Shares of Cytek Biosciences (NASDAQ: CTKB) surged over 7% in pre-market trading on Monday, November 6th, after the life sciences technology company reported better-than-expected third-quarter results and raised its full-year revenue guidance.

For the three months ended September 30, 2024, Cytek posted total revenue of $51.5 million, representing a 7% year-over-year increase and topping analysts' estimates of $50.7 million. The company's product revenue grew 14% sequentially and 3% compared to Q3 2023, while service revenue saw a 25% jump year-over-year.

More importantly, Cytek swung to a GAAP net income of $0.9 million, compared to a net loss of $6.5 million in the prior-year quarter. The company also reported positive adjusted EBITDA of $7.6 million, driven by disciplined expense management and revenue growth.