Cytek Biosciences, Inc. Common Stock Morgan Stanley 24th Annual Global Healthcare Conference

Sure. We guided to 3%-5% growth at the beginning of the year. In the first half, we recorded 6% growth, so above the high end of our expectations. Now, admittedly, that's against a weak comp in the first half of 2025, but the U.S. Acad/Gov market has proved to be very strong. Pharma globally has been pretty solid as well, with good growth off a low base. Those have been positive surprises.

Yeah. As you know, 10 years ago, we actually launched our first product, Aurora, at that time. When we were launching that product, clearly at that time, flow cytometry was already talking about a 50-year-old technology and old industry dominated by a few big players. We were a disruptor at that time. What we came up with, what we called at that time full spectral profiling technology-based flow cytometers. With what we did, and we have so far, over the last 10 years, changed the industry completely. The whole flow cytometry industry today is about full spectral technology. I don't think anyone will question the future of the flow cytometry will be a full spectral technology or not. It's about whose full spectral technology they will go after.

During the last 10 years, we have pretty much established the industry with what we have developed as the standard. Now, especially, I know we started with the key opinion leaders, those key academic labs. From there, we penetrated into all the key pharmaceutical companies. Today, if you go to any of the labs in the U.S., in Europe, probably you'll be surprised not seeing anything from Cytek. Basically, this is what we have now. We build upon what we developed. We continued to evolve from there. We started with analyzer, then go to sorters, and then from analyzer, sorter, we continued investment and engagement with customers. From there, we developed, launched Evo as the second generation of flow cytometers. Just very recently, we launched our latest product, which we call the Borealis. Borealis is not just a new flow cytometer.

In fact, it's a flow cytometer together with the reagents, the dyes. We launched the product as the whole package, as a full solution, including the imaging. With what we have now, we become the first flow cytometer company that enable more than 60 colors, which is exactly what many of the academic labs, as well as pharma discovery, are looking forward to enable them to truly improve the efficiency of their drug discovery or help them to truly understand the fundamental technology behind the new diseases and trying to understand it, a tool which they have been looking forward to. Cytek, we changed the whole industry, and now we continue to lead the industry based on the standards we have already very well established over the last 10 years.

Sure. There's a substantial improvement. In the first half of last year, our growth rate was -5%. As you'll remember, there was a lot of uncertainty about government funding for research at that time, about funding the government was going to make available to universities, and about trade policy with respect to pharmaceuticals. Most of those issues have largely receded, and so in the first half of this year, we grew 6%, so 11% better growth rate. That underscores a much more solid environment. We've also seen the NIH come back, and had several purchases funded by either by the NIH directly or an NIH-funded grant. So, it's been a positive. In general, much more positive environment in the first half of this year.

Yeah. I think the U.S. is particularly doing very well with regard to the overall growth.

Well, as Wenbin mentioned, in 2017 to 2019, we were the disruptor. We were bringing a new technology that the customers hadn't decided on yet. What's become evident, in recent years is that, there's broad acceptance that FSP technology is the way to go for the future. As the pioneer of that technology and the leader in that particular sector, we benefit from the replacement cycle from this, the replacement of conventional flow cytometers by FSP. So we're the incumbent leader. There's a broad population of people that know how to use our instruments. We have reputation in the marketplace. So we just need to continue to execute, with a strong selling effort, strong service offering, and continuing to introduce the best new products in the marketplace, which we have done both last year with the Aurora Evo and this year with the Borealis and the Aurora Evo 2.