By Katherine Hamilton
Cytek Biosciences stock retreated Wednesday after the company said its preliminary fourth-quarter revenue was lower than expected and could be a decrease from 2023.
The Fremont, Calif.-based company, which specializes in cell analysis solutions, saw shares fall 13% to $6.34. The stock is down 20% over the past 12 months.
Cytek said it expects fourth-quarter revenue to be $57 million to $58 million, which would be a 2% decrease or flat compared with the same period of 2023. Analysts were expecting $61.5 million in quarterly revenue, per FactSet.
The company said its revenue for the full year 2024 should be $200 million to $201 million, based on preliminary data. That represents a 4% growth compared with the previous year. Analysts polled by FactSet were expecting $204.7 million in annual revenue.
The appreciation of the U.S. dollar negatively affected fourth-quarter revenue by about $1.5 million, Cytek said. There also were some order delays, Chief Executive Wenbin Jiang said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 15, 2025 10:11 ET (15:11 GMT)
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