Cytek Biosciences Names William McCombe Chief Financial Officer; Reaffirms 2024 Revenue Outlook Of $203M-$213M Vs $207.86M Est.
Experienced executive with extensive background as CFO for global corporations across dynamic sectors
Cytek reaffirms 2024 outlook
FREMONT, Calif., March 19, 2024 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (NASDAQ:CTKB) today announced that William (Bill) McCombe has been appointed chief financial officer of the company effective immediately. McCombe brings experience as a public company CFO at both large scale, and smaller, high growth technology companies. He was CFO at Velo3D, a leader in metal 3D printing systems for the aerospace and other industries, CFO at HZO, a leader in delivering protective nano coatings for electronics, and EVP and CFO at Maxar Technologies, a multi-billion-dollar revenue satellite and space imaging company.
McCombe has significant experience in financial management, public company reporting and operational finance, and a proven track record of driving growth and building high-performance teams. He also brings deep expertise in mergers, acquisitions, and capital markets transactions with a career of more than 20 years as an investment banker, where he was a Managing Director at Morgan Stanley and at Bank of America. McCombe earned an MBA from Columbia University, and Bachelor of Laws and Bachelor of Commerce degrees from the University of Melbourne.
"Bill's wealth of experience in finance, combined with his strategic approach, expertise in public company dynamics, and transformational leadership skills, uniquely positions him to drive our corporate objectives." stated Dr. Wenbin Jiang, Cytek's Chairman and CEO. "We are confident in his ability to partner with us in steering Cytek towards sustainable growth and long-term value creation."
"Cytek is globally recognized as a leader in cell analysis solutions," said McCombe. "I am excited by the opportunity to join such an innovative company and play a meaningful role in charting the next chapter of the company's continued success. I believe there is tremendous growth potential at Cytek, and I look forward to the journey ahead."
As CFO, McCombe will lead Cytek's global finance organization and financial activities including accounting and controllership, financial planning and analysis, tax, investor relations, internal audit, mergers and acquisitions, and treasury. McCombe will be based in Cytek's Fremont, California headquarters.
McCombe succeeds Patrik Jeanmonod, who has been appointed as the company's head of corporate development analytics. Jeanmonod served as Cytek's chief financial officer since 2018.
Jiang expressed, "I would like to thank Patrik for what he has accomplished at Cytek. He has played an instrumental role in the growth of Cytek during a transformational period, developing the financial strategy and planning behind multiple transactions and programs as well as key finance initiatives. We are thankful for Patrik's tremendous contributions to Cytek over the years and we look forward to his continued contributions under his new role."
2024 Outlook Reaffirmed
Cytek also reaffirms its previously stated full year 2024 revenue guidance of $203 million to $213 million, representing growth of 5% to 10% over Cytek's 2023 total revenue, and its expectation of positive net income for the year ended December 31, 2024, assuming no change in currency exchange rates.