Cytek Biosciences (CTKB) TD Cowen 46th Annual Health Care Conference summary

Company performance and market positioning

• Achieved $201.5 million in revenue for 2025, up 1% year-over-year, outperforming a market that declined by 4%.

• Installed base reached 3,664 units across 76 countries, with over 24,000 users on Cytek Cloud and nearly 3,000 unique institutional customers.

• Maintained positive cash flow, using it for acquisitions and share buybacks; cash balance at $261.5 million.

• Global diversification with manufacturing and R&D in the US, Europe, China, and Singapore, supporting resilience and growth.

• Revenue split: 47% US, 28% APAC, 25% rest of world; trending toward global market distribution.

Product innovation and portfolio

• Launched Aurora Evo and Muse Micro in 2025, with Aurora Evo quickly becoming the dominant analyzer and Muse Micro winning a BioTech Breakthrough Award.

• Broad product portfolio covers high-end (Aurora Evo, Cell Sorter) and mid-level (Northern Lights, Guava, Muse Micro) applications, plus unique imaging flow cytometry.

• Cytek Cloud platform and extensive reagent catalog drive customer engagement and workflow integration.

• Service and reagents now comprise 34% of revenue, up from 29% a year ago, with recurring revenue expected to trend toward 40% in coming years.

• Ongoing investment in product intelligence, reliability, and cost-effectiveness to maintain leadership.

Market trends and growth outlook

• Flow cytometry market estimated at $5 billion, projected to reach $9.2 billion by 2032 at 8.8% CAGR.

• Company consistently outpaces market growth, gaining share even as the overall market contracts.

• APAC and rest of world regions are key growth drivers, with government incentives and underrepresentation offering further opportunity.

• Pharma, biotech, and CROs/distributors account for 58% of revenue; academic/government 42%.

• Replacement cycle and innovation (e.g., Aurora Evo) drive continued instrument and reagent demand.