Cytek Biosciences, Inc. reported a total revenue of $41.5 million for the three months ended March 31, 2025, reflecting an 8% decrease from $44.9 million in the same period of the previous year. The decline was primarily driven by an 18% drop in product revenue, which fell to $28.1 million, while service revenue increased by 24% to $13.3 million. The company's net loss for the quarter was $11.4 million, compared to a loss of $6.2 million in the prior year, attributed to decreased revenues and increased operating expenses.
In terms of operational metrics, Cytek's total operating expenses rose to $35.1 million from $33.7 million year-over-year, with general and administrative expenses increasing significantly by 13% to $12.9 million. The company maintained a steady research and development expenditure of approximately $9.7 million, indicating its commitment to innovation despite the financial losses. As of March 31, 2025, Cytek had 663 full-time employees, reflecting its ongoing investment in human resources to support growth.
Cytek's acquisition of certain assets from Luminex Corporation in February 2023, known as the FCI Acquisition, has expanded its product portfolio and market reach. The company has integrated the acquired flow cytometry and imaging business into its operations, which is expected to enhance its capabilities and efficiency. The company continues to focus on geographic expansion, with a direct sales model in North America, Europe, and parts of Asia, while also utilizing distributors in other regions.
Looking ahead, Cytek anticipates continued investment in research and development, sales, and marketing to drive growth. The company aims to leverage its expanding installed base of instruments to increase recurring revenue from service contracts and consumables. However, it faces challenges such as fluctuating market conditions, competition, and potential regulatory changes that could impact its operations and financial performance. The company has expressed confidence in its ability to navigate these challenges and achieve long-term growth, although it acknowledges the inherent risks associated with its business model and market dynamics.
About Cytek Biosciences, Inc.
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