Cytek Biosciences Inc (CTKB) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Luella, and I will be your conference operator today. At this time, I would like to welcome everyone to Cytek Biosciences' Second Quarter 2024 Earnings Conference Call. (Operator Instructions).

謝謝你的支持。我叫盧埃拉，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Cytek Biosciences 的 2024 年第二季財報電話會議。（操作員說明）。

I would now like to turn the conference over to Paul Goodson, Head of Investor Relations. You may begin.

我現在想將會議交給投資者關係主管保羅古德森 (Paul Goodson)。你可以開始了。

Thank you, operator. Earlier today, Cytek Biosciences released financial results for the quarter ended June 30, 2024. 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 CFO, Bill McCombe.

謝謝你，接線生。今天早些時候，Cytek Biosciences 發布了截至 2024 年 6 月 30 日的季度財務業績。如果您尚未收到本新聞稿，或希望新增至本公司的通訊錄中，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 Wenbin Jiang、執行長兼財務長 Bill McCombe。

Before we begin, I'd like to remind you that management will be making statements during this 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.

在開始之前，我想提醒您，管理層將在本次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。

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 in Cytek's filings with the SEC.

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資訊請參閱 Cytek 今天發布的新聞稿中的前瞻性聲明部分以及 Cytek 向 SEC 提交的文件中。

This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Reconciliation of the most directly comparable GAAP financial measure may be found in today's earnings release submitted to the SEC.

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。最直接可比較的 GAAP 財務指標的調整可以在今天提交給 SEC 的收益報告中找到。

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. This conference call contains time-sensitive information and is accurate only as of live broadcast, August 6, 2024.

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。本次電話會議包含時效性訊息，僅截至 2024 年 8 月 6 日直播時準確。

Once again, I would like to invite investors and analysts to attend the industry and academic conferences, meetings and seminars where we will be exhibiting Cytek's products. There are 43 of these events planned throughout the remainder of 2024 in the US and around the world.

我想再次邀請投資者和分析師參加我們將展示Cytek產品的產業和學術會議、會議和研討會。2024 年剩餘時間裡，美國和世界各地計劃舉辦 43 場此類活動。

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 are interested in attending, please contact me.

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 performance for the second quarter of 2024 and the progress achieved on our strategic initiatives to drive sustainable growth and profitability. Then I will turn the call over to Bill for a more detailed look at our financial results and our updated financial 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 2024 年第二季的業績以及我們推動永續成長和獲利的策略舉措所取得的進展。然後，在我們開始問答之前，我會將電話轉給 Bill，以便更詳細地了解我們的財務表現和更新的 2024 年財務前景。

Revenue in the second quarter was $46.6 million, an increase of 4% compared to the first quarter and a 6% decline compared to the second quarter of 2023, which was especially strong as it's captured some delayed orders from the first quarter of 2023. Collectively, revenue for the first half of 2024 grew 5% compared to the first half of 2023.

第二季營收為 4,660 萬美元，較第一季成長 4%，較 2023 年第二季下降 6%，尤其強勁，因為它捕獲了 2023 年第一季的一些延遲訂單。整體而言，2024 年上半年的營收較 2023 年上半年成長了 5%。

Revenue in the second quarter of 2024 was comprised of a continued strong double-digit growth in EMEA and APAC, offset by weakness in the US market, where we continued to experience a slowdown in orders and elongated sales cycles, particularly concentrated in the academic and the government segment of the US market.

2024 年第二季的營收包括歐洲、中東和非洲(EMEA) 和亞太地區持續強勁的兩位數成長，但被美國市場的疲軟所抵消，美國市場的訂單持續放緩，銷售週期拉長，尤其集中在學術和學術領域。

Further, while weaker versus the prior year, the biotech, pharma and CRO segment improved sequentially versus the first quarter. We believe our performance in this organic and the government segment of the US market was impacted by turnover of our sales team in some sales cell chase, a slow funding environment and an overhand of access capacity from pandemic error spending.

此外，儘管生物技術、製藥和 CRO 業務較上年有所疲軟，但較第一季較上季有所改善。我們認為，我們在美國市場的有機和政府部門的表現受到了銷售團隊在某些銷售單元追逐中的更替、融資環境緩慢以及大流行錯誤支出導致的訪問能力過剩的影響。

We are working aggressively to bolster our sales team in this area. We believe the elongated sales cycle was primarily a result of these market factors and not as a result of a change in competitive dynamics. Importantly, we believe the fundamental drivers of long-term growth remain in place in the US market and expect it to normalize over time.

我們正在積極努力增強我們在該領域的銷售團隊。我們認為，銷售週期的延長主要是這些市場因素的結果，而不是競爭動態變化的結果。重要的是，我們認為美國市場長期成長的基本驅動力仍然存在，並預計隨著時間的推移，其將趨於正常化。

Specifically, we expect the large installed base of conventional technology growth cytometers will be replaced over time with special instruments and will be a growth driver for Cytek going forward.

具體來說，我們預計傳統技術生長細胞儀的大量安裝基礎將隨著時間的推移而被特殊儀器所取代，並將成為 Cytek 未來的成長動力。

As a result of our Q2 results and the slower-than-expected recovery in the US market conditions, we are slightly narrowing our guidance range and now expect full year revenue in the range of $203 million to $210 million, representing growth of 5% to 9% over the prior year. Bill will provide more details on our financial results momentarily.

由於我們第二季的業績以及美國市場狀況的復甦慢於預期，我們略微縮小了指導範圍，目前預計全年營收在 2.03 億美元至 2.1 億美元之間，即增長 5% 至 2.1 億美元。上年增長9%。比爾將立即提供有關我們財務業績的更多詳細資訊。

In the second quarter, we were pleased to achieve 30% growth in service revenue as compared to the same quarter in the prior year, driven by our increasing installed base of instruments. As a reminder, we expect our recurring service revenue will be a strong growth driver for Cytek longer term.

在我們不斷增加的儀器安裝基數的推動下，第二季度我們很高興實現了服務收入與去年同期相比增長 30%。提醒一下，我們預計我們的經常性服務收入將成為 Cytek 長期成長的強勁動力。

Notably, over the last 12 months, we have leveraged the increasing scale of our service operations to boost the labor and the overhead productivity. Based on these efforts, we substantially increased our service gross margins by 8 percentage points as compared to a year ago.

值得注意的是，在過去 12 個月中，我們利用不斷擴大的服務業務規模來提高勞動力和間接生產力。基於這些努力，我們的服務毛利率比一年前大幅增加了8個百分點。

Overall, while ordering activity continues to be weak in the US and the market recovery was not at the pace we would like to see, we believe that the underlying demand for our cutting-edge analysis solutions remains strong, and we are making steady progress with new and existing customers in our pipeline.

總體而言，雖然美國的訂單活動仍然疲軟，並且市場復甦的速度沒有達到我們希望看到的速度，但我們相信對我們尖端分析解決方案的潛在需求仍然強勁，並且我們正在穩步取得進展我們管道中的新客戶和現有客戶。

As we navigate this dynamic environment, we remain focused on driving sustainable growth and productivity. And essential to this objective is strengthening our position as a market leader in flow cytometry.

在我們應對這個充滿活力的環境時，我們仍然專注於推動永續成長和生產力。對於這一目標而言，至關重要的是加強我們作為流式細胞儀市場領導者的地位。

Turning to our growth strategy. As a reminder, our focus is on four key pillars, each of which is integral to our long-term growth, instruments, applications, bioinformatics and clinical. In the second quarter, we expanded our global footprint with 147 instruments sold, reaching a total installed base of 2,656 units, including 299 Amnis and Guava instruments shipped since the acquisition of the Luminex Flow Cytometry & Imaging business.

轉向我們的成長策略。提醒一下，我們的重點是四個關鍵支柱，每個支柱對於我們的長期成長、儀器、應用、生物資訊學和臨床都是不可或缺的。第二季度，我們擴大了全球足跡，售出 147 台儀器，總安裝量達到 2,656 台，其中包括自收購 Luminex 流式細胞儀和成像業務以來發貨的 299 台 Amnis 和 Guava 儀器。

This total does not include the thousands of installed Amnis and Guava instruments sold prior to our acquisition of the Luminex product line. We believe that this growing installed base will serve as a durable foundation to drive adoption of our current and future product offerings and deliver growth across our diversified revenue base.

這一總數不包括我們收購 Luminex 產品線之前售出的數千台已安裝的 Amnis 和 Guava 儀器。我們相信，不斷增長的安裝基礎將成為推動我們當前和未來產品的採用並實現我們多元化收入基礎成長的持久基礎。

During the second quarter, we were excited to have announced our enhanced small particle detection module, or ESP, a new product that can be added to new or regulated to existing Aurora and Northern Light instruments.

在第二季度，我們很高興地宣布了我們的增強型小顆粒檢測模組（ESP），這是一種新產品，可以添加到新的或調節到現有的 Aurora 和 Northern Light 儀器中。

This new capability allows our powerful cell analysis systems to provide further sensitivity and the resolution improvements for detecting viruses and other subcellular particles, all while maintaining site has well-known high resolution and high parameter capabilities for cell analysis.

這項新功能使我們強大的細胞分析系統能夠進一步提高檢測病毒和其他亞細胞顆粒的靈敏度和分辨率，同時保持站點具有眾所周知的細胞分析高分辨率和高參數功能。

By bringing improved speed and accuracy to the study of extracellular vesicles, cell to cell communication and cell signaling in many physiological states, we expect to accelerate the pace of discovery, therapy and diagnostics development and benefit the scientific community as a whole.

透過提高細胞外囊泡、細胞間通訊和許多生理狀態下細胞訊號傳導的研究速度和準確性，我們期望加快發現、治療和診斷開發的步伐，並使整個科學界受益。

For Cytek, we believe these new capabilities will further distinguish our cell analysis solutions as the preferred choice among researchers and clinicians.

對於 Cytek 來說，我們相信這些新功能將進一步使我們的細胞分析解決方案成為研究人員和臨床醫生的首選。

Turning to bioinformatics. our main goal is to enable our customers to streamline their experiment workflow through our software tools which drive adoption and utilization of our cell analysis solutions. Our success in bioinformatics can be measured through user engagement and demand Cytek Cloud, one of our core bioinformatics offerings.

轉向生物資訊學。我們的主要目標是使我們的客戶能夠透過我們的軟體工具簡化他們的實驗工作流程，從而推動我們的細胞分析解決方案的採用和利用。我們在生物資訊學方面的成功可以透過使用者參與度和需求 Cytek Cloud（我們的核心生物資訊產品之一）來衡量。

We now have over 11,000 users of the Cytek Cloud, representing an average of about 5 users per installed Cytek FSP instrument. We are excited to share that just last week, we officially launched a powerful tool to automate panel design and expand the capabilities of the panel builder tool within Cytek Cloud, which we previewed during our last earnings call.

我們現在擁有超過 11,000 名 Cytek 雲端用戶，平均每個安裝的 Cytek FSP 儀器約有 5 個用戶。我們很高興與大家分享，就在上週，我們正式推出了一款強大的工具，用於自動化面板設計並擴展Cytek Cloud 中面板構建器工具的功能，我們在上次財報電話會議中預覽了該工具。

Our spectral panel tool is a proprietary new intelligent algorithms optimized for Cytek FSP technology that automates the assignment of fluorochrome's to market, removing a labor-intensive manual process. This tool will save researchers time and money by jump starting their panel design process with a tool that suggests to optimize the panels in minutes.

我們的光譜面板工具是一種針對 Cytek FSP 技術進行最佳化的專有新型智慧演算法，可自動將螢光染料推向市場，從而消除勞動密集的手動流程。該工具將透過建議在幾分鐘內優化面板的工具來啟動他們的面板設計過程，從而節省研究人員的時間和金錢。

As a reminder, Cytek Cloud supports flow cytometry research from panel design to experiment setup to data acquisition, enabling researchers to design panels with ease, taking into account antigen density, marker expression and region availability.

提醒一下，Cytek Cloud 支援從面板設計到實驗設定再到資料收集的流式細胞儀研究，使研究人員能夠輕鬆設計面板，同時考慮抗原密度、標記表達和區域可用性。

It consists of a suite of integrated online software tools that streamline workflows, combining all spectral panel design tools in one place, which enables users to prepare experiments remotely. Cytek Cloud accelerates time to insight for a wide range of applications and is a vital resource in the research community.

它由一套整合的線上軟體工具組成，可簡化工作流程，將所有光譜面板設計工具組合在一個地方，使用戶能夠遠端準備實驗。Cytek Cloud 加快了對各種應用的洞察速度，是研究社群的重要資源。

On the application front, in the second quarter, we were pleased to share that our one laser and two laser 6-color TBNK reagent cocktails received the China National Medical Administration approval for clinical use on Northern Lights systems in hospitals, laboratories and clinics across China.

在應用方面，第二季度，我們很高興地宣布，我們的一款雷射和兩款雷射6 色TBNK 試劑混合物獲得了中國國家藥品監督管理局的批准，可在中國各地的醫院、實驗室和診所的Northern Lights 系統上進行臨床使用。

As a reminder, this is the first one laser-based 6-color assays supported by FSP capability which gives our one layer systems a competitive advantage against a more expensive two laser systems. These reagents help in diagnosing and monitoring various immune-related conditions.

提醒一下，這是第一個由 FSP 功能支援的基於雷射的 6 色檢測，這使我們的單層系統相對於更昂貴的兩雷射系統具有競爭優勢。這些試劑有助於診斷和監測各種免疫相關疾病。

Obtaining NMPA clearance is a significant milestone, achieved through a rigorous process that validates the safety and efficacy of Cytek’s TBNK reagents. This achievement enhances our market presence in China and opens a new potential opportunities, while strengthening our competitive advantage.

獲得 NMPA 許可是一個重要的里程碑，它是透過嚴格的流程實現的，該流程驗證了 Cytek TBNK 試劑的安全性和有效性。這項成就增強了我們在中國的市場佔有率，開啟了新的潛在機遇，同時增強了我們的競爭優勢。

As we continue to push forward new products and applications, we remain deeply focused on providing a comprehensive sale analysis portfolio to our customers. A critical component of this mission is to expand and enhance our reach and capabilities. We look forward to continuing to provide our powerful cell analysis solutions to the scientific community to accelerate clinical progress and scientific discovery.

隨著我們不斷推出新產品和應用，我們仍然專注於為客戶提供全面的銷售分析產品組合。這項使命的一個重要組成部分是擴大和增強我們的影響力和能力。我們期待繼續為科學界提供強大的細胞分析解決方案，以加速臨床進展和科學發現。

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

現在，我將把電話轉給比爾，以了解有關我們財務狀況的更多詳細資訊。

Thanks, Wenbin. Total revenue for the second quarter was $46.6 million, an increase of 4% versus the first quarter and a decrease of 6% from a particularly strong second quarter of 2023. First half revenue, which averages out this effect, grew 5% versus prior year first half. These revenue results reflect continued robust growth in international markets and in service revenue with the decline versus Q2 '23 being attributable to weakness in the US instrument market.

謝謝文斌。第二季總營收為 4,660 萬美元，較第一季成長 4%，較 2023 年第二季的強勁表現下降 6%。平均這一影響後，上半年營收比去年上半年成長了 5%。這些收入結果反映了國際市場和服務收入的持續強勁成長，但由於美國儀器市場疲軟，與 2023 年第二季相比有所下降。

Product revenue, primarily instruments declined 15% in Q2 versus prior year and 4% in the first half, which was driven by weakness in the US market, particularly in the academic and government sector.

產品收入（主要是儀器）第二季較上年同期下降 15%，上半年下降 4%，這是由於美國市場（尤其是學術和政府部門）疲軟所致。

Service revenue grew 30% in Q2 and 50% in the first half versus a year ago, driven by substantial growth in the installed base of systems meeting service contracts. Service business growth reflects how extensively our tools are being used on a daily basis across all disciplines.

在滿足服務合約的系統安裝基數大幅成長的推動下，第二季服務營收年增 30%，上半年成長 50%。服務業務的成長反映了我們的工具在所有學科中日常使用的廣泛程度。

Turning to geographic market performance. Total US.revenue declined 29% from a strong Q2 2023 and 15% for the first half of 2024, as product revenue weakness offset service growth. International markets grew strongly with EMEA up 52% versus prior year and 51% for the first half and Asia Pacific, up 27% in Q2 and 16% for the first half as Cytek technology continued to gain traction as the full spectral flow cytometry technology of choice for research institutions and biopharma companies worldwide.

轉向地域市場表現。由於產品收入疲軟抵消了服務成長，美國總收入較 2023 年第二季的強勁表現下降了 29%，2024 年上半年下降了 15%。國際市場強勁成長，歐洲、中東和非洲地區較上年增長52%，上半年增長51%，亞太地區增長27%，上半年增長16%，因為Cytek 技術作為全光譜流式細胞術技術繼續受到關注。

Gross profit was $25.4 million for the second quarter, an increase of 11% versus the first quarter and a decrease of 10% versus a year ago. GAAP gross profit margin improved to 55% in the quarter, up from 51% in Q1 due to the absence of inventory adjustments and improved labor and overhead productivity and service.

第二季毛利為2,540萬美元，較第一季成長11%，較去年同期下降10%。由於沒有進行庫存調整以及勞動力和管理費用生產力及服務的改善，本季 GAAP 毛利率從第一季的 51% 提高至 55%。

Compared to a year ago, GAAP gross profit margin was down 2% from 57% due to higher product labor expenses, offset by a substantially improved service gross margin due to labor and overhead productivity on higher revenue.

與去年同期相比，由於產品勞動力支出增加，公認會計原則毛利率從 57% 下降了 2%，但收入增加帶來的勞動力和間接生產力導致服務毛利率大幅提高，抵消了這一影響。

Adjusted gross profit margin, which excludes stock-based compensation expense and amortization of acquisition-related intangibles was 58% in the quarter, up from 55% in Q1 and down from 60% in the prior year quarter.

本季調整後毛利率（不含股票薪酬費用及收購相關無形資產攤銷）為 58%，高於第一季的 55%，低於去年同期的 60%。

Operating expenses were $34 million for the second quarter of 2024, essentially flat with Q1 at $33.7 million and decreased 9% from $37.3 million in the second quarter of 2023, driven primarily by lower R&D and sales and marketing expenses.

2024 年第二季的營運費用為 3,400 萬美元，與第一季的 3,370 萬美元基本持平，比 2023 年第二季的 3,730 萬美元下降 9%，這主要是由於研發以及銷售和行銷費用下降。

Research and development expenses were $10 million for the second quarter, in line with $9.8 million in Q1 and down from $12.1 million in the prior year period. The decrease of $2.1 million was primarily due to lower headcount and engineering expense.

第二季的研發費用為 1,000 萬美元，與第一季的 980 萬美元持平，低於去年同期的 1,210 萬美元。減少 210 萬美元主要是員工人數和工程費用減少。

Sales and marketing expenses were $12.3 million for the second quarter, a slight decrease from Q1 at $12.5 million and down from $14.4 million for the prior year period. The decrease of $2.1 million was primarily due to lower headcount.

第二季銷售和行銷費用為 1,230 萬美元，比第一季的 1,250 萬美元略有下降，也低於去年同期的 1,440 萬美元。減少 210 萬美元主要是因為員工人數減少。

General and administrative expenses were $11.7 million for the second quarter, slightly up from $11.4 million in Q1 and up from $10.8 million for the prior year period. The increase of $0.9 million was primarily driven by higher stock-based compensation expense.

第二季一般及管理費用為 1,170 萬美元，略高於第一季的 1,140 萬美元，略高於去年同期的 1,080 萬美元。增加 90 萬美元主要是因為股票補償費用增加。

Loss from operations was $8.5 million for the second quarter, an improvement compared to a loss from operations of $9.1 million for the second quarter of 2023. This was driven by lower operating expenses in the current quarter, offset by lower gross margin versus the prior year.

第二季營運虧損為 850 萬美元，較 2023 年第二季營運虧損 910 萬美元有所改善。這是由於本季營運費用下降，但毛利率較上年下降所抵銷。

Net loss in the second quarter was $10.4 million compared to $4.4 million in the prior year. This was primarily due to a noncash tax expense in the current quarter, driven by a lower effective tax rate and a consequent reversal of a Q1 tax benefit compared to a tax benefit in the prior year quarter, and to a lesser extent, lower net other income due to foreign exchange losses.

第二季淨虧損為 1,040 萬美元，而上年同期淨虧損為 440 萬美元。這主要是由於本季度的非現金稅收支出，這是由於有效稅率較低以及隨之而來的第一季稅收優惠與上一年季度稅收優惠相比的逆轉所致，並且在較小程度上是由於其他淨額較低因匯兌損失而產生的收入。

Adjusted EBITDA, which excludes stock-based compensation expense and foreign currency impacts increased to $2.9 million for the second quarter compared to a loss of $0.7 million in Q1 and $1.5 million in the second quarter of 2023. This was due to higher revenue and gross profit versus Q1 and lower operating expenses versus the year ago quarter. We remain committed to improving profitability going forward by driving revenue growth and controlling costs.

第二季調整後 EBITDA（不含股票薪資費用和外匯影響）增至 290 萬美元，而 2023 年第一季虧損 70 萬美元，第二季虧損 150 萬美元。這是由於與第一季相比收入和毛利增加以及與去年同期相比營運費用減少。我們仍然致力於透過推動收入成長和控製成本來提高未來的獲利能力。

Total cash and marketable securities increased by $7 million versus Q1 to $277 million due to higher adjusted EBITDA and efficient working capital management and despite spending $3 million to repurchase shares in the quarter. With healthy cash reserves, no meaningful debt and positive operational cash flow, we continue to operate from a position of strength that can fully support our global growth initiatives.

儘管本季花費了 300 萬美元回購股票，但由於調整後的 EBITDA 提高和高效的營運資本管理，現金和有價證券總額比第一季增加了 700 萬美元，達到 2.77 億美元。憑藉健康的現金儲備、無重大債務和積極的營運現金流，我們繼續以能夠充分支持我們的全球成長計劃的實力地位運營。

As I mentioned above, one important use of our strong cash flow and cash position has been to repurchase our stock. Accordingly, in June, we announced an authorization to repurchase $50 million of our stock. During the second quarter, we repurchased approximately $2.7 million worth of Cytek stock in open market transactions at a weighted average price of $5.99 per share. Shares repurchased under these programs are canceled, leaving us with 131.5 million shares outstanding as of June 30, 2024.

正如我上面提到的，我們強大的現金流和現金狀況的一個重要用途是回購我們的股票。因此，我們在 6 月宣布授權回購 5,000 萬美元的股票。第二季度，我們在公開市場交易中以每股 5.99 美元的加權平均價格回購了價值約 270 萬美元的 Cytek 股票。根據這些計畫回購的股票被取消，截至 2024 年 6 月 30 日，我們仍有 1.315 億股已發行股票。

Now turning to our outlook for the full year 2024, which Wenbin reported at a high level earlier. We are continuing to see market pressures impacting our revenue expectations, including order delays across North America.

現在轉向我們對 2024 年全年的展望，文斌早些時候曾高調報告過這一點。我們繼續看到市場壓力影響我們的收入預期，包括整個北美的訂單延遲。

At the same time, we are seeing signs of normal spending patterns returning to Europe and Asia Pacific. Due to these more mixed market conditions, we are narrowing our full year revenue outlook to a range of $203 million to $210 million, representing overall growth of 5% to 9% over full year 2023 and assuming no change in currency exchange rates. We continue to expect modest growth across our products and service lines and growth rates continue with historical spending patterns at our customer base in the second half of this year.

同時，我們看到歐洲和亞太地區恢復正常支出模式的跡象。由於市場狀況更加複雜，我們將全年營收前景縮小至 2.03 億美元至 2.1 億美元之間，這意味著 2023 年全年整體成長 5% 至 9%，並假設貨幣匯率沒有變化。我們仍然預計我們的產品和服務線將出現適度成長，並且今年下半年我們的客戶群的成長率將繼續保持歷史支出模式。

In addition, we do not expect to be GAAP net income positive for the full year due to our outlook for slightly lower gross profit, higher stock-based compensation expense and lower other income. We expect Cytek's GAAP net loss to be in the single-digit millions range for the full year 2024. It remains our objective to deliver positive net income going forward. Cytek also expects to generate positive cash flow from operations in 2024.

此外，由於我們對毛利略有下降、股票薪酬費用較高和其他收入較低的預期，我們預計全年 GAAP 淨利潤不會為正。我們預計 Cytek 2024 年全年的 GAAP 淨虧損將在數百萬個位數範圍內。未來實現正淨利仍是我們的目標。Cytek 也預計 2024 年將產生正營運現金流。

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

說完，我就把事情轉回文斌。

Thanks, Bill. I want to close by thanking our Cytek team for their continued commitment to delivering cutting-edge tools, reagents and software to empower the scientific community to advance the next generation of cell analysis. We are serving very attractive end markets across health care, and I'm confident that we are strongly positioned to drive our growth strategy forward with continued execution across our key strategic and a focus on delivering sustainable growth and profitability.

謝謝，比爾。最後，我要感謝我們的 Cytek 團隊持續致力於提供尖端工具、試劑和軟體，使科學界能夠推進下一代細胞分析。我們正在為醫療保健領域非常有吸引力的終端市場提供服務，我相信我們有能力透過持續執行我們的關鍵策略並專注於實現永續成長和獲利能力來推動我們的成長策略向前發展。

I will also thank everyone for joining today's call, and we will now open it up for questions. Operator?

我還要感謝大家參加今天的電話會議，我們現在開始提問。操作員？

(Operator Instructions)

（操作員說明）

Tejas Savant with Morgan Stanley

摩根士丹利的 Tejas Savant

Hi. This is Jason on for Tejas. Thank you for taking our questions. So could you talk a little bit about your order book and visibility into the second half at midpoint, it seems to imply a 55% to 56% second half ramp to achieve the guidance. So could you provide some color on what gives you confidence in this ramp? So I mean are you baking in any benefits from the stimulus in China? Are there any budget flush less dynamic assumptions So any assumptions about your confidence in.

你好。這是傑森在光輝號上的表現。感謝您接受我們的提問。那麼，您能否談談您的訂單簿和下半年中點的可見性，這似乎意味著下半年將實現 55% 至 56% 的成長才能實現指導。那麼您能否提供一些顏色來說明是什麼讓您對這個坡道充滿信心？所以我的意思是，您是否從中國的刺激計劃中獲益了？是否有任何預算沖水較少的動態假設 那麼關於您的信心的任何假設。

This is Bill. We baked in a broadly a continuation of both current market conditions and a typical quarterly spending pattern. You'll notice if you look at the prior year's second half and in particular, fourth quarter, that those represent more than 50% of annual revenue. So we would we don't see any reason why that typical quarterly pattern or first half, second half patent would be any different than prior years.

這是比爾。我們大致延續了當前的市場狀況和典型的季度支出模式。如果您查看去年下半年，特別是第四季度，您會發現這些收入佔年收入的 50% 以上。因此，我們看不出有任何理由解釋為什麼典型的季度模式或上半年、下半年專利會與前幾年有任何不同。

And our guidance represents 5% growth over last year at the low end and low double digits at the top end, which is broadly consistent with our overall year-to-year growth rate.

我們的指導意見表示，低端比去年增長 5%，高端低兩位數，這與我們的整體同比增長率大致一致。

Yes. Just to add on top of that, the China impact is not baked into this forecast or guidance.

是的。除此之外，中國的影響並未納入本預測或指導中。

Got it. Thank you. Appreciate that. Then I guess a follow-up question. Just with the FCI acquisition now seeing its anniversary, could you provide us with an update on your development roadmap with Guava and Amnis? And as a follow-up, where do you currently stand on the development of imaging FSP?

知道了。謝謝。很欣賞這一點。然後我猜想一個後續問題。在 FCI 收購週年之際，您能否向我們介紹您與 Guava 和 Amnis 的發展路線圖的最新情況？作為後續，您目前對影像FSP的發展有何看法？

Guava, as you know, was never a primary reason for the acquisition. Although we have kept Guava for the reason that some of the Guava customers would like to stay continue on what they have been familiar with.

如你所知，番石榴從來都不是收購的主要原因。儘管我們保留了 Guava，因為一些 Guava 客戶希望繼續使用他們熟悉的東西。

But Amnis side, and we continue to assess and the customer demand and needs on the imaging side. And this is part of the reason for the acquisition, and we are continuing to work on integrating the imaging capability on to the FSP product.

但 Amnis 方面，我們持續評估客戶對成像的需求和需求。這是收購的部分原因，我們正在繼續致力於將成像功能整合到 FSP 產品中。

Thank you. Appreciate the time. Guys.

謝謝。珍惜時間。夥計們。

Matt Sykes with Goldman Sachs.

高盛的馬特·賽克斯。

Hi. This is Evian on for Matt. Thanks for taking the questions. So my first is, can you give us more color on the delayed orders that were captured in the quarter? What was the growth what would the growth have been excluding those orders? And then is there a risk that elongated sales cycles continue to delay orders in the back half of the year?

你好。這是為馬特代言的依雲。感謝您提出問題。我的第一個問題是，您能給我們更多有關本季度捕獲的延遲訂單的資訊嗎？不包括這些訂單的話，成長是多少？那麼，是否有銷售週期拉長導致下半年訂單繼續延遲的風險？

As you can see, and we first year, we actually experienced a great growth in Europe and EMEA, but we do have seen a kind of elongated sales cycle in North America, and this evidently continued in Q2. And at this time, we don't foresee this will improve over the next couple of quarters for the year, but our guidance has already included this factor.

正如您所看到的，第一年，我們實際上在歐洲和歐洲、中東和非洲經歷了巨大的增長，但我們確實在北美看到了一種拉長的銷售週期，而且這種情況在第二季度顯然仍在繼續。目前，我們預計這一情況在今年接下來的幾季不會有所改善，但我們的指導已經包含了這個因素。

Great, thank you. And then can you talk through with or potential replacement cycle coming up, like where we are in the cycle and given your large installed base, when we could start to see this come through maybe some detail on like your average instrument age versus historic trends of when those start to be replaced?

太好了，謝謝。然後，您能否談談即將到來的潛在更換週期，例如我們在週期中的位置，並考慮到您龐大的安裝基礎，當我們開始看到這一點時，可能會出現一些細節，例如您的平均儀器壽命與歷史趨勢那些何時開始被替換？

I think this replacement cycle is not just to replace our own instrument deployed quite a few years ago, and it's also a replacement of the conventional instruments now already actually far more of those instruments, in fact, in the field, we feel we are going to benefit from replacing those instruments.

我認為這個更換週期不僅僅是更換我們自己幾年前部署的儀器，而且它也是對傳統儀器的更換，現在實際上已經有更多的這些儀器，事實上，在現場，我們覺得我們正在從更換這些儀器中受益。

That universe of when we talk about replacement instruments, we primarily the opportunity is primarily constituted by the thousands of conventional flow cytometry instruments that are out there. There's we think about 50,000 in total. So it's the replacement of those instruments as they reach end of life that constitutes the most important replacement opportunity.

當我們談論替代儀器時，我們的機會主要是由現有的數千種傳統流式細胞儀儀器構成的。我們認為總共有大約 50,000 個。因此，當這些儀器達到使用壽命時對其進行更換是最重要的更換機會。

That universe of when we talk about replacement insurance through primarily reflect the opportunities primarily constituted by the thousands of conventional flow cytometry instruments that are out there. There's a we think about 50,000 in total. So it's the replacement of those instruments as they reach end of life that constitutes the most important replacement opportunity.

當我們談論更換保險時，這個範圍主要反映了主要由現有的數千種傳統流式細胞儀儀器構成的機會。我們認為總共約有 5 萬個。因此，當這些儀器達到使用壽命時對其進行更換是最重要的更換機會。

Very helpful. Thank you.

非常有幫助。謝謝。

David Westenberg with Piper Sandler.

大衛·韋斯特伯格和派珀·桑德勒。

Yes, thanks for taking the questions. This is John on for Dave. Can you give any commentary on the instrument mix during the quarter, what the strong performing instruments were? And if you have any commentary on the consumables across the instruments that would be appreciated. Thank you.

是的，感謝您提出問題。這是約翰替戴夫發言。您能否對本季的工具組合發表任何評論，表現強勁的工具是什麼？如果您對各種儀器的消耗品有任何評論，我們將不勝感激。謝謝。

Yes, I think we saw strength across all of our categories and instruments with particular strength this quarter in the Northern Lights instruments that was that category was probably the best performer.

是的，我認為我們在所有類別和樂器中都看到了實力，本季北極光樂器尤其強勁，該類別可能是表現最好的。

Okay.

好的。

And then with respect to consumables, I assume you're referring to reagents that continues to be a mid single digits on a proportion of the overall business so it doesn't it doesn't really have a significant impact on growth rate. And as we've said in the past, it grows broadly in line with the rest of the of the of the portfolio.

然後就消耗品而言，我假設您指的是整體業務中所佔比例仍然處於中等個位數的試劑，因此它實際上並沒有對成長率產生重大影響。正如我們過去所說，它的成長與投資組合的其他部分大致一致。

Got it. Thank you. And do you have any thoughts on when capital budget appetite might start to stabilize more or potentially turn more positive in the US?

知道了。謝謝。您對美國的資本預算偏好何時可能開始更加穩定或可能變得更加積極有何想法？

I think actually looking at the segment, while we see a kind of weakness in longer sales cycle on the academic and government side, we do see pharma start to come back and clearly we see the improvement in Q2 versus Q1.

我認為實際上看看這個細分市場，雖然我們看到學術界和政府方面較長的銷售週期存在某種弱點，但我們確實看到製藥業開始捲土重來，並且顯然我們看到第二季度與第一季度相比有所改善。

Great. Thank you.

偉大的。謝謝。

Chad Witkowski with CD Cowen

查德·維特科斯基 (Chad Witkowski) 與 CD Cowen

Hey. This is Chad on for Stephen Ma. Can you just help contextualize how the bioinformatics improvements and the automated panel design impact instrument and consumable demand and sort of break that out among geographic and customer end markets. Is there more or less sensitivity to these improvements in certain segments?

嘿。這是查德 (Chad) 替補史蒂芬馬 (Stephen Ma) 發言。您能否幫助我們了解生物資訊學的改進和自動化面板設計如何影響儀器和耗材需求，並在地理和客戶端市場之間進行突破。某些細分市場對這些改進是否或多或少敏感？

The bioinformatics is a platform that to really help our users to leverage the instruments and the reagents we have. The spectral pattern we have just launched. In fact, it automates the panel design, especially for the high complex panels and typically takes a lot more time for the users to optimize.

生物資訊學是一個真正幫助我們的用戶利用我們擁有的儀器和試劑的平台。我們剛推出的光譜模式。事實上，它可以自動化面板設計，特別是對於高度複雜的面板，並且通常需要使用者花費更多時間來優化。

Now we have a system tool that will really enable them to speed up their development. Afterwards, it not only enable them to optimize basically the kind of like a virtual experiment on our platform. It also enables them to purchase reagents afterwards.. So through this process, we feel that will help our users, provide a full set of solutions for our customers to leverage the full spectral technology Cytek has provided.

現在我們有了一個系統工具，可以真正幫助他們加快開發速度。之後，它不僅使他們基本上能夠像我們平台上的虛擬實驗一樣進行最佳化。它還使他們能夠在事後購買試劑。所以透過這個過程，我們覺得會幫助我們的用戶，為我們的客戶提供全套的解決方案，以利用Cytek提供的完整光譜技術。

That's helpful. And just to pivot sort of to instruments, and obviously, the new facility is manufacturing facility open is related to instrument production. So does this create sort of a risk to gross margin, just given that fixed cost is already on the books? And could you maybe speak to how you're thinking about the margin cadence sort of in the back half of the year and beyond.

這很有幫助。只是為了將重點轉向儀器，顯然，新設施是開放的製造設施，與儀器生產有關。那麼，考慮到固定成本已經記在帳面上，這是否會對毛利率造成某種風險？您能否談談您對今年下半年及以後的利潤節奏的看法。

The new facility costs of that are already included in our fixed costs. So there's no we don't see a specific downside risk to gross margin from that. And then as to gross margin cadence, last quarter, we said that we expected to move back closer to where our gross margins were last year.

新設施的成本已包含在我們的固定成本中。因此，我們認為毛利率不會因此而出現特定的下行風險。至於毛利率節奏，上個季度，我們表示預計毛利率將回到接近去年的水平。

And so in this quarter, we moved our adjusted gross margin moved up to 58%. And that compares to 60% in Q2 of last year and 59% for the balance of the year. So I think we've recovered most of the margin a large portion of the margin gap versus last year. And I think while as revenue grows, we would hope for some margin benefit, the benefit should be fairly modest from this point forward.

因此，在本季度，我們將調整後的毛利率提高至 58%。相比之下，去年第二季為 60%，今年剩餘時間為 59%。因此，我認為我們已經恢復了大部分利潤，與去年相比，很大一部分利潤差距。我認為，雖然隨著收入的成長，我們希望獲得一些利潤收益，但從現在開始，收益應該相當適中。

That's helpful. Thanks for the time, guys.

這很有幫助。謝謝你們抽出時間。

Ladies and gentlemen, that concludes the Q&A session and today's call. Thank you all for joining. You may now disconnect.

女士們先生們，問答環節和今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。