Cytek Biosciences (CTKB) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Business performance and market trends

• Achieved 5% growth in the first half of 2024, in line with forecasts, despite a challenging macro environment.

• Outperformed overall market growth and expects this trend to continue over the next 12 months.

• Global presence provided a buffer against regional downturns, with strong double-digit growth in EMEA and APAC offsetting U.S. weakness.

• U.S. market softness attributed to elongated sales cycles, sales team turnover, funding pressures, and excess capacity.

• Service business and product sales in Asia-Pac and EMEA grew about 30% in Q2, while U.S. biopharma revenue improved sequentially.

Market size, portfolio, and competitive positioning

• Flow cytometry total addressable market (TAM) estimated at $8 billion, with $4–5 billion currently captured by flow cytometers.

• Holds about 5% market share in a global installed base of 50,000 instruments.

• Differentiation based on performance, ease of use, and full spectrum technology; rarely competes directly with spatial or sequencing-based tools.

• Focused on high-end research applications, especially in China, with limited local competition at the high end.

Product innovation and acquisitions

• Acquisition of FCI (Amnis and Guava) expanded imaging technology, service efficiency, and entry points for Northern Lights sales.

• Imaging cytometry (ImageStream) recognized for high-speed, high-resolution single-cell analysis.

• Enhanced small particle detection launched for Aurora and Northern Lights, enabling new applications and upgrades for existing customers.

• Reagent business, though currently single-digit percent of revenue, is growing faster than instruments, with a focus on full spectrum enhanced reagents and optimized panels.