On February 27, 2025, Cytek Biosciences Inc (CTKB, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year ending December 31, 2024. Cytek Biosciences Inc, a leader in cell analysis solutions, is known for its innovative Full Spectrum Profilingâ„¢ (FSPâ„¢) technology, which enhances cell analysis capabilities. The company primarily generates its revenue from the United States.
Performance Overview and Challenges
Cytek Biosciences Inc reported a total revenue of $57.5 million for the fourth quarter of 2024, which represents a 1.3% decrease from the $58.2 million reported in the same quarter of 2023. On a non-GAAP constant currency basis, however, revenue increased by 1.4% to $58.6 million. Despite this, the revenue fell short of the analyst estimate of $59.38 million. The company's gross profit for the quarter was $33.7 million, up 1.8% from the previous year, with a gross margin improvement from 57% to 59%.
Financial Achievements and Industry Importance
Cytek Biosciences Inc achieved a significant milestone with an adjusted EBITDA of $12.5 million for the fourth quarter, compared to $9.9 million in the same period of 2023. This reflects the company's ability to enhance operational efficiency and profitability, which is crucial in the competitive Medical Devices & Instruments industry. The company's net income for the quarter was $9.6 million, including non-recurring benefits totaling $8.8 million. Excluding these items, the non-GAAP net income was $2.9 million, compared to $5.5 million in the fourth quarter of 2023.
Key Financial Metrics
For the full year 2024, Cytek Biosciences Inc reported a total revenue of $200.5 million, a 3.9% increase over 2023. The net loss for the year was $6.0 million, a significant improvement from the $12.1 million loss in 2023. The company's adjusted EBITDA for the year was $22.4 million, a 77% increase from the previous year. The company also repurchased nearly 4 million shares of common stock, reflecting confidence in its long-term growth strategy.
| Metric | Q4 2024 | Q4 2023 | Full Year 2024 | Full Year 2023 |
|---|---|---|---|---|
| Total Revenue | $57.5M | $58.2M | $200.5M | $193.0M |
| Gross Profit | $33.7M | $33.0M | $111.1M | $109.4M |
| Net Income (Loss) | $9.6M | $5.5M | ($6.0M) | ($12.1M) |
| Adjusted EBITDA | $12.5M | $9.9M | $22.4M | $12.6M |
Analysis and Outlook
Cytek Biosciences Inc's performance in 2024 highlights its strategic focus on expanding its market presence and improving operational efficiency. The company's ability to increase its installed base and enhance its manufacturing capabilities with a new facility in Singapore positions it well for future growth. However, the slight decline in quarterly revenue and the ongoing net loss indicate challenges that need to be addressed to achieve sustainable profitability.
I am pleased with our continued market penetration with our FSPâ„¢ technology, the increased number of instrument deployments and a substantial increase in adjusted EBITDA and positive cash flow generation in what continues to be a dynamic industry environment," said Dr. Wenbin Jiang, CEO of Cytek Biosciences.
Looking ahead, Cytek Biosciences Inc expects total revenue for 2025 to range between $204 million and $212 million, indicating a growth of 2% to 6% over 2024. This outlook reflects the company's confidence in its strategic initiatives and market opportunities.
Explore the complete 8-K earnings release (here) from Cytek Biosciences Inc for further details.
