Steven Mah, an analyst from TD Cowen, reiterated the Buy rating on Cytek Biosciences (CTKB – Research Report). The associated price target is $12.00.
Steven Mah issued a Buy rating for Cytek Biosciences, based on several factors. Despite reporting Q3 revenues of $48.0M, substantially below the forecasted $55.5M, the firm demonstrated resilience. The lower revenues are attributed to elongated sales cycles and postponed orders due to macroeconomic challenges, but management assures that no orders have been lost. The FY23 revenue guidance was reduced to $188M-192M, which still signifies a 15-17% YoY growth.
Mah also considered the company’s continued growth in diverse revenue streams, despite the economic hurdles. The placement of 119 core instruments in Q3, while less than expected, is still an indication of the firm’s strong market position. High interest in the company’s FSP technology from both new and existing customers and the 171 new publications in the field further support this. The company ended Q3 with $288M in cash, providing room for potential stock buybacks and opportunistic M&A, which further strengthens the Buy rating. Despite the lowered FY23 revenue guidance, Mah believes that Cytek Biosciences’ robust market positioning and diversified revenue streams will drive its performance.
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Cytek Biosciences (CTKB) Company Description:
Cytek Biosciences Inc is a cell analysis solutions company advancing the next generation of cell analysis tools by leveraging novel technical approaches. Its core instruments, the Aurora and Northern Lights systems, are the first full spectrum flow cytometers able to deliver high-resolution, high-content, and high-sensitivity cell analysis by utilizing the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells.
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