Cytek Biosciences Inc Up 6.07% To $4.72 After Earnings Miss

Cytek Biosciences Inc (CTKB) said after close Tuesday that it lost $0.05 per share in quarter three 2023.

On the revenue line, the company reported $48 million, missing estimates by $7.5 million.

In the same quarter a year ago, the company earned $0.04 per share on revenue of $40.5 million.

The stock is up 6.07% to $4.72 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 40. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Cytek Biosciences Inc is a cell analysis solutions company advancing the next generation of cell analysis tools by leveraging novel technical approaches. Its core instruments, the Aurora and Northern Lights systems, are the first full-spectrum flow cytometers able to deliver high-resolution, high-content, and high-sensitivity cell analysis by utilizing the full spectrum of fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells.