Cytek Biosciences, driven by innovative Full Spectrum Profiling (FSP) technology, has seen strong top-line growth from $128 million in 2021 to $193 million in 2023. However, operating and net losses have materially widened as the company invests heavily in expansion and commercialization efforts. Despite growing revenues, negative operating income doubled in 2025 compared to prior years, with cash flow turning negative as well. The company’s global manufacturing footprint and integrated platform offer competitive moats but supplier concentration and regulatory risks persist. Strategic expansion into clinical markets hinges on FDA clearances yet remains uncertain.