Skye Gilbert

Skye Gilbert asked about the mix in 2025 between new customer acquisitions and existing customer capacity expansion, and what this mix might look like for 2026.

Answer

CFO Bill McCombe stated that Cytek does not publicly break out these specific statistics but confirmed it's a combination of both. He noted that many customers purchase multiple systems, pharma companies tend to stick with their chosen technology, and conversions from competitive systems are also observed.

Skye Gilbert inquired about the drivers behind the end-of-year growth acceleration in Q4 2025, asking if it was primarily due to academic budget cycles or a recovery in pharma spending, and sought insights into budget expectations for 2026. Gilbert also asked about the mix in 2025 between new customer acquisitions and existing customer expansion, and what this mix might look like for 2026.

Answer

Bill McCombe, CFO, explained that the acceleration was driven by an improving environment across 2025, including a normalization in academic and government spending, catch-up disbursements from the NIH, and deferred spending. He also noted a currency benefit in EMEA and a fundamentally improved sentiment, which informs the positive environment assumed in 2026 guidance. Wenbin Jiang, CEO, highlighted strong global performance in academic and government sectors in Q4. McCombe stated that Cytek does not break out specific statistics on customer mix but confirmed it's a combination of both, with many customers purchasing multiple systems and pharma companies tending to stick with their technology choices, alongside conversions from competitive systems.