Shares of Cytek Biosciences (NASDAQ:CTKB) surged 6.35% in pre-market trading on Wednesday, November 7, 2024, after the life sciences company reported better-than-expected financial results for the third quarter of 2024 and provided an upbeat outlook.
The company's revenue for the quarter rose 7.3% year-over-year to $51.5 million, beating analyst estimates by 1.6%. Notably, Cytek Biosciences turned profitable, reporting net income of $941,000, compared to a net loss of $6.46 million in the same period last year. Earnings per share (EPS) came in at $0.007, surpassing analyst expectations.
The strong financial performance was driven by robust demand for Cytek Biosciences' products and services. The company's management expressed confidence in its growth prospects, forecasting an average annual revenue growth rate of 12% over the next three years, outpacing the industry average of 6.4%.
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