Cytek: Robust Revenue Growth and Positive Net Income

 

• Revenue Growth: Q4 revenue increased by 21% year-over-year, reaching $58.6 million.

• Gross Profit Margin: Q4 gross profit margin was 57%, with adjusted gross profit margin at 60%.

• Operating Expenses: Q4 operating expenses rose by 12% due to the Luminex acquisition and increased headcount.

• Net Income: Q4 net income improved to $6.3 million, up from $3.7 million in the same quarter last year.

• Full Year Performance: 2023 full year revenue grew by 18% to $193.4 million, with a net loss of $11.3 million.

• 2024 Outlook: Cytek anticipates revenue between $203 million and $213 million, with positive net income expected.

Cytek Biosciences Inc (NASDAQ:CTKB) released its 8-K filing, detailing the financial results for the fourth quarter and full year of 2023 and providing an outlook for 2024. The company, known for its advanced cell analysis solutions, including the Aurora and Northern Lights systems, continues to innovate in the medical devices and instruments industry.

Cytek Biosciences Inc (CTKB) Reports Robust Revenue Growth and Positive Net Income in Q4 2023

Fourth Quarter Financial Highlights

Cytek Biosciences reported a 21% increase in total revenue for Q4 2023, amounting to $58.6 million. This growth includes revenue from the product lines acquired from Luminex. Excluding these, organic revenue saw a modest 1% increase. The gross profit for the quarter was $33.7 million, a 15% increase year-over-year, although the gross profit margin decreased slightly from 61% to 57% due to higher costs associated with the acquisition.

Operating expenses for Q4 2023 were $32.8 million, reflecting a 12% increase from the same period in the previous year, primarily due to the Luminex transaction and increased personnel-related expenses. Despite these higher expenses, net income for the quarter was $6.3 million, a significant improvement from $3.7 million in Q4 2022.

Annual Financial Performance

For the full year of 2023, Cytek Biosciences achieved an 18% increase in total revenue, reaching $193.4 million. However, the company reported a net loss of $11.3 million, compared to a net income of $2.5 million in the previous year. This loss was attributed to a substantial 33% increase in operating expenses, which totaled $136.8 million for the year.

https://finance.yahoo.com/news/cytek-biosciences-inc-ctkb-reports-113135697.html