The following is a summary of the Cytek Biosciences, Inc. (CTKB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cytek reported a Q1 revenue of $44.9 million, up 21% year-over-year.

• Gross profit reached $23 million, a 9% increase on the previous year's quarter, with a GAAP gross profit margin of 51%.

• Operating expenses increased by 1.6% to $33.7 million due to a rise in headcount and personnel-related expenses.

• Loss from operations was $10.7 million compared to a loss from operations of $12.2 million the previous year. Net loss also improved, down from $6.8 million prior to a current $6.2 million.

• Cash flow from operations for Q1 2024 stood at a positive $4 million and total cash and marketable securities increased by $7.7 million in the quarter to $270.4 million.

Business Progress:

• Cytek expanded its global footprint with 99 organic Cytek instruments sold, for a total installed base of 2,247 instruments.

• The company opened a new larger facility in Wuxi, China to increase manufacturing capacity.

• There are over 8,500 users using the Cytek Cloud, a set of special panel design tools.

• The company received IVDR compliance for its single-laser, 6-color TBNK panel in the EU market and China.

• Cytek Biosciences has been accepted across multiple organizations and expects 2024 revenue to be between $203 million and $213 million, representing a 5% to 10% growth over 2023.

• Their portfolio strengths reside in their flagship product, the Aurora, and they aim to focus on entry-to-mid level to drive product adoption.

• Their Orion reagent mixer has seen increasing interest and they've had early successes in converting Guava customers to the Northern Lights platform.

• A newly opened facility supports all product manufacturing, primarily instrument production and software improvement on Northern Lights has garnered positive customer feedback.

More details: Cytek Biosciences IR

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