Shares of Cytek Biosciences (NASDAQ: CTKB), a leading life sciences technology company, soared over 33% on Monday, November 6th, 2024, after the company reported better-than-expected third-quarter results and raised its full-year revenue guidance.

For the third quarter ended September 30, 2024, Cytek reported total revenue of $51.5 million, representing a 7% year-over-year increase and surpassing analysts' consensus estimates of $50.7 million. The strong revenue growth was driven by robust demand from the biopharma sector, particularly from global pharmaceutical companies and contract research organizations (CROs).

More significantly, Cytek swung to a GAAP net income of $0.9 million, compared to a net loss of $6.5 million in the prior-year quarter. The company also reported positive adjusted EBITDA of $7.6 million, reflecting disciplined expense management and revenue growth.