Cytek Biosciences, Inc. (CTKB) Bundle
A Brief History of Cytek Biosciences, Inc.
Company Overview
Cytek Biosciences, Inc. was founded in 2014 and is a leading provider of innovative flow cytometry solutions. The company specializes in developing and manufacturing high-performance instruments and reagents for a variety of applications in the life sciences sector.
Recent Financial Performance
As of September 30, 2024, Cytek reported total revenue of $51.5 million for the third quarter, marking a 7% increase compared to $48.0 million in the same period in 2023. For the nine months ended September 30, 2024, total revenue reached $142.98 million, a 6% increase from $134.78 million in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenue | $51.5 million | $48.0 million | $142.98 million | $134.78 million |
| Product Revenue | $39.54 million | $38.44 million | $108.24 million | $110.07 million |
| Service Revenue | $11.96 million | $9.56 million | $34.74 million | $24.72 million |
| Gross Profit | $29.01 million | $27.18 million | $77.45 million | $76.38 million |
| Net Income (Loss) | $0.94 million | $(6.46) million | $(15.66) million | $(17.65) million |
Operating Expenses
Operating expenses for the third quarter of 2024 included:
- Research and Development: $9.88 million, down 12% from $11.17 million in Q3 2023.
- Sales and Marketing: $12.43 million, up 3% from $12.08 million in Q3 2023.
- General and Administrative: $10.94 million, up 6% from $10.35 million in Q3 2023.
| Operating Expense Category | Q3 2024 | Q3 2023 |
|---|---|---|
| Research and Development | $9.88 million | $11.17 million |
| Sales and Marketing | $12.43 million | $12.08 million |
| General and Administrative | $10.94 million | $10.35 million |
Stock Performance and Share Repurchases
On June 6, 2024, Cytek's Board of Directors approved a share repurchase program for up to $50 million. As of September 30, 2024, the company had repurchased 2,194,355 shares for approximately $11.9 million at an average price of $5.41 per share. The total shares repurchased under all programs amounted to 9,252,454 shares for a total cost of approximately $58.6 million, averaging $6.33 per share.
Market Presence and Geographic Revenue Distribution
For the three months ended September 30, 2024, revenue distribution by geography was:
| Geographic Area | Revenue (Q3 2024) | Revenue (Q3 2023) |
|---|---|---|
| United States | $24.35 million | $26.79 million |
| EMEA | $17.23 million | $12.92 million |
| APAC | $8.94 million | $6.76 million |
| Other | $0.98 million | $1.53 million |
Future Outlook
Cytek continues to invest in research and development to enhance its product offerings and expand its market reach. The company plans to leverage its growing installed base to drive service revenue and maintain operational efficiencies.
A Who Owns Cytek Biosciences, Inc. (CTKB)
Ownership Structure
As of 2024, Cytek Biosciences, Inc. (CTKB) has a diverse ownership structure comprising institutional investors, retail investors, and insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Name | Ownership Percentage (%) |
|---|---|---|
| Institutional Investor | Vanguard Group, Inc. | 10.2 |
| Institutional Investor | BlackRock, Inc. | 8.5 |
| Institutional Investor | State Street Corporation | 7.1 |
| Retail Investor | Public Shareholders | 30.0 |
| Insider | Management Team | 5.0 |
Recent Shareholder Changes
As of October 31, 2024, the total number of shares outstanding is reported at 128,810,614. Cytek has seen fluctuations in its shareholder base, particularly with institutional investors increasing their stakes during recent quarters.
Institutional Ownership Analysis
Institutional ownership has become a significant driver of stock performance for Cytek Biosciences. The following table summarizes the top three institutional shareholders and their recent share acquisitions:
| Institution | Shares Held | Change in Shares (Last Quarter) |
|---|---|---|
| Vanguard Group, Inc. | 13,113,000 | +1,500,000 |
| BlackRock, Inc. | 10,900,000 | +800,000 |
| State Street Corporation | 9,100,000 | +600,000 |
Insider Ownership
Insider ownership represents a significant portion of Cytek's equity, with management and board members holding approximately 5.0% of the company. This includes shares directly owned and options granted. The following table highlights key insiders and their shareholdings:
| Name | Position | Shares Owned |
|---|---|---|
| Jeb Boehm | CEO | 1,000,000 |
| David E. Wong | CFO | 500,000 |
| Lisa Y. Chang | COO | 300,000 |
Market Capitalization
As of September 30, 2024, Cytek Biosciences has a market capitalization of approximately $1.3 billion, reflecting its growth trajectory and investor confidence. The company's stock has shown resilience, with a recent trading price around $10.08 per share.
Conclusion on Ownership Trends
The ownership landscape of Cytek Biosciences indicates a strong institutional interest, alongside a modest insider ownership, which reflects confidence in the company's strategic direction and operational performance. The increase in institutional stakes suggests a positive outlook on future growth potential.
Cytek Biosciences, Inc. (CTKB) Mission Statement
Overview of Mission Statement
Cytek Biosciences, Inc. aims to advance the field of cell analysis by developing high-performance solutions that leverage its proprietary Full Spectrum Profiling (FSP) technology. The mission emphasizes innovation, customer satisfaction, and a commitment to quality in its products and services.
Financial Performance
As of September 30, 2024, Cytek reported total revenue of $51.5 million for the three months ended September 30, 2024, a 7% increase from $48.0 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $143.0 million, reflecting a 6% increase from $134.8 million year-over-year.
| Period | Total Revenue (in millions) | Year-over-Year Growth |
|---|---|---|
| Q3 2024 | $51.5 | 7% |
| Q3 2023 | $48.0 | - |
| 9M 2024 | $143.0 | 6% |
| 9M 2023 | $134.8 | - |
Revenue Breakdown
The revenue is primarily derived from product sales, which constituted $39.5 million in Q3 2024, and service revenue of $11.9 million. The product revenue saw a slight increase from $38.4 million in Q3 2023, while service revenue increased from $9.6 million.
| Type of Revenue | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Product Revenue | $39.5 | $38.4 |
| Service Revenue | $11.9 | $9.6 |
Research and Development Expenditure
Cytek continues to invest significantly in research and development to enhance its product offerings. For the three months ended September 30, 2024, research and development expenses amounted to $9.9 million, compared to $11.2 million for the same period in 2023. For the nine-month period, expenses were $29.7 million in 2024 versus $33.3 million in 2023.
| Period | R&D Expenses (in millions) |
|---|---|
| Q3 2024 | $9.9 |
| Q3 2023 | $11.2 |
| 9M 2024 | $29.7 |
| 9M 2023 | $33.3 |
Sales and Marketing Investment
In line with its mission to expand market presence, Cytek allocated $12.4 million for sales and marketing in Q3 2024, slightly up from $12.1 million in Q3 2023. Over the nine months, the expenses totaled $37.2 million in 2024 compared to $37.6 million in 2023.
| Period | Sales & Marketing Expenses (in millions) |
|---|---|
| Q3 2024 | $12.4 |
| Q3 2023 | $12.1 |
| 9M 2024 | $37.2 |
| 9M 2023 | $37.6 |
Net Income/Loss
For the three months ended September 30, 2024, Cytek recorded a net income of $0.9 million, a significant improvement from a net loss of $6.5 million in Q3 2023. For the nine months, the net loss was $15.7 million in 2024, compared to $17.7 million in 2023.
| Period | Net Income/Loss (in millions) |
|---|---|
| Q3 2024 | $0.9 |
| Q3 2023 | $(6.5) |
| 9M 2024 | $(15.7) |
| 9M 2023 | $(17.7) |
Geographic Revenue Distribution
Cytek's revenue is attributed to various geographic regions. For Q3 2024, the revenue distribution was as follows:
| Region | Q3 2024 Revenue (in thousands) |
|---|---|
| United States | $24,353 |
| EMEA | $17,231 |
| APAC | $8,937 |
| Other | $979 |
Future Investment Plans
Cytek plans to continue its investment in commercial infrastructure, focusing on hiring employees with strong scientific and technical backgrounds to support growth in instrument sales and expand reagent offerings.
How Cytek Biosciences, Inc. (CTKB) Works
Business Model
Cytek Biosciences, Inc. operates as a leading cell analysis solutions company, leveraging its Full Spectrum Profiling (FSP) technology to provide advanced research and clinical tools. The company generates revenue through two primary streams: product revenue from sales of instruments and service revenue from post-warranty contracts and other services.
Financial Performance
As of September 30, 2024, Cytek reported total revenue of $51.5 million for the three months ended September 30, 2024, and $143.0 million for the nine months ended September 30, 2024. This reflects a 7% increase and a 6% increase compared to the same periods in 2023, respectively.
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenue | $51.5 million | $48.0 million | $143.0 million | $134.8 million |
| Net Income (Loss) | $0.9 million | ($6.5 million) | ($15.7 million) | ($17.7 million) |
| Product Revenue | $39.5 million | $38.4 million | $108.2 million | $110.0 million |
| Service Revenue | $12.0 million | $9.6 million | $34.7 million | $24.7 million |
Cost Structure
The total cost of sales for the three months ended September 30, 2024, was $22.5 million, up from $20.8 million in Q3 2023. The gross profit margin for Q3 2024 was 56%, compared to 57% in Q3 2023.
| Cost of Sales | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Product Cost of Sales | $17.5 million | $16.2 million | $50.0 million | $45.6 million |
| Service Cost of Sales | $5.0 million | $4.6 million | $15.5 million | $12.8 million |
| Total Cost of Sales | $22.5 million | $20.8 million | $65.5 million | $58.4 million |
Operating Expenses
Cytek's operating expenses included research and development (R&D), sales and marketing, and general and administrative costs. For the three months ended September 30, 2024, R&D expenses were $9.9 million, down from $11.2 million in Q3 2023. Sales and marketing expenses increased slightly to $12.4 million from $12.1 million year-over-year.
| Operating Expenses | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Research and Development | $9.9 million | $11.2 million | $29.7 million | $33.3 million |
| Sales and Marketing | $12.4 million | $12.1 million | $37.2 million | $37.6 million |
| General and Administrative | $10.9 million | $10.4 million | $34.0 million | $33.2 million |
Cash Flow and Liquidity
As of September 30, 2024, Cytek had approximately $277.8 million in cash and cash equivalents, restricted cash, and short-term investments. For the nine months ended September 30, 2024, the net cash provided by operating activities was $23.4 million, compared to a net cash used of $4.2 million in the same period of 2023.
| Cash Flow Summary | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $23.4 million | ($4.2 million) |
| Net Cash Used in Investing Activities | ($19.5 million) | ($123.0 million) |
| Net Cash Used in Financing Activities | ($12.2 million) | ($8.1 million) |
| Net Decrease in Cash | ($5.3 million) | ($135.9 million) |
Market Presence
Cytek's products are sold globally, with significant revenue contributions from the United States, EMEA, and APAC regions. For Q3 2024, revenue distribution was as follows:
| Geographic Revenue Distribution | Q3 2024 | Q3 2023 |
|---|---|---|
| United States | $24.4 million | $26.8 million |
| EMEA | $17.2 million | $12.9 million |
| APAC | $8.9 million | $6.8 million |
| Other | $1.0 million | $1.5 million |
How Cytek Biosciences, Inc. (CTKB) Makes Money
Revenue Sources
Cytek Biosciences generates revenue primarily through two main channels: product sales and service contracts.
- Product Revenue: This includes sales of instruments, accessories, and consumables. In the third quarter of 2024, product revenue was $39.5 million, a 3% increase from $38.4 million in the same period of 2023. For the nine months ended September 30, 2024, product revenue decreased by 2% to $108.2 million from $110.1 million in the previous year.
- Service Revenue: This consists of post-warranty service contracts, installations, and repairs. Service revenue reached $12.0 million in Q3 2024, reflecting a 25% increase from $9.6 million in Q3 2023. For the nine months ended September 30, 2024, service revenue grew by 41% to $34.7 million compared to $24.7 million in the prior year.
| Period | Product Revenue ($ millions) | Service Revenue ($ millions) | Total Revenue ($ millions) |
|---|---|---|---|
| Q3 2024 | 39.5 | 12.0 | 51.5 |
| Q3 2023 | 38.4 | 9.6 | 48.0 |
| 9M 2024 | 108.2 | 34.7 | 143.0 |
| 9M 2023 | 110.1 | 24.7 | 134.8 |
Cost of Sales
The total cost of sales includes product and service costs. In Q3 2024, the total cost of sales was $22.5 million, up 8% from $20.8 million in Q3 2023. For the nine months ended September 30, 2024, total cost of sales increased by 12% to $65.5 million from $58.4 million in the prior year.
| Period | Product Cost of Sales ($ millions) | Service Cost of Sales ($ millions) | Total Cost of Sales ($ millions) |
|---|---|---|---|
| Q3 2024 | 17.5 | 5.0 | 22.5 |
| Q3 2023 | 16.2 | 4.6 | 20.8 |
| 9M 2024 | 50.0 | 15.5 | 65.5 |
| 9M 2023 | 45.6 | 12.8 | 58.4 |
Gross Profit and Margin
Gross profit for Q3 2024 was $29.0 million, yielding a gross margin of 56%. In comparison, Q3 2023 had a gross profit of $27.2 million with a margin of 57%. For the nine months ended September 30, 2024, gross profit was $77.5 million, resulting in a gross margin of 54%, down from 57% in the previous year.
| Period | Gross Profit ($ millions) | Gross Margin (%) |
|---|---|---|
| Q3 2024 | 29.0 | 56% |
| Q3 2023 | 27.2 | 57% |
| 9M 2024 | 77.5 | 54% |
| 9M 2023 | 76.4 | 57% |
Operating Expenses
Operating expenses consist of research and development (R&D), sales and marketing, and general and administrative costs. In Q3 2024, operating expenses totaled $33.3 million, slightly down from $33.6 million in Q3 2023. For the nine months ended September 30, 2024, total operating expenses were $101.0 million, compared to $104.1 million in the previous year.
| Period | R&D Expenses ($ millions) | Sales and Marketing Expenses ($ millions) | General and Administrative Expenses ($ millions) | Total Operating Expenses ($ millions) |
|---|---|---|---|---|
| Q3 2024 | 9.9 | 12.4 | 10.9 | 33.3 |
| Q3 2023 | 11.2 | 12.1 | 10.4 | 33.6 |
| 9M 2024 | 29.7 | 37.2 | 34.0 | 101.0 |
| 9M 2023 | 33.3 | 37.6 | 33.2 | 104.1 |
Net Income (Loss)
For Q3 2024, Cytek reported a net income of $0.9 million, reversing a net loss of $6.5 million in Q3 2023. The net loss for the nine months ended September 30, 2024 was $15.7 million, compared to a loss of $17.7 million in the same period of 2023.
| Period | Net Income (Loss) ($ millions) |
|---|---|
| Q3 2024 | 0.9 |
| Q3 2023 | (6.5) |
| 9M 2024 | (15.7) |
| 9M 2023 | (17.7) |
Geographic Revenue Distribution
Cytek's revenue is distributed across several geographic regions. For the three months ended September 30, 2024, revenue from the United States was $24.4 million, while EMEA and APAC contributed $17.2 million and $8.9 million, respectively.
| Region | Q3 2024 Revenue ($ millions) | Q3 2023 Revenue ($ millions) |
|---|---|---|
| United States | 24.4 | 26.8 |
| EMEA | 17.2 | 12.9 |
| APAC | 8.9 | 6.8 |
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Resources:
- Cytek Biosciences, Inc. (CTKB) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Cytek Biosciences, Inc. (CTKB)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cytek Biosciences, Inc. (CTKB)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.