Cytek Biosciences, Inc.

Thank you for standing by. At this time, I'd like to welcome everyone to the SciTech Biosciences third quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After this speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to re-draw your question, Again, press the star 1. I will now turn the conference over to Paul Goodson, Investor Relations. Please go ahead.

Thank you, Operator. Earlier today, SciTech Biosciences released financial results for the quarter ended September 30, 2024. 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 CFO Bill McComb. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding sitex business plans, strategies, opportunities, and financial projections. These statements are based on the company's current expectations and inherently involve 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 this press release, CITAC issued today, and in CITAC's filings with the SEC. This call will include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Reconciliation to the most directly comparable gap financial measure may be found in today's earnings release submitted to the SEC. Except as required by law, SciTech 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, November 5, 2024. Finally, I would like to announce that SciTech is hosting a full-day user group meeting in Boston on December 5th. The meeting will feature presentations by users of our technology and SciTech scientists to share their research experience and ideas for how best to use SciTech products. We have a limited amount of space for analysts and investors, so please let me know as soon as possible if you would like to attend. With that, I would like to turn the call over to Wenbin.

Thanks, Paul. Welcome, everyone, and thank you for your interest in SciTech. On today's call, I will provide an overview of our performance in the third quarter and the progress achieved on our strategic initiative to drive sustainable growth and profitability. Then I will turn the call over to Bill for a more detailed look at our financials before we open it up for Q&A. Starting with our third quarter results, we delivered solid growth with 7% year-over-year growth and the total revenue reaching $51.5 million. Our growth this quarter was driven primarily by strong double-digit year-over-year total revenue growth across EMEA and APAC, and from our service revenue globally. We were pleased to see continued growth despite the ongoing stock market conditions. Fundamentally, This is because we are a technology leader in a core instrument category that many labs consider essential as compared to more discretionary technologies. We believe our instruments offer higher multiplexing data quality, sensitivity, and ease of use. These capabilities serve the basis for our strong reputation and loyal customer base. Geographically, we continued to see positive momentum in EMEA and APEC, and a return toward more normal spending patterns in the U.S. While market conditions for instruments in the U.S. continued to be softer than last year, we were encouraged to see sequential quarterly improvement for site-based products across our customers, in particular with the biopharma sector. We experienced strong demand from our global farmer and CRO customers who are increasingly focused on harmonizing their instruments across different regions for translational discovery work, which our technology is uniquely capable of delivering. Additionally, we posted another quarter of positive adjusted EBITDA, a cornerstone of our path to deliver sustainable profitability. This was driven by our disciplined focus on expense management combined with our revenue growth. Overall, we are seeing the durability of our diversified portfolio clearly demonstrated as we effectively navigate macro headwinds. We believe our site Excel analysis portfolio is becoming a core technology in lab discovery and comprehensively serving our customers' needs in their analysis. Importantly, the high degree of geographic and customer diversification in our business provides us with confidence in delivering on our expectations and our long-term objectives of sustainable profitable growth. We are working hard to solidify SciTech's next chapter as a market leader in sales analysis. To that end, Our team is focused on driving forward four key pillars, each of which is integral to our long-term growth, instruments, applications, bioinformatics, and clinical. In the third quarter, we expanded our global footprint with 164 instruments sold, reaching a total installed base of 2,821 units. including 328 Amnet and Guava instruments shipped since the acquisition of the Luminous business. Within these totals, the Sighted Aurora and the Northern Light systems are showing good growth both in the third quarter and the year-to-date compared to 2023, while the Stealth Folder is showing consistent demand. We believe the growing install base of our instruments will continue to serve as a strong foundation to drive adoption of our product and service offerings going forward. Turning to bioinformatics, our primary objective is to enable our customers to streamline their experiment workflow through our software tools, which drive adoption and the utilization of our cell analysis solutions. We continue to empower the scientific community with better tools to advance their research, most recently with the special panel tool and enhancement of our panel builder tool within SciTech Cloud. We are receiving great feedback from our customers who are benefiting from this expanded capability that automates and removes a labor-intensive manual process and allows scientists to jumpstart their panel design work and has been strong initial adoption among our growing user base. As a result, a number of our customers have already integrated use of the Spectral Panel tool into their workflow, leveraging its advanced capabilities to optimize panel design and streamline their research. As part of this adoption, we have already begun receiving relation orders generated from the CITR Cloud. With special panel launch only in late July this year, we are quite pleased with its performance today. Notably, and more broadly, we expanded our CITR Cloud user base, which now has over 13,600 users. More than doubling our user base, at the start of the year. This represents an average of more than five users per installed SciTech FFP instrument. Turning now to clinical, we continue to believe the clinical market represents an attractive business opportunity for SciTech. As a reminder, several of our products are approved for clinical use in both China and the EU. in the third quarter, site at the center stage, to showcase our complete scale analysis solution at a number of industry conferences. One event I'd like to highlight is the ICCS annual meeting and the course in Seattle, where Dr. David Ng, director of flow cytometry and applied AI at Baylor Laboratories, with a premier presentation about site technology. Dr. Ng remarked that the integration of special flow cytometry into their workflows has been a game changer for their resource limited and the space constrained laboratory. He further noted how our technology solutions have dramatically streamlined their processes, allowing their scientists to focus their time and expertise on high-value and high-skill analysis, which translates to faster and more useful results. In sum, we believe Scitec is uniquely positioned to serve an attractive sales analysis market with the combination of our industry-leading end-to-end technology portfolio, global diversification, and clear long-term growth drivers. We are acutely focused on portfolio enhancements that will accelerate our business strategy. This durable foundation provides us with confidence as we seek to deliver high growth and profitability and strong cash generation. With that, I will now turn the call over to Bill for more details about our financials.