# EDGAR Filing Document

**Accession Number:** 0001831915
**File Stem:** 0001193125-23-053897
**Filing Date:** 2023-2
**Character Count:** 29551
**Document Hash:** b3fefec0ee375a4092f2194434929ba4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-053897.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-053897

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cytek Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0001831915
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY ANALYTICAL INSTRUMENTS [3826]
- **IRS NUMBER:** 472547526
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40632
- **FILM NUMBER:** 23685646

**BUSINESS ADDRESS:**
- **STREET 1:** 47215 LAKEVIEW BOULEVARD
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94538
- **BUSINESS PHONE:** (877) 922-9835

**MAIL ADDRESS:**
- **STREET 1:** 47215 LAKEVIEW BOULEVARD
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94538

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cytek BioSciences, Inc.
- **DATE OF NAME CHANGE:** 20201110

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported):

#### February 28, 2023

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## Cytek Biosciences, Inc.

#### (Exact name of registrant as specified in its charter)

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---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40632** | **47-2547526** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **47215 Lakeview Boulevard**<br> **Fremont, California** | **94538** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (877) 922-9835

#### (Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.001 per share | CTKB | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On February 28, 2023, Cytek Biosciences, Inc. (the "Company") issued a press release announcing its financial results for the quarter and full year ended December 31, 2022. The press release is being furnished as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Exhibit** |
| 99.1 | [Press release dated February 28, 2023](d462230dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

The information furnished in this Current Report under Item 2.02 and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Cytek Biosciences, Inc.** | **Cytek Biosciences, Inc.** |
| Date: February 28, 2023 | By: | /s/ Wenbin Jiang |
|  |  | Wenbin Jiang, Ph.D.<br> President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Cytek Biosciences Reports Fourth Quarter and Full Year 2022 Financial Results** 

*2022 revenue increased 32%, and 34% on constant currency basis, compared to prior year* 

*Expects full year 2023 revenue of $225 million to $235 million, or growth of 37% to 43% over full year 2022* 

**FREMONT, Calif., February 28, 2023** (GLOBE NEWSWIRE) — Cytek<sup>®</sup> Biosciences, Inc. ("Cytek Biosciences" or "Cytek") (Nasdaq: CTKB) today reported financial results for the fourth quarter and year ended December 31, 2022.

**Recent Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue was $48.3 million, or $51.2 million on a constant currency basis, for the fourth quarter
of 2022, representing 24% and 32% increases, respectively, over the corresponding period of 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue was $164.0 million, or $171.8 million on a constant currency basis, for the full year
2022, representing 28% and 34% increases, respectively, over the full year 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $3.7 million for the fourth quarter of 2022 and $2.5 million for the full year 2022,
with adjusted EBITDA of $6.6 million for the fourth quarter of 2022 and $21.2 million for the full year 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded installed base to 1,670 instruments, with 169 instrument placements during the fourth quarter of 2022
and 560 placements during the full year 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired Flow Cytometry and Imaging Business from Luminex Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered strategic partnership with Bio-Rad Laboratories to expand reagent
capabilities, in line with Cytek's strategy to further build out applications-driven reagents business

"I am pleased with Cytek's strong revenue growth and continued execution throughout 2022," said Dr. Wenbin Jiang, CEO of Cytek Biosciences. "In addition to reporting strong financial results, we strengthened our organization with the addition of several executives to our team, and expanded our global presence. Today, we expanded our enterprise with the completed acquisition of Luminex's Flow Cytometry and Imaging business and are excited to welcome this team to Cytek. Looking ahead to 2023, I am encouraged by our company's position and confident in our continued success this year and beyond."

**Fourth Quarter 2022 Financial Results** 

Total revenue for the fourth quarter of 2022 was $48.3 million, a 24% increase over the fourth quarter of 2021, with continued demand across the full portfolio of Cytek's offerings. On a constant currency basis, total revenue for the fourth quarter of 2022 was $51.2 million, a 32% increase over the fourth quarter of 2021.

Gross profit was $29.4 million for the fourth quarter of 2022, an increase of 24% compared to a gross profit of $23.6 million in the fourth quarter of 2021. Gross profit margin was 61% in the fourth quarter of 2022 compared to 61% in the fourth quarter of 2021. Adjusted gross profit margin in the fourth quarter of 2022 was 62% compared to 63% in the fourth quarter of 2021, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles.

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Operating expenses were $29.3 million for the fourth quarter of 2022, a 31% increase from $22.3 million in the fourth quarter of 2021. The increase was primarily due to expenses to support continued growth of the business, including further investments in sales and marketing, R&D, and costs related to operating as a public company.

Research and development expenses were $9.7 million dollars for the fourth quarter of 2022 compared to $7.1 million dollars for the fourth quarter of 2021.

Sales and marketing expenses were $9.0 million dollars for the fourth quarter of 2022 compared to $8.3 million dollars for the fourth quarter of 2021.

General and administrative expenses were $10.5 million dollars for the fourth quarter of 2022, an increase from $6.9 million dollars for the fourth quarter of 2021.

Income from operations in the fourth quarter of 2022 was $0.1 million compared to income of $1.3 million in the fourth quarter of 2021. Net income in the fourth quarter of 2022 was $3.7 million compared to a loss of $1.2 million in the fourth quarter of 2021.

Adjusted EBITDA in the fourth quarter of 2022 was $6.6 million compared to $5.5 million in the fourth quarter of 2021, after adjusting for stock-based compensation expense and foreign currency exchange impacts.

**Full Year 2022 Financial Results** 

Total revenue for the year ended December 31, 2022 was $164.0 million, a 28% increase over the year ended December 31, 2021. On a constant currency basis, total revenue for the full year 2022 was $171.8 million, a 34% increase over the full year 2021.

Gross profit was $101.0 million for the year ended December 31, 2022, an increase of 28% compared to a gross profit of $79.1 million in the year ended December 31, 2021. Gross profit margin was 62% in the year ended December 31, 2022 compared to 62% in the year ended December 31, 2021. Adjusted gross profit margin in the year ended December 31, 2022 was 63% compared to 63% in the year ended December 31, 2021, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles.

Operating expenses were $102.8 million for the year ended December 31, 2022, a 47% increase from $70.0 million in the year ended December 31, 2021. The increase was primarily due to expenses to support continued growth of the business, including further investments in sales and marketing, R&D, and costs related to operating as a public company.

Research and development expenses were $34.9 million dollars for the year ended December 31, 2022, compared to $24.4 million dollars for the year ended December 31, 2021.

Sales and marketing expenses were $33.2 million dollars for the year ended December 31, 2022, compared to $24.7 million dollars for the year ended December 31, 2021.

General and administrative expenses were $34.7 million dollars for the year ended December 31, 2022, an increase from $20.8 million dollars for the year ended December 31, 2021.

Loss from operations in the year ended December 31, 2022 was $1.8 million compared to income of $9.2 million in the year ended December 31, 2021. Net income in the year ended December 31, 2022 was $2.5 million compared to $3.0 million in the year ended December 31, 2021.

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Adjusted EBITDA in the year ended December 31, 2022 was $21.2 million compared to $17.5 million in the year ended December 31, 2021, after adjusting for stock-based compensation expense and other non-recurring expenses.

Cash, cash equivalents, and short term investments were approximately $341.1 million as of December 31, 2022.

**2023 Outlook** 

Cytek Biosciences expects full year 2023 revenue in the range of $225 million to $235 million, representing growth of 37% to 43% over full year 2022. This includes approximately $20 million of revenue contribution from the acquisition of Luminex's Flow Cytometry and Imaging Business, which closed on February 28, 2023.

**Webcast Information** 

Cytek will host a conference call to discuss the fourth quarter 2022 financial results on Tuesday, February 28, 2023, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. A webcast of the conference call can be accessed at investors.cytekbio.com.

**About Cytek Biosciences, Inc.** 

Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling<sup>™</sup> (FSP<sup>™</sup>) technology. Cytek's novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek's FSP platform includes its core instruments, the Aurora and Northern Lights<sup>™</sup> systems; its cell sorter, the Aurora CS; and reagents, software and services to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at <u>www.cytekbio.com</u>.

Other than Cytek's Northern Lights CLC system and certain reagents for use therewith, which are available for clinical use in countries where the regulatory approval has been obtained from the local regulatory authorities, including China and the European Union, Cytek's products are for research use only and not for use in diagnostic procedures. Please contact your local sales representatives for the status of local regulatory approval.

Cytek, Full Spectrum Profiling, FSP and Northern Lights are trademarks or registered trademarks of Cytek Biosciences, Inc.

In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (<u>www.cytekbio.com</u>), <u>LinkedIn page</u> and <u>corporate Twitter account</u> as channels of distribution of information about its company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Cytek may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Cytek's website, LinkedIn page, and Twitter account in addition to following its SEC filings, news releases, public conference calls and webcasts.

**Statement Regarding Use of Non-GAAP Financial Information** 

Cytek has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three- and twelve-month periods ended December 31, 2022 and December 31, 2021. Management believes that non-GAAP financial measures, including "Adjusted gross profit margin," "Adjusted EBITDA" and revenue on a "constant currency basis" referenced above, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the company's core operating results. Management uses non-GAAP measures to compare the company's performance relative to forecasts and strategic plans

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and to benchmark the company's performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's operating results as reported under U.S. GAAP. Cytek encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.

**Forward-Looking Statements** 

You should refer to the section entitled "Risk Factors" set forth in Cytek Biosciences' Quarterly Report on Form 10-Q filed with the SEC on November 9, 2022, Cytek Biosciences' Annual Report on Form 10-K to be filed with the SEC and other filings Cytek Biosciences makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Cytek Biosciences' forward-looking statements. Although Cytek Biosciences believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. The forward-looking statements in this press release are based on information available to Cytek Biosciences as of the date hereof, and Cytek Biosciences disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Cytek Biosciences' views as of any date subsequent to the date of this press release.

**Media Contact:** 

Stephanie Olsen

Lages & Associates

(949) 453-8080

<u>stephanie@lages.com</u> 

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**Investor Relations Contact:** 

Paul D. Goodson

Head of Investor Relations

<u>pgoodson@cytekbio.com</u> 

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**Cytek Biosciences, Inc.** 

**Consolidated Statements of Operations and Comprehensive Income** 

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
| **(In thousands, except share and per share data)** | **December 31, 2022** | **December 31, 2021** |
|  Revenue, net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product | $148600 | $119519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 15436 | 8431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue, net | 164036 | 127950 |
|  Cost of sales: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product | 49955 | 37377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 13107 | 11429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cost of sales | 63062 | 48806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 100974 | 79144 |
|  Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 34858 | 24442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 33230 | 24710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 34690 | 20835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 102778 | 69987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from operations | (1804) | 9157 |
|  Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (2573) | (1741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 4619 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expense, net | 1018 | (1527) |
|  Total other expense, net | 3064 | (3219) |
| (Loss) income before income taxes | 1260 | 5938 |
|  (Benefit from) provision for income taxes | (1224) | 2911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) income | $2484 | $3027 |
|  Less: net loss allocated to noncontrolling interests | 92 | (26) |
|  Less: net income allocated to participating securities |  | (3001) |
|  Net (loss) income attributable to common stockholders, basic and diluted | $2576 | $— |
|  Net (loss) income attributable to common stockholders per share, basic | $0.02 | $— |
|  Net (loss) income attributable to common stockholders per share, diluted | $0.02 | $— |
|  Weighted-average shares used in calculating net (loss) income per share, basic | 134510831 | 76741858 |
|  Weighted-average shares used in calculating net (loss) income per share, diluted | 138562111 | 81542729 |
|  Comprehensive (loss) income: |  |  |
|  Net (loss) income | $2484 | $3027 |
|  Foreign currency translation adjustment, net of tax | (1611) | 832 |
|  Unrealized gain (loss) on marketable securities | 17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net comprehensive (loss) income | $890 | $3859 |

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**Cytek Biosciences, Inc.** 

**Consolidated Balance Sheets** 

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| | | |
|:---|:---|:---|
| **(In thousands, except share and per share data)** | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
|  | ***(unaudited)*** | ***(audited)*** |
|  **Assets** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $296601 | $364618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash | 2899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short term investments | 44548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable, net | 48864 | 29760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 48154 | 32171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 12954 | 5184 |
|  Total current assets | 454020 | 431733 |
|  Deferred income tax assets, noncurrent | 20459 | 9173 |
|  Property and equipment, net | 13682 | 5851 |
|  Operating lease right-of-use assets | 13883 |  |
|  Goodwill | 10144 | 10144 |
|  Intangible assets, net | 4331 | 4739 |
|  Other noncurrent assets | 2957 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $519476 | $463305 |
|  **Liabilities, redeemable convertible preferred stock and stockholders'equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | $4805 | $3034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal settlement liability, current | 2163 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 21126 | 15251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 7960 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue, current | 12986 | 7081 |
|  Total current liabilities | 49040 | 33181 |
|  Legal settlement liability, noncurrent | 15596 | 13745 |
|  Deferred revenue, noncurrent | 13124 | 9790 |
|  Operating lease liability, noncurrent | 12312 |  |
|  Long term debt | 2271 |  |
|  Other noncurrent liabilities | 1587 | 1204 |
|  Total liabilities | $93930 | $57920 |
|  Commitments and contingencies |  |  |
|  Redeemable convertible preferred stock, $0.001 par value; 10,000,000 shares authorized, zero issued and outstanding as of December 31, 2022 and December 31, 2021; aggregate liquidation preference of zero as of December 31, 2022 and December 31, 2021. |  |  |
|  Stockholders' equity: |  |  |
|  Common stock, $0.001 par value; 1,000,000,000 authorized shares as of December 31, 2022 and December 31, 2021, respectively; 135,365,381 and 133,749,663 issued and outstanding shares as of December 31, 2022 and December 31, 2021, respectively. | 135 | 126 |
|  Additional paid-in capital | 442887 | 423625 |
|  Accumulated deficit | (17030) | (19606) |
|  Accumulated other comprehensive (loss) income | (697) | 897 |
|  Noncontrolling interest in consolidated subsidiary | 251 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | $425546 | $405385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, redeemable convertible preferred stock and stockholders' equity | $519476 | $463305 |

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**Cytek Biosciences, Inc.** 

**Reconciliation of GAAP to Non-GAAP Measures** 

**(Unaudited)** 

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| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| (In thousands, except per share amounts) |  |  |
|  GAAP gross profit | 100974 | 79144 |
|  Stock-based compensation | 2855 | 1508 |
|  Amortization of acquisition-related intangible assets | 250 | 237 |
|  Non-GAAP gross profit | $104079 | $80889 |
|  Non-GAAP gross profit % | 63% | 63% |
|  GAAP operating expenses | 102778 | 69987 |
|  Loss on lease exit cost |  | (347) |
|  Acquisition related expenses | (218) | (229) |
|  Stock-based compensation | (13740) | (5078) |
|  Amortization of acquisition-related intangible assets | (481) | (90) |
|  Non-GAAP operating expenses | $88339 | $64243 |
|  GAAP income (loss) from operations | (1804) | 9157 |
|  Loss on lease exit cost |  | 347 |
|  Acquisition related expenses | 218 | 229 |
|  Stock-based compensation | 16595 | 6586 |
|  Amortization of acquisition-related intangible assets | 731 | 327 |
|  Non-GAAP income from operations | $15740 | $16646 |
|  GAAP net income | 2484 | 3027 |
|  Stock-based compensation | 16595 | 6586 |
|  Amortization of acquisition-related intangible assets | 731 | 327 |
|  Tax effect of items excluded from non-GAAP results | 710 | (160) |
|  Non-GAAP net income | $20520 | $9780 |
|  GAAP net income attributable to common stockholders | 2576 |  |
|  Loss on lease exit cost |  | 347 |
|  Acquisition related expenses | 218 | 229 |
|  Stock-based compensation | 16595 | 6586 |
|  Amortization of acquisition-related intangible assets | 731 | 327 |
|  Tax effect of items excluded from non-GAAP results | 710 | (160) |
|  Non-GAAP net income attributable to common stockholders | $20830 | $7329 |
|  Average shares outstanding for calculation of non-GAAP net income per share (diluted) | 138562111 | 81542729 |
|  GAAP Net Income | 2484 | 3027 |
|  Depreciation and Amortization | 5566 | 1241 |
|  (Benefits from) Provision for Income Taxes | (1224) | 2911 |
|  Interest Income | (4619) | (49) |
|  Interest Expense | 2573 | 1741 |
|  Foreign currency exchange loss, net | (426) | 1481 |
|  Loss on lease exit cost |  | 347 |
|  Stock-based compensation | 16595 | 6586 |
|  Acquisition related expenses | 218 | 229 |
|  Adjusted EBITDA | $21167 | $17514 |

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**Cytek Biosciences, Inc.** 

**Reconciliation of GAAP to Non-GAAP Measures** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| (In thousands, except per share amounts) |  |  |
|  GAAP gross profit | 29374 | 23636 |
|  Stock-based compensation | 641 | 717 |
|  Amortization of acquisition-related intangible assets | 64 | 237 |
|  Non-GAAP gross profit | $30079 | $24590 |
|  Non-GAAP gross profit % | 62% | 63% |
|  GAAP operating expenses | 29290 | 22319 |
|  Loss on lease exit cost |  | (347) |
|  Acquisition related expenses | (218) | (229) |
|  Stock-based compensation | (3824) | (2290) |
|  Amortization of acquisition-related intangible assets | (123) | (90) |
|  Non-GAAP operating expenses | $25125 | $19363 |
|  GAAP income (loss) from operations | 84 | 1317 |
|  Loss on lease exit cost |  | 347 |
|  Acquisition related expenses | 218 | 229 |
|  Stock-based compensation | 4465 | 3007 |
|  Amortization of acquisition-related intangible assets | 187 | 327 |
|  Non-GAAP income from operations | $4954 | $5227 |
|  GAAP net income | 3718 | (1165) |
|  Stock-based compensation | 4465 | 3007 |
|  Amortization of acquisition-related intangible assets | 187 | 327 |
|  Tax effect of items excluded from non-GAAP results | (18) | (1185) |
|  Non-GAAP net income | $8352 | $984 |
|  GAAP net income attributable to common stockholders | 3529 | (346) |
|  Loss on lease exit cost |  | 347 |
|  Acquisition related expenses | 218 | 229 |
|  Stock-based compensation | 4465 | 3007 |
|  Amortization of acquisition-related intangible assets | 187 | 327 |
|  Tax effect of items excluded from non-GAAP results | (18) | (1185) |
|  Non-GAAP net income attributable to common stockholders | $8381 | $2379 |

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| | | |
|:---|:---|:---|
|  GAAP Net Income | 3718 | (1165) |
|  Depreciation and Amortization | 1465 | 685 |
|  (Benefits from) Provision for Income Taxes | 396 | 1609 |
|  Interest Income | (2626) | (18) |
|  Interest Expense | 687 | 492 |
|  Foreign currency exchange loss, net | (1748) | 295 |
|  Loss on lease exit cost |  | 347 |
|  Stock-based compensation | 4465 | 3007 |
|  Acquisition related expenses | 218 | 229 |
|  Adjusted EBITDA | $6575 | $5481 |
|  | **Year Ended** | **Three Months Ended** |
|  | **December 31, 2022** | **December 31, 2022** |
|  Revenue, as reported | 164036 | 48336 |
|  Non-GAAP constant currency | 171793 | 51184 |
|  FX Impact [$] | 7757 | 2848 |
|  FX Impact [%] | 4.7% | 5.9% |

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