Cytek Biosciences (NASDAQ:CTKB) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Posted by Tech Dows on Nov 8th, 2024

Cytek Biosciences (NASDAQ:CTKB – Get Free Report) announced its quarterly earnings results on Tuesday. The company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.03, Zacks reports. The company had revenue of $51.50 million during the quarter, compared to analysts’ expectations of $50.63 million. Cytek Biosciences had a negative return on equity of 3.75% and a negative net margin of 8.88%. During the same period last year, the business earned ($0.03) earnings per share. Cytek Biosciences updated its FY 2024 guidance to EPS.

Cytek Biosciences Stock Down 5.1 %

Shares of Cytek Biosciences stock traded down $0.37 on Friday, reaching $6.85. The company’s stock had a trading volume of 513,180 shares, compared to its average volume of 689,201. The company has a market capitalization of $900.82 million, a P/E ratio of -90.25 and a beta of 1.32. Cytek Biosciences has a 52-week low of $4.59 and a 52-week high of $9.87. The stock has a 50-day moving average price of $5.26 and a 200-day moving average price of $5.67.

Analyst Ratings Changes

Separately, Piper Sandler reduced their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th.

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Cytek Biosciences Company Profile

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Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.