Cytek Biosciences, Inc. Q3 FY2025 earnings call

• Core instruments: Expanded global footprint by 161 instruments, total installed base 3,456 units. Aurora cell sorter grew 35% Y/Y. Aurora Evo Analyzer launched with strong reception; Muse Micro Analyzer well-received. - Applications (reagents): Expanded European headquarters in Amsterdam's Life Science District, transitioned reagent warehouse for improved efficiency. - Bioinformatics: Cytek Cloud had over 22,600 users (+40% since 2025 start), AI-powered Panel Builder streamlines experiments. - Clinical: Showcased solutions at industry conferences, Northern Lights-CLC system approved for clinical use in EU.

In the third quarter of 2025, total revenue reached $52.3 million, a 2% year-over-year increase. Geographically, APAC (including China) led with robust revenue growth across instruments, reagents, and service. The U.S. saw double-digit overall revenue growth driven by service revenue, while EMEA experienced a double-digit revenue decline due to reduced instrument sales to academic/government and modest decline to pharma/biotech/CRO. Rest of World (Canada, Latin America) had double-digit overall revenue growth. Instruments: Instrument revenue to pharma/biotech customers grew 12% worldwide, with APAC +20% and Rest of World +32%; U.S. instrument revenue flat due to academic/government softness offset by pharma/biotech growth. Recurring revenue: Service revenue grew strongly, supported by expanding installed base; reagent revenue grew 21% globally, aided by operational improvements. Instrument revenue contribution: Varies by region, with APAC and Rest of World showing strong growth, EMEA declining.

• Reaffirmed full-year 2025 revenue outlook of $196 million to $205 million, based on YTD results, Q4 instrument sale pipeline, and strong recurring revenue. - Expect continued strong growth in APAC instruments, stabilization in U.S. instruments, and growth in recurring revenue (service and reagent). - Anticipate typical Q4 seasonal improvement in instrument placements due to biopharma budget flushing.

• Significant risks and uncertainties in forward-looking statements, including those related to GAAP vs non-GAAP measures, market conditions, and regulatory changes. - EMEA market challenges due to government spending shifts impacting instrument sales to academic/government customers.

Q: Can you talk about the differences in the Aurora Evo product versus others in the market and growth contribution from new products?

A: The Aurora Evo was designed based on customer feedback, including higher throughput, small particle detection, automation, and harmonization, suited for pharma customers.

Q: Any color on customer conversations regarding 2026 budgets and which offerings they'd reach for?

A: Asia Pac is strong, U.S. is stable, EMEA challenged; trends of growing areas to continue absent exogenous factors.

Q: Key assumptions behind 2025 outlook and if 4Q has typical instrument placement step-up?

A: Expect typical Q4 seasonal improvement from biopharma budget flushing, outlook based on YTD results and recurring revenue momentum.

Q: How has U.S. academic and government demand trended and signs of stabilization?

A: U.S. academic and government demand continues down vs last year, biopharma momentum strong, likely to remain under pressure.

Q: Initiatives to increase reagent capture rate and if they've borne fruit?

A: Improved operational efficiency, logistics, expanded European facilities, design-in activities, and Cytek Cloud leverage; benefits seen.

Q: Reliance of 4Q guide on budget flush vs seasonality and capital deployment plans?

A: Budget flush and seasonality related, objective to do share repurchase and M&A, size repurchases around free cash flow.