Cytek Biosciences, Inc. (CTKB) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Cytek Biosciences first quarter 2026 earnings conference call. (Operator Instructions) I will now turn the conference over to Paul Goodson, Head of Investor Relations. You may begin.

各位女士、先生，感謝您稍候。此刻，我謹代表主辦方歡迎各位參加 Cytek Biosciences 2026 年第一季財報電話會議。（接線員指示）現在我將把會議交給投資人關係主管 Paul Goodson。您可以開始了。

Thank you, operator. Earlier today, Cytek Biosciences released financial results for the first quarter ended March 31, 2026. 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@cytekbio.com. A copy of the news release is also available on the Investor Relations section of Cytek's website at investors.cytekbio.com.

謝謝，接線員。今天稍早，Cytek Biosciences 已公布截至 2026 年 3 月 31 日止第一季的財務結果。若您尚未收到本新聞稿，或希望加入公司寄送名單，請寄送電子郵件至 investors@cytekbio.com。新聞稿副本亦可於 Cytek 官網投資人關係專區 investors.cytekbio.com 取得。

Please note that, we will be referencing a slide presentation during the call today that has been posted to the Investors section of our corporate website. Joining me today from Cytek are Wenbin Jiang, CEO; and Bill McCombe, CFO. As a reminder, on Slide 2, we will make 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. 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 in these statements. Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled Forward-Looking Statements in the press release Cytek issued today and in Cytek's filings with the SEC.

請注意，我們今天的電話會議將參考一份投影片簡報，已張貼於公司官網的投資人專區。今天與我一同出席的 Cytek 團隊成員包括執行長 Wenbin Jiang，以及財務長 Bill McCombe。提醒各位，在投影片第 2 頁，我們在本次電話會議中將發表若干屬於聯邦證券法所定義的前瞻性陳述，包括關於 Cytek 的業務計畫、策略、機會與財務預測等陳述。這些陳述係基於公司目前的預期，且本質上涉及重大風險與不確定性，可能導致實際結果或事件與這些陳述所預期者出現重大差異。關於上述風險與不確定性的更多資訊，載於我們的投影片簡報、Cytek 今日發布之新聞稿中「前瞻性陳述」章節，以及 Cytek 向 SEC 提交之文件。

This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures may be found in our slide presentation and in today's press release. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with GAAP. 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 the live broadcast, May 7, 2026.

本次電話會議亦將討論若干並非依一般公認會計原則計算的財務衡量指標。關於我們使用非 GAAP 財務衡量指標的更多資訊（包括與最直接可比之 GAAP 財務衡量指標的調節表），可於我們的投影片簡報及今日新聞稿中查閱。雖然公司認為這些非 GAAP 財務衡量指標可為投資人提供有用資訊，但呈現此等資訊並非意圖使其被單獨考量，或作為依 GAAP 呈列之財務資訊的替代。除法律要求外，Cytek 不承擔更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或預期變動所致。本次電話會議包含具時效性的資訊，且僅截至直播當日（2026 年 5 月 7 日）為準確。

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

接下來，我將把電話交給 Wenbin。

Thanks, Paul. Welcome, everyone, and thank you for your interest in Cytek. On today's call, I would like to start with a discussion on our performance in the first quarter of 2026 before turning the call over to Bill for a detailed look at our financials and our guidance outlook for the full year. Turning to Slide 3. First quarter 2026 revenue was $44.1 million, representing 6% growth year-over-year compared to $41.5 million in Q1 2025.

謝謝你，Paul。歡迎各位，也感謝各位對 Cytek 的關注。在今天的電話會議中，我將先討論我們 2026 年第一季的表現，接著把電話交給 Bill，請他更詳細說明我們的財務狀況以及全年指引展望。請看投影片第 3 頁。2026 年第一季營收為 4,410 萬美元，較 2025 年第一季的 4,150 萬美元年增 6%。

This reflects continued positive momentum from the second half of 2025 and marks a constructive start to the year and what appears to be a return to normal market conditions in the US, continued secular growth in APAC, excluding China, recurring revenue growth globally and the diversity of our portfolio.

這反映出 2025 年下半年延續至今的正向動能，並標誌著今年良好的開局；同時，美國市場似乎正回到正常的市場狀況；亞太地區（不含中國）持續呈現長期結構性成長；全球經常性收入成長，以及我們產品組合的多元性。

Importantly, we believe our revenue growth in the first quarter was particularly notable against the continued broad market challenges in the life science tools industry. This performance further demonstrates Cytek's technology leadership and is also evidenced by the strong customer demand for the Cytek Aurora Evo analyzer, since its launch last year. Further, our growing installed base continues to fuel expansion in our service and reagent businesses as represented by the continued growth we are seeing with recurring revenue as a percentage of total revenue.

重要的是，我們認為在生命科學工具產業仍面臨廣泛市場挑戰的背景下，我們第一季的營收成長尤其值得關注。此一表現進一步展現 Cytek 的技術領先地位，也可從客戶對 Cytek Aurora Evo 分析儀（自去年推出以來）的強勁需求中得到印證。此外，我們持續擴大的裝機基礎亦持續帶動服務與試劑業務的擴張，這可由經常性收入占總營收比重持續提升的趨勢看出。

Turning to Slide 4. Looking at total revenue geographically, in the US, first quarter revenue was $24.4 million, an increase of 32% compared to $18.5 million in Q1 of last year. Our strength in the US was broad-based and included sales to leading academic institutions and biopharma companies. These organizations continue to be repeat buyers, with a high percentage of them having purchased at least 1 instrument from us in the prior 4 quarters.

請看投影片第 4 頁。從地理區域來看總營收，在美國，第一季營收為 2,440 萬美元，較去年第一季的 1,850 萬美元成長 32%。我們在美國的強勁表現涵蓋面廣，包括對頂尖學術機構與生物製藥公司的銷售。這些組織持續重複採購，其中相當高比例在過去 4 個季度內曾向我們購買至少 1 台儀器。

I'm pleased to report that, our Aurora flagship products continue to gain traction with these buyers, which suggests how well Cytek's products have been addressing the needs of our user base. In EMEA, first quarter revenue was $10.8 million, a decrease of 7% versus Q1 2025. Instrument revenue in the region was softer in the quarter, due to disruption caused by the conflict in the Middle East and an end of quarter shipment delay in another region. These pressures were partially offset by continued growth in our service business. APAC, including China declined 13% year-over-year, primarily due to accelerated order timing in the first quarter of last year in China.

我很高興報告，我們的 Aurora 旗艦產品持續在這些買家中獲得更多採用，顯示 Cytek 產品能有效滿足使用者群的需求。在 EMEA，第一季營收為 1,080 萬美元，較 2025 年第一季下降 7%。該地區本季儀器營收較疲弱，原因包括中東衝突造成的干擾，以及另一地區在季末出貨延遲。這些壓力部分被我們服務業務的持續成長所抵銷。亞太地區（包含中國）年減 13%，主要由於去年第一季在中國的訂單時點提前所致。

Excluding China, the remainder of APAC continued to show very strong growth across instruments, reagents and service. Turning to Slide 5. Our recurring revenue base continued to strengthen in the first quarter, with combined reagents and service revenue reaching $18.4 million in the first quarter on a trailing 12-month basis in the first quarter. Recurring revenue represented 35% of total revenue and notably grew 19% year-over-year. We expect recurring revenue to represent an increasing percentage of total revenue over time, driven by faster growth in our service and reagent businesses.

若排除中國，亞太其他地區在儀器、試劑與服務方面仍展現非常強勁的成長。請看投影片第 5 頁。我們的經常性收入基礎在第一季持續強化；以過去 12 個月為基礎計算，第一季試劑與服務合計營收達 1,840 萬美元。經常性收入占總營收的 35%，且年增 19%，表現尤為突出。我們預期隨著服務與試劑業務成長更快，經常性收入占總營收的比重將隨時間推移而提高。

Service revenue alone grew 15% year-over-year to $15.4 million, continuing to benefit from growth in our installed base and the active utilization of our instruments by customers worldwide. Reagent revenue grew mid-teens on a percentage basis over Q1 of 2025, also reflecting active usage of our installed base. I would now like to update you on the progress our team has made across our core strategic pillars, instruments, applications, bioinformatics and clinical to further reinforce Cytek's position as a market leader in next-gen cell analysis solutions. Starting with our core instruments on Slide 6. We continue to expand our global footprint in the first quarter, adding 125 units and bringing Cytek's total installed base to 3,789 units.

單就服務營收而言，年增 15% 至 1,540 萬美元，持續受惠於我們裝機基礎的成長，以及全球客戶對我們儀器的活躍使用。試劑營收相較 2025 年第一季以百分比計呈現約十幾%的成長，同樣反映裝機基礎的活躍使用。接下來，我想向各位更新團隊在我們核心策略支柱（儀器、應用、生物資訊與臨床）方面的進展，以進一步鞏固 Cytek 作為次世代細胞分析解決方案市場領導者的地位。先從投影片第 6 頁的核心儀器開始。第一季我們持續擴大全球版圖，新增 125 台，使 Cytek 的總裝機量達到 3,789 台。

Instrument unit performance was a key highlight in the first quarter with total unit volume increase of 9% year-over-year, including a 3% year-over-year increase of FSP instrument. We are also pleased with the ongoing market reception for the Cytek Aurora Evo system. Since its introduction, it has consistently driven revenue and unit volume growth, revenue for the Aurora analyzer category up 8% year-over-year. We believe our continued focus on technological differentiation positions Cytek well in the broader flow cytometry market. Turning to our next growth pillar, applications, which is comprised of our reagent business.

第一季儀器出貨台數表現是一大亮點，總出貨量年增 9%，其中 FSP 儀器年增 3%。我們也對市場對 Cytek Aurora Evo 系統的持續反應感到滿意。自推出以來，它持續帶動營收與出貨量成長，Aurora 分析儀類別營收年增 8%。我們相信，持續聚焦技術差異化，使 Cytek 在更廣泛的流式細胞儀市場中具備良好定位。接著進入我們下一個成長支柱：應用，主要由我們的試劑業務所構成。

Reagent revenue grew 16% versus Q1 2025. Reagent revenue growth was broad-based across regions, with particular strength in APAC and the rest of the world regions, where reagent revenue together grew more than 40% year-over-year and double digits in the US. Our reagent strength in Q1 reflects the continued benefits of the initiatives we undertook in 2025, including best-in-class delivery times, expanded reagent offerings and our dedicated reagent sales team. Our bioinformatics platform continued to deepen customer engagement and support our reagent growth engine. As of March 31, 2026, Cytek Cloud has grown to more than 26,000 users, representing an average of 8 users per installed Cytek FSP instrument.

試劑營收較 2025 年第一季成長 16%。試劑營收成長在各地區均呈現廣泛動能，其中以亞太（APAC）及世界其他地區表現尤為強勁，兩者合計的試劑營收年增超過 40%，美國亦達到兩位數成長。我們在第一季的試劑優勢，反映出我們於 2025 年所推動各項措施的持續效益，包括同級最佳的交付時間、更擴充的試劑產品組合，以及專責的試劑銷售團隊。我們的生物資訊平台持續深化客戶互動，並支援試劑成長引擎。截至 2026 年 3 月 31 日，Cytek Cloud 使用者已成長至超過 26,000 名，平均每台已安裝的 Cytek FSP 儀器約有 8 名使用者。

As users on the Cytek Cloud increase, the value proposition of our integrated ecosystem strengthens and enhances customer engagement. Turning to Slide 7. As part of our strategic and business growth process, we have been planning to refocus our operations into 3 distinct customer aligned business units, which will be completed in the third quarter of this year. The new solutions and clinical business unit will bring successful platforms such as reagents, Guava Muse Micro and Northern Light into markets, historically, dominated by larger incumbents, while the research technology business unit will continue to advance Cytek's leadership in high parameter flow cytometry within the research use-only market. This structure will create more focus on aligning marketing, sales and R&D resources to expand Cytek's share of the reagent and low mid-tier instrument market.

隨著 Cytek Cloud 的使用者增加，我們整合式生態系的價值主張更為強化，並提升客戶黏著度。接著看投影片 7。作為我們策略與業務成長流程的一部分，我們已規劃將營運重新聚焦為 3 個明確、以客戶為導向的事業單位，並將於今年第三季完成。新的解決方案與臨床事業單位將把試劑、Guava Muse Micro 與 Northern Light 等成功平台帶入過去由大型既有業者主導的市場；同時，研究技術事業單位將持續推進 Cytek 在僅供研究用途（RUO）市場中高參數流式細胞儀領域的領導地位。此一架構將更聚焦於整合行銷、銷售與研發資源，以擴大 Cytek 在試劑以及低至中階儀器市場的市占率。

Together, these 2 units position Cytek to capture 2 major business opportunities. First, for the Solutions and Clinical business unit, growth in reagent consumables and low to mid-tier instruments for QA and QC workflows. And second, for research technology, a robust high-performance instrument replacement cycle with tens of thousands of instruments eventually needing to be replaced Finally, our service business unit will provide the foundation that supports the installed base of instruments for both the solutions and clinical and the research technology units. Collectively, this structure positions Cytek to accelerate its next phase of growth and reinforce our competitive leadership as the market evolves. Under the new Solutions and Clinical business unit, we see meaningful growth opportunities in the clinical research market where the need for high parameter high-performance cell analysis solutions is growing.

這兩個事業單位共同使 Cytek 得以掌握兩項主要商機。第一，對於解決方案與臨床事業單位而言，來自品管（QA）與品質控制（QC）工作流程的試劑耗材與低至中階儀器需求成長。第二，對於研究技術事業單位而言，將迎來強勁的高效能儀器汰換週期，最終將有數以萬計的儀器需要更換。最後，我們的服務事業單位將提供基礎支撐，為解決方案與臨床事業單位以及研究技術事業單位的儀器裝機基礎提供支持。整體而言，此一架構使 Cytek 能加速進入下一階段成長，並在市場演進之際強化我們的競爭領導地位。在新的解決方案與臨床事業單位之下，我們看見臨床研究市場存在具意義的成長機會，因為對高參數、高效能細胞分析解決方案的需求正在增加。

In part, this is already being reflected by an increase in leading sales supporting clinical applications. Cytek's technology platform is well suited to support this expansion, and we are investing to meet the evolving needs of clinical researchers and translational scientists. Now, I would like to ask Bill to review our financials.

部分而言，這已反映在支援臨床應用的領先銷售案增加上。Cytek 的技術平台非常適合支援此一擴張，我們也正投入資源以滿足臨床研究人員與轉譯科學家不斷演進的需求。接下來，我想請 Bill 回顧我們的財務表現。

Thanks, Wenbin. First quarter 2026 revenue was $44.1 million, an increase of 6% year-over-year compared to $41.5 million in Q1 2025. As Wenbin noted, revenue growth was led by strong growth in US instruments and continued double-digit growth in both global services and reagents. These were partially offset by disruptions and softer instrument demand in EMEA and the order timing-related slowdown in APAC.

謝謝你，Wenbin。2026 年第一季營收為 4,410 萬美元，較 2025 年第一季的 4,150 萬美元年增 6%。如 Wenbin 所提到，營收成長主要由美國儀器的強勁成長，以及全球服務與試劑持續維持兩位數成長所帶動。上述成長部分被 EMEA 地區的干擾與較疲弱的儀器需求，以及 APAC 因訂單時點所致的放緩所抵銷。

Turning to Slide 8. Product revenue comprised of instruments and reagents was $28.8 million, an increase of approximately 2% year-over-year. US product revenue rebounded strongly compared to a weak Q1 '25, returning to a more normal growth path consistent with the years prior to last year. This was driven by improved sentiment and strong demand growth in both the academic and government and biopharma customer segments.

接著看投影片 8。由儀器與試劑構成的產品營收為 2,880 萬美元，年增約 2%。相較於疲弱的 2025 年第一季，美國產品營收強勁反彈，回到與去年之前年度一致、較為正常的成長軌道。此一表現主要受惠於市場情緒改善，以及學術與政府、以及生技製藥客戶族群的需求強勁成長。

EMEA product revenue declined versus Q1 '25 as a result of lost orders due to the Middle East conflicts, an end-of-quarter shipping delay in another region and softer instrument demand. In APAC, product revenue was also lower. This was due to the acceleration of orders in China in the first half of last year into Q1. Growth in other APAC regions in Q1 of this year was very high on a year-over-year basis, and the overall secular growth trend of the region remains strong.

EMEA 產品營收較 2025 年第一季下滑，原因包括中東衝突導致訂單流失、另一地區季末出貨延遲，以及較疲弱的儀器需求。在 APAC，產品營收亦較低，主要因去年上半年中國的訂單提前至第一季。就今年第一季而言，APAC 其他地區的年增率非常高，而該地區整體的長期結構性成長趨勢仍然強勁。

Reagents continued on its strong growth trajectory with 16% quarter-over-quarter growth, primarily driven by the US and APAC regions. Service revenue was $15.4 million, growing 15% year-over-year, driven by our expanding installed base of instruments and active system utilization globally. Turning to total revenues by geographic region. US revenues grew 32%, driven by a strong rebound in instruments, as I mentioned before, and continued growth in services.

試劑延續強勁成長軌跡，季增 16%，主要由美國與 APAC 地區帶動。服務營收為 1,540 萬美元，年增 15%，受惠於我們持續擴大的儀器裝機基礎，以及全球系統使用率維持活躍。接著看按地理區域劃分的總營收。美國營收成長 32%，主要由我先前提到的儀器強勁反彈，以及服務持續成長所帶動。

EMEA was down 7% due to the Middle East conflicts and the end of quarter shipping delay I mentioned before. APAC was also down 13% due to the order timing issue, as I mentioned before. Turning to Slide 9. GAAP gross profit was $21.3 million in Q1 2026, representing a gross margin of 48% compared to 49% in Q1 2025. Product gross margin was flat versus the year ago quarter, whereas service gross margin was slightly lower due to higher labor costs.

EMEA 下滑 7%，原因為中東衝突以及我先前提到的季末出貨延遲。APAC 亦下滑 13%，原因為我先前提到的訂單時點問題。接著看投影片 9。2026 年第一季 GAAP 毛利為 2,130 萬美元，毛利率為 48%，相較 2025 年第一季的 49% 略降。產品毛利率與去年同期持平，而服務毛利率因人力成本較高而略為下降。

Adjusted gross margin, which excludes stock-based compensation and amortization of acquisition-related intangibles was 51% in the first quarter compared to 52% in the prior year quarter. For subsequent quarters of this year, we expect gross margins to increase as our revenue increases consistent with our typical seasonal pattern. Total operating expenses were $39.7 million in Q1, up 13% versus Q1 of 2025. Research and development expenses were $9.6 million, down 1% versus Q1 '25 due to lower compensation expenses. Sales and marketing expenses were $11.6 million, down 7% versus Q1 '25 due to lower compensation and selling commission expenses.

調整後毛利率（排除股份基礎給付與併購相關無形資產攤銷）在第一季為 51%，相較去年同期的 52% 略降。就今年後續季度而言，我們預期隨著營收增加，毛利率將依照我們典型的季節性型態而提升。第一季總營業費用為 3,970 萬美元，較 2025 年第一季增加 13%。研發費用為 960 萬美元，較 2025 年第一季下降 1%，主要因薪酬費用較低。銷售與行銷費用為 1,160 萬美元，較 2025 年第一季下降 7%，主要因薪酬與銷售佣金費用較低。

General and administrative expenses were $18.5 million, up $5.6 million or 43%, the increase was primarily due to higher legal expenses associated with the previously disclosed patent litigation case, outside consulting expenses and bad debt reserves. The loss from operations was $18.5 million in the current quarter versus $15 million in the year ago quarter. GAAP net loss in the first quarter was $18.9 million compared to a GAAP net loss of $11.4 million in the prior year quarter. The increased GAAP net loss was primarily due to higher operating expenses of $4.6 million, lower other income due to a $1.2 million foreign exchange loss in the current quarter compared to a $1.3 million FX gain in the prior year quarter and a tax expense of $1.5 million versus a tax expense of $0.1 million a year ago. Adjusted EBITDA, which excludes stock-based compensation and foreign exchange impacts, was a loss of $9.1 million in Q1 2026 compared to a loss of $3.3 million in Q1 2025.

一般及行政費用為 1,850 萬美元，增加 560 萬美元或 43%；增加主要來自先前已揭露之專利訴訟案件相關的法律費用上升、外部顧問費用，以及呆帳準備。當季營業損失為 1,850 萬美元，去年同期為 1,500 萬美元。第一季 GAAP 淨損為 1,890 萬美元，相較去年同期 GAAP 淨損 1,140 萬美元擴大。GAAP 淨損增加主要因營業費用增加 460 萬美元、其他收益下降（本季為 120 萬美元匯兌損失，而去年同期為 130 萬美元匯兌收益），以及稅費為 150 萬美元（去年同期稅費為 10 萬美元）。調整後 EBITDA（排除股份基礎給付與匯率影響）在 2026 年第一季為虧損 910 萬美元，相較 2025 年第一季虧損 330 萬美元。

The increased adjusted EBITDA loss was primarily due to the $4.6 million increase in operating expenses and $1.8 million lower stock-based compensation, which is an add-back. We expect adjusted EBITDA to increase in subsequent quarters, driven by normal seasonal revenue patterns and that we will deliver positive adjusted EBITDA for the full year 2026. Cash, cash equivalents and marketable securities totaled $262.2 million as of March 31, 2026, compared to $261.5 million at year-end 2025. Our strong balance sheet continues to provide the financial flexibility to invest in our global growth priorities. Turning to Slide 10.

調整後 EBITDA 虧損增加主要是由於營運費用增加 460 萬美元，以及以股份為基礎之薪酬減少 180 萬美元（此項為加回項目）。我們預期後續季度的調整後 EBITDA 將會提升，主要受正常季節性營收型態帶動，並且我們將在 2026 全年實現正的調整後 EBITDA。截至 2026 年 3 月 31 日，現金、約當現金及有價證券合計為 2.622 億美元，較 2025 年底的 2.615 億美元略增。我們強健的資產負債表持續提供財務彈性，以投資於我們的全球成長優先事項。接著請看第 10 頁投影片。

Today, we are reaffirming our full year 2026 revenue guidance of $205 million to $212 million, assuming no change in currency exchange rates. This outlook reflects the positive growth we've seen recently in the US and APAC as well as some stabilization in the EU. With that, I will turn it back over to Wenbin.

今天，我們重申 2026 全年營收指引為 2.05 億至 2.12 億美元，假設匯率不變。此展望反映我們近期在美國與亞太地區（APAC）看到的正向成長，以及歐盟（EU）市場的部分趨於穩定。接下來我把時間交回給 Wenbin。

Thanks, Bill.

謝謝你，Bill。

Turning to Slide 11. I want to close by thanking the entire Cytek team for their continued focus and execution on behalf of our customers and shareholders. Our first quarter performance reflects the ongoing resilience and diversification of our business model. Our recurring revenue base continues to grow and now represents 35% of total revenue on a trailing 12-month basis, a testament to the value of our growing installed base and the strength of our customer relationships. Our priorities for 2026 remain clear and consistent, accelerating the market penetration of our instrument platforms, advancing our technological leadership through continuous innovation, expanding our recurring revenue line and delivering profitable, sustainable growth.

接著請看第 11 頁投影片。最後，我要感謝整個 Cytek 團隊持續專注並為我們的客戶與股東落實執行。我們第一季的表現反映出我們商業模式持續的韌性與多元化。我們的經常性收入基礎持續成長，按過去 12 個月（TTM）計算，目前已占總營收的 35%，這證明了我們不斷擴大的裝機基礎所帶來的價值，以及我們客戶關係的強度。我們 2026 年的優先事項依然清晰且一致：加速我們儀器平台的市場滲透、透過持續創新推進技術領先、擴大經常性收入線，並實現具獲利性且可持續的成長。

We believe the investments we have made in our products, our people and our operational infrastructure position Cytek well for the remainder of 2026 and beyond. I want to thank everyone for joining today's call. We will now open it up for questions. Operator?

我們相信，對產品、人員與營運基礎設施所做的投資，使 Cytek 在 2026 年剩餘期間及更長遠的未來都具備良好定位。感謝各位參與今天的電話會議。接下來我們將開放提問。接線員？

(Operator Instructions) Mason Carrico, Stephens Inc.

（接線員指示）Mason Carrico，Stephens Inc.。

This is Harrison on for Mason. On your 2026 guide, you're calling for 2% to 5% growth. Could you just walk us through what needs to go right to get to the high end versus what would keep you towards the lower end of that range for the year?

我是 Harrison，代 Mason 提問。關於你們 2026 年指引，你們預期成長 2% 到 5%。能否請你們說明一下，要達到區間上緣需要哪些條件順利發生？以及哪些因素會讓你們更接近區間下緣？

Sure. This is Bill. So the way that we put together the guide and what we're reaffirming today is continued growth in services and reagents at levels broadly consistent with recent quarters. And then flat to modest growth in instruments and then on top of that, the contingency for unforeseen or developing macro risks. And that's the framework.

當然。我是 Bill。我們制定指引、以及今天重申的內容，是基於服務與試劑持續成長，成長幅度大致與近期季度一致；儀器則為持平到溫和成長；此外再加上針對不可預見或正在發展的總體風險所設的緩衝。這就是我們的框架。

We feel very comfortable with the -- the growth in services and reagents, the instrument market is -- we did see positive growth in Q1. And we don't see any reason why that shouldn't continue. But as we all know, there are macro risks out there. So we'd like to have a contingency in our guide in order to cover for things that we can't foresee at the moment.

我們對服務與試劑的成長非常有信心；儀器市場方面——我們確實在第一季看到正向成長。我們也看不出有任何理由不會延續。但如同大家所知，外部仍存在總體風險。因此我們希望在指引中保留一個緩衝，以涵蓋目前無法預見的事項。

Got it. That's helpful. And then I did want to ask what's the customer mix today between academic and government versus biopharma customers purchasing the Aurora Evo instrument? And can you just talk about the key benefits that each of those customer segments see with that product today?

了解，這很有幫助。另外我想問一下，目前購買 Aurora Evo 儀器的客戶組合中，學術與政府客戶相較於生物製藥客戶各占多少？也請談談這兩類客戶目前各自從該產品看到的主要效益是什麼？

As we will release shortly or about to release in the Q, that the customer mix for the quarter overall was 62% biopharma distributor CRO and 38% academic and government. So that's the Q1 mix. Generally speaking, last for full year '25, that mix was 58%, 42%. So it was a little higher. We had a stronger performance in the biopharma segment.

如同我們將在不久後發布、或即將在本季（Q）發布的內容，本季整體客戶組合為：62% 來自生物製藥、經銷商與 CRO，38% 來自學術與政府。這是第一季的組合。一般而言，2025 全年該組合為 58% / 42%。因此本季生物製藥端占比略高，因為我們在生物製藥領域表現更強。

As it relates to Aurora Evo, I don't have the numbers to hand, and we don't usually report customer mix down to that level other than to say this is a product that was really designed for the pharma customer with its higher throughput, but it's seen a strong reception in both customer segments, both biopharma and academic and government. Wenbin, anything you would add to that?

至於 Aurora Evo，我手邊沒有具體數字，而且我們通常不會把客戶組合細分到那個層級；只能說這款產品在設計上確實是為製藥客戶打造，具備更高的通量，但在兩個客群——生物製藥以及學術與政府——都獲得了很強的市場反應。Wenbin，你有要補充的嗎？

That's right. And also included integrated intelligence automatic shutdown and turn on and all of those will really help the researchers to schedule planning. And it has also integrated nanoparticle detection in the system.

沒錯。另外也包含整合式智慧功能，例如自動關機與開機等，這些都能大幅協助研究人員進行排程規劃。系統中也整合了奈米粒子偵測功能。

(Operator Instructions) David Westenberg, Piper Sandler.

（接線員指示）David Westenberg，Piper Sandler。

This is Skye on for David. So just on NIH funding uncertainty, which was a risk factor for 2026, do you see any measurable impact on US academic government instrument demand or the order timing in the first quarter? And how are you thinking about that exposure for the remainder of the year?

我是 Skye，代 David 提問。關於 NIH 經費不確定性（這是 2026 年的風險因素之一），你們在第一季是否看到對美國學術與政府端儀器需求或訂單時點有任何可衡量的影響？以及你們如何看待今年剩餘期間的曝險？

Academic and government in Q1 was up in the US was up substantially on Q1 of last year. And it was back to a level more consistent with what we've seen in years prior to 2Q of 2025. In fact, it was our strongest first quarter in US academic and government in a number of years, maybe ever.

第一季美國的學術與政府端相較去年第一季大幅成長，回到更接近我們在 2025 年第二季之前多年所看到的水準。事實上，這是我們多年來、甚至可能是史上最強的美國學術與政府端第一季表現。

So we did see a strong rebound to more normal levels. And with respect to NIH funding, I mean, the budget we saw strong disbursements in Q4 of last year. Momentum in the academic and government market seems to have carried over into Q1. And the budget for this coming year is not is obviously still under discussion in Congress. The initial proposal from the administration was not as draconian as the initial proposal last year.

因此我們確實看到強勁反彈，回到較正常的水準。至於 NIH 經費，我們在去年第四季看到強勁的撥款；學術與政府市場的動能似乎延續到第一季。而下一年度的預算顯然仍在國會討論中。政府提出的初步提案並不像去年初步提案那麼嚴苛。

So we'll have to see where it settles out. But in the first quarter, our academic and government sector performance in the US was pretty strong.

所以我們還得看最後會如何定案。但在第一季，我們在美國學術與政府領域的表現相當強勁。

And then with sales and marketing expenses declining in Q1, how are you thinking about commercial investment for the remainder of the year?

另外，第一季銷售與行銷費用下降，你們如何看待今年剩餘期間的商業投資？

We're going to continue to invest at a good level. This was more of a quarterly blip than a trend, but we expect to continue investing aggressively in sales and marketing for the balance of the year.

我們將持續以良好水準投入。這比較像是單季的波動，而不是趨勢；但我們預期在今年剩餘期間仍會積極投資於銷售與行銷。

There are no further questions at this time. That concludes today's call. Thank you all for joining, you may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與，現在可以掛線。