Cytek Biosciences, Inc.

At this time, I would like to welcome everyone to the SciTech Biosciences 3rd Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the 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 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the call over to Paul Goodson, Head of Investor Relations. Please go ahead.

Thank you, Operator. Earlier today, SciTech Biosciences released financial results for the third quarter ended September 30, 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 investors at scitechbio.com. A copy of this news release is also available on the investor relations section of Scitech's website at investors.scitechbio.com. Joining me today from Scitech are Wenbin Zhang, 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 CITEC 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 CITEC issue today and in CITEC'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 the live broadcast November 5th, 2025. I want to thank those of you who attended our user group meeting on October 22nd in New York City. Our next and last user group meeting for 2025 will be just two days from now on November 7th in Montreal. SciTech also participates in a variety of industry conferences worldwide, often hosting a booth where attendees can see our products and learn about them from our knowledgeable team members. As always, these events are primarily geared to the scientific community, but they may offer an opportunity to investors and analysts to interact with our users of technologies and to learn why Scitex 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 in January when we will have a list of 2026 events. 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 third quarter. Next, I will give you some highlights of our progress during the third quarter on our strategic priorities before turning the call over to Bill for a more detailed look at our financials and our outlook. Turning to slide three, in the third quarter of 2025, total revenue reached $52.3 million, representing a year-over-year increase of 2% compared to the same period in 2024. This growth was primarily driven by strong double-digit gains in the Asia Pacific region and the continued momentum in our recurring revenue businesses, specifically service and regions. Turning to slide four. Geographically, APAC, including China, led our performance with robust revenue growth across all categories, including instruments, regions, and service. In the U.S., we saw double-digit offering year-over-year overall revenue growth driven by continued momentum in service revenue. In contrast, AMIR experienced a double-digit year-over-year revenue decline, largely due to significantly reduced instrument sales to academic and government customers, and a modest decline in instrument sales to pharma, biotech, and CRO customers. In our rest of world region, which includes Canada and Latin America, we achieved a double-digit overall revenue growth compared to the third quarter of last year. Turning to slide five. Notably, I wanted to call out that excluding the performance in a year, CITE has posted a double-digit revenue growth in all worldwide regions in the third quarter, as you can see from this slide. focusing now on instruments. Our instrument revenue to farmer and biotech customers grew 12% worldwide, including 10% in the U.S., driven in part by the launch of our Aurora EVOS instrument. Instrument revenue in APEC, including China, grew 20% year-over-year, and it grew 32% year-over-year in rest of the world. This strong momentum is being driven by a positive funding environment for academic institutions in these regions. In the U.S., overall instrument revenue was flat compared to a year ago. U.S. instrument revenue was driven by improving demand from pharma, biotech, and the CRO customers, which we believe stems from greater clarity around the macroeconomic and industry factors. However, these instrument revenue gains were offset by continued softness in the academic and government sectors, where founding uncertainty persisted due to the evolving U.S. policy landscape. In the quarter, we did begin to see some stabilization in this end market. However, academic and government demand remained under pressure. resulting in no net overall incident revenue growth in the U.S. in the third quarter. In EMEA, incident revenue declined, particularly in the academic and government sector, which we believe reflects a broader shift in public spending priorities. Looking at our recurring revenue sources, service revenue continued to grow strongly contributing meaningfully to our overall base of recurring revenue. APAC was particularly strong broadly, including in service and reagents. Service revenue growth was driven by our expanding in-store instrument base and the strong utilization of our products. Reagent revenue grew 21% globally year over year, supported by operational improvements, including faster delivery times and enhanced customer service. I would now like to update you on the progress our team has made across our core strategic pillars, instruments, applications, bioinformatics, and clinical, to further solidify site exposition as a market leader in next-gen cell analysis solutions. Starting with our core instruments on slide six. In the third quarter, we expanded our global footprint by 161 instruments, bringing CITES total in-solder base to 3,466 units. Within our instrument portfolio, our Aurora cell solder was the strongest contributor in Q3, growing 35% year over year. We believe this strong growth is notable during a time when competing instruments have been recently introduced to the market. Late in the second quarter, we introduced the Aurora Evo analyzer, and I'm pleased to report that it has had a strong reception. The Aurora Evo system is a demonstration of SciTech's commitment to maintain its position at the forefront of technology development in the flow cytometry industry. It offers a unique combination of high throughput, industry-leading data quality, more particle detection, ease of use, and automation and harmonization features. We expect it will be the standard against which other systems are measured. We included these new features after listening to what our customers wanted, and by the strong reception during Q3, it's clear that they are deriving value from the new features we added to create the Aurora Evo. Finally, regarding instruments, I want to mention that our Muse micro-analyzer has gotten a very strong reception since it was first introduced this past March. The Muse Micro offers advanced micro-capillary fluidics, enhanced optics, better software, and a broader assay compatibility, all while maintaining affordability and a compact design. It's an ideal choice for researchers and the lab seeking cost-effective flow psychometry systems. Turning to our next growth pillar, applications, which include reagents, we remain focused on driving our relation product engine growth, and as part of this commitment, we recently announced the expansion of our European headquarters at our facility in Amsterdam's Lifestyle District. This site increases our footprint in EMEA by more than 40%, including a dedicated customer service and training center. To further advance our region business, We additionally transition the reagent warehouse operations to this site to improve operational agility and efficiency, reduce turnaround time, and provide reliable and consistent experiences for our customers. Over time, we expect our recurring revenue base to continue growing. Moving to bioinformatics, as we have mentioned before, Our SiteTech Cloud continues to provide important benefits to our users. Our software tools empower customers to streamline their experimental workflow, which drives adoption and utilization of our cell analysis solutions and growth in our relations and service businesses. As of September 30, 2025, we had more than 22,600 SiteTech Cloud users. representing remarkable growth of over 40% since the beginning of 2025. This represents an average of almost eight users per installed CITES SSP instruments. We believe this goal reflects the loyalty our users have to our product portfolio and the halo effect of the CITES cloud driving the utilization of our technology platform including our recurring revenue offering in reagents and service. As a reminder, our site cloud is transforming how researchers design and conduct complex flow cytometry experiments. At its core is our proprietary AI-powered panel builder, which saves weeks or months of time by automating critical steps like selection and matching. Scientists can then conduct a virtual experiment before committing to a real wet lab study, reducing trial and error and improving data quality from the start. Moving to clinical, we continue to believe the clinical market represents an attractive business opportunity for SciTech. In the third quarter, SciTech took center stage to showcase our complete cell analysis solutions at several industry conferences. One notable event was the APCA meeting in Montpelier, France in September. The event featured presentations by independent researchers discussing the importance of special flow cytometry in performing in vitro diagnostic procedures and acknowledging that Cytex Northern Lights CLC system is the only special analyzer approved for clinical use in the EU. With that, I will now turn the call over to Bill for more details about our financials.