The following is a summary of the Cytek Biosciences, Inc. (CTKB) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Cytek reported a Q2 revenue of $46.6 million, marking a 4% increase over Q1 and a 6% year-over-year decline.

• Service revenue grew 30% from Q2 2023, driven by an expanding installed base.

• Adjusted gross profit margin stood at 58% for the quarter, down from 60% year-over-year but up from 55% in Q1.

• Full-year revenue guidance was narrowed to $203 million to $210 million, representing a growth of 5% to 9% year-over-year.

Business Progress:

• This quarter, Cytek expanded its installed base, selling 147 instruments and reaching a total of 2,656 units.

• Launched the enhanced small particle detection module (ESP) to improve the capabilities of the Aurora and Northern Light instruments.

• Achieved China NMPA approval for one laser and two laser 6-color TBNK reagent cocktails for clinical use.

• Service gross margins increased by 8 percentage points year-over-year due to improved productivity.

Opportunities:

• The large installed base of conventional flow cytometers presents a significant replacement opportunity with advanced Cytek instruments.

• Increased adoption and utilization of Cytek instruments supported by bioinformatics enhancements, such as those in the Cytek Cloud platform and the new spectral panel design tool.

Risks:

• Continued weakness in the U.S. instrument market, particularly within the academic and government sectors, coupled with elongated sales cycles.

• Uncertainties in market conditions that could potentially impact the expected recovery and spending patterns in North America.

More details: Cytek Biosciences IR

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