NASDAQ$CTKB
Cytek Biosciences Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Cytek Biosciences' performance declined due to weakness in the U.S. instrument market, offset by growth in EMEA, APAC, and service revenue; the company narrowed its 2024 revenue guidance and expects positive cash flow from operations.
Cytek Biosciences reported a 6% decrease in revenue compared to Q2 2023, totaling $46.6 million, due to U.S. market weakness, though EMEA and APAC regions showed strong growth. The company narrowed its 2024 revenue guidance to $203 million to $210 million and anticipates positive cash flow from operations.
- Total revenue was $46.6 million, a 6% decrease compared to Q2 2023.
- Gross profit was $25.4 million with a GAAP gross profit margin of 55%.
- Operating expenses decreased by 9% to $34.0 million.
- The company attained a total installed base of 2,656 Cytek instruments, adding 147 units in Q2 2024.
Headline financials
Revenue & EPS history
Cytek Biosciences · Revenue · Quarterly
$46.6M
Revenue by segment
Cytek Biosciences · $48M total across 2 segments · Q3 2023
- Product Revenue$38.4M+5.6%80.1%
- Service Revenue$9.56M+133.8%19.9%
Forward guidance
Cytek Biosciences narrowed the range of its 2024 revenue guidance, now expecting full year 2024 revenue to in the range of $203 million to $210 million, representing growth of 5% to 9% over full year 2023, assuming no change in currency exchange rates. In addition, Cytek expects to report a net loss in the single digit millions for the full year 2024 due to an outlook of slightly lower gross profit, higher than expected stock-based compensation, and lower other income. Cytek expects to generate positive cash flow from operations in 2024.
Tailwinds
- Full year 2024 revenue is expected to grow 5% to 9% over full year 2023.
- The company expects to generate positive cash flow from operations in 2024.
Headwinds
- The company expects to report a net loss in the single digit millions for the full year 2024.
- The net loss is due to an outlook of slightly lower gross profit.
- The net loss is due to higher than expected stock-based compensation.
- The net loss is due to lower other income.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.9%
Avg return
Earnings day
+0.6%
Avg return
5 days after
-4.5%
Avg return
30 days after
36%
8 / 22 earnings
Positive
+42.3%
Q3 2024
Best reaction
-23.6%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.6% | -18.4% | -17.2% | |
| Q4 2025 | +1.6% | +0.2% | -1.8% | |
| Q3 2025 | +2.6% | +21.5% | +27.6% | |
| Q1 2025 | -22.8% | -28.0% | -9.2% | |
| Q4 2024 | -6.7% | -7.1% | -16.8% | |
| Q3 2024 | +42.3% | +35.6% | +25.8% | |
| Q2 2024 | -12.7% | -10.5% | -6.7% | |
| Q1 2024 | -2.8% | -3.1% | -6.0% | |
| Q4 2023 | -13.0% | -8.2% | -12.9% | |
| Q3 2023 | +14.7% | +12.4% | +75.7% | |
| Q2 2023 | -2.0% | +2.4% | -25.1% | |
| Q1 2023 | -23.6% | -35.4% | -30.9% | |
| Q4 2022 | -10.0% | +0.7% | -15.5% | |
| Q3 2022 | -0.6% | +0.6% | -22.3% | |
| Q2 2022 | +1.0% | +1.9% | -4.0% | |
| Q1 2022 | +1.1% | +23.1% | +25.6% | |
| Q4 2021 | -1.9% | +1.3% | -26.5% | |
| Q3 2020 | +1.8% | -0.2% | -17.9% | |
| Q3 2021 | -0.9% | -4.4% | -19.0% | |
| Q2 2020 | -1.8% | +6.8% | -12.3% | |
| Q4 2020 | -1.8% | +6.8% | -12.3% | |
| Q2 2021 | +16.2% | +14.9% | +2.5% | |
| Q1 2021 | — | — | — | |
| Q1 2020 | — | — | — |
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