Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq:
CTKB), a leading cell analysis solutions company, today reported
financial results for the fourth quarter and year ended December
31, 2023.
Recent Highlights
- Total revenue was
$58.6 million, or $58.2 million on a non-GAAP constant
currency basis, for the fourth quarter of 2023, representing 21%
and 14% increases, respectively, over the corresponding period of
2022
- Organic revenue was $48.8 million, representing an increase of
1% compared to the fourth quarter of 2022. Fourth quarter revenue
from the product lines acquired from Luminex Corporation
(“Luminex”) on February 28, 2023 was $9.8 million
- Total revenue was
$193.4 million, or $194.1 million on a non-GAAP constant
currency basis, for the full year 2023, representing 18% and 13%
increases, respectively, over the full year 2022
- Organic revenue was $164.7 million, which was flat compared to
2022. Full year revenue from the product lines acquired from
Luminex was $28.7 million
- Expanded total Cytek organic
installed base to 2,148 instruments, with 152 instrument placements
during the fourth quarter of 2023 and 478 placements during the
full year 2023 (excluding product lines acquired from Luminex)
- Introduced the Cytek Orion reagent cocktail preparation system,
the first-of-its-kind fully automated antibody cocktail preparation
instrument for flow cytometry
- Executed agreement with the Centre for Genomic Regulation (CRG)
and the Pompeu Fabra University (UPF) to drive technological
innovation and accelerate discoveries for the scientific
community
- Repurchased 5,332,769 shares of common stock during the fourth
quarter at an aggregate cost of $34.7 million, and a total of
6,613,780 shares of common stock at an aggregate cost of
approximately $44.2 million since the stock repurchase program was
announced in May 2023
“We delivered strong fourth quarter performance amidst a
challenging macro-economic environment. Our teams navigated well
while executing our business strategy, and we took actions to
ensure that we remain an agile organization,” said Dr. Wenbin
Jiang, CEO of Cytek Bioscience. “As we look ahead to 2024, we
remain laser focused on effectively driving strategic growth and
delivering long-term profitability. Cytek remains on the forefront
of innovation and industry leadership, and we are excited for the
large opportunities ahead.”
Fourth Quarter 2023 Financial Results
Total revenue for the fourth quarter of 2023 was $58.6 million,
a 21% increase over the fourth quarter of 2022. Excluding the $9.8
million of revenue from the product lines acquired from Luminex on
February 28, 2023, organic revenue was $48.8 million, a 1% increase
compared to the same period of the prior year. On a constant
currency basis, total revenue for the fourth quarter of 2023 was
$58.2 million, an increase of 14% compared to the fourth quarter of
2022.
Gross profit was $33.7 million for the fourth quarter of 2023,
an increase of 15% compared to a gross profit of $29.4 million in
the fourth quarter of 2022. Gross profit margin was 57% in the
fourth quarter of 2023 compared to 61% in the fourth quarter of
2022. Adjusted gross profit margin, after adjusting for stock-based
compensation expense and amortization of acquisition-related
intangibles, was 60% in the fourth quarter of 2023 compared to 62%
in the fourth quarter of 2022.
Operating expenses were $32.8 million for the fourth quarter of
2023, a 12% increase from $29.3 million in the fourth of 2022. The
increase in operating expenses was primarily due to expenses
related to increased headcount from the Luminex transaction and
personnel-related expenses across research and development and
sales and marketing.
Research and development expenses were $10.9 million for the
fourth quarter of 2023 compared to $9.7 million for the fourth
quarter of 2022.
Sales and marketing expenses were $11.6 million for the fourth
quarter of 2023 compared to $9.0 million for the fourth quarter of
2022.
General and administrative expenses were $10.3 million for the
fourth quarter of 2023, an increase from $10.5 million for the
fourth quarter of 2022.
Income from operations in the fourth quarter of 2023 was $0.9
million compared to income from operations of $0.1 million in the
fourth quarter of 2022. Net income in the fourth quarter of 2023
was $6.3 million compared to a net income of $3.7 million in the
fourth quarter of 2022.
Adjusted EBITDA in the fourth quarter of 2023 was $11.0 million
compared to $6.6 million in the fourth quarter of 2022, after
adjusting for stock-based compensation expense, foreign currency
exchange impacts and acquisition-related expenses.
Full Year 2023 Financial
Results
Total revenue for the year ended December 31, 2023 was $193.4
million, an 18% increase over the year ended December 31, 2022. On
a constant currency basis, total revenue for the year ended
December 31, 2023 was $194.1 million, a 13% increase over the year
ended December 31, 2022.
Gross profit was $110.1 million for the year ended December 31,
2023, an increase of 9% compared to a gross profit of $101.0
million in the year ended December 31, 2022. Gross profit margin
was 57% in the year ended December 31, 2023 compared to 62% in the
year ended December 31, 2022. Adjusted gross profit margin in the
year ended December 31, 2023 was 59% compared to 62% in the year
ended December 31, 2022, after adjusting for stock-based
compensation expense and amortization of acquisition-related
intangibles.
Operating expenses were $136.8 million for the year ended
December 31, 2023, a 33% increase from $102.8 million in the year
ended December 31, 2022. The increase was primarily due to
increased headcount and personnel-related expenses across research
and development and sales and marketing.
Research and development expenses were $44.2 million dollars for
the year ended December 31, 2023, compared to $34.9 million dollars
for the year ended December 31, 2022.
Sales and marketing expenses were $49.1 million dollars for the
year ended December 31, 2023, compared to $33.2 million dollars for
the year ended December 31, 2022.
General and administrative expenses were $43.5 million dollars
for the year ended December 31, 2023, compared to $34.7 million
dollars for the year ended December 31, 2022.
Loss from operations in the year ended December 31, 2023 was
$26.8 million compared to loss from operations of $1.8 million in
the year ended December 31, 2022. Net loss in the year ended
December 31, 2023 was $11.3 million compared to net income of $2.5
million in the year ended December 31, 2022.
Adjusted EBITDA in the year ended December 31, 2023 was $13.7
million compared to $21.2 million in the year ended December 31,
2022, after adjusting for stock-based compensation expense and
other non-recurring expenses.
Cash, cash equivalents, restricted cash and short-term
investments in marketable securities were approximately $262.7
million as of December 31, 2023. The primary utilization of cash
throughout the year was attributed to the acquisition and share
repurchase program.
2024 Outlook
Cytek Biosciences expects total revenue for the year ended
December 31, 2024 to be in the range of $203 million to $213
million, representing growth of 5% to 10% over the year ended
December 31, 2023, assuming no change in currency exchange rates.
For the year ended December 31, 2024, Cytek Biosciences expects to
report positive net income.
Webcast Information
Cytek will host a conference call to discuss the fourth quarter
and year end 2023 financial results on Wednesday, February 28,
2024, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. A webcast
of the conference call can be accessed 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 FSP
platform includes its core instruments, the Cytek Aurora™ and
Northern Lights™ systems; its cell sorter, the Cytek Aurora™ CS;
the Cytek Orion™ reagent cocktail preparation system; the flow
cytometer and imaging products under the Amnis® and Guava® brands;
and reagents, software and services 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.
Cytek’s products are for research use only and not for use in
diagnostic procedures (other than Cytek’s Northern Lights-CLC
system and certain reagents, which are available for clinical use
in China and the European Union).
Cytek, Full Spectrum Profiling, FSP, Cytek Aurora, Northern
Lights, Cytek Orion, Amnis and Guava are trademarks of Cytek
Biosciences, Inc.
In addition to filings with the Securities and Exchange
Commission (SEC), press releases, public conference calls and
webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page
and X (formerly Twitter) account as channels of distribution of
information about its company, products, planned financial and
other announcements, attendance at upcoming investor and industry
conferences and other matters. Such information may be deemed
material information and Cytek may use these channels to comply
with its disclosure obligations under Regulation FD. Therefore,
investors should monitor Cytek’s website, LinkedIn page, and X
account in addition to following its SEC filings, news releases,
public conference calls and webcasts.
Statement Regarding Use of Non-GAAP Financial
Information
Cytek has presented certain financial information in accordance
with U.S. GAAP and also on a non-GAAP basis for the three-month and
twelve-month periods ended December 31, 2023. Management believes
that non-GAAP financial measures, including “Adjusted gross profit
margin,” “Adjusted EBITDA” and revenue on a “constant currency
basis” referenced above, taken in conjunction with GAAP financial
measures, provide useful information for both management and
investors by excluding certain non-cash and other expenses that are
not indicative of the company’s core operating results. Cytek
calculates constant currency revenue growth rates by applying the
prior period weighted average exchange rates to current period
results. Cytek presents constant currency information to provide a
framework for assessing how our underlying business performed
excluding the effect of foreign currency rate fluctuations.
Management uses non-GAAP measures to compare the company’s
performance relative to forecasts and strategic plans and to
benchmark the company’s performance externally against competitors.
Non-GAAP information is not prepared under a comprehensive set of
accounting rules and should only be used to supplement an
understanding of the company’s operating results as reported under
U.S. GAAP. Cytek encourages investors to carefully consider its
results under GAAP, as well as its supplemental non-GAAP
information and the reconciliation between these presentations, to
more fully understand its business. Reconciliations between GAAP
and non-GAAP operating results are presented in the accompanying
tables of this release.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
as contained in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are subject to the “safe harbor” created by those
sections. All statements, other than statements of historical
facts, may be forward-looking statements. Forward-looking
statements generally can be identified by the use of
forward-looking terminology such as “may,” “might," "will,”
“should,” “expect,” “plan,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,”
“predict,” “potential” or “continue” or the negatives of these
terms or variations of them or similar terminology, but the absence
of these words does not mean that a statement is not
forward-looking. These forward-looking statements include
statements regarding Cytek’s plans to effectively drive strategic
growth and deliver long-term profitability; Cytek business
opportunities; and Cytek’s expectations that total revenue for the
full year ended December 31, 2024 will be in the range of $203
million to $213 million, assuming no change in currency exchange
rates, and positive net income for the full year ended December 31,
2024. These statements are based on management’s current
expectations, forecasts, beliefs, assumptions and information
currently available to management. These statements also deal with
future events and involve known and unknown risks, uncertainties
and other factors that may cause actual results, performance or
achievements to be materially different from the information
expressed or implied by these forward-looking statements. Factors
that could cause actual results to differ materially include global
economic and market conditions; Cytek's ability to evaluate its
prospects for future viability and predict future performance;
Cytek’s ability to accurately forecast customer demand and adoption
of its products; Cytek’s ability to recognize the anticipated
benefits of collaborations; Cytek’s dependence on certain sole and
single source suppliers; competition; market acceptance of Cytek’s
current and potential products; Cytek’s ability to manage the
growth and complexity of its organization, maintain relationships
with customers and suppliers and retain key employees; Cytek’s
ability to maintain, protect and enhance its intellectual property;
and Cytek’s ability to continue to stay in compliance with its
material contractual obligations, applicable laws and regulations..
You should refer to the section entitled “Risk Factors” set forth
in Cytek’s most recent Quarterly Report on Form 10-Q filed with the
SEC on November 14, 2023, Cytek’s Annual Report on Form 10-K to be
filed with the SEC and other filings Cytek makes with the SEC from
time to time for a discussion of important factors that may cause
actual results to differ materially from those expressed or implied
by Cytek’s forward-looking statements. Although Cytek believes that
the expectations reflected in the forward-looking statements are
reasonable, it cannot provide any assurance that these expectations
will prove to be correct nor can it guarantee that the future
results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or occur. The forward-looking statements in this press
release are based on information available to Cytek as of the date
hereof, and Cytek disclaims any obligation to update any
forward-looking statements provided to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based, except as required by law.
These forward-looking statements should not be relied upon as
representing Cytek’s views as of any date subsequent to the date of
this press release.
Media Contact:Stephanie OlsenLages &
Associates(949) 453-8080stephanie@lages.com
Investor Relations Contact:Paul D. GoodsonHead
of Investor Relationspgoodson@cytekbio.com
Cytek Biosciences, Inc.Consolidated
Statements of Operations and Comprehensive Income
(Loss)(unaudited) |
|
|
|
Year ended December 31, |
(In thousands) |
|
|
2023 |
|
|
|
2022 |
|
Revenue, net: |
|
|
|
|
Product |
|
$ |
157,089 |
|
|
$ |
148,600 |
|
Service |
|
|
36,298 |
|
|
|
15,436 |
|
Total revenue, net |
|
|
193,387 |
|
|
|
164,036 |
|
Cost of sales: |
|
|
|
|
Product |
|
|
65,056 |
|
|
|
49,955 |
|
Service |
|
|
18,262 |
|
|
|
13,107 |
|
Total cost of sales |
|
|
83,318 |
|
|
|
63,062 |
|
Gross profit |
|
|
110,069 |
|
|
|
100,974 |
|
Operating expenses: |
|
|
|
|
Research and development |
|
|
44,151 |
|
|
|
34,858 |
|
Sales and marketing |
|
|
49,148 |
|
|
|
33,230 |
|
General and administrative |
|
|
43,546 |
|
|
|
34,690 |
|
Total operating expenses |
|
|
136,845 |
|
|
|
102,778 |
|
Loss from operations |
|
|
(26,776 |
) |
|
|
(1,804 |
) |
Other income, net |
|
|
|
|
Interest expense |
|
|
(2,071 |
) |
|
|
(2,573 |
) |
Interest income |
|
|
6,413 |
|
|
|
4,619 |
|
Other income, net |
|
|
7,794 |
|
|
|
1,018 |
|
Total other income, net |
|
|
12,136 |
|
|
|
3,064 |
|
(Loss) income before income
taxes |
|
|
(14,640 |
) |
|
|
1,260 |
|
Benefit from income taxes |
|
|
(3,311 |
) |
|
|
(1,224 |
) |
Net (loss) income |
|
|
(11,329 |
) |
|
|
2,484 |
|
Foreign currency translation
adjustment, net of tax |
|
|
(549 |
) |
|
|
(1,611 |
) |
Unrealized (loss) gain on
marketable securities |
|
|
(29 |
) |
|
|
17 |
|
Net comprehensive (loss) income |
|
$ |
(11,907 |
) |
|
$ |
890 |
|
Cytek Biosciences, Inc.Consolidated
Balance Sheets(unaudited) |
|
(In thousands, except share and per share
data) |
|
December 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
167,299 |
|
|
$ |
296,601 |
|
Restricted cash |
|
|
331 |
|
|
|
2,899 |
|
Marketable securities |
|
|
95,111 |
|
|
|
44,548 |
|
Trade accounts receivable, net |
|
|
56,636 |
|
|
|
48,864 |
|
Inventories |
|
|
61,148 |
|
|
|
48,154 |
|
Prepaid expenses and other current assets |
|
|
11,694 |
|
|
|
12,954 |
|
Total current assets |
|
|
392,219 |
|
|
|
454,020 |
|
Deferred income tax assets,
noncurrent |
|
|
30,487 |
|
|
|
20,459 |
|
Property and equipment,
net |
|
|
18,405 |
|
|
|
13,682 |
|
Operating lease right-of-use
assets |
|
|
10,853 |
|
|
|
13,883 |
|
Goodwill |
|
|
16,753 |
|
|
|
10,144 |
|
Intangible assets, net |
|
|
23,084 |
|
|
|
4,331 |
|
Other noncurrent assets |
|
|
3,386 |
|
|
|
2,957 |
|
Total assets |
|
$ |
495,187 |
|
|
$ |
519,476 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Trade accounts payable |
|
$ |
2,918 |
|
|
$ |
4,805 |
|
Legal settlement liability, current |
|
|
2,561 |
|
|
|
2,163 |
|
Accrued expenses |
|
|
19,862 |
|
|
|
21,126 |
|
Other current liabilities |
|
|
8,013 |
|
|
|
7,960 |
|
Deferred revenue, current |
|
|
22,783 |
|
|
|
12,986 |
|
Total current liabilities |
|
|
56,137 |
|
|
|
49,040 |
|
Legal settlement liability,
noncurrent |
|
|
16,477 |
|
|
|
15,596 |
|
Deferred revenue,
noncurrent |
|
|
15,132 |
|
|
|
13,124 |
|
Operating lease liability,
noncurrent |
|
|
9,479 |
|
|
|
12,312 |
|
Long term debt |
|
|
1,648 |
|
|
|
2,271 |
|
Other noncurrent
liabilities |
|
|
2,431 |
|
|
|
1,587 |
|
Total liabilities |
|
$ |
101,304 |
|
|
$ |
93,930 |
|
Commitments and contingencies
(Note 19) |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock, $0.001 par
value; 1,000,000,000 authorized shares as of December 31, 2023
and December 31, 2022, respectively; 130,714,906 and
135,365,381 issued and outstanding shares as of December 31,
2023 and December 31, 2022, respectively. |
|
|
131 |
|
|
|
135 |
|
Additional paid-in
capital |
|
|
423,386 |
|
|
|
442,887 |
|
Accumulated deficit |
|
|
(28,359 |
) |
|
|
(17,030 |
) |
Accumulated other
comprehensive loss |
|
|
(1,275 |
) |
|
|
(697 |
) |
Noncontrolling interest in
consolidated subsidiary |
|
|
— |
|
|
|
251 |
|
Total stockholders’ equity |
|
|
393,883 |
|
|
|
425,546 |
|
Total liabilities and stockholders’ equity |
|
$ |
495,187 |
|
|
$ |
519,476 |
|
Cytek Biosciences, Inc. Reconciliation of
GAAP to Non-GAAP Measures
(Unaudited) |
|
|
|
Three months ended |
|
December 31, |
December 31, |
|
|
2023 |
|
|
2022 |
|
(In thousands) |
|
|
GAAP gross
profit |
$ |
33,692 |
|
$ |
29,374 |
|
Stock-based compensation |
|
824 |
|
|
641 |
|
Amortization of
acquisition-related intangible assets |
|
501 |
|
|
64 |
|
Non-GAAP Gross
Profit |
$ |
35,017 |
|
$ |
30,079 |
|
GAAP gross profit
% |
|
57 |
% |
|
61 |
% |
Non-GAAP gross profit
% |
|
60 |
% |
|
62 |
% |
GAAP Net (loss)
income |
$ |
6,322 |
|
$ |
3,718 |
|
Depreciation and
amortization |
|
2,423 |
|
|
1,465 |
|
Provision (Benefit) for
Tax |
|
(1,142 |
) |
|
396 |
|
Interest Income |
|
(1,447 |
) |
|
(2,626 |
) |
Interest Expense |
|
393 |
|
|
687 |
|
Foreign Currency exchange
loss |
|
(1,255 |
) |
|
(1,748 |
) |
Stock-based compensation |
|
5,669 |
|
|
4,465 |
|
Acquisition-related
expenses |
|
- |
|
|
218 |
|
Adjusted
EBITDA |
$ |
10,963 |
|
$ |
6,575 |
|
Cytek Biosciences, Inc. Reconciliation of
GAAP to Non-GAAP Measures
(Unaudited) |
|
|
|
Year ended |
|
December 31, |
December 31, |
|
|
2023 |
|
|
2022 |
|
(In thousands) |
|
|
GAAP gross
profit |
$ |
110,070 |
|
$ |
100,974 |
|
Stock-based compensation |
|
3,213 |
|
|
2,855 |
|
Amortization of
acquisition-related intangible assets |
|
1,721 |
|
|
250 |
|
Non-GAAP Gross
Profit |
$ |
115,004 |
|
$ |
104,079 |
|
GAAP gross profit
% |
|
57 |
% |
|
62 |
% |
Non-GAAP gross profit
% |
|
59 |
% |
|
63 |
% |
GAAP Net (loss)
income |
$ |
(11,329 |
) |
$ |
2,484 |
|
Depreciation and
amortization |
|
9,230 |
|
|
5,566 |
|
Provision (Benefit) for
Tax |
|
(3,311 |
) |
|
(1,224 |
) |
Interest Income |
|
(6,413 |
) |
|
(4,619 |
) |
Interest Expense |
|
2,070 |
|
|
2,573 |
|
Foreign Currency exchange
loss |
|
(108 |
) |
|
(425 |
) |
Stock Based Compensation |
|
22,048 |
|
|
16,595 |
|
Acquisition-related
expenses |
|
1,512 |
|
|
218 |
|
Adjusted
EBITDA |
|
13,699 |
|
|
21,167 |
|
Revenue |
Three months endedDecember 31,
2023 |
Three months endedDecember 31,
2022 |
|
|
|
As reported |
58,605 |
|
48,336 |
|
Non-GAAP constant
currency |
58,166 |
|
51,184 |
|
FX Impact [$] |
(439 |
) |
2,848 |
|
FX Impact [%] |
(0.7 |
)% |
5.9 |
% |
Revenue |
Year endedDecember 31, 2023 |
|
Year endedDecember 31, 2022 |
|
|
|
|
As reported |
193,387 |
|
|
164,036 |
|
Non-GAAP constant
currency |
194,069 |
|
|
171,793 |
|
FX Impact [$] |
682 |
|
|
7,757 |
|
FX Impact [%] |
0.4 |
% |
|
4.7 |
% |
Cytek Biosciences (NASDAQ:CTKB)
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