Cytek Biosciences, Inc.

Ladies and gentlemen, thank you for standing by. At this time, we'd like to welcome everyone to the SciTech Biosciences Second Quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers 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 withdraw your question, again, press the star one. I would now like to turn the conference over to Paul Kudson, Investor Relations. You may begin.

Thank you, operator. Earlier today, SciTech Biosciences released financial results for the second quarter into June 30th, 2025. 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 investorsatscitechbio.com. A copy of the news release is also available on the Investor Relations section of SciTech's website at .scitechbio.com. Joining me today from SciTech are Wim Ben-Jong, CEO, and Bill McComb, CFO. Please note that we will be referencing a slide presentation during the call today that has been posted to the Investor section of our corporate website. As a reminder, we will make 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 involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements. Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled Forward-Looking Statements in the Press Release SciTech Issue Today and in SciTech's filings with the SEC. This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found in our slide presentation and in today's press release. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. 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 a live broadcast, August 6, 2025. As I have mentioned on prior conference calls, SciTech sponsors user group meetings and participates in a variety of industry events that may be of interest to investors. Coming up soon are two SciTech sponsored user group meetings, the first in Mainz, Germany on September 16, and then in Chicago on September 18. Upcoming industry conferences include the European Society for Clinical Cell Analysis, or ESCCA, which will take place in Montpulier, France, from September 17 through the 20th, and the annual meeting of the International Clinical Psychiatry Society, or ICCS, in Philadelphia from September 26 through the 30th. As always, these events are primarily geared to the scientific community, but they may offer an opportunity to investors and analysts to interact with users of our technologies and to learn why SciTech's instruments are so highly valued by our customers. We have a limited number of spaces to accommodate members of the financial community, so if you are interested in attending any of these events, please contact me. With that, I will turn the call over to Wenbin.

Thanks, Paul. Welcome, everyone, and thank you for your interest in SciTech. On today's call, I would like to start with a discussion of our performance in the second quarter and first half 2025, followed by an update on our full year 2025 outlook. Next, I will give you some highlights on our progress during the second quarter on our strategic priorities for 2025, before turning the call over to Bill for a more detailed look at our financials and our outlook. Turning to slide three, our second quarter revenue in 2025 was $45.6 million, down $1 million or .2% compared to the second quarter of 2024. The decrease in revenue was due to lower product revenue in a mere MAPAC, partially offset by strong growth in service revenue worldwide, which grew 18%, and growth in US product revenue. This was an improvement over the first quarter of this year, with a smaller decline versus