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Cytek Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $51.5 million from $48.0 million in the same quarter the previous year. The increase is attributed to higher service revenue and product sales in Europe, the Middle East, and Africa (EMEA) and Asia-Pacific (APAC) regions.
Product revenue for the quarter was $39.5 million, up from $38.4 million in the previous year, driven by higher instrument sales in EMEA and APAC. Service revenue increased to $12.0 million from $9.6 million, reflecting growth in the installed base of instruments.
Cost of sales for the quarter was $22.5 million, representing 44% of sales, compared to 43% in the same quarter of the previous year. This increase in cost ratio is due to higher material costs and inventory adjustments.
The company reported a gross profit of $29.0 million for the quarter, compared to $27.2 million in the previous year, with the increase attributed to higher service revenue.
Research and development expenses decreased to $9.9 million from $11.2 million, while sales and marketing expenses increased slightly to $12.4 million from $12.1 million.
General and administrative expenses were $10.9 million, up from $10.4 million, due to increased stock-based compensation and professional services expenses.
Net income for the quarter was $941,000, compared to a net loss of $6.5 million in the previous year. The improvement is due to higher revenue and lower interest expenses.
Cash provided by operating activities was $23.4 million, while cash used in investing and financing activities was $19.5 million and $12.2 million, respectively.
Cytek had a working capital of $390.2 million as of September 30, 2024. The company continues to focus on expanding its product offerings and increasing market penetration.
The filing also details the company's acquisition of certain assets from Cytometric Engineering Ltd. for $1.3 million, aimed at enhancing its product portfolio.
Cytek identified material weaknesses in its internal controls over financial reporting and is taking steps to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cytek Biosciences Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.