Cytek Biosciences, Inc. CTKB got here out with a quarterly lack of $0.01 per share versus the Zacks Consensus Estimate of a lack of $0.05. This compares to break-even earnings per share a 12 months in the past. These figures are adjusted for non-recurring gadgets.
This quarterly report represents an earnings shock of 80%. 1 / 4 in the past, it was anticipated that this firm would put up earnings of $0.03 per share when it really produced earnings of $0.07, delivering a shock of 133.33%.
Over the past 4 quarters, the corporate has surpassed consensus EPS estimates two occasions.
Cytek Biosciences, which belongs to the Zacks Medical – Biomedical and Genetics business, posted revenues of $44.86 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 2.28%. This compares to year-ago revenues of $37.09 million. The corporate has topped consensus income estimates thrice during the last 4 quarters.
The sustainability of the inventory’s rapid worth motion primarily based on the recently-released numbers and future earnings expectations will principally rely on administration’s commentary on the earnings name.
Cytek Biosciences shares have misplaced about 30% for the reason that starting of the 12 months versus the S&P 500’s acquire of 8.8%.
What’s Subsequent for Cytek Biosciences?
Whereas Cytek Biosciences has underperformed the market thus far this 12 months, the query that involves traders’ minds is: what’s subsequent for the inventory?
There aren’t any simple solutions to this key query, however one dependable measure that may assist traders tackle that is the corporate’s earnings outlook. Not solely does this embody present consensus earnings expectations for the approaching quarter(s), but additionally how these expectations have modified recently.
Empirical analysis reveals a robust correlation between near-term inventory actions and tendencies in earnings estimate revisions. Buyers can observe such revisions by themselves or depend on a tried-and-tested ranking device just like the Zacks Rank, which has a powerful observe file of harnessing the ability of earnings estimate revisions.
Forward of this earnings launch, the estimate revisions development for Cytek Biosciences: combined. Whereas the magnitude and course of estimate revisions may change following the corporate’s just-released earnings report, the present standing interprets right into a Zacks Rank #3 (Maintain) for the inventory. So, the shares are anticipated to carry out in step with the market within the close to future.
It is going to be fascinating to see how estimates for the approaching quarters and present fiscal 12 months change within the days forward. The present consensus EPS estimate is -$0.01 on $49.01 million in revenues for the approaching quarter and $0.03 on $207.96 million in revenues for the present fiscal 12 months.
Buyers must be conscious of the truth that the outlook for the business can have a fabric impression on the efficiency of the inventory as nicely. When it comes to the Zacks Trade Rank, Medical – Biomedical and Genetics is at the moment within the prime 36% of the 250 plus Zacks industries. Our analysis reveals that the highest 50% of the Zacks-ranked industries outperform the underside 50% by an element of greater than 2 to 1.
One other inventory from the identical business, AnaptysBio, Inc. ANAB, has but to report outcomes for the quarter ended March 2024.
This firm is predicted to put up quarterly lack of $1.54 per share in its upcoming report, which represents a year-over-year change of +2.5%. The consensus EPS estimate for the quarter has been revised 1.3% larger during the last 30 days to the present stage.
AnaptysBio, Inc.’s revenues are anticipated to be $4.55 million, up 232.1% from the year-ago quarter.
