Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq:
CTKB) today reported financial results for the second quarter ended
June 30, 2023.
Recent Highlights
- Total revenue was $49.7 million,
representing 24% growth over the second quarter of 2022
- Total revenue on a non-GAAP
constant currency basis was $50.0 million
- Organic revenue for Cytek’s
existing product portfolio was $41.5 million in the second quarter
of 2023, representing an increase of 3% compared to the second
quarter of 2022. Second quarter revenue from the product lines
acquired from the Luminex Corporation transaction, which closed
February 28, 2023, was $8.2 million
- Shipped the 100th Cytek Aurora Cell
Sorter system, underscoring Cytek’s momentum from the scientific
community's adoption of the transformative Full Spectrum Profiling™
(FSP™) technology, which streamlines workflows, accelerates
discoveries and maximizes efficiency
- Completed global workforce
integration and transfer of imaging operations into Cytek, remain
on track for full integration of the acquired Luminex flow
cytometry business by year end
"I am pleased with Cytek's continued execution
throughout the quarter. The shipping of our 100th Cytek Aurora Cell
Sorter system and growing user base solidifies Cytek's momentum,
fueled by the scientific community's enthusiastic adoption of our
transformative Full Spectrum Profiling (FSP) technology,” said Dr.
Wenbin Jiang, CEO of Cytek Biosciences. "During our first full
quarter post-acquisition, we made continuous and successful strides
integrating the acquired Luminex flow cytometry and imaging
business. This progress is clear through the expansion of our
global presence, made possible by the synergies created within our
combined organization.”
Second Quarter 2023 Financial
Results
Total revenue for the second quarter of 2023 was
$49.7 million, a 24% increase over the second quarter of 2022. This
included $8.2 million of revenue from the products lines acquired
from Luminex, which closed on February 28, 2023. Excluding revenue
from this acquisition, organic revenue was $41.5 million, a 3%
increase compared to the same period of the prior year. On a
constant currency basis, total revenue for the second quarter of
2023 was $50.0 million.
Gross profit was $28.2 million for the second
quarter of 2023, an increase of 15% compared to a gross profit of
$24.6 million in the second quarter of 2022. Gross profit margin
was 57% in the second quarter of 2023 compared to 61% in the second
quarter of 2022. Adjusted gross profit margin, after adjusting for
stock-based compensation expense and amortization of
acquisition-related intangibles, was 60% in the second quarter of
2023 compared to 64% in the second quarter of 2022.
Operating expenses were $37.3 million for the
second quarter of 2023, a 47% increase from $25.5 million in the
second quarter of 2022. The increases in operating expenses were
primarily due to expenses related to increased headcount from the
Luminex acquisition and personnel-related expenses across research
and development, sales and marketing, and general and
administrative.
Research and development expenses were $12.1
million for the second quarter of 2023 compared to $8.4 million for
the second quarter of 2022.
Sales and marketing expenses were $14.4 million
for the second quarter of 2023 compared to $8.4 million for the
second quarter of 2022.
General and administrative expenses were $10.8
million for the second quarter of 2023, an increase from $8.6
million for the second quarter of 2022.
Loss from operations in the second quarter of
2023 was $9.1 million compared to loss from operations of $0.9
million in the second quarter of 2022. Net loss in the second
quarter of 2023 was $4.4 million compared to a net loss of $0.7
million in the second quarter of 2022.
Adjusted EBITDA in the second quarter of 2023
was $1.5 million compared to $4.8 million in the second 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 $298.8
million as of June 30, 2023, compared to $341.1 million as of
December 31, 2022.
2023 Outlook
Cytek Biosciences continues to expect full year
2023 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 $180
million to $190 million from our existing organic business and in
the range of $25 million to $30 million from the acquired Luminex
flow cytometry and imaging business, which closed on February 28,
2023.
Webcast Information
Cytek will host a conference call to discuss the
second quarter 2023 financial results on Tuesday, August 8, 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; 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.
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 "X” account (formerly Twitter) 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 periods ended June 30, 2023 and June 30,
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 integration of the acquired Luminex flow
cytometry business and 2023 outlook, including expectations that
full year 2023 total revenue will be in the range of $205 million
to $220 million, including expected revenue contribution in the
range of $180 million to $190 million from Cytek's existing organic
business and in the range of $25 million to $30 million from the
acquired 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 successfully integrate 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 August 8, 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 |
|
Six Months Ended |
(In thousands, except share and per share
data) |
|
June 30,2023 |
|
June 30,2022 |
|
June 30,2023 |
|
June 30,2022 |
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Revenue, net: |
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
40,452 |
|
|
$ |
37,093 |
|
|
$ |
71,624 |
|
|
$ |
68,574 |
|
Service |
|
|
9,241 |
|
|
|
3,066 |
|
|
|
15,157 |
|
|
|
6,649 |
|
Total revenue, net |
|
|
49,693 |
|
|
|
40,159 |
|
|
|
86,781 |
|
|
|
75,223 |
|
Cost of sales: |
|
|
|
|
|
|
|
Product |
|
|
16,675 |
|
|
|
11,780 |
|
|
|
29,352 |
|
|
|
23,547 |
|
Service |
|
|
4,856 |
|
|
|
3,818 |
|
|
|
8,229 |
|
|
|
6,938 |
|
Total cost of sales |
|
|
21,531 |
|
|
|
15,598 |
|
|
|
37,581 |
|
|
|
30,485 |
|
Gross profit |
|
|
28,162 |
|
|
|
24,561 |
|
|
|
49,200 |
|
|
|
44,738 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
|
12,136 |
|
|
|
8,436 |
|
|
|
22,110 |
|
|
|
16,461 |
|
Sales and marketing |
|
|
14,367 |
|
|
|
8,431 |
|
|
|
25,512 |
|
|
|
15,391 |
|
General and administrative |
|
|
10,786 |
|
|
|
8,585 |
|
|
|
22,867 |
|
|
|
16,134 |
|
Total operating expenses |
|
|
37,289 |
|
|
|
25,452 |
|
|
|
70,489 |
|
|
|
47,986 |
|
Loss from operations |
|
|
(9,127 |
) |
|
|
(891 |
) |
|
|
(21,289 |
) |
|
|
(3,248 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
|
|
(409 |
) |
|
|
(647 |
) |
|
|
(1,082 |
) |
|
|
(1,237 |
) |
Interest income |
|
|
1,201 |
|
|
|
391 |
|
|
|
3,344 |
|
|
|
409 |
|
Other income (expense), net |
|
|
1,740 |
|
|
|
(254 |
) |
|
|
3,392 |
|
|
|
(628 |
) |
Total other income (expense),
net |
|
|
2,532 |
|
|
|
(510 |
) |
|
|
5,654 |
|
|
|
(1,456 |
) |
Loss before income taxes |
|
|
(6,595 |
) |
|
|
(1,401 |
) |
|
|
(15,635 |
) |
|
|
(4,704 |
) |
Benefit from income taxes |
|
|
(2,207 |
) |
|
|
(699 |
) |
|
|
(4,440 |
) |
|
|
(1,844 |
) |
Net loss |
|
$ |
(4,388 |
) |
|
$ |
(702 |
) |
|
$ |
(11,195 |
) |
|
$ |
(2,860 |
) |
Less: net loss allocated to
noncontrolling interests |
|
|
- |
|
|
|
104 |
|
|
|
- |
|
|
|
241 |
|
Net loss attributable to
common stockholders, basic and diluted |
|
$ |
(4,388 |
) |
|
$ |
(598 |
) |
|
$ |
(11,195 |
) |
|
$ |
(2,619 |
) |
Net loss attributable to
common stockholders per share, basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.02 |
) |
Weighted-average shares used
in calculating net loss per share, basic and diluted |
|
|
135,918,707 |
|
|
|
134,403,059 |
|
|
|
135,705,139 |
|
|
|
134,154,171 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,388 |
) |
|
$ |
(702 |
) |
|
$ |
(11,195 |
) |
|
$ |
(2,860 |
) |
Foreign currency translation
adjustment, net of tax |
|
|
(980 |
) |
|
|
(683 |
) |
|
|
(1,022 |
) |
|
|
(669 |
) |
Unrealized loss on marketable
securities |
|
|
(192 |
) |
|
|
- |
|
|
|
(40 |
) |
|
|
- |
|
Net comprehensive loss |
|
$ |
(5,560 |
) |
|
$ |
(1,385 |
) |
|
$ |
(12,257 |
) |
|
$ |
(3,529 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cytek Biosciences,
Inc.Consolidated Balance
Sheets(unaudited)
|
|
June 30,2023 |
|
December 31,2022 |
(In thousands, except share and per share
data) |
|
|
|
(unaudited) |
|
(audited) |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
131,544 |
|
|
$ |
296,601 |
|
Restricted cash |
|
|
- |
|
|
|
2,899 |
|
Marketable securities |
|
|
167,294 |
|
|
|
44,548 |
|
Trade accounts receivable, net |
|
|
49,624 |
|
|
|
48,864 |
|
Inventories |
|
|
65,731 |
|
|
|
48,154 |
|
Prepaid expenses and other current assets |
|
|
10,628 |
|
|
|
12,954 |
|
Total current assets |
|
|
424,821 |
|
|
|
454,020 |
|
Deferred income tax assets,
noncurrent |
|
|
26,387 |
|
|
|
20,459 |
|
Property and equipment,
net |
|
|
15,588 |
|
|
|
13,682 |
|
Operating lease right-of-use
assets |
|
|
12,423 |
|
|
|
13,883 |
|
Goodwill |
|
|
19,143 |
|
|
|
10,144 |
|
Intangible assets, net |
|
|
23,683 |
|
|
|
4,331 |
|
Other noncurrent assets |
|
|
3,009 |
|
|
|
2,957 |
|
Total assets |
|
$ |
525,054 |
|
|
$ |
519,476 |
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Trade accounts payable |
|
$ |
3,082 |
|
|
$ |
4,805 |
|
Legal settlement liability, current |
|
|
1,918 |
|
|
|
2,163 |
|
Accrued expenses |
|
|
19,591 |
|
|
|
21,126 |
|
Other current liabilities |
|
|
8,388 |
|
|
|
7,960 |
|
Deferred revenue, current |
|
|
20,612 |
|
|
|
12,986 |
|
Total current liabilities |
|
|
53,591 |
|
|
|
49,040 |
|
Legal settlement liability,
noncurrent |
|
|
16,462 |
|
|
|
15,596 |
|
Deferred revenue,
noncurrent |
|
|
16,054 |
|
|
|
13,124 |
|
Operating lease liability,
noncurrent |
|
|
10,833 |
|
|
|
12,312 |
|
Long term debt |
|
|
1,882 |
|
|
|
2,271 |
|
Other noncurrent
liabilities |
|
|
2,053 |
|
|
|
1,587 |
|
Total liabilities |
|
$ |
100,875 |
|
|
$ |
93,930 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.001 par
value; 1,000,000,000 authorized shares as of June 30, 2023 and
December 31, 2022, respectively; 136,344,908 and 135,365,381 issued
and outstanding shares as of June 30, 2023 and December 31, 2022,
respectively. |
|
|
136 |
|
|
|
135 |
|
Additional paid-in capital |
|
|
454,027 |
|
|
|
442,887 |
|
Accumulated deficit |
|
|
(28,225 |
) |
|
|
(17,030 |
) |
Accumulated other
comprehensive loss |
|
|
(1,759 |
) |
|
|
(697 |
) |
Noncontrolling interest in
consolidated subsidiary |
|
|
- |
|
|
|
251 |
|
Total stockholders’ equity |
|
$ |
424,179 |
|
|
$ |
425,546 |
|
Total liabilities and stockholders’ equity |
|
$ |
525,054 |
|
|
$ |
519,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cytek Biosciences, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited)
|
|
|
|
|
Three months ended June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
(In
thousands, except per share amounts) |
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
GAAP gross profit |
|
$ |
28,162 |
|
|
$ |
24,561 |
|
Stock-based compensation |
|
|
868 |
|
|
|
749 |
|
Amortization of
acquisition-related intangible assets |
|
|
539 |
|
|
|
344 |
|
Non-GAAP gross profit |
|
$ |
29,569 |
|
|
$ |
25,654 |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit % |
|
|
57 |
% |
|
|
61 |
% |
Non-GAAP gross profit % |
|
|
60 |
% |
|
|
64 |
% |
|
|
|
|
|
GAAP Net Loss |
|
$ |
(4,388 |
) |
|
$ |
(702 |
) |
Depreciation and
Amortization |
|
|
2,445 |
|
|
|
1,636 |
|
Benefits from Income
Taxes |
|
|
(2,207 |
) |
|
|
(699 |
) |
Interest Income |
|
|
(1,201 |
) |
|
|
(391 |
) |
Interest Expense |
|
|
409 |
|
|
|
647 |
|
Foreign currency exchange
loss, net |
|
|
535 |
|
|
|
331 |
|
Stock-based compensation |
|
|
5,922 |
|
|
|
3,934 |
|
Acquisition related
expenses |
|
|
27 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
1,542 |
|
|
$ |
4,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
Three months endedJune 30,
2023 |
|
Three months endedJune 30,
2022 |
|
|
|
|
|
|
|
|
As
reported |
$ |
49,693 |
|
|
$ |
40,159 |
|
Non-GAAP
constant currency |
|
49,970 |
|
|
|
41,058 |
|
FX Impact
[$] |
$ |
277 |
|
|
$ |
899 |
|
FX Impact [%] |
|
0.6 |
% |
|
|
2.2 |
% |
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