Why Shares of Cytek Biosciences Dropped This Week
Shares of Cytek Biosciences (NASDAQ: CTKB) were down 36.3% for the week as of Friday afternoon, according to data provided by S&P Global Market Intelligence. The healthcare stock closed at $11.92 last week, then fell to a 52-week low of $7.46 on Friday. The cell-analysis solutions company's shares dropped sharply after the company reported first-quarter earnings after the markets closed on Tuesday. The stock is down more than 25% so far this year.
Cytek, which joined the S&P 600 Index in April, saw increased losses in Q1. The company's quarterly revenue was reported as $37.1 million, up 6%, but the company lost $6.8 million compared to a $2.2 million loss in the same period a year ago.
Another reason why investors didn't react favorably to the earnings report was the company revised revenue guidance downward. Citing macroeconomic conditions, Cytek said it expects full-year revenue between $205 million and $220 million. While that still represents growth of 25% to 34% over 2022, it is down from earlier guidance of between $225 million to $235 million.
Source Fool.com
