Cytek Biosciences Narrows FY24 Revenue Outlook From $203M - $213M To $203M - $210M, Est $208.801M; Now Expects To Report Net Loss In The Single Digit Millions For FY24
Portfolio Pulse from Benzinga Newsdesk
Cytek Biosciences has revised its FY24 revenue outlook to $203M-$210M from the previous $203M-$213M, with an estimated $208.801M. The company now expects to report a net loss in the single-digit millions for FY24, instead of a positive net income, due to slightly lower gross profit, higher stock-based compensation, and lower other income. However, Cytek anticipates generating positive cash flow from operations in 2024.
August 06, 2024 | 9:21 pm
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Cytek Biosciences has revised its FY24 revenue outlook to $203M-$210M and now expects a net loss in the single-digit millions, instead of a positive net income. The revision is due to slightly lower gross profit, higher stock-based compensation, and lower other income. Despite this, the company anticipates positive cash flow from operations in 2024.
The downward revision in revenue outlook and the expectation of a net loss instead of a positive net income are likely to negatively impact investor sentiment in the short term. However, the anticipation of positive cash flow from operations may provide some support.
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