Cytek Biosciences Reports Missed Earnings and Revenue Expectations

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Cytek Biosciences ($NASDAQ:CTKB), a molecular diagnostics company, recently reported their quarterly earnings which did not meet analysts’ expectations. According to their report, their GAAP earnings per share (EPS) was -$0.05, which was a miss of $0.06 from the expected mark. Similarly, their revenue of $37.1M was $10.05M short from the estimated figure.

CYTEK BIOSCIENCES is a fast-rising molecular diagnostics company that develops and manufactures flow cytometry products and services, including advanced cell analysis systems. Their products have been used in a variety of research and clinical applications such as cancer immunotherapy, stem cell research, and drug development.

Stock Price

On Tuesday, CYTEK BIOSCIENCES reported that it had missed analysts’ earnings and revenue expectations for the third quarter of the fiscal year. The stock opened at $11.4 and closed at $11.7, representing a 0.6% increase from the last closing price of 11.6. This is below the expected performance for the company, leading to a slight decrease in share value. Despite the disappointing results, CYTEK BIOSCIENCES remains committed to expanding its presence in the region and is focused on increasing demand for its products worldwide. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Cytek Biosciences. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Cytek Biosciences. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Cytek Biosciences. More…

Key Ratios Snapshot

Some of the financial key ratios for Cytek Biosciences are shown below. More…

Analysis

At GoodWhale, we have conducted an analysis of CYTEK BIOSCIENCES‘s wellbeing. We have found that CYTEK BIOSCIENCES is a high risk investment in terms of financial and business aspects according to our Risk Rating. Upon further examination, we detected two risk warnings in their balance sheet and cashflow statement. If you’re interested in learning more about these risk warnings, register with us and we’ll provide you with the details. Knowing this information could help you make an informed decision when deciding whether or not to invest in CYTEK BIOSCIENCES. More…

Peers

Its competitors are Pressure BioSciences Inc, Delcath Systems Inc, Longport Inc.

– Pressure BioSciences Inc ($OTCPK:PBIO)

Pressure BioSciences Inc is a biotechnology company that develops, manufactures, and markets systems and consumables for sample preparation and analytical techniques used in the life sciences industry. The company’s products are based on the pressure cycling technology, which is a method of applying alternating cycles of hydrostatic pressure between ambient and ultra-high levels to biological samples in order to open or lyse cells and archives, release their contents for further analysis.

– Delcath Systems Inc ($NASDAQ:DCTH)

Delcath Systems Inc. is a commercial-stage pharmaceutical company focused on the treatment of primary and metastatic liver cancers. The Company’s product, Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS), is an investigational drug delivery system that is designed to administer very high-dose melphalan, a chemotherapeutic agent, to the liver while minimizing exposure of other normal tissues.

Summary

The company reported a GAAP EPS of -$0.05 which was a miss by $0.06 and revenue of $37.1M which was also a miss by $10.05M. This has received negative reactions from investors who had expected the company to do better on both the fronts. This is a cause of concern for the investors and market analysts are now closely watching the performance of the company in the coming quarters. Investors who had invested in the company will now have to be patient and wait to see if the company is able to turn things around and start reporting positive results.