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Cell Analysis Instruments Provider Cytek Biosciences Kick Starts Trading After Pricing IPO At $17

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  • Cytek Biosciences Inc (NASDAQ: CTKB) shares started trading today after its initial public offering was priced to raise about $200 million for the cell-analysis Company.

  • Cytek has developed high-resolution, high-content, and high-sensitivity cell analysis technology called Full Spectrum Profiling.

  • Supported by the firm's Aurora and Northern Lights systems, a cell sorter called the Aurora CS allows a higher level of multiplexing than traditional flow cytometry.

  • Apart from the Northern Lights CLC system, which is available for clinical use in China and the European Union, Cytek's products are for research use only.

  • In documentation filed with the SEC, Cytek reported $24.3 million in total revenues in Q1 of 2021 compared to $18 million a year ago.

  • Its quarterly net income was $102,000, compared to a net loss of $839,000 in the same quarter a year ago.

  • Cytek ended Q1 2021 with $168.6 million in cash and cash equivalents.

  • As of March 31, 2021, the Company has placed over 750 instruments to over 620 companies.

  • Morgan Stanley, Goldman Sachs, Piper Sandler, and Cowen acted as joint bookrunners on the deal.

  • Price Action: At midday, the shares were trading at $17.89, 5% above the a share set for the IPO. The shares opened at $20.10.

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