Cytek Biosciences, Inc.

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the SciTech Biosciences First Quarter 2026 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. And to withdraw your question, press star 1 again. I will now turn the conference over to Paul Goodson, Head of Investor Relations. You may begin.

Thank you, Operator. Earlier today, SciTech Biosciences released financial results for the first quarter ended March 31, 2026. 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 the news release is also available on the investor relations section of SciTech's website at investors.scitechbio.com. Please note that we will be referencing a slide presentation during the call today that has been posted to the investors section of our corporate website. Joining me today from SciTech are Wenbin Zhang, CEO, and Bill McComb, CFO. As a reminder, on slide two, we will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding CITAC'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 CITEC issued 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 financial information presented in accordance with GAAP. Except as required by law, CITAC 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 May 7th, 2026. With that, I will turn the call over to Wen Bem.

Thanks, Bob. Welcome, everyone. and thank you for your interest in SciTech. On today's call, I would like to start with a discussion on our performance in the first quarter of 2026, before turning the call over to Bill for a detailed look at our financials and our guidance outlook for the full year. Turning to slide three. First quarter 2026 revenue was $44.1 billion. representing 6% growth year-over-year compared to $41.5 million in Q1 2025. This refresh continued the positive momentum from the second half of 2025 and marks a constructive start to the year and what appears to be a return to normal market conditions in the U.S., continued the circular growth in APEC, excluding China, returning value growth globally and the diversity of our portfolio. Importantly, we believe our revenue growth in the first quarter was particularly notable against the continued broad market challenges in the life science tools industry. This performance further demonstrates SciTech's technology leadership and is also evidenced by the strong customer demand for the SciTech Aurora Evo analyzer since its launch last year. Further, our growing installer base continues to feel expansion in our service and region businesses as represented by the continued growth we are seeing with recurring revenues as a percentage of total revenue. Turning to slide four. Looking at total revenue geographically in the U.S., first quarter revenue was $24.4 million, an increase of 32%. compared to $18.5 million in Q1 of last year. Our strength in the US was broad-based and including sales to leading academic institutions and the biopharma companies. These organizations continue to be repeat buyers with a high percentage of them having purchased at least one instrument from us in the prior four quarters. I'm pleased to report that our Aurora flagship products continue to gain traction with these buyers, which suggests how well-cited products have been addressing the needs of our user base. In a year, first quarter revenue was $10.8 million, a decrease of 7% versus Q1 2025. Instant revenue in the region was software in the quarter due to disruption caused by the conflict in the Middle East and an end-of-quarter shipment delay in another region. These pressures were partially offset by continued growth in our service business. APAC, including China, declined 13% year-over-year primarily due to accelerated order timing in the first quarter of last year in China. The remainder of APEC continued to show very strong growth across instruments, reagents, and service. Turning to slide five, our recurring revenue base continued to strengthen in the first quarter. We combined the reagents and service revenue reaching $18.4 million in the first quarter on a trading four-month basis in the first quarter. Recurring revenue represented 35% of total revenue and notably grew 19% year-over-year. We expect recurring revenue to represent an increasing percentage of total revenue over time, driven by faster growth in our service and religion businesses. Service revenue alone grew 15% year-over-year to $15.4 million, continuing to benefit from growth in our infrastructure base and the active utilization of our instruments by customers worldwide. Radiant revenue grew mid-teens on a percentage basis over Q1 of 2025, also reflecting active usage of our in-store database. 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 reinforce SCI-CAD's position as a market leader in next-gen cell analysis solutions. Starting with our core instruments on slide 6, we continue to expand our global footprint in the first quarter, adding 125 units and bringing SCI-CAD's total input base to 3,789 units. Instrument unit performance was a key highlight in the first quarter, with total unit volume increase of 9% year-over-year, including a 3% year-over-year increase of FSP instruments. We are also pleased with the ongoing market reception for the SciTech Aurora EVO system. Since its introduction, it has consistently driven revenue and unit volume growth, revenue for the Aurora Analyzer category of 8% year-over-year. We believe our continued focus on technological differentiation positions sites as well in the broader flow psychometry market. Turning to our next growth pillar, applications, which is comprised of our religion business. Religion revenue grew 16% versus Q1 2025. Religion revenue growth was broad-based across regions, with particular strength in APEC and the rest of the world regions, where reagent revenue together grew more than 40% year-over-year, and double digits in the U.S. Our reagent strengths include, in fact, the continued benefits of the initiatives we undertook in 2025, including best-in-class delivery times expanded the reagent offering, and our dedicated reagent sales team. Our bioinformatics platform continues to deepen customer engagement and support our reagent growth engine. As of March 31, 2026, Cytacloud has grown to more than 26,000 users, representing an average of 8 users per installed Cytacloud SP instrument. As users on the site crowd increase, the value proposition of our integrated ecosystem strengthens and enhances customer engagement. Turning to slide seven, as part of our strategic and business growth process, we have been planning to refocus our operations into three distinct customer-aligned business units, which will be completed in the third quarter of this year. The new solutions and clinical business unit will bring successful platforms such as Reagent, GuavaMuse Micro, and Northern Lights InfoMarket to top the clay dominated by larger team companies, while the research technology business unit will continue to advance science leadership in high parameter flow cytometry within the research use only market. This structure will create more focus on aligning marketing, sales, and R&D resources to expand CITEC's share of the reagent and low mid-tier instrument market. Together, these two units position CITEC to capture two major business opportunities. First, for the solution and critical business unit, growth in reagent consumables and low to mid-tier instruments for QA and QC workflows. for research technology, a robust high-performance instrument replacement cycle with tens of thousands of instruments eventually needing to be replaced. Finally, our service business unit will provide the foundation that supports the installed base of instruments for both the solutions and clinical and the research technology units. Collectively, this structural positioning site to accelerate its next phase of growth and reinforce our competitive leadership as the market evolves. Under the new solutions and critical vision unit, we see meaningful growth opportunities in the critical research market, where the need for high-parameter, high-performance cell analysis solutions is growing. In fact, this is already being reflected by an increase in radio cells supporting critical application. SciTech's technology platform is well suited to support this expansion, and we are investing to meet the evolving needs of clinical researchers and translational scientists. Now, I would like to ask Bill to review our financials.