Q1 2024 Cytek Biosciences Inc Earnings Call Transcript
Key Points
- Cytek Biosciences Inc (CTKB) reported a 21% year-over-year increase in total revenue for Q1 2024, reaching $44.9 million.
- Organic revenue growth was strong at 11%, driven by robust service revenue from an increasing installed base and product revenue.
- The company expanded its global footprint with 99 organic sited instruments sold, bringing the total installed base to 2,447 instruments.
- Cytek Biosciences Inc (CTKB) launched a new 50,000 square foot facility in Wuxi, China, to meet rising global demand and improve operational efficiencies.
- The company successfully obtained regulatory approvals in China for its single laser instruments, enhancing its competitive position in the market.
- Despite overall revenue growth, Cytek Biosciences Inc (CTKB) reported a net loss of $6.2 million in Q1 2024, although this was an improvement from the previous year.
- Gross profit margin declined to 51% in Q1 2024 from 57% in the prior year, partly due to inventory adjustments and higher overhead expenses.
- The company is experiencing elongated sales cycles in the U.S. and A-Pac regions, excluding China, which could impact short-term growth.
- Operating expenses increased slightly due to higher headcount and personnel-related expenses, although they grew at a lower rate than revenue.
- The integration of Luminex inventories led to one-time inventory adjustments that negatively impacted the gross margin.
Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Cytek Biosciences first-quarter 2024 earnings conference call. (Operator Instructions)
Thank you. I would now like to turn the call over to Paul Goodson, Investor Relations. Please go ahead.
Thank you, operator. Earlier today, Cytek Biosciences released financial results for the quarter ended March 31, 2024. If you have not received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to [email protected].
Joining me today from Cytek are Wenbin Jiang, CEO; and newly appointed CFO, Bill McCombe.
Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Cytek's business plans, strategies, opportunities, and financial projections. These
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