Cytek Biosciences Inc (CTKB) 2023 Q4 法說會逐字稿

Good day and thank you for standing by, and welcome to the Cytek Biosciences fourth quarter and full-year 2023 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持，歡迎參加 Cytek Biosciences 第四季和 2023 年全年收益電話會議。（操作員說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Paul Goodson, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。現在，我想將會議交給今天的第一位發言人，投資者關係主管保羅古德森 (Paul Goodson)。請繼續。

Thank you, operator. Earlier today, Cytek Biosciences released financial preliminary results for the quarter and year ended December 31, 2023. If you haven't received this news release, or if you'd like to be added to the company's distribution list, please send an e-mail to investors at cytekbio.com. Joining me today from Cytek are Wenbin Jiang, CEO; and Patrick Jeanmonod, Chief Financial Officer.

謝謝你，接線生。今天早些時候，Cytek Biosciences 發布了截至 2023 年 12 月 31 日的季度和年度財務初步業績。如果您還沒有收到本新聞稿，或者如果您想將其新增至本公司的發行清單中，請透過 cytekbio.com 向投資者發送電子郵件。今天與我一起參加 Cytek 的是 CEO Wenbin Jiang；派崔克‧讓莫諾 (Patrick Jeanmonod)，財務長。

Before we begin, I'd like to remind you that management will make statements during the call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Cytek's business plans, strategies, opportunities, and financial projections. These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled forward-looking statements in the press release Cytek issued today and on Cytek's filings with the SEC.

在我們開始之前，我想提醒您，管理層將在電話會議期間發表聯邦證券法含義內的前瞻性聲明，包括有關 Cytek 的業務計劃、策略、機會和財務預測的聲明。這些陳述是基於公司目前的預期，本質上涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。有關這些風險和不確定性的更多信息，請參見 Cytek 今天發布的新聞稿以及 Cytek 向 SEC 提交的文件中標題為前瞻性聲明的部分。

This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Reconciliation to the most directly comparable GAAP financial measure may be found in today's earnings release submitted to the SEC. Except as required by law, Cytek disclaims any duty to update any forward-looking statements, whether because of new information, future events or changes in its expectations.

此次電話會議也將討論某些不依照公認會計原則計算的財務指標。在今天提交給美國證券交易委員會的收益報告中可以找到與最直接可比較的公認會計準則財務指標的調節。除法律要求外，Cytek 不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件還是預期變化。

This conference call contains time-sensitive information and is accurate only as of the live broadcast, February 28, 2024.

本次電話會議包含時效性訊息，僅截至 2024 年 2 月 28 日直播時準確。

Finally, I would like to mention that Cytek will be participating in a variety of industry and academic conferences throughout 2024. While these are primarily geared to the scientific community, they may offer an opportunity to interact with users of our technologies to learn why Cytek's instruments are so highly valued by our customers. There is a cost to attend most events, and we have a limited number of spaces to accommodate members of the financial community. So if you're interested in attending, please contact me.

最後，我想提一下，Cytek 將在 2024 年參加各種產業和學術會議。雖然這些主要面向科學界，但它們可能提供與我們技術的使用者互動的機會，以了解為什麼 Cytek 的儀器受到我們的客戶的高度重視。參加大多數活動都是有費用的，而且我們容納金融界成員的空間有限。因此，如果您有興趣參加，請與我聯繫。

With that, I will turn the call over to Wenbin.

說完，我就把電話轉給文斌。

Thanks, Paul. Welcome, everyone, and thank you for your interest in Cytek. On the call today, I will discuss our results for the fourth quarter and the full year of 2023, briefly highlight our achievements in 2023, and provide some details on our strategic objectives for the year. Then I will turn the call over to Patrick for a deeper look at our financials and our outlook for 2024 before we open it up for Q&A.

謝謝，保羅。歡迎大家，感謝您對 Cytek 的關注。在今天的電話會議上，我將討論我們第四季度和 2023 年全年的業績，簡要介紹我們在 2023 年取得的成就，並提供有關我們今年戰略目標的一些細節。然後我會將電話轉給 Patrick，以便更深入了解我們的財務狀況和 2024 年的前景，然後再進行問答。

We delivered solid total revenue growth in the fourth quarter, which brought our total revenue for 2023 to exceed our guidance range. Specifically, in the fourth quarter, we grew revenue to $58.6 million, an increase of 21% over the prior year. Total revenue for 2023 was $193.4 million, representing an increase of 18% over 2022. This included approximately $9.8 million and $28.7 million of revenue from the product lines acquired from Luminex during the last three and the 12 months ended December 31, 2023, which included only 10 months of revenue contribution from the Amnis and the Guava product line.

我們在第四季度實現了穩健的總收入成長，這使得我們 2023 年的總收入超出了我們的指導範圍。具體來說，第四季我們的營收增至 5,860 萬美元，比上年成長 21%。2023 年總營收為 1.934 億美元，比 2022 年成長 18%。這包括過去三個月和截至2023 年12 月31 日的12 個月從Luminex 收購的產品線帶來的約980 萬美元和2870 萬美元的收入，其中僅包括Amnis 和Guava 產品線10 個月的收入貢獻。

Notably, we continued to see steady demand for our organic instruments in 2023, the majority of which were our Cytek Aurora and the Northern Light instrument. We also saw increased demand for our Aurora Cell Sorter.

值得注意的是，我們在 2023 年繼續看到對我們的有機儀器的穩定需求，其中大部分是我們的 Cytek Aurora 和 Northern Light 儀器。我們也發現 Aurora 細胞分選儀的需求增加。

While our fourth-quarter performance is encouraging, 2023 overall was challenging with dynamic macroeconomic market conditions impacting our business and the growth across our sector. We took proactive steps to address these temporary headwinds and to execute a balanced business strategy to drive continued growth and deliver profitability. As part of this initiative, we implemented actions to align our cost structure to remain an agile organization following the completion of our integration of the Amnis and Guava product lines from Luminex.

雖然我們第四季的業績令人鼓舞，但 2023 年總體而言充滿挑戰，動態的宏觀經濟市場狀況影響著我們的業務和整個產業的成長。我們採取積極措施來應對這些暫時的不利因素，並執行平衡的業務策略，以推動持續成長並實現獲利。作為該計劃的一部分，在完成 Luminex 的 Amnis 和 Guava 產品線的整合後，我們採取了調整成本結構的行動，以保持敏捷的組織。

Earlier this quarter, we streamlined our organization to eliminate redundancies arising out of the acquisition and to focus on areas where we see the greatest potential for long-term value creation. While it is very hard to part ways with valued of the members of our team, the rightsizing of our organization will enable us to increase our operational efficiency as we execute our growth strategy and to support our commitment to remaining a profitable company.

本季度早些時候，我們精簡了我們的組織，以消除收購產生的裁員，並將重點放在我們認為長期價值創造最大潛力的領域。雖然很難與團隊中有價值的成員分道揚鑣，但我們組織的規模調整將使我們能夠在執行成長策略時提高營運效率，並支持我們對保持獲利公司的承諾。

During 2023, we expanded our global footprint with 478 organic Cytek and 219 Amnis and Guava instruments sold. These 478 organic instruments bring the all-time total of organic instruments placed for 2,148. Our instruments are used today in over 70 countries and regions.

2023 年，我們擴大了全球足跡，售出了 478 台有機 Cytek 儀器以及 219 台 Amnis 和 Guava 儀器。這 478 個有機樂器使歷史上有機樂器放置總數達到 2,148 個。如今，我們的儀器已在 70 多個國家和地區使用。

For the year ended December 31, 2023, our revenue distribution reflects a balance of 53% attributed to the USA, 28% to EMEA, and the 19% to Asia Pacific and others. Due to the sales performance of th2e acquired Amnis and Guava products, our EMEA numbers were strong in the fourth quarter and the-full year 2023. We have more than 1,500 broad-based customers across multiple verticals and revenue categories represented at the end of 2023 by approximately 43% academic and government-owned institutions and the 57% pharma, biotech, distributors, and CRO.

截至 2023 年 12 月 31 日的年度，我們的收入分配餘額為 53% 來自美國，28% 來自歐洲、中東和非洲，19% 來自亞太地區和其他地區。由於收購的 Amnis 和 Guava 產品的銷售業績，我們的 EMEA 數據在第四季和 2023 年全年表現強勁。截至 2023 年底，我們在多個垂直領域和收入類別擁有超過 1,500 家廣泛的客戶，其中約 43% 為學術和政府機構，57% 為製藥、生物技術、分銷商和 CRO。

We delivered growth across our diversified revenue streams, including with our reagent portfolio and with our service business, areas that we expect to be leading growth driver for Cytek in the future. This ongoing positive trend reflects the utilization of our instruments and the synergistic effect of our key revenue drivers, instruments, reagents, and services.

我們透過多元化的收入來源實現了成長，包括我們的試劑組合和服務業務，我們預計這些領域將成為 Cytek 未來的主要成長動力。這種持續的正面趨勢反映了我們儀器的利用率以及我們主要收入驅動因素、儀器、試劑和服務的協同效應。

2023 was a transitional year for Cytek. We've strategically expanded our portfolio and strengthened our near- and the long-term competitive foundation in flow cytometry. We acquired the Luminex flow cytometry and imaging business about a year ago and successfully completed the integration by year end, including cross-training both service teams.

2023 年對 Cytek 來說是過渡的一年。我們策略性地擴展了我們的產品組合，並加強了我們在流式細胞儀領域的近期和長期競爭基礎。大約一年前，我們收購了 Luminex 流式細胞儀和成像業務，並在年底成功完成了整合，包括對兩個服務團隊進行交叉培訓。

This significant milestone enables efficiencies across our organization with: first, access to new cell imaging and particularly fluidics technology; second, a larger global presence with access to new markets and research areas; and third, improve the go-to market and operational effectiveness with a larger installed base and a deep bench of flow cytometry experts providing synergies in our service operations.

這個重要的里程碑透過以下方式提高了我們整個組織的效率：首先，獲得新的細胞成像，特別是噴射技術；其次，擴大全球影響力，進入新市場和研究領域；第三，透過更大的安裝基礎和大量的流式細胞儀專家在我們的服務運作中提供協同作用，提高進入市場和營運效率。

With the integration complete, we have already realized some significant benefits from the transaction. These benefits include a meaningful growth in our service revenue and the gross margin, improvement in Guava’s gross margins and a strong performance in the EU enabled by Amnis and Guava. We are also pleased to see some early successes with the convergence of Guava users to Northern Lights as well as some high-margin sales through the bundling of Amnis’ ImageStream with Aurora and our Cell Sorter.

整合完成後，我們已經從交易中獲得了一些顯著的好處。這些好處包括我們的服務收入和毛利率的顯著增長、Guava 毛利率的提高以及 Amnis 和 Guava 在歐盟實現的強勁業績。我們也很高興看到 Guava 用戶與 Northern Lights 融合取得了一些早期成功，以及透過將 Amnis™ ImageStream 與 Aurora 和我們的細胞分選儀捆綁在一起實現了一些高利潤銷售。

Overall, we're excited to continue to value the Amnis and the Guava acquisition as an important success for our company. In the fourth quarter, we also launched the Cytek Orion smart cocktail reagent mixer that simplifies and accelerates the workflow and reduces reagent waste. Notably, the Cytek Orion system is unique that it is focused solely on cocktail making for sample preparation, enabling a smaller footprint and making it ideal for applications such as drug discovery that will use the same cocktail multiple times.

總的來說，我們很高興繼續將 Amnis 和 Guava 收購視為我們公司的重要成功。第四季度，我們還推出了 Cytek Orion 智慧雞尾酒試劑混合器，可簡化和加速工作流程並減少試劑浪費。值得注意的是，Cytek Orion 系統的獨特之處在於，它僅專注於樣品製備的雞尾酒調製，佔地面積更小，非常適合多次使用相同雞尾酒的藥物發現等應用。

It also ensures that users are only paying for features that they need at a lower price point than competitive solutions. The introduction of this unique new preparation device moves the Cytek roadmap forward, expands our suite of solutions for the cell analysis market, and strengthens our offerings for pharma, biotech, and the CRO customers.

它還確保用戶僅以比競爭解決方案更低的價格購買他們需要的功能。這種獨特的新型製備設備的推出推動了 Cytek 路線圖的發展，擴展了我們針對細胞分析市場的解決方案套件，並增強了我們為製藥、生物技術和 CRO 客戶提供的產品。

To drive utilization of our solutions and to accelerate new adoption, we delivered software enhancements and functionalities to Cytek Cloud in 2023, supporting our growing customer base with an integrated end-to-end operating system for our cell analysis platform. Customer adoption of Cytek Cloud has surpassed expectations. We now have over 6,000 users and an average of three Cytek Cloud users per installed Cytek FSP instrument.

為了推動我們的解決方案的利用率並加速新的採用，我們於 2023 年向 Cytek Cloud 提供了軟體增強功能和功能，透過細胞分析平台的整合端到端作業系統來支援我們不斷增長的客戶群。Cytek Cloud 的客戶採用率超出了預期。我們現在擁有超過 6,000 名用戶，每個安裝的 Cytek FSP 儀器平均有 3 個 Cytek Cloud 用戶。

On the clinical front, in 2023, we continued to stay ahead of the regulatory curve by securing IVDR compliance in the EU and the continued growth in clinical applications in China. Relevant to our worldwide operations, we also received our ISO 13485 Quality Management System Certification of our headquarters and manufacturing operations in Fremont, California to produce our flow cytometers, reagents, and accessories. This certification bolsters our plans to focus on the translational and the critical market and sends a strong signal to customers in these segments that we are committed to serving them, taking every step necessary to responsibly do so in the future.

在臨床方面，2023年，我們透過確保歐盟的IVDR合規性和中國臨床應用的持續成長，繼續保持領先於監管曲線。與我們的全球業務相關，我們的總部和位於加州弗里蒙特的製造工廠也獲得了 ISO 13485 品質管理系統認證，以生產我們的流式細胞儀、試劑和配件。此認證支持了我們專注於轉換和關鍵市場的計劃，並向這些細分市場的客戶發出了強烈的信號，即我們致力於為他們提供服務，並採取一切必要措施在未來負責任地這樣做。

Recently, we were excited to announce that we signed an agreement with the Centre for Genomic Regulation and the Pompeu Fabra University, CRG-UPF in Spain to drive technological innovation and accelerated discovery for the scientific community. The CRG-UPF flow cytometry unit is used by more than 500 researchers for more than 100 research projects every year. Under the terms of the agreement, Cytek will provide its spectral flow cytometry platforms along with trained support personnel to the CRG-UPF flow cytometry unit headquarters.

最近，我們很高興地宣布，我們與基因組調控中心和西班牙龐培法布拉大學 CRG-UPF 簽署了一項協議，以推動科學界的技術創新和加速發現。CRG-UPF 流式細胞儀每年被 500 多名研究人員用於 100 多個研究項目。根據協議條款，Cytek 將向 CRG-UPF 流式細胞儀總部提供其光譜流式細胞儀平台以及經過培訓的支援人員。

Together with the integration of these institutes and the core facilities, we will work to explore new applications and develop new tools and solutions to address the challenge faced by the scientific community.

透過整合這些研究所和核心設施，我們將致力於探索新的應用並開發新的工具和解決方案，以應對科學界面臨的挑戰。

In summary, I’m proud of our team’s achievements in 2023 amidst challenging market conditions. Importantly, I remain confident in our long-term growth trajectory and the value creation across our business despite near-term headwinds that we cannot control. Our strategic priorities in 2024 are centered on fortifying our competitive position, with a keen focus on financial discipline and operational excellence and efficiency.

總之，我對我們團隊在 2023 年在充滿挑戰的市場條件下所取得的成就感到自豪。重要的是，儘管近期存在著我們無法控制的不利因素，但我對我們的長期成長軌跡和整個業務的價值創造仍然充滿信心。我們 2024 年的策略重點是加強我們的競爭地位，並專注於財務紀律以及卓越營運和效率。

Our team is laser focused on three key items to drive our business: revenue growth, margin expansion, and capital efficiency to deliver sustainable profitability and maximize free cash flow. With this balance to focus on driving profitable growth, we are making prudent investments integral to position ourselves as a leader in flow cytometry. Cytek remains on the forefront of innovation and industry leadership, and we are excited for our bright future ahead.

我們的團隊專注於推動業務發展的三個關鍵項目：收入成長、利潤擴張和資本效率，以實現可持續的獲利能力並最大化自由現金流。透過這種平衡，專注於推動獲利成長，我們正在進行審慎的投資，以將自己定位為流式細胞儀的領導者。Cytek 始終處於創新和行業領導地位的前沿，我們對未來的光明未來感到興奮。

With that, I will now turn the call over to Patrik for more details around our financials.

現在，我將把電話轉給帕特里克，以了解有關我們財務狀況的更多詳細資訊。

Thanks, Wenbin. Total revenue for the fourth quarter of 2023 was $58.6 million, or 21% increase over the fourth quarter of 2022. This included approximately $9.8 million of revenue from the product and services acquired from the Luminex transaction, which closed on February 28, 2023. Organic revenue, which excludes revenue from the acquired products and services was $48.8 million, an increase of 1% compared to the fourth quarter 2022.

謝謝文斌。2023 年第四季的總營收為 5,860 萬美元，比 2022 年第四季成長 21%。其中包括從 2023 年 2 月 28 日完成的 Luminex 交易中獲得的產品和服務獲得的約 980 萬美元收入。有機收入（不包括所收購產品和服務的收入）為 4,880 萬美元，較 2022 年第四季成長 1%。

For the quarters following the one-year anniversary of our Luminex acquisition, we will no longer provide the breakout of this inorganic revenue. Therefore, while we will report organic and inorganic revenue for our first quarter of 2024, we will cease providing this breakout for the second and future quarters.

在收購 Luminex 一週年之後的幾個季度，我們將不再提供該無機收入的突破。因此，雖然我們將報告 2024 年第一季的有機和無機收入，但我們將停止提供第二季和未來季度的這項突破。

Gross profit was $33.7 million for the fourth quarter of 2023, an increase of 15% compared to a gross profit of $29.4 million in the fourth quarter of 2022. Gross profit margin was 57% in the fourth quarter of 2023 compared to 61% in the fourth quarter of 2022. Adjusted gross profit margin in the fourth quarter of 2023 was 60% compared to 62% in the fourth quarter of 2022 after adjusting for stock-based compensation expense and amortization of acquisition-related intangible.

2023年第四季的毛利為3,370萬美元，比2022年第四季的毛利2,940萬美元成長15%。2023年第四季的毛利率為57%，而2022年第四季的毛利率為61%。調整股票薪酬費用及收購相關無形資產攤銷後，2023 年第四季調整後毛利率為 60%，而 2022 年第四季調整後毛利率為 62%。

Operating expenses were $32.8 million for the fourth quarter of 2023, a 12% increase from $29.3 million in the fourth quarter of 2022. The increase in operating expenses was primarily due to expenses related to the Luminex transaction and personnel-related expenses across sales and marketing and research and development.

2023 年第四季營運費用為 3,280 萬美元，比 2022 年第四季的 2,930 萬美元成長 12%。營運費用的增加主要是由於與 Luminex 交易相關的費用以及銷售、行銷和研發方面的人員相關費用。

Research and development expenses were $10.9 million for the fourth quarter of 2023 as compared to $9.7 million for the prior-year period. Sales and marketing expenses were $11.6 million for the fourth quarter of 2023 as compared to $9 million for the prior-year period. General and administrative expenses were $10.3 million for the fourth quarter of 2023 as compared to $10.5 million in the prior-year period.

2023 年第四季的研發費用為 1,090 萬美元，去年同期為 970 萬美元。2023 年第四季的銷售和行銷費用為 1,160 萬美元，而去年同期為 900 萬美元。2023 年第四季的一般及管理費用為 1,030 萬美元，而去年同期為 1,050 萬美元。

Income from operation was $0.9 million for the fourth quarter compared to an income from operations of $0.1 million for the fourth quarter of 2022. The net income in the fourth quarter of 2023 was $6.3 million compared to net income of $3.7 million in the fourth quarter of 2022. Additionally, adjusted EBITDA in the fourth quarter of 2023 was positive $11 million compared to positive $6.6 million in the fourth quarter of 2022 after adjusting for stock-based compensation expense.

第四季營運收入為 90 萬美元，而 2022 年第四季營運收入為 10 萬美元。2023 年第四季的淨利潤為 630 萬美元，而 2022 年第四季的淨利潤為 370 萬美元。此外，在調整股票薪資費用後，2023 年第四季調整後 EBITDA 為正 1,100 萬美元，而 2022 年第四季調整後 EBITDA 為正 660 萬美元。

Now, for the full-year 2023. Total revenue for the year ended December 31, 2023 was $193.4 million, an 18% increase over the year ended December 31, 2022. This included approximately $28.7 million of revenue from the product and services acquired from the Luminex transaction, which closed on February 28, 2023. On a constant currency basis, total revenue was $194.1 million, an increase of 13% over the full year of 2022.

現在，2023 年全年。截至2023年12月31日止年度的總收入為1.934億美元，較截至2022年12月31日止年度增長18%。其中包括從 2023 年 2 月 28 日完成的 Luminex 交易中獲得的產品和服務獲得的約 2,870 萬美元收入。以固定匯率計算，總營收為 1.941 億美元，比 2022 年全年成長 13%。

The total revenue in 2023 was driven by revenue contributions from the products acquired from the Luminex transaction, along with continued sales of the Cytek full-spectrum instruments.

2023 年的總收入主要由 Luminex 交易中收購的產品的收入貢獻以及 Cytek 全譜儀器的持續銷售所推動。

Gross profit was $110.1 million for the year ended December 31, 2023, an increase of 9% compared to a gross profit of $101 million in the year ended December 31, 2022. Gross profit margin was 57% in the year ended December 31, 2023, compared to 62% in the year ended December 31, 2022.

截至2023年12月31日止年度的毛利為1.101億美元，較截至2022年12月31日止年度的毛利1.01億美元成長9%。截至2023年12月31日止年度的毛利率為57%，而截至2022年12月31日止年度的毛利率為62%。

Adjusted gross profit margin in the year ended December 31, 2023 was 59% compared to 62% in the year ended December 31, 2022 after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles. The lower product gross margin were driven primarily by higher material costs, acquisition costs, and by less favorable instrument product mix following the Luminex transaction.

調整股票補償費用及收購相關無形資產攤銷後，截至2023年12月31日止年度的調整後毛利率為59%，而截至2022年12月31日止年度的調整後毛利率為62%。產品毛利率較低的主要原因是材料成本、採購成本上升以及 Luminex 交易後儀器產品組合較差。

Operating expenses were $136.8 million for the year ended December 31, 2023, a 33% increase from $102.8 million in the year ended December 31, 2022. The increase was primarily due to the increased headcount and personnel-related expenses across R&D and sales and marketing.

截至2023年12月31日止年度的營運費用為1.368億美元，較截至2022年12月31日止年度的1.028億美元成長33%。這一增長主要是由於研發、銷售和行銷方面的人員數量和人員相關費用增加。

Research and development expenses were $44.2 million for the year ended December 31, 2023 compared to $34.9 million for the year ended December 31, 2022. Sales and marketing expenses were $49.1 million for the year ended December 31, 2023, compared to $33.2 million for the year ended December 31, 2022. General and administrative expenses were $43.5 million for the year ended December 31, 2023, an increase from $34.7 million for the year ended December 31, 2022.

截至2023年12月31日止年度的研發費用為4,420萬美元，而截至2022年12月31日止年度的研發費用為3,490萬美元。截至2023年12月31日止年度，銷售及行銷費用為4,910萬美元，截至2022年12月31日止年度為3,320萬美元。截至2023年12月31日止年度的一般及行政費用為4,350萬美元，較截至2022年12月31日止年度的3,470萬美元有所增加。

Net loss in the year ended December 31, 2023 was $11.3 million compared to net income of $2.5 million in the year ended December 31, 2022. Adjusted EBITDA in the year ended December 31, 2023 was $13.7 million compared to $21.2 million in the year ended December 31, 2022 after adjusting for stock-based compensation expense and other non-recurring expenses. We are committed to improving these metrics going forward.

截至2023年12月31日止年度的淨虧損為1,130萬美元，而截至2022年12月31日止年度的淨收入為250萬美元。截至 2023 年 12 月 31 日止年度的調整後 EBITDA 為 1,370 萬美元，而在調整股票薪酬費用和其他非經常性費用後，截至 2022 年 12 月 31 日止年度的調整後 EBITDA 為 2,120 萬美元。我們致力於未來改善這些指標。

Cash, cash equivalents, restricted cash, and short-term investment were $262.7 million as of December 31, 2023. This represents a decline of $81.3 million from the $344 million at the end of December 2022, primarily due to the Luminex transaction, our stock repurchase program partially offset with cash generated by the business. Our strong balance sheet free from external operational financial needs underscores our organization's vitality. With healthy cash reserves and profitability track record, we continue to operate from a position of strength that enables our global growth efforts.

截至 2023 年 12 月 31 日，現金、現金等價物、限制性現金及短期投資為 2.627 億美元。這比 2022 年 12 月底的 3.44 億美元減少了 8,130 萬美元，主要是由於 Luminex 交易、我們的股票回購計劃部分抵消了業務產生的現金。我們強大的資產負債表不受外部營運財務需求的影響，凸顯了我們組織的活力。憑藉健康的現金儲備和盈利記錄，我們繼續以優勢地位運營，以實現我們的全球成長努力。

During the fourth quarter, we continued to repurchase our stock following the $50 million repurchase authorization we announced in May last year. We repurchased approximately $34.7 million worth of Cytek stock in open market transaction in the fourth quarter. Share repurchase under this program are canceled, leaving us with approximately 130.7 million shares outstanding as of December 31, 2023.

繼去年 5 月宣布授權 5,000 萬美元回購股票後，第四季我們繼續回購股票。我們在第四季度的公開市場交易中回購了價值約 3,470 萬美元的 Cytek 股票。該計畫下的股票回購已取消，截至 2023 年 12 月 31 日，我們約有 1.307 億股已發行股票。

Approximately $44.2 million of the original $50 million repurchase authorization was completed. Although that authorization expired at the end of 2023, we are evaluating whether to extend it, and if so, by how much.

最初的 5,000 萬美元回購授權中約 4,420 萬美元已完成。儘管該授權於 2023 年底到期，但我們正在評估是否延長授權，如果延長，延長多少。

Now turning to our revenue outlook for 2024. We have been encouraged to see modest improvement in customer spending pattern in the fourth quarter, and we are seeing some follow through in that strength in the first quarter of 2024.

現在轉向我們 2024 年的營收展望。我們很高興地看到第四季度客戶支出模式略有改善，並且我們看到這種勢頭在 2024 年第一季得到一些延續。

For the full-year 2024, we expect modest growth across all our product lines, with the bulk of the growth being weighted towards the back half of the year, consistent with historical spending patterns in our customer base. Taking these factors into account, we are anticipating our 2024 revenue to be in the range of $203 million to $213 million, representing 5% to 10% growth over 2023 total revenue, assuming no change in currency exchange rates.

對於 2024 年全年，我們預計所有產品線都會適度成長，其中大部分成長將集中在今年下半年，這與我們客戶群的歷史支出模式一致。考慮到這些因素，假設貨幣匯率沒有變化，我們預計 2024 年的營收將在 2.03 億美元至 2.13 億美元之間，比 2023 年的總收入成長 5% 至 10%。

Today, we are reiterating our long-standing commitment to operating the business profitably on an annual basis as measured by adjusted EBITDA. In addition, for the full-year 2024, we expect to report positive net income. As Wenbin mentioned, we continue to focus on improving operational efficiencies across our business and aligning our overall cost structure to ensure that we remain an agile organization in the best possible position to drive growth and deliver profitability.

今天，我們重申我們的長期承諾，按照調整後的 EBITDA 衡量，每年實現業務盈利。此外，我們預計 2024 年全年淨利將為正值。正如文斌所提到的，我們繼續專注於提高整個業務的營運效率並調整我們的整體成本結構，以確保我們保持敏捷組織的最佳狀態，以推動成長和實現盈利。

Within these goals, we are committed to investing in the Cytek brand through a variety of efforts and innovation through our strong commitment to new product development. As a possible addition to this initiative, Cytek is continuing to evaluate opportunities to accelerate our revenue growth through M&A and/or other corporate development actions, which will be subject to stringent financial, operational, technical, digital, and market presence criteria.

在這些目標範圍內，我們致力於透過各種努力和創新，透過我們對新產品開發的堅定承諾來投資 Cytek 品牌。作為該計劃的可能補充，Cytek 正在繼續評估透過併購和/或其他企業發展行動加速收入成長的機會，這些行動將受到嚴格的財務、營運、技術、數位和市場存在標準的約束。

With that, I will turn it back over to Wenbin.

說完，我就把事情轉回文斌。

Thanks, Patrik. I'm very proud of our Cytek team around the world for successfully navigating through a tough environment to meet the needs of our customers. It is their shared belief in our mission, combined with strong execution of our strategy, that positions Cytek as an industry leader in advancing the next generation of cell analysis.

謝謝，派崔克。我為我們遍佈全球的 Cytek 團隊感到非常自豪，他們成功地度過了艱難的環境，滿足了客戶的需求。正是他們對我們使命的共同信念，加上我們策略的強大執行，使 Cytek 成為推進下一代細胞分析的行業領導者。

This year, we will continue to deepen our customer relationships to drive greater adoption and utilization of Cytek's share analysis solutions and innovations that supports their priorities to push the bounds of scientific discovery and clinical progress.

今年，我們將繼續深化我們的客戶關係，以推動 Cytek 份額分析解決方案和創新的更大採用和利用，以支持他們推動科學發現和臨床進展的優先事項。

I want to thank everyone for joining the call today, and we will now open it up for questions. Operator?

我要感謝大家今天加入電話會議，我們現在開始提問。操作員？

(Operator Instructions) Matt Skykes, Goldman Sachs.

（操作員指令）Matt Skykes，高盛。

Hi. Thanks for taking my question. This is Evie on for Matt. What are you seeing in the academic market both in 4Q and then what are your expectations for 2024? Maybe just talk through what your customers are saying in that market and how sales funnel looks going to the year.

你好。感謝您提出我的問題。這是埃維為馬特代言的。您對第四季的學術市場有何看法？您對 2024 年有何期望？也許只是討論一下您的客戶在該市場上的言論以及今年的銷售漏斗情況。

So looking at the -- Hi, Evie, it's Patrik. I hope you can hear me okay. So we continue to see strength in the academia, but we've actually seen higher strength in the biotech segment.

所以看看——嗨，埃維，我是派崔克。我希望你能聽到我的聲音。因此，我們繼續看到學術界的實力，但實際上我們在生物技術領域看到了更大的實力。

Okay, great. Thank you. And then I think you said for 2024, you’re expecting sort of a broad range of improvement across the different instrument types, but maybe talk through different trends you’re seeing within each category and maybe talk about the higher-end instruments and how those are trending.

好的，太好了。謝謝。然後我想您說過，到 2024 年，您期望不同樂器類型出現廣泛的改進，但也許會談談您在每個類別中看到的不同趨勢，也許會談論更高端的樂器以及這些趨勢如何。

Yeah. I can give a first crack and maybe Wenbin can supplement. So obviously, one instrument that has created a lot of demand is the Cell Sorter. So we expect the Cell Sorter to continue to grow nicely in this year. We also expect to see continued growth on the two high-end products that we have, which is the Aurora and the Amnis family products, along with the Northern Lights. So overall, we expect product to continue to grow this year with [prediments] in the second half of 2024.

是的。我可以先試一下，也許文斌可以補充一下。顯然，細胞分選儀是一種創造了大量需求的儀器。因此，我們預計細胞分選機今年將繼續良好成長。我們也預計我們擁有的兩種高端產品（Aurora 和 Amnis 系列產品以及 Northern Lights）將持續成長。因此，總體而言，我們預計今年產品將繼續成長，並在 2024 年下半年出現[困境]。

Great. Thank you.

偉大的。謝謝。

David Westenberg, Piper Sandler.

大衛‧韋斯特伯格，派珀‧桑德勒。

Hi. Thank you for taking the question. So I know you're not breaking out Luminex revenues specifically, but just for modeling and cadence purposes, I know the Luminex acquisition I think closed in like middle of Q1. So how should we think about the revenue growth rate in Q1 or the cadence of Q1 relative to the rest of the year, just given the fact that we have that inorganic component? And I have a couple more follow-ups after that.

你好。感謝您提出問題。所以我知道您並沒有專門公佈 Luminex 的收入，而只是出於建模和節奏的目的，我知道 Luminex 的收購我認為是在第一季中期完成的。那麼，考慮到我們擁有無機成分，我們應該如何考慮第一季的營收成長率或第一季相對於今年剩餘時間的節奏？之後我還有一些後續行動。

Yeah, David. Thanks, that's good question. So we expect actually the revenue in Q1 to be slightly above the overall annual growth rate for the year just because of what you just highlighted. Yeah, you're correct.

是的，大衛。謝謝，這是個好問題。因此，正如您剛才強調的那樣，我們實際上預計第一季的營收將略高於今年的整體年度成長率。是的，你是對的。

Okay, okay. I mean, just a small magnitude then in Q1.

好吧好吧。我的意思是，第一季的幅度很小。

Yeah, there will be. Yeah, correct.

是的，會有的。是的，正確。

Okay. Small but noticeable. Okay. Thank you very much. And then just on market growth of flow cytometry, I mean, you are a big 30% grower. And kind of not to harp on the reduction in kind of where your growth rate is, but can you maybe talk about the market growth rate of flow cytometry total? I mean, it’s been a pretty mature technology overall. So I mean, I’m guessing you’re growing significantly faster than the market for a number of years.

好的。小但引人注目。好的。非常感謝。然後就流式細胞儀的市場成長而言，我的意思是，您是 30% 的大成長者。不是要喋喋不休地談論你的成長率的下降，但你能談談流式細胞儀整體的市場成長率嗎？我的意思是，總的來說，這是一項相當成熟的技術。所以我的意思是，我猜測多年來你們的成長速度明顯快於市場。

Is this 5%, 10% kind of like the way we should think about flow cytometry just as a market whole and maybe that’s a steady state? And then if you could that out versus instrument consumables. I know how much faster each one grows and I don’t know if that’s possible. Thanks.

這 5%、10% 是否類似於我們將流式細胞儀視為整體市場的方式，也許這是一個穩定狀態？然後如果你能把它與儀器消耗品相比。我知道每個細胞的生長速度有多快，但我不知道這是否可能。謝謝。

So maybe I'll give it a first crack. So the industry, it's growing in 6% to 8% flow cytometry growth rate. Now, last year, this wasn’t visible. I think last year was a more difficult year for the industry. Yet we coming out from an organic point of view fairly flat, with the Luminex acquisition, we’re actually up 21% in Q4 and 18% for the full year.

所以也許我會先試試看。因此，流式細胞儀產業正以 6% 至 8% 的成長率成長。現在，去年，這一點並不明顯。我認為去年對這個行業來說是更困難的一年。然而，從有機角度來看，我們的表現相當平淡，隨著 Luminex 的收購，我們實際上在第四季度增長了 21%，全年增長了 18%。

The expectation is that on the go forward, we should see probably similar growth rates, kind of a 6% to 8% for the industry, probably more skewed towards the second half, that’s for the instrument. And on the reagent consumable, the expectation that it should go a little faster.

我們預計，在未來，我們應該會看到類似的成長率，該產業的成長率約為 6% 至 8%，對於該工具而言，下半年可能會更加傾斜。而在試劑消耗品上，期望它應該走得更快一點。

Got it. No, thank you very much on. And then -- oh, sorry, I cut you off.

知道了。不，非常感謝您。然後——哦，抱歉，我打斷你了。

Yeah, no, that's fine. And just to add on top of that, based on the numbers we have seen through Q3 last year, sale analysis -- flow cytometry is part of the analysis. So it was a down market overall. So under this environment, we still maintain the growth.

是的，不，沒關係。除此之外，根據我們去年第三季看到的數據，銷售分析——流式細胞儀是分析的一部分。所以整體來說這是一個低迷的市場。所以在這樣的環境下，我們還是維持了成長。

Got it. No, and I get that there probably was a pretty challenging capital equipment environment just given the fact where budgets are at right now. So I was just curious on -- because it says margins were a little bit down. So I’m curious if you’re seeing industry discounting just given capital equipment environment or/and also if -- I think last quarter you discussed the possibility that you might have been -- you could be doing kind of some reagent rental models or working with financing companies.

知道了。不，我知道考慮到目前的預算，資本設備環境可能相當具有挑戰性。所以我只是好奇——因為它說利潤率有點下降。因此，我很好奇，您是否會在資本設備環境下看到行業折扣，或者/以及 - 我認為上個季度您討論了您可能會這樣做的可能性 - 您可能會進行某種試劑租賃模型或與金融公司合作。

Can you talk about any of those kind of dynamics as we get into -- or as we’re dealing with this capital funding environment? And just as a one last follow-up to that, are you getting any indication that maybe things are getting better? I mean, there were few biotech IPOs at the beginning of the year. I don't know if we're running maybe NIH budgets or something else for flow. And sorry, I know that's a lot there, but I promise that would be my last question. Thank you.

當我們進入或當我們處理這種資本融資環境時，您能談談這些動態嗎？作為最後的後續行動，您是否有任何跡象表明情況正在好轉？我的意思是，今年年初生技公司的首次公開募股很少。我不知道我們是否正在運行 NIH 預算或其他資金流量。抱歉，我知道有很多問題，但我保證這將是我的最後一個問題。謝謝。

So if I can start with the reagent rental, which is the easiest one, yes, we've started offering the program, but it's very, very small. So I wouldn't call it as any of significance for us, but it's something that we consider continuing to build going forward. On the margin, so very pleased to see that overall our service business margin has gone up substantially from -- back to year ago or eventually even two years ago where it wasn’t profitable. So I think we check the box on the service side, kind of a nice suite.

因此，如果我可以從試劑租賃開始，這是最簡單的一個，是的，我們已經開始提供該計劃，但它非常非常小。因此，我不會認為它對我們有任何意義，但我們認為它會繼續發展。在利潤方面，非常高興地看到，我們的服務業務利潤率總體上比一年前甚至兩年前還沒有盈利的情況大幅上升。所以我認為我們勾選了服務方面的複選框，這是一個不錯的套件。

On the product, you’re correct. We’ve seen more pressure on the gross profit margin. and that’s really a combination of selling instruments that have less for some or slightly lower gross profit margin, while at the same time we are still expecting to continue to see this margin to come back up in the future just because we are continuing to optimize our business.

在產品上，你是對的。我們看到毛利率面臨更大的壓力。這實際上是一些銷售工具的組合，這些工具的毛利率較低或略低，而與此同時，我們仍然期望這一利潤率在未來繼續回升，因為我們正在繼續優化我們的業務。

Finally, on the IPO question, earlier this year, we see it was a positive -- very positive and welcoming trend. And I think the one point that we make it a trend, so we welcome other IPOs higher, and hopefully they'll drive some CapEx. But I'll turn it also to Wenbin if he wants to add anything to my earlier comments.

最後，關於首次公開募股問題，今年早些時候，我們看到這是一個積極的——非常積極和受歡迎的趨勢。我認為我們讓它成為一種趨勢，所以我們歡迎其他更高的 IPO，並希望它們能推動一些資本支出。但如果文斌想對我之前的評論添加任何內容，我也會轉給他。

Yeah. Regarding to the product gross margin, as you know, we integrated Luminex Guava product line into our portfolio, and that product from was a low-margin business. However, we have now moved the reproduction completely into our facility, Cytek facility. And we are expecting to see improvement on where we will deploy.

是的。關於產品毛利率，如您所知，我們將Luminex Guava產品線整合到我們的產品組合中，而該產品是低利潤業務。然而，我們現在已將複製品完全轉移到我們的工廠 Cytek 工廠。我們期望看到我們部署地點的改進。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

Thanks, guys. This is Edmond on for Tejas. Thank you for taking the questions. First, Patrik, you mentioned modest improvements and customer spending patterns. I was wondering if you guys could provide some more details on that, on maybe across our end markets or geography. And what are you currently baking into your '24 guidance in terms of assumptions for recovery?

多謝你們。我是光輝號的艾德蒙。感謝您提出問題。首先，帕特里克，您提到了適度的改進和客戶支出模式。我想知道你們是否可以提供更多有關我們的終端市場或地理位置的詳細資訊。在復甦假設方面，您目前在 24 年指導中融入了哪些內容？

Right. So just to go at the different geographies, so what we've seen in Q4 is actually strength in the EMEA, APAC region, and slightly followed by US or United States segment. So overall, I think the two segments that have driven some growth for us are really APAC and EMEA. Overall, when we look at the split for revenue, we still see a 50%-plus in that United States region, followed by the EMEA around 28%, and then behind that, APAC and other for the remaining balance.

正確的。因此，就不同地區而言，我們在第四季度看到的實際上是歐洲、中東和非洲、亞太地區的實力，其次是美國或美國市場。總的來說，我認為推動我們成長的兩個細分市場實際上是亞太地區和歐洲、中東和非洲地區。總體而言，當我們查看收入分配情況時，我們仍然看到美國地區的收入佔比超過 50%，其次是歐洲、中東和非洲地區約 28%，最後是亞太地區和其他地區的剩餘餘額。

When looking at the growth for this year, and obviously, we are this year. So in situation where we're waiting for some macro events to help us a little bit, that could be the Fed. But overall, I think what we've seen so far is that there's been some activity with the customers. We see demand. We see demand for the Cell Sorter, obviously, better. Especially for this year, I think the expectation is that in the second half it's going to be as pronounced, if not slightly more pronounced than last year.

當考慮今年的成長時，顯然，我們今年是這樣的。因此，如果我們正在等待一些宏觀事件來為我們提供一點幫助，那可能就是聯準會。但總的來說，我認為到目前為止我們所看到的是與客戶進行了一些活動。我們看到了需求。顯然，我們看到對細胞分選機的需求更好。特別是今年，我認為下半年的預期將是同樣明顯，甚至比去年稍微更明顯。

Yes. Got it. And appreciating that you guys aren't breaking out contributions from FCI going forward. But with all of your integrations actually completed, can we expect FCI revenues in 2023 to be at baseline level and for it to grow year over year in 2024?

是的。知道了。感謝你們今後不再繼續對 FCI 做出貢獻。但是，隨著所有整合的實際完成，我們是否可以預期 2023 年 FCI 收入達到基準水平，並在 2024 年逐年增長？

That's the expectation, yes.

這就是期望，是的。

Great, thank you. And finally, I think some of the larger tools tiers have talked about seeing or expecting a modestly later pharma budget release in 2024. Is this a dynamic that you’re seeing as well?

太好了謝謝。最後，我認為一些較大的工具層已經談到看到或預計 2024 年製藥預算會在稍後發布。您是否也看到了這種動態？

Maybe I’ll turn it to Wenbin, otherwise I will.

也許我會把它交給文斌，否則我會。

Absolutely, that's exactly what we are expecting. A reason why we have indicated and we're going to see a stronger half -- second half of '24. That's already embedded in our guidance.

當然，這正是我們所期待的。我們已經表示，我們將看到一個更強大的一半——24 年下半年。這已經納入我們的指導中。

Got it. Appreciate the time.

知道了。珍惜時間。

(Operator Instructions) Jacqueline Kisa, TD Cowen.

（操作員說明）Jacqueline Kisa，TD Cowen。

Hi, Hi. This is Jackie Kisa on the call for Stephen Mah. Thanks for taking the question. Just to drill down a bit more on your comments regarding your global footprint, how much does China make up of your APAC revenue? And do you expect 2024 to stabilize with regards to China-based headwinds?

嗨，嗨。我是傑基·基薩 (Jackie Kisa)，正在為史蒂芬·馬 (Stephen Mah) 打電話。感謝您提出問題。為了更深入了解您對全球足跡的評論，中國佔您亞太地區收入的比例是多少？您預計 2024 年中國的不利因素會趨於穩定嗎？

Yeah. So the majority of APAC has slowly become China. So it’s growing.

是的。所以亞太地區的大部分已經慢慢變成中國了。所以它正在增長。

Great, thanks. And just a follow-up on that, could you provide any insight on any exposure you might have to China-based companies which have been recently flagged in the proposed BIOSECURE Act, such as WuXi Apptec and WuXi Biologics?

萬分感謝。作為後續行動，您能否就最近在擬議的《生物安全法案》中被標記的中國公司（例如藥明康德和藥明生物）可能面臨的任何風險提供任何見解？

That's more related to genomics. And we are a fair analysis company. So for now, we don't see any little impact.

這與基因組學更相關。我們是一家公平的分析公司。所以目前我們還沒有看到任何小小的影響。

Excellent. And if I could just fit one more in. With regards to your clinical efforts across the globe, are there any specific clinical milestones we could like to see this coming year?

出色的。如果我能再裝一個就好了。關於你們在全球範圍內的臨床工作，我們希望在來年看到任何具體的臨床里程碑嗎？

And as you can see, last year we received the IVDR. And with this clearance in Europe, we expect to see some obvious progress this year on the clinical side for our business over there.

正如您所看到的，去年我們收到了 IVDR。隨著歐洲的這項許可，我們預計今年我們在那裡的業務在臨床方面會取得一些明顯的進展。

Great. Thank you. Appreciate it.

偉大的。謝謝。欣賞它。

Mason Carrigo, Stephens.

梅森·卡里戈，史蒂芬斯。

Hey guys, this is Jacob on for Mason. Thanks for taking our questions. So on your newly launched Orion reagent cocktail mixer that you launched in the fourth quarter, just wondering what initial customer interest and adoption has been in that. And as much as you're willing, how much you're expecting that to contribute in terms of revenue in 2024?

大家好，我是雅各布，替補梅森。感謝您回答我們的問題。因此，對於您在第四季度推出的新推出的 Orion 試劑雞尾酒混合器，只是想知道最初的客戶興趣和採用情況如何。只要您願意，您預計這將為 2024 年的收入貢獻多少？

Yeah, I can take maybe the contribution to the revenue. We don't really break out instruments and revenue, but I'll let Wenbin talk to the customer interest.

是的，我也許可以接受對收入的貢獻。我們並沒有真正細分儀器和收入，但我會讓文斌談談客戶的興趣。

Yeah, this product was primarily aimed for pharmaceutical company and CRO to help them on their clinical studies, clinical trial. So this is our initial customers, and since it was just launched, we are engaging with them and working with them and nailed down the interest level. And we expect this is going to be a gradually growing business for us.

是的，這個產品主要是針對製藥公司和CRO，幫助他們進行臨床研究、臨床試驗。這是我們最初的客戶，自從它剛推出以來，我們正在與他們接觸並與他們合作，並確定了興趣程度。我們預計這對我們來說將是一項逐漸成長的業務。

Got it. Understood. And I know you guys aren't really breaking out your revenue or anything, but I guess just with respect to your reagents business, I know historically it's been a mid- to high-single-digit percentage of your total revenue. Just wondering in 2024, if that's still -- you still largely hold that expectation or if you see anything, any trends there changing?

知道了。明白了。我知道你們並沒有真正公佈你們的收入或其他任何東西，但我想就你們的試劑業務而言，我知道從歷史上看，它佔你們總收入的中高個位數百分比。只是想知道到 2024 年，您是否仍然在很大程度上保持這種期望，或者您是否看到任何變化，趨勢發生了變化？

Yeah. We hold the same expectation with maybe slight improvement over that, yes.

是的。是的，我們持有同樣的期望，也許會略有改善。

Got it. And then just my last one here. just how do you see OpEx turned in throughout 2024? And that's my last one. Thank you guys.

知道了。然後就是我在這裡的最後一個。您如何看待 2024 年全年的營運支出？這是我的最後一篇。感謝你們。

Yeah. So I'm sure you'll see that in the filing. But this quarter, actually, we landed at $32.8 million in OpEx. And that's the lowest it's been this year. And the expectation is that going forward, we'll manage around this number quite tightly.

是的。所以我相信你會在文件中看到這一點。但實際上，本季我們的營運支出達到了 3,280 萬美元。這是今年以來的最低水準。預計未來我們將嚴格控制這個數字。

Thank you. I'm showing no further questions at this time. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

謝謝。我目前沒有提出任何進一步的問題。感謝您參加今天的會議。程式到此結束。您現在可以斷開連線。