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Home Industry News Cytek Financials and Future Investment into Recruitment

Cytek Financials and Future Investment into Recruitment

13th March 2023

The net revenue for Cytek Biosciences in 2021 was $128 million, compared to 2022 which ended with a total of $164.0 million, an increase of almost 22%.

The growth was attributed to sustained demand for the entire range of products provided by Cytek and a rise in the median selling price of these goods as a result of the wide assortment.

The company wants to facilitate a rise in revenue for their Aurora, Northern Lights, and Aurora CS systems, and diversify the range of reagents and panel designs they currently have to offer.

To achieve this, Cytek anticipates ongoing investment into current business resources via expanding their workforce. Those who will align with their strategy and will push this objective are individuals with a solid foundation in the scientific and tech sectors, therefore able to sell their systems with ease.

Cytek wants to speed up the process of bringing their product offerings to the market, which is why they are choosing to inject cash into BD, sales, and promotional opportunities.

Total profits made by the company in 2022 totaled $2.5 million, which was an approximate 17% decrease on the previous year which totaled $3 million.

The main cause of the shift was a rise in costs brought on by higher wages and the quantity of staff, as well as increased spending on R&D and marketing activities.

When discussing the future of the company’s finances, Cytek said they anticipated total costs to rise considerably as they continue to recruit and retain capable individuals, and that as they add more sales and marketing staff to the workforce, overall costs for these departments will rise.

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