Cytek Biosciences, Inc. (NASDAQ: CTKB)

Sector: Healthcare Industry: Medical Devices CIK: 0001831915
Market Cap 538.44 Mn
P/B 1.42
P/E -42.00
P/S 2.74
ROIC (Qtr) -5.71
Div Yield % 0.00
Rev 1y % (Qtr) 1.54
Total Debt (Qtr) 14.15 Mn
Debt/Equity (Qtr) 0.04
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About

Cytek Biosciences, Inc. (CTKB) is a prominent player in the life sciences technology market, specializing in cell analysis solutions. The company's innovative Full Spectrum Profiling (FSP) technology sets it apart in the industry, offering high-resolution, high-content, and high-sensitivity cell analysis. This technology addresses the limitations of conventional flow cytometry, mass cytometry, and early spectral flow cytometry methods. Cytek Biosciences' primary business activities encompass the development, manufacturing, marketing, and sales...

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Investment thesis

Bull case

  • Strong tangible asset base of 460.55M provides 32.55x coverage of total debt 14.15M, indicating robust asset backing and low credit risk.
  • Tangible assets of 460.55M provide exceptional 10.22x coverage of deferred revenue 45.05M, showing strong service capability backing.
  • Short-term investments of 168.45M provide solid 2.49x coverage of other current liabilities 67.58M, indicating strong liquidity.
  • Strong free cash flow of (5.85M) provides 12.42x coverage of acquisition spending (471000), indicating disciplined M&A strategy.
  • Tangible assets of 460.55M provide robust 6.82x coverage of other current liabilities 67.58M, indicating strong asset backing.

Bear case

  • Operating cash flow of (1.92M) barely covers its investment activities of (51.47M), with a coverage ratio of 0.04, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (51.47M) provide weak support for R&D spending of 37.23M, which is -1.38x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 93.28M provide limited coverage of acquisition spending of (471000), which is -198.05x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (1.92M) provides insufficient coverage of deferred revenue obligations of 45.05M, which is -0.04x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (1.92M) shows concerning coverage of stock compensation expenses of 26.06M, with a -0.07 ratio indicating potential earnings quality issues.

Customer Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.97 2.13
EV to Cash from Ops. EV/CFO -249.16 2.75
EV to Debt EV to Debt 33.77 17.25
EV to EBIT EV/EBIT -49.05 2.89
EV to EBITDA EV/EBITDA -23.74 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF -81.67 29.36
EV to Market Cap EV to Market Cap 0.89 25.09
EV to Revenue EV/Rev 2.43 32.80
Price to Book Value [P/B] P/B 1.42 4.73
Price to Earnings [P/E] P/E -42.00 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) -1.70 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 6.65 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -42.53 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 36.81 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -49.44 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) 34.89 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) -30.02 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) -25.00 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) -120.40 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -4.77 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.40 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 1.24 1.80
Current Ratio Curr Ratio (Qtr) 5.17 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.04 1.20
Interest Cover Ratio Int Coverage (Qtr) -1.70 196.93
Times Interest Earned Times Interest Earned (Qtr) -1.70 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 1.00 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) -4.95 -2,478.60
EBT Margin % EBT Margin % (Qtr) -7.87 -2,690.42
Gross Margin % Gross Margin % (Qtr) 53.50 30.80
Net Profit Margin % Net Margin % (Qtr) -6.50 -2,821.53