technology, flow cytometer and imaging products, reagents, software, and services.
It's important to note that Cytek's products are for research use only and not for use in diagnostic procedures, except for certain products available for clinical use in China and the European Union.
Investors and stakeholders are encouraged to monitor Cytek's website, LinkedIn page, and other official channels for the latest company information, including SEC filings, press releases, public conference calls, and webcasts. Following these announcements, the company's shares moved -22.0%, and are now trading at a price of $5.66. If you want to know more, read the company's complete 8-K report here.
