Cytek Biosciences, Inc.

Good day, and thank you for standing by. Welcome to the SciTech Biosciences second quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Paul Goodson, Investor Relations. Please go ahead.

Thank you, Operator. Earlier today, SciTech Biosciences released financial results for the quarter ended June 30, 2022. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an email to investors at scitechbio.com. Joining me today from Scitech are Wenbin Zhang, CEO, and Patrick Jean Monnot, Chief Financial Officer. Before we begin, I'd like to remind you that we will be making statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Scitech's business plans, strategies, opportunities, and financial projections. These statements are based on the company's current expectations AND INHERENTLY INVOLVES SIGNIFICANT RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS OR EVENTS TO MATERIALLY DIFFER FROM THOSE ANTICIPATED. ADDITIONAL INFORMATION REGARDING THESE RISKS AND UNCERTAINTIES APPEARS IN THE SECTION ENTITLED FORWARD-LOOKING STATEMENTS IN THE PRESS RELEASE CITEC ISSUE TODAY AND IN CITEC'S FILINGS WITH THE FCC. THIS CALL WILL ALSO INCLUDE A DISCUSSION OF CERTAIN FINANCIAL MEASURES THAT ARE NOT CALCULATED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. Reconciliation to the most directly comparable GAAP financial measure may be found in today's earnings release submitted to the SEC. Except as required by law, CITEC disclaims any duty to update any forward-looking statements, whether because of new information, future events, or changes in its expectations. This conference call contains time-sensitive information and is accurate only as of the live broadcast August 10, 2022. With that, I would like to turn the call over to Wenbin.

Thanks, Paul, and welcome everyone joining the call today. I want to start by again thanking the incredible CITIC team for their dedication and execution as we close out the second quarter of 2022. On today's call, I will begin with a recap of our progress this year and discuss how CITESC continues to advance toward our mission and vision. And then I will turn the call over to Patrick for a more detailed look at our financial results and outlook. CITESC continues to stand apart in the field as we provide our customers with an end-to-end solution consisting of instruments, reagents, software, and application services. Since our inception, we have continued to develop and launch new products and services, which have been validated in the field by our robust customer base. Our unique portfolio of comprehensive solutions positions us as a leader in the sector, and we are proud of the demonstrated value we provide to our customers. Beyond our original suite of instruments, which continue to see solid demand, we expect our reagents and the recently launched sales orders to contribute considerably to our future enterprise revenue growth. We see this further diversification of our revenue stream, including a growing contribution from recurring revenue, consisting of services and reagents playing an important role in SciTech's future. I'm pleased to say that our installed base of instruments continues to achieve robust growth in the field. During the second quarter, we placed 130 instruments, bringing our total installed base to 1,356 instruments as of the end of Q2. These placements are also aligned with our core strategy, and we have continued to achieve solid adoption with high-dimensional cell analysis users while also bringing in full-special profiling to entry-level users. Since first being introduced in 2017, our cell analysis systems have gained widespread adoption across the globe with use in more than 40 countries. As Patrick will discuss later, our efforts have once again translated to strong revenue growth this quarter. with revenue increasing 32% over the prior year's second quarter. These results reflect a strong demand driven by the recognition from customers of the advantages of our technology in addressing their needs. Once again, our team continues to execute well and achieve operational excellence even in the face of various macro pressures. Our dedicated team is able to leverage SiteX's global workforce in order to manage through inflationary and supply chain pressures. Additionally, our PaaS inventory buffer provides further mitigation of potential supply chain disruptions, insulating our operations from constraints. In all, we continue to be focused on execution and I remain confident in the SciTech team's demonstrated ability to manage through this environment and continue to succeed despite the ongoing challenges. I would like to take a moment to highlight some important recent developments for SciTech from this past quarter. As a reminder, at the end of April, we announced the appointment of Todd Garland as our chief commercial officer. Since joining, Todd has proven an integral part of our team and has already demonstrated a significant value to our organization. And we are pleased to have Todd with us as we continue to execute our mission. At the end of May, we announced that a series of single-color sea floor reagents and a six-color TBMP chip have received CE marking under the European Union IVDD 9879EC. Other regions that accept the CE marking are also included in the certification. With this development, clinical flow cytometry laboratories based in the European Union can now purchase CYTEX-C for CE IVD certified reagents for their use. This exciting achievement makes the sea floor region available for clinical diagnostic use in hospitals, laboratories, and clinics across the EU, and positions us on a path to offering a total-cell analysis solution to the European market. In early June, we participated at CITO, which is one of the premier flow cytometry conferences. At the event, we had the only sales order that was actually running on the show floor, which enabled us to perform live demonstrations showing the power of combining analysis with sales sorting. Dr. Sylvain Simon from Fred Hutch gave a commercial tutorial on running a 59-marker panel using the Aurora system, providing further validation of the transformative power of our technology. Overall, this year's CYTO conference was a very successful event for CYTEX, and significant customer interest resulted in a record number of sales leads for the company. Later in June, we also hosted our inaugural analyst and investor day. In addition to our executive providing a deep dive into flow cytometry, we showcased four key opinion leader users of our products and services who illustrated the power of our solution and the important value we bring to our customers. For those who may not have attended the event, we invite you to view the replay of the webcast on the investor section of our website. The KOLs who spoke are scientists and physicians in the research and the clinical field who focus largely on oncology, but also HIV, diabetes, inflammation, aging, and the multiple aspects of the COVID pandemic, demonstrating the breadth of SciTech technology. These experts spoke to the dramatic expansion in capabilities, sensitivity, and the accuracy they have achieved from SciTech machines, reagents, and the software. as well as the consistency of results and the significant cost savings they have obtained. 1KOL, who operates the core clinical laboratory, said that Cytex machines save from 50% to 200% in cost for running samples, which is due to being 300% faster than competing technologies. He observed that Cytex's ability to run more samples in fewer tubes produces results in less time, gives faster diagnosis, allows treatment to begin sooner, allows a more specific therapeutic approach, consumes fewer resources, costs less, and allows hospitals to make patient discharge decisions more quickly, thus saving further costs. Others commented that the advanced capabilities of SciTech Analyzer and the groundbreaking nature of Cytex's new cell solder creates new opportunities in research and clinical practice. 2KOL said that Cytex's flow cytometer has become the default tool for spectral analysis, simplifying the technical skills needed and unleashing the power that artificial intelligence can offer. We are gratified that our work at SciTech is enabling such significant scientific and clinical advancements. As we continue to grow our offerings and the base of instruments, reagents, and services, our technology has now been validated by 768 peer-reviewed publications as of the end of the quarter. This quarter alone, there were 116 peer-reviewed publications mentioning SciTech. I'm very proud of this accomplishment, which speaks to the momentum of our platform and validates the use of our offering in the scientific community. A notable publication was from Roswell Park Cancer Center entitled, Development of a 27-Color Panel for the Detection of Magical Residual Disease in Patients Diagnosed with Acute Myeloid Leukemia, in which The researchers used only one tool, reducing cost and improving workflow. This exemplifies our mission at SciTech and the technology we bring to the field as we continue to demonstrate proven real-world results. In all, I'm pleased with the progress our team has made this quarter and expect to make throughout the remainder of the year as we continue to establish ourselves as a leading cell analysis solution company. As we continue to push forward a cadence of new products and applications, we remain deeply focused on providing a complete cell analysis solution to our customers. We look forward to continuing to provide our novel FFT platform to these customers as they push the bounds of scientific discoveries and clinical progress. With that, I will now turn the call over to Patrick for more details around our financials.