Full Press Release Details
Cytek Biosciences Reports Fourth Quarter and Full Year 2022 Financial Results
2022 revenue increased 32%, and 34% on constant currency basis, compared to prior year
Expects full year 2023 revenue of $225 million to $235 million, or growth of 37% to 43% over full year 2022
FREMONT, Calif., February 28, 2023 (GLOBE NEWSWIRE) Cytek
Biosciences, Inc. ( Cytek Biosciences or Cytek ) (Nasdaq: CTKB) today reported financial results for the fourth quarter and year ended December 31, 2022.
Cytek s strong revenue growth and continued execution throughout 2022, said Dr. Wenbin Jiang, CEO of Cytek Biosciences. In addition to reporting strong financial results, we strengthened our organization with the addition of
several executives to our team, and expanded our global presence. Today, we expanded our enterprise with the completed acquisition of Luminex s Flow Cytometry and Imaging business and are excited to welcome this team to Cytek. Looking ahead to
2023, I am encouraged by our company s position and confident in our continued success this year and beyond.
Fourth Quarter 2022 Financial
Total revenue for the fourth quarter of 2022 was $48.3 million, a 24% increase over the fourth quarter of 2021, with continued demand
across the full portfolio of Cytek s offerings. On a constant currency basis, total revenue for the fourth quarter of 2022 was $51.2 million, a 32% increase over the fourth quarter of 2021.
Gross profit was $29.4 million for the fourth quarter of 2022, an increase of 24% compared to a gross profit of $23.6 million in the fourth quarter
of 2021. Gross profit margin was 61% in the fourth quarter of 2022 compared to 61% in the fourth quarter of 2021. Adjusted gross profit margin in the fourth quarter of 2022 was 62% compared to 63% in the fourth quarter of 2021, after adjusting for
stock-based compensation expense and amortization of acquisition-related intangibles.
Operating expenses were $29.3 million for the fourth quarter of 2022, a 31% increase from
$22.3 million in the fourth quarter of 2021. The increase was primarily due to expenses to support continued growth of the business, including further investments in sales and marketing, R&D, and costs related to operating as a public
Research and development expenses were $9.7 million dollars for the fourth quarter of 2022 compared to $7.1 million dollars for the
fourth quarter of 2021.
Sales and marketing expenses were $9.0 million dollars for the fourth quarter of 2022 compared to $8.3 million dollars
for the fourth quarter of 2021.
General and administrative expenses were $10.5 million dollars for the fourth quarter of 2022, an increase from
$6.9 million dollars for the fourth quarter of 2021.
Income from operations in the fourth quarter of 2022 was $0.1 million compared to income
of $1.3 million in the fourth quarter of 2021. Net income in the fourth quarter of 2022 was $3.7 million compared to a loss of $1.2 million in the fourth quarter of 2021.
Adjusted EBITDA in the fourth quarter of 2022 was $6.6 million compared to $5.5 million in the fourth quarter of 2021, after adjusting for
stock-based compensation expense and foreign currency exchange impacts.
Full Year 2022 Financial Results
Total revenue for the year ended December 31, 2022 was $164.0 million, a 28% increase over the year ended December 31, 2021. On a constant
currency basis, total revenue for the full year 2022 was $171.8 million, a 34% increase over the full year 2021.
$101.0 million for the year ended December 31, 2022, an increase of 28% compared to a gross profit of $79.1 million in the year ended December 31, 2021. Gross profit margin was 62% in the year ended December 31, 2022
compared to 62% in the year ended December 31, 2021. Adjusted gross profit margin in the year ended December 31, 2022 was 63% compared to 63% in the year ended December 31, 2021, after adjusting for stock-based compensation expense
and amortization of acquisition-related intangibles.
Operating expenses were $102.8 million for the year ended December 31, 2022, a 47%
increase from $70.0 million in the year ended December 31, 2021. The increase was primarily due to expenses to support continued growth of the business, including further investments in sales and marketing, R&D, and costs related to
operating as a public company.
Research and development expenses were $34.9 million dollars for the year ended December 31, 2022, compared to
$24.4 million dollars for the year ended December 31, 2021.
Sales and marketing expenses were $33.2 million dollars for the year ended
December 31, 2022, compared to $24.7 million dollars for the year ended December 31, 2021.
General and administrative expenses were
$34.7 million dollars for the year ended December 31, 2022, an increase from $20.8 million dollars for the year ended December 31, 2021.
Loss from operations in the year ended December 31, 2022 was $1.8 million compared to income of $9.2 million in the year ended
December 31, 2021. Net income in the year ended December 31, 2022 was $2.5 million compared to $3.0 million in the year ended December 31, 2021.
Adjusted EBITDA in the year ended December 31, 2022 was $21.2 million compared to
$17.5 million in the year ended December 31, 2021, after adjusting for stock-based compensation expense and other non-recurring expenses.
Cash, cash equivalents, and short term investments were approximately $341.1 million as of December 31, 2022.
Cytek Biosciences expects full year 2023
revenue in the range of $225 million to $235 million, representing growth of 37% to 43% over full year 2022. This includes approximately $20 million of revenue contribution from the acquisition of Luminex s Flow Cytometry and
Imaging Business, which closed on February 28, 2023.
Cytek will host a conference call to discuss the fourth quarter 2022 financial results on Tuesday, February 28, 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; 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 and Northern Lights are trademarks or registered
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- and twelve-month periods ended December 31, 2022 and December 31, 2021. 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. 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 Biosciences strategy to further build out its applications-driven reagents business, expectations for and confidence relating to Cytek s continued success in 2023 and beyond and expectations that full
year 2023 revenue will be in the range of $225 million to $235 million, including approximately $20 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 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 November 9, 2022, Cytek Biosciences Annual Report on Form 10-K to be 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
Investor Relations Contact:
Head of Investor Relations
Cytek Biosciences, Inc.
Consolidated Statements of Operations and Comprehensive Income