Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq:
CTKB) today reported financial results for the first quarter ended
March 31, 2023.
First Quarter Highlights
- Total revenue
was $37.1 million, or $38.1 million on a constant currency basis,
representing 6% and 9% increases respectively, over the first
quarter of 2022.
- Organic revenue
for Cytek’s existing product portfolio was $33.7 million in the
first quarter of 2023, representing a decline of 4% compared to the
first quarter of 2022
- Revenue from the
product lines acquired from Luminex Corporation, which closed
February 28, 2023, was $3.4 million
- Net loss was
$6.8 million and adjusted EBITDA was $(2.5) million for the first
quarter of 2023
- Completed the
acquisition of the flow cytometry and imaging business of Luminex
Corporation for an aggregate cash consideration of $44.9 million on
February 28, 2023
- Expanded
installed base of Cytek’s existing instruments to 1,766, with 96
instrument placements during the first quarter of 2023
- Launched
20-Color Acute Myeloid Leukemia (AML) Panel for the development of
AML therapies and MRD assessments*
- Entered
strategic partnership with Bio-Rad Laboratories to expand reagent
capabilities
"While we saw strong growth across Europe and
APAC during the first quarter, with notable strength in China, we
experienced softness with our pharma and biotech customer base in
the U.S., particularly at the end of the quarter.
Despite these headwinds, we firmly believe the underlying
opportunity for our novel FSP platform remains strong,” said Dr.
Wenbin Jiang, CEO of Cytek Biosciences. “At the end of February, we
completed the acquisition of product lines from the Luminex flow
cytometry and imaging business, which provide important
contributions to our technological capabilities, product range,
customer base and commercial reach. We are excited for the expected
contributions and leverage from this acquisition as it expands both
the technologies Cytek can provide and the breadth of the customer
base we can reach with our complete cell analysis solutions.”
First Quarter 2023
Financial Results
Total revenue for the first quarter of 2023 was
$37.1 million, a 6% increase over the first quarter of 2022. This
included $3.4 million of revenue from the Luminex acquisition,
which closed on February 28, 2023. Excluding revenue from this
acquisition, organic revenue was $33.7 million, a 4% decline
compared to the same period of the prior year. The decline in
organic revenue was related to weakness in the U.S, particularly
with pharmaceutical and biotech customers, which was partially
offset by stronger revenue growth across the EMEA and APAC regions.
On a constant currency basis, total revenue for the first quarter
of 2023 was $38.1 million, a 9% increase over the first quarter of
2022.
Gross profit was $21.0 million for the first
quarter of 2023, an increase of 4% compared to a gross profit of
$20.2 million in the first quarter of 2022. Gross profit margin was
57% in the first quarter of 2023 compared to 58% in the first
quarter of 2022. Adjusted gross profit margin, after adjusting for
stock-based compensation expense and amortization of
acquisition-related intangibles, was 59% in the first quarter of
2023 compared to 60% in the first quarter of 2022.
Operating expenses were $33.2 million for the
first quarter of 2023, a 47% increase from $22.5 million in the
first quarter of 2022. The increase was primarily due to expenses
to support continued growth of the business, including further
investments in R&D, sales and marketing and G&A, with
increases in headcount and personnel-related expenses, costs
related to the acquisition, and infrastructure services to support
the growth of our overall operations.
Research and development expenses were $10.0
million dollars for the first quarter of 2023 compared to $8.0
million dollars for the first quarter of 2022.
Sales and marketing expenses were $11.1 million
dollars for the first quarter of 2023 compared to $7.0 million
dollars for the first quarter of 2022.
General and administrative expenses were $12.1
million dollars for the first quarter of 2023, an increase from
$7.5 million dollars for the first quarter of 2022.
Loss from operations in the first quarter of
2023 was $12.2 million compared to loss from operations of $2.4
million in the first quarter of 2022. Net loss in the first quarter
of 2023 was $6.8 million compared to a net loss of $2.2 million in
the first quarter of 2022.
Adjusted EBITDA in the first quarter of 2023 was
$(2.5) million compared to $1.9 million in the first quarter of
2022, after adjusting for stock-based compensation expense and
foreign currency exchange impacts.
Cash, cash equivalents, and short term
investments in marketable securities were approximately $299.0
million as of March 31, 2023, compared to $341.0 million as of
December 31, 2022. This includes an aggregate cash consideration of
$44.9 million related to the purchase Luminex’s flow cytometry and
imaging assets on February 28, 2023.
2023 Outlook
As a result of macro-economic uncertainties
causing longer sales cycles, Cytek Biosciences has revised its full
year 2023 revenue outlook and now expects 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 $25 million to $30 million from the
acquisition of Luminex’s flow cytometry and imaging business, which
closed on February 28, 2023.
Webcast Information
Cytek will host a conference call to discuss the
first quarter 2023 financial results on Tuesday, March 9, 2023, at
1:30 p.m. Pacific Time / 4:30 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 Aurora and Northern Lights™ systems; its cell sorter, the
Aurora CS; the flow cytometer and imaging products under the Amnis®
and Guava® brands acquired from Luminex Corporation; 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.
*Other than Cytek’s Northern Lights CLC system
and certain reagents for use therewith, which are available for
clinical use in countries where the regulatory approval has been
obtained from the local regulatory authorities, including China and
the European Union, Cytek’s products are for research use only and
not for use in diagnostic procedures. Please contact your local
sales representatives for the status of local regulatory
approval.
Cytek, Full Spectrum Profiling, FSP, Northern
Lights, 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 corporate 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
Twitter 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 periods ended March 31, 2023 and March
31, 2022. 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 the belief that the underlying opportunity for
Cytek Biosciences’ novel FSP platform remains strong; the expected
contributions and leverage from the product lines acquired from the
Luminex flow cytometry and imaging business; and expectations that
full year 2023 revenue will be in the range of $205 million to $220
million, including approximately between $25 million to $30 million
of revenue contribution from the acquisition of the Luminex flow
cytometry and imaging business (the “FCI Business”). 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 risks and uncertainties such
as those relating to global economic and market conditions; Cytek’s
ability to integrate the operations and employees of the acquired
FCI Business and recognize the anticipated benefits of the
transaction; Cytek Biosciences’ dependence on certain sole and
single source suppliers; competition; market acceptance of Cytek
Biosciences’ current and potential products; Cytek Biosciences’
ability to manage the growth and complexity of its organization,
maintain relationships with customers and suppliers and retain key
employees; Cytek Biosciences’ ability to maintain, protect and
enhance its intellectual property; and Cytek Biosciences’ 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 Biosciences’ Quarterly Report on Form
10-Q filed with the SEC on May 9, 2023, Cytek Biosciences’ Annual
Report on Form 10-K filed with the SEC and other filings Cytek
Biosciences 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 Biosciences’
forward-looking statements. Although Cytek Biosciences 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 Biosciences as
of the date hereof, and Cytek Biosciences 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 Biosciences’ 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 |
(unaudited) |
|
|
|
|
|
|
Three Months Ended March 31, |
|
(In thousands, except share and per share
data) |
|
2023 |
|
2022 |
Revenue, net: |
|
|
|
|
|
|
Product |
|
$ |
31,172 |
|
|
$ |
31,481 |
|
Service |
|
|
5,916 |
|
|
|
3,583 |
|
Total revenue, net |
|
|
37,088 |
|
|
|
35,064 |
|
Cost of sales: |
|
|
|
|
|
|
Product |
|
|
12,677 |
|
|
|
11,767 |
|
Service |
|
|
3,373 |
|
|
|
3,120 |
|
Total cost of sales |
|
|
16,050 |
|
|
|
14,887 |
|
Gross profit |
|
|
21,038 |
|
|
|
20,177 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
9,974 |
|
|
|
8,025 |
|
Sales and marketing |
|
|
11,145 |
|
|
|
6,960 |
|
General and administrative |
|
|
12,081 |
|
|
|
7,549 |
|
Total operating expenses |
|
|
33,200 |
|
|
|
22,534 |
|
Loss from operations |
|
|
(12,162 |
) |
|
|
(2,357 |
) |
Other income (expense): |
|
|
|
|
|
|
Interest expense |
|
|
(673 |
) |
|
|
(590 |
) |
Interest income |
|
|
2,143 |
|
|
|
18 |
|
Other income (expense), net |
|
|
1,652 |
|
|
|
(374 |
) |
Total other income (expense),
net |
|
|
3,122 |
|
|
|
(946 |
) |
Loss before income taxes |
|
|
(9,040 |
) |
|
|
(3,303 |
) |
Benefit from income taxes |
|
|
(2,233 |
) |
|
|
(1,145 |
) |
Net loss |
|
$ |
(6,807 |
) |
|
$ |
(2,158 |
) |
Less: net loss allocated to
noncontrolling interests |
|
|
- |
|
|
|
137 |
|
Net loss attributable to
common stockholders, basic and diluted |
|
$ |
(6,807 |
) |
|
$ |
(2,021 |
) |
Net loss attributable to
common stockholders per share, basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
Weighted-average shares used
in calculating net loss per share, basic and diluted |
|
|
135,489,194 |
|
|
|
133,902,523 |
|
Comprehensive loss: |
|
|
|
|
|
|
Net loss |
|
$ |
(6,807 |
) |
|
$ |
(2,158 |
) |
Foreign currency translation
adjustment, net of tax |
|
|
(42 |
) |
|
|
14 |
|
Unrealized gain on marketable
securities |
|
|
152 |
|
|
|
- |
|
Net comprehensive loss |
|
$ |
(6,697 |
) |
|
$ |
(2,144 |
) |
Cytek Biosciences, Inc. |
Consolidated Balance Sheets |
(unaudited) |
|
|
|
|
|
|
|
(In thousands, except share and per share
data) |
|
March 31, 2023 |
|
December 31, 2022 |
|
|
(unaudited) |
|
(audited) |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
129,476 |
|
|
$ |
296,601 |
|
Restricted cash |
|
|
2,918 |
|
|
|
2,899 |
|
Marketable securities |
|
|
169,519 |
|
|
|
44,548 |
|
Trade accounts receivable, net |
|
|
43,100 |
|
|
|
48,864 |
|
Inventories |
|
|
69,502 |
|
|
|
48,154 |
|
Prepaid expenses and other current assets |
|
|
11,107 |
|
|
|
12,954 |
|
Total current assets |
|
|
425,622 |
|
|
|
454,020 |
|
Deferred income tax assets,
noncurrent |
|
|
23,404 |
|
|
|
20,459 |
|
Property and equipment,
net |
|
|
15,549 |
|
|
|
13,682 |
|
Operating lease right-of-use
assets |
|
|
13,187 |
|
|
|
13,883 |
|
Goodwill |
|
|
19,043 |
|
|
|
10,144 |
|
Intangible assets, net |
|
|
24,764 |
|
|
|
4,331 |
|
Other noncurrent assets |
|
|
3,006 |
|
|
|
2,957 |
|
Total assets |
|
$ |
524,575 |
|
|
$ |
519,476 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
5,280 |
|
|
$ |
4,805 |
|
Legal settlement liability, current |
|
|
1,906 |
|
|
|
2,163 |
|
Accrued expenses |
|
|
20,366 |
|
|
|
21,126 |
|
Other current liabilities |
|
|
10,861 |
|
|
|
7,960 |
|
Deferred revenue, current |
|
|
18,104 |
|
|
|
12,986 |
|
Total current liabilities |
|
|
56,517 |
|
|
|
49,040 |
|
Legal settlement liability,
noncurrent |
|
|
16,045 |
|
|
|
15,596 |
|
Deferred revenue,
noncurrent |
|
|
13,012 |
|
|
|
13,124 |
|
Operating lease liability,
noncurrent |
|
|
11,541 |
|
|
|
12,312 |
|
Long term debt |
|
|
2,133 |
|
|
|
2,271 |
|
Other noncurrent
liabilities |
|
|
1,867 |
|
|
|
1,587 |
|
Total liabilities |
|
$ |
101,115 |
|
|
$ |
93,930 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.001 par
value; 1,000,000,000 authorized shares as of March 31, 2023 and
December 31, 2022, respectively; 135,644,055 and 135,365,381 issued
and outstanding shares as of March 31, 2023 and December 31, 2022,
respectively. |
|
|
136 |
|
|
|
135 |
|
Additional paid-in capital |
|
|
447,748 |
|
|
|
442,887 |
|
Accumulated deficit |
|
|
(23,837 |
) |
|
|
(17,030 |
) |
Accumulated other
comprehensive loss |
|
|
(587 |
) |
|
|
(697 |
) |
Noncontrolling interest in
consolidated subsidiary |
|
|
- |
|
|
|
251 |
|
Total stockholders’ equity |
|
$ |
423,460 |
|
|
$ |
425,546 |
|
Total liabilities and stockholders’ equity |
|
$ |
524,575 |
|
|
$ |
519,476 |
|
Cytek
Biosciences, Inc. |
Reconciliation of GAAP to Non-GAAP Measures |
(Unaudited) |
|
|
|
Three months ended March 31, |
|
2023 |
|
2022 |
(In thousands, except per
share amounts) |
|
|
|
GAAP gross profit |
$ |
21,038 |
|
|
$ |
20,177 |
|
Stock-based compensation |
|
692 |
|
|
|
707 |
|
Amortization of
acquisition-related intangible assets |
|
223 |
|
|
|
57 |
|
Non-GAAP gross
profit |
$ |
21,953 |
|
|
$ |
20,941 |
|
Non-GAAP gross profit
% |
|
59 |
% |
|
|
60 |
% |
|
|
|
|
GAAP operating
expenses |
$ |
33,200 |
|
|
$ |
22,534 |
|
Acquisition related
expenses |
|
(1,485 |
) |
|
|
- |
|
Stock-based compensation |
|
(4,007 |
) |
|
|
(3,130 |
) |
Amortization of
acquisition-related intangible assets |
|
(248 |
) |
|
|
(114 |
) |
Non-GAAP operating
expenses |
$ |
27,460 |
|
|
$ |
19,290 |
|
|
|
|
|
GAAP loss from
operations |
$ |
(12,162 |
) |
|
$ |
(2,357 |
) |
Acquisition related
expenses |
|
1,485 |
|
|
|
- |
|
Stock-based compensation |
|
4,699 |
|
|
|
3,837 |
|
Amortization of
acquisition-related intangible assets |
|
471 |
|
|
|
171 |
|
Non-GAAP income (loss)
from operations |
$ |
(5,507 |
) |
|
$ |
1,651 |
|
|
|
|
|
GAAP net
income |
$ |
(6,807 |
) |
|
$ |
(2,158 |
) |
Acquisition related
expenses |
|
1,485 |
|
|
|
- |
|
Stock-based compensation |
|
4,699 |
|
|
|
3,837 |
|
Amortization of
acquisition-related intangible assets |
|
471 |
|
|
|
171 |
|
Tax effect of items excluded
from non-GAAP results |
|
116 |
|
|
|
(59 |
) |
Non-GAAP net income
(loss) |
$ |
(36 |
) |
|
$ |
1,791 |
|
|
|
|
|
GAAP net income
attributable to common stockholders |
$ |
(6,807 |
) |
|
$ |
(2,021 |
) |
Acquisition related
expenses |
|
1,485 |
|
|
|
- |
|
Stock-based compensation |
|
4,699 |
|
|
|
3,837 |
|
Amortization of
acquisition-related intangible assets |
|
471 |
|
|
|
171 |
|
Tax effect of items excluded
from non-GAAP results |
|
116 |
|
|
|
(59 |
) |
Non-GAAP net income
attributable to common stockholders |
$ |
(36 |
) |
|
$ |
1,928 |
|
|
|
|
|
GAAP Net
Loss |
$ |
(6,807 |
) |
|
$ |
(2,158 |
) |
Depreciation and
Amortization |
|
1,801 |
|
|
|
1,294 |
|
(Benefits from) Provision for
Income Taxes |
|
(2,233 |
) |
|
|
(1,145 |
) |
Interest Income |
|
(2,143 |
) |
|
|
(18 |
) |
Interest Expense |
|
673 |
|
|
|
590 |
|
Foreign currency exchange
loss, net |
|
1 |
|
|
|
(422 |
) |
Stock-based compensation |
|
4,699 |
|
|
|
3,837 |
|
Acquisition related
expenses |
|
1,485 |
|
|
|
- |
|
Adjusted
EBITDA |
$ |
(2,524 |
) |
|
$ |
1,978 |
|
Revenue |
Q1'23 |
As reported |
37,088 |
Non-GAAP constant currency |
38,073 |
FX Impact
[$] |
985 |
FX Impact [%] |
2.7% |
Cytek Biosciences (NASDAQ:CTKB)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Cytek Biosciences (NASDAQ:CTKB)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024