Cytek Biosciences has been recognized by CIOReview Magazine as the recipient of “Top 20 Biotech Solution Companies - 2018,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with Dr. Wenbin Jiang, CEO.

Cytek Biosciences
Fueling Scientific Discovery through Technological Breakthroughs

Dr. Wenbin Jiang, CEO

The transformative potential that lies in data collection and interpretation is being harnessed by industries and businesses globally – and the field of scientific research is no exception.

Flow cytometry is a powerful analytical tool used for identifying and quantifying cellular characteristics on a cell-by-cell basis up to tens of thousands of cells per second. This technology is used in research and clinical studies with various biomedical and therapeutic applications such as investigating the role of the body’s immune system in fighting cancer, diagnosing leukemia and lymphoma, and detecting minimal residual disease in organ transplant patients. Flow cytometry has many advantages over traditional microscopy since it enables the analysis of a greater number of cells in a fraction of the time.

The power of gaining deep biological insights with powerful research tools such as a flow cytometer is accelerating the pace of discoveries that can be transferred to the clinic and drive improved patient outcomes. In fact, rapidly growing areas of research will drive the flow cytometry analyzer market to grow to more than $1 billion dollars by 2020.

While the benefits offered by flow cytometry are well known throughout the scientific community, adoption has lagged due its cost-prohibitive, workflow-intensive nature. Flow cytometry, once the domain of the most well-funded scientific research labs, is finding its way into a growing number of labs around the globe – thanks to companies like Cytek Biosciences.

Cytek Biosciences is addressing the lack of access to this advanced research tool by leveraging their breakthrough technologies to create new flow cytometry systems. These best-in-class, easy-to-use systems meet scientists’ needs at appropriate price points, enabling them to derive rich, biological insights without breaking the bank. The company’s latest product line, the Cytek^TM Aurora, incorporates spectral technology to bring flow cytometry to the next level, enabling high multiplexing capability and excellent resolution of dim populations.

According to Cytek’s CEO Dr. Wenbin Jiang, “With our technology, we are empowering scientists to obtain deeper insights from every single sample.

This ability to obtain more data from one sample accelerates the pace of discovery and can translate to the clinic, leading to improved patient monitoring and treatment for various diseases.”

We believe that we can fundamentally change the industry by providing easy-to-use, affordable flow cytometry systems that are more sensitive, flexible and powerful than anything else on the market. Our innovations enable insights that were previously not possible

By offering affordability and capabilities that go beyond pricier flow cytometry systems, Cytek has made a distinct impression on the scientific community. In fact, its Cytek Aurora systems have been sold into four continents, with more on the immediate horizon.

When asked what sets Cytek apart from others in the flow cytometry space, Dr. Jiang noted that, “In addition to our more advanced technology, we are distinguished by our specific expertise in flow cytometry. Unlike many of the larger companies, which may have projects and programs going on across the whole spectrum of science, Cytek is solely focused on flow cytometry. This means that we don’t get distracted from our mission – making high-end, high-quality flow cytometry accessible to a larger number of researchers.”

Looking forward, Cytek – which already has a presence in the U.S. and China – intends to expand into Europe by the end of the year. The company will also introduce a new, value flow cytometry solution dubbed Cytek Northern Lights. This new offering will incorporate the same spectral technology as the Cytek Aurora and enable the company to put the power, flexibility and intuitiveness of its flow cytometry solutions into the hands of even more scientists.

Cytek Biosciences

Cytek® Biosciences to Acquire Flow Cytometry and Imaging Business from DiaSorin

Wednesday, February 15, 2023

SALUGGIA, -DiaSorin and Cytek Biosciences, Inc. announced that Luminex Corporation, a wholly owned subsidiary of DiaSorin, has signed an agreement with Cytek to sell substantially all of its assets related to the Flow Cytometry & Imaging (FCI) business unit. The sale is expected to close within 30 days, subject to customary closing conditions.

The FCI business unit, acquired by Luminex in October 2018, is based on both conventional flow cytometry and image-based flow cytometry instrumentation, which provide insights into all facets of cellular phenotypes and morphology. The FCI business unit includes dedicated commercial, operations, R&D, and supporting personnel.

An existing installed base of more than 7,000 instruments will be under the Cytek umbrella following the acquisition, expanding the company’s global commercial footprint.

The decision to sell the FCI business unit to Cytek is in line with the strategic priorities communicated to investors during the Capital Market Day in December 2021.

“We are currently working on several projects that will allow DiaSorin to further growth and strengthen our positioning as a specialty player over the next years,” commented Angelo Rago, president of Luminex. “To do so, we need to be extremely focused on the core for our future and, therefore, we decided to sell the Flow Cytometry & Imaging business unit to a dedicated, leading player in the space. We are convinced that Cytek will be able to grow it with success in the future.”

Over 60% of employees supporting the FCI business unit are within the commercial organization, including sales and marketing personnel, technical application scientists and field service engineers. These additions will greatly enhance Cytek’s ability to grow sales and service customers by expanding Cytek’s reach and its offerings into customer segments previously underserved. The majority of the commercial employees are located in EMEA, China and APAC. These additions will further strengthen Cytek teams in those geographies.

By adding first-to-market Amnis® imaging flow cytometers to its robust lineup of cell analysis solutions, Cytek will be able to provide researchers and scientists with tools that combine high-resolution cell images with the speed, sensitivity and phenotyping abilities of flow cytometry. The addition of Guava® flow cytometers will expand Cytek’s core instrument offerings, adding cost-effective, entry-level and personal instrument options to broaden the market and research areas it services.

“The talent and technology that come along with this acquisition will bolster our offerings to address the current market and further our mission to provide a complete cell analysis solution to our customers,” noted Wenbin Jiang, CEO of Cytek Biosciences. “We look forward to welcoming Luminex’s flow cytometry team into our own and working together to serve our customers and to move cellular research forward.”

Cytek Biosciences Acquires Flow Cytometry Business from DiaSorin

Tuesday, August 08, 2023

Cytek Biosciences has signed an agreement with DiaSorin subsidiary Luminex to acquire substantially all of its assets related to the Flow Cytometry and Imaging (FCI) business unit. The acquisition will expand Cytek’s global footprint and add two product lines, the Amnis and Guava series of flow cytometers, to its existing portfolio, Cytek said.

Specifics about the financial aspects of the deal were not made public.

The anticipated completion date for the sale is within the next 30 days, pending the fulfillment of standard closing conditions. The companies officially announced the transaction on February 13th.

The FCI business segment, which Luminex purchased from MilliporeSigma for $75 million in October 2018, encompasses both traditional flow cytometry and image-based flow cytometry instrumentation. This unit consists of dedicated teams for commercial operations, research and development, and support functions. It also includes an existing user base of over 7000 instruments.

In November 2021, Cytek acquired the cell analysis division of Tonbo Biosciences. This addition encompassed a collection of life science research reagents associated with flow cytometry and other methodologies. Notably, this expansion occurred within a year of Cytek successfully concluding its series D funding round, which raised $120 million.

Cytek Biosciences Reports First Quarter 2024 Financial Results

Saturday, May 25, 2024

FREMONT, Calif.,--Cytek® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the first quarter ended March 31, 2024.

Recent Highlights

Total revenue was $44.9 million, representing a 21% increase over the corresponding period of 2023

Organic revenue was $37.3 million, representing an increase of 11% compared to the first quarter of 2023

First quarter revenue from the product lines acquired from Luminex Corporation (“Luminex”) on February 28, 2023 was $7.6 million

Opened a new 50,000-square-foot facility in Wuxi, China to meet growing global demand for cutting-edge cell analysis solutions and to drive operational performance

Received China National Medical Products Association (NMPA) approval for single-laser 6-color TBNK panel

Registered 18 single-color reagents for IVD use with China NMPA for clinical applications

William McCombe appointed Chief Financial Officer

“We are encouraged with our positive start to 2024, highlighted by increased organic revenue growth over the fourth quarter and continued improvement in customer spending patterns. We were also pleased to deliver strong growth in our services business, driven by our increasing installed base of instruments,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “We continue to focus on executing a balanced business strategy to drive sustainable growth and profitability, and we are confident in our path forward to deliver on our objectives.”

First Quarter 2024 Financial Results

Total revenue for the first quarter of 2024 was $44.9 million, a 21% increase over the first quarter of 2023. Excluding the $7.6 million of revenue from the product lines acquired from Luminex on February 28, 2023, organic revenue was $37.3 million, an 11% increase compared to the same period of the prior year.

Gross profit was $23.0 million for the first quarter of 2024, an increase of 9% compared to a gross profit of $21.0 million in the first quarter of 2023. Gross profit margin was 51% in the first quarter of 2024 compared to 57% in the first quarter of 2023. Adjusted gross profit margin, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles, was 55% in the first quarter of 2024 compared to 59% in the first quarter of 2023.

Operating expenses were $33.7 million for the first quarter of 2024, a 2% increase from $33.2 million in the first quarter of 2023. The increase in operating expenses was primarily driven by an increase in headcount and personnel-related expenses.

Research and development expenses were $9.8 million for the first quarter of 2024 compared to $10.0 million for the first quarter of 2023.

Sales and marketing expenses were $12.5 million for the first quarter of 2024 compared to $11.1 million for the first quarter of 2023.

General and administrative expenses were $11.4 million for the first quarter of 2024 compared to $12.1 million for the first quarter of 2023.

Loss from operations in the first quarter of 2024 was $10.7 million compared to loss from operations of $12.2 million in the first quarter of 2023. Net loss in the first quarter of 2024 was $6.2 million compared to a net loss of $6.8 million in the first quarter of 2023.

Adjusted EBITDA in the first quarter of 2024 was a loss of $0.7 million compared to a loss of $2.5 million in the first quarter of 2023, after adjusting for stock-based compensation expense, foreign currency exchange impacts and acquisition-related expenses.

Cash, restricted cash, and marketable securities were approximately $270.4 million as of March 31, 2024, compared to $262.7 million as of December 31, 2023.

2024 Outlook

Cytek Biosciences reaffirms its 2024 revenue guidance, expecting full year 2024 revenue in the range of $203 million to $213 million, representing growth of 5% to 10% over full year 2023, assuming no change in currency exchange rates. For the year ending December 31, 2024, Cytek Biosciences expects to report positive net income.

Webcast Information

Cytek will host a conference call to discuss the first quarter 2024 financial results on Wednesday, May 8, 2024, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. A webcast of the conference call can be accessed at investors.cytekbio.com.

Cytek® Biosciences Automates Panel Design with New Intelligent Algorithm

Wednesday, August 07, 2024

Expanding Capabilities and Streamlining Experimental Workflows

FREMONT, Calif.,: Cytek Biosciences, Inc. (Nasdaq: CTKB) announced that it has developed a revolutionary tool to automate panel design. The company has expanded the capabilities of the Panel Builder tool within its Cytek® Cloud digital ecosystem with the addition of SpectroPanel™ tool, a proprietary new intelligent algorithm which suggests optimized panels in minutes.

Optimized for Cytek’s Full Spectrum Profiling™ (FSP™) technology, the SpectroPanel tool automates the assignment of fluorochromes to markers, removing the labor-intensive manual process. This allows scientists to jumpstart their panel design process.

With over 11,000 users and counting, Cytek Cloud is a vital resource in the research community. Supporting full spectrum flow cytometry research from panel design to experiment setup to data acquisition, Cytek Cloud enables researchers to design panels with ease, taking into account antigen density, marker expression, and reagent availability. Users can also access Cytek cFluor® and Tonbo™ reagents within the platform, via built-in Cytek and partner catalogs.

Cytek Cloud consists of a suite of integrated, online software tools that streamline workflows – combining all spectral panel design tools in one place and allowing users to prepare experiments remotely. Cytek Cloud accelerates the time to insight for a wide range of applications, including immunology, oncology, infectious diseases, and inflammatory diseases. The Panel Builder tool features an easy-to-use panel wizard that guides panel design with the ability to search and modify pre-designed panels and Optimized Multicolor Immunofluorescence Panels (OMIPs). Users can easily build and share panels.

Wenbin Jiang, Ph.D., CEO of Cytek Biosciences said, “This is a major milestone for us – and for the entire research community. What used to take days or weeks can now be done in minutes. The complexity and labor involved in panel design often deters users from utilizing flow cytometry. By simplifying this process, we anticipate increased adoption of FSP-based instruments across the industry. At Cytek, we pride ourselves on evolving our offerings to meet the needs of our users, and the SpectroPanel tool is a direct response to their requests for assistance with panel design. Looking ahead, we plan to expand Cytek Cloud’s capabilities, including enhanced data management, sharing, and analysis features.”

Top 20 Biotech Solution Companies - 2018

Company
Cytek Biosciences

Management
Dr. Wenbin Jiang, CEO

Description
With Cytek’s flow cytometry technology, scientists can obtain deeper insights from a single sample that can translate to the clinic and improve patient monitoring and treatment for various diseases

Cytek Biosciences Fueling Scientific Discovery through Technological Breakthroughs