Exhibit 99.1
Cytek Biosciences Announces Preliminary Full Year 2024 Revenue Results
FREMONT, Calif., January 15, 2025 (GLOBE NEWSWIRE) — Cytek Biosciences, Inc. (Nasdaq: CTKB), a leading cell analysis solutions company, today announced preliminary, unaudited revenue results for the full year ended December 31, 2024.
Cytek expects its full year revenue for 2024 to be between $200 million and $201 million, representing 4% growth over Cytek’s 2023 revenue of $193.0 million. This included a negative foreign exchange impact of approximately $1.0 million. Expected fourth quarter revenue of $57 million to $58 million represents growth of 11% to 13% compared to the third quarter of 2024 and decline of 2% to flat compared to a strong fourth quarter of 2023. The appreciation of the US dollar negatively affected fourth quarter revenue by approximately $1.5 million.
“Our fourth quarter revenue was significantly higher than the prior quarters of 2024, consistent with our historical pattern, although it was slightly below expectations due to the impact of the appreciation of the US dollar against other currencies in which we do business, and order delays in some markets. Our revenue in Asia Pacific and Rest of World markets grew strongly,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “Despite these headwinds, we remain confident in Cytek’s long-term potential and business strategy. There is a large and growing opportunity for our advanced cell analysis tools, and with strong execution across our portfolio, we are well positioned to deliver sustainable growth and profitability.”
The preliminary financial results in this press release are not a comprehensive statement of Cytek’s financial results for the fourth quarter and full year ended December 31, 2024, and have not been audited, reviewed or compiled by its independent registered public accounting firm. Cytek’s actual revenue may differ from the estimate due to the completion of the Company’s year-end closing and auditing procedures and is therefore subject to adjustment. Cytek plans to report financial results for the fourth quarter and full year ended December 31, 2024, and to provide 2025 financial guidance during its earnings call expected to be held near the end of February 2025.
J.P. Morgan Healthcare Conference
Cytek will present and participate in a Q&A session at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco, CA on January 16, 2025, at 8:15 a.m. Pacific time. Interested parties may access a live and archived webcast of the presentation on the “Investors” section of the company website at: investors.cytekbio.com.
About Cytek Biosciences, Inc.
Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling™ (FSP™) technology. Cytek’s novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek’s platform includes: its core FSP instruments, the Cytek Aurora™ and Northern Lights™ systems and the Cytek Aurora CS cell sorter; the Cytek Orion™ reagent cocktail preparation system; the Enhanced Small Particle™ (ESP™) detection technology; the flow cytometer and imaging products under the Amnis® and Guava® brands; and reagents, software and service to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.