Cytek Biosciences Inc · Q2 2023 earnings

Briefing

Reported a revenue increase of 24% year-over-year, driven by organic growth and contributions from the Luminex acquisition, with ongoing integration efforts and expansion of global presence.

Cytek Biosciences reported a 24% increase in revenue to $49.7 million for Q2 2023, including $8.2 million from the Luminex acquisition. The company is focused on integrating the Luminex business and expanding its global presence. Net loss was $4.4 million, and adjusted EBITDA was $1.5 million.

• Total revenue was $49.7 million, representing 24% growth over the second quarter of 2022
• Total revenue on a non-GAAP constant currency basis was $50.0 million
• Organic revenue for Cytek’s existing product portfolio was $41.5 million in the second quarter of 2023, representing an increase of 3% compared to the second quarter of 2022.
• Shipped the 100th Cytek Aurora Cell Sorter system

Headline financials

Revenue & EPS history

Cytek Biosciences continues to expect full year 2023 total revenue to be in the range of $205 million to $220 million, representing growth of 25% to 34% over full year 2022. This includes an expected revenue contribution in the range of $180 million to $190 million from our existing organic business and in the range of $25 million to $30 million from the acquired Luminex flow cytometry and imaging business, which closed on February 28, 2023.