Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cytek Biosciences Second Quarter 2026 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. To withdraw your question, press star one again. Thank you. I would now like to turn the call over to Mark Meehan. Please go ahead. Thank you, operator. Joining me today from Cytek are Wenbin Jiang, CEO, and Bill McCombe, CFO. Earlier today, Cytek Biosciences released financial results for the second quarter ended June 30th, 2026. If you haven't received this news release or if you'd like to be added to the company's distribution list, please send an email to investors@cytekbio.com. A copy of the news release is also available on the investor relations section of Cytek's website at investors.cytekbio.com. Please note that we'll be referencing this slide presentation during the call today that has been posted in the investor section of our cooperate website. As a reminder, on Slide 2, we will make statements during this call that are forward-looking statements within the meaning of the Federal Securities laws, including statements regarding Cytek's business plans, strategies, opportunities, and financial projections. These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements. Additional information regarding these risks and uncertainties appears in our slide presentation, in the section entitled Forward-Looking Statements in the press release Cytek issued today, and in Cytek's filings with the SEC. This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found on our slide presentation and in today's press release. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Except as required by law, Cytek disclaims any duty to update any forward-looking statements, whether because of new information, future events, or changes in its expectations. This conference call contains time-sensitive information and is accurate only as of the live broadcast, August 5th, 2026. Finally, I would like to remind you of the organizational update we mentioned during our last call. During the third quarter of 2026, Cytek will begin operating as three distinct customer-aligned business units: Solutions and Clinical, Research Technology, and Service. For further details about these business units, please see the slide included in the appendix of our presentation. With that, I will turn the call over to Wenbin. Thanks, Mark. Welcome everyone, and thank you for your interest in Cytek. On today's call, I will start with a discussion on our performance in the second quarter and highlight a couple of exciting new product launches before turning the call over to Bill for a detailed look at our financials and our updated full-year outlook. Turning to slide 3. We built upon our good start to the year with continued positive momentum through the second quarter, delivering another period of solid revenue growth. Second quarter 2026 revenue was $48.1 million, an increase of 6% year-over-year. Our second quarter performance was driven by strong double-digit revenue growth in the U.S. and in China, mix gains growth from our FSP instruments, and consistent double-digit growth in our service business. Turning to slide 4. Geographically, in the United States, second quarter revenue was $28.2 million, an increase of 18% year-over-year. This maintains the strong trend from Q1 and reflects impressive growth in instrument revenue in the academic and government sector and in our service business. In EMEA, second quarter revenue was $11.3 million, down approximately 8% year-over-year, reflecting a continuation of the budgetary pressures arising from regional geopolitical dynamics. Total APAC revenue, including China, was $7.9 million, flat year-over-year. China delivered a strong double-digit growth against a modest year-on-year comp, which was offset by softness in other parts of the region. Turning to slide 5. We continued to expand our global footprint in the second quarter, adding 142 units and bringing Cytek's total install base to 3,933 units. We continued to see good instrument unit growth in the second quarter, driven by our high-end FSP instrument portfolio, which grew 11% year-over-year and was led by Aurora Evo Analyzer and Aurora CS Cell Sorter. Turning to slides 6 and 7. I want to additionally highlight two exciting new product launches that further extend our technology leadership and set the foundation for our next phase of growth. First, we recently introduced the Cytek Borealis, the industry's first 60-color, seven-laser, full spectral-flow cytometer. The advancement to resolve 60 unique colors in a single sample run was enabled by Borealis' unique technology, where seven lasers operate simultaneously in concert with purpose-built and proprietary deep UV and IR dye reagents. The capability to analyze 60 colors in a single run significantly expands the range of cellular biomarkers that scientists can evaluate while retaining the direct hierarchy comparison benefits of a single-tube sample. On top of the technological benefits that improve analytical capability, the Borealis also delivers increased efficiency for our customers, including the ability to analyze nanoparticles, which expands the diversity of sample types, high flow rates that increases the speed of the analysis and throughput of the system, and enhanced automation that eliminates the need for manual sample handling. The Borealis system has also been designed to allow for the integration of onboard high-parameter cellular imaging capabilities. By incorporating imaging alongside advanced full spectrum seven-laser spectral detection, Borealis will provide a more complete cellular view from a single sample, representing another meaningful step forward in what our customers can learn from each experiment. Feedback from our early access customers has been very strong, and we look forward to sharing more on Borealis as we progress toward greater commercial availability. Second, we introduced the new Aurora Evo instrument configurations with expanded automation capabilities. These enhancements enable the integration of full spectral-flow cytometry into highly automated laboratory environments by adding automated and remote operation of key instrument functions, as well as an API for interfacing with automation plate handling systems, eliminating the need for a human operator. These capabilities are particularly relevant for biopharma organizations and CROs, where efficiency, reproducibility, and system integration are critical to large-scale programs. Taken together, these newly launched products underscore our continued commitment to extending our technology leadership while enabling cutting-edge research and driving lab productivity for our customers. Turning to Applications and Service. Our recurring revenue base continued to strengthen in the second quarter. Combined reagents and service revenue was $18.5 million in Q2 2026, up 8% year-over-year, representing 35% of Cytek's last 12 months revenue, up from 32% for the 12 months to June the 30th, 2025. Service revenue was $15.6 million in the second quarter, growing 10% year-over-year, driven by continued growth in our installed base and the high utilization of our instruments by customers worldwide. We expect recurring revenue to represent an increasing percentage of our total revenue over time, supported by high utilization and the continued expansion of our installed base. Moving to bioinformatics. The Cytek Cloud continues to play a critical role for researchers working to create and optimize experiment workflows and is also driving adoption and utilization of our cell analysis solutions. As of June the 30th, 2026, Cytek Cloud has surpassed 28,000 users, up 15% since the start of the year. Growth in Cytek Cloud users reinforces the strength of our integrated ecosystem and drives deeper customer engagement. We believe this increasing level of engagement is an important factor in driving growth in our reagent and service businesses. With that, I will now turn the call over to Bill for additional details on our Q2 financials and our updated guidance. Thanks, Wenbin. Turning to slide 8. Second quarter revenue was $48.1 million, an increase of 6% compared to $45.6 million in Q2 2025. Growth was led by strong results in the U.S., where we saw 18% year-over-year growth and record revenue in Q2, as well as robust growth in China. These were partially offset by continued softness in EMEA and other APAC, excluding China. Product revenue, which is comprised of instruments and reagents, was $32.6 million, an increase of 4% year-over-year, driven by sales of our high-end instruments, which grew mid-teens during Q2. We saw improved sentiment and strong revenue growth from academic and government customers in the U.S. While biopharma distributor and CRO customers grew in other regions. EMEA instrument revenue declined 10% year-over-year, reflecting the government budgetary pressures Wenbin described earlier. In APAC, excluding China, product revenue was also lower, driven by normal fluctuations in purchasing patterns after a strong Q1. Service revenue was $15.6 million, growing 10% year-over-year, driven by our expanding installed base and active instrument utilization globally. By customer segment, biopharma distributor and CRO revenue grew approximately 22% year-over-year to $29 million, the result of strong growth in EMEA and China. Academic and government revenue was $19.1 million, down approximately 12% year-over-year. U.S. academic and government revenue grew strongly compared to both prior year Q2 and Q1 of this year. This was offset by weakness in academic and government sectors in EMEA and other APAC excluding China, after a strong Q1 in both. Turning to slide 9. GAAP gross profit was $28.3 million in Q2, representing a gross margin of 59%, which included a one-time $2.8 million tariff refund received during the quarter. Excluding that tariff refund, gross margin would've been 53% compared to 52% in Q2 2025. Product gross margin was 60%, or 52% excluding the tariff refund, compared to 53% in the year ago quarter. Service gross margin was 56%, up from 52% in Q2 2025 as a result of lower material costs. Adjusted gross margin, which excludes stock-based compensation and amortization of acquisition-related intangibles, was 61% in the second quarter, or 56% excluding the tariff refund, compared to 56% in the prior year quarter. For subsequent quarters of this year, we expect gross margins excluding the impact of the tariff refund to increase as our revenue increase is consistent with our typical seasonal pattern. Total operating expenses were $39.7 million in Q2, up 15% versus Q2 of 2025. Research and Development expenses were $9.7 million, up 10% versus Q2 2025, primarily due to higher personnel costs. Sales and Marketing expenses were $13.2 million, up 9% versus Q2 2025, primarily due to higher personnel costs and advertising and marketing expenses. General and Administrative expenses were $16.8 million, up $3.3 million or 24%. The increase was primarily due to higher legal expenses associated with the previously disclosed patent litigation case and higher severance and other personnel costs. Our loss from operations was $11.4 million in the current quarter versus $10.6 million in the year ago quarter. GAAP net loss in the second quarter was $12.2 million, compared to $5.6 million in the prior year quarter. The increase in GAAP net loss was due to three factors. First, a higher loss from operations of $0.8 million, s econd, a $4.5 million lower net other income, which was primarily due to foreign exchange losses of $0.7 million in the current quarter versus $1.6 million of gains in the year ago quarter, and a $1.6 million non-recurring write-off of an investment in an early-stage technology company, and t hird, a tax expense of $0.5 million in the current quarter versus $1.2 million of tax benefit in the year ago quarter. Adjusted EBITDA, which excludes stock-based compensation, foreign exchange impacts, and the non-recurring write-off, was a loss of $1.5 million in Q2 2026, compared to a positive $1.3 million in Q2 2025. The Adjusted EBITDA loss was primarily due to a higher loss from operations, a lower add back of stock-based comp, and lower investment income. However, we anticipate Adjusted EBITDA to improve in the second half as revenue increases with our normal seasonal pattern and operating expense growth moderates. For the full year 2026, we expect to deliver around breakeven Adjusted EBITDA. Our free cash flow for the quarter was approximately neutral. Cash, cash equivalents, and marketable securities totaled $262 million as of June 30, 2026, compared to $262.2 million as of March 31, 2026. Our strong balance sheet continues to provide the financial flexibility to invest in our global growth priorities. Turning to slide 10. Today, we are raising the low end of our full year 2026 revenue guidance range so that the revised range is $207 million-$212 million, increasing the midpoint by $1 million. This assumes no change in currency exchange rates. This outlook reflects positive year-to-date results and the overall growth outlook across our markets, particularly in the U.S. and APAC, including China. In the second half, we expect revenue to be significantly higher in the fourth quarter versus the third, consistent with our typical seasonal revenue patterns. With that, I'll turn it back over to Wenbin. Thanks, Bill. Turning to slide 11. I want to close by thanking the entire Cytek team for their continuous dedication and execution on behalf of our stakeholders. Our second quarter and first half results reflect the strength of our technology leadership in the flow cytometry industry. Revenue grew 6% year-over-year to $48.1 million in Q2, with strength in the U.S. and China demonstrating the demand for our technology. Our recurring revenue base now represents 35% of last 12 months revenue, with service revenue delivering consistent double-digit year-over-year growth, and our related business remaining well-positioned to expand. Looking ahead, our priorities remain clear. Accelerating the market penetration of our instrument platforms, including the newly launched Borealis and Aurora Evo automation capabilities, advancing our technological leadership through continuous innovation, expanding our recurring revenue line, and delivering profitable, sustainable growth. We believe the investments we have made in our products, our people, and our operations position Cytek well for fundamental operational success and for the significant long-term opportunity ahead of us. I want to thank everyone for joining today's call. We will now open up for questions. Operator? In order to ask a question, please press star one on your telephone keypad. Your first question comes from the line of Brendan Smith with TD Cowen. Please go ahead. Great. Thanks for taking the questions, guys. Appreciate all the color on the end market and geographic breakdown in the quarter, especially China and EU. I guess with the biotech funding environment continuing to improve, should we expect growth across end markets to kind of equilibrate a bit? I guess just how should we think about levers at your disposal to capitalize on the recovery in U.S. versus these other geographies? Just any kind of color on relative contribution there would be great. Thanks. Hi, Brendan. This is Bill. We saw strong demand, strong momentum in the U.S., driven by academic and government customers in particular. Biopharma in the U.S. was relatively flat, but in the first half, U.S. Biopharma was up in the 20% area, so continued to show strong growth on a longer-term basis. Europe continued to be challenged. What we're seeing is that government R&D funding continues to be under pressure as a result of shifting government spending priorities over there and prioritization of other areas such as defense. China was very good in the quarter, and other APAC had a bit of a soft quarter, but we do expect, over the longer term, that region as a whole will continue to be a strong growth market. In terms of levers, we have significant new products that we talked about, the Borealis, the Aurora Evo automation with enhanced automation, which are attracting very strong interest from customers. We continue to invest in our sales and marketing infrastructure. Our brand is very strong, and it represents really the leading technology in the space. That's something that's true in all major markets. On top of that, we have seen Cytek sales order continue to demonstrate great performance and very well appreciated by our customers and becoming really the workhorse for their daily applications. All right. Great. Thanks, guys. Appreciate it. Your next question comes through the line of David Westenberg with Piper Sandler. Please go ahead. Great. Hi, this is Skye on for Dave. Thanks for the question. First, in the past, I think you've referenced a global installed base of 46,000 flow cytometers as a long-term replacement opportunity. Do you have any visibility into the actual annual replacement or retirement rate? Can you share a bit about the recent instrument placements and whether those have been competitive upgrades from conventional systems or just net new full spectrum adoption or expansion within existing full spectrum accounts? Then I have a follow-up. Thanks. Based on the market report, the annual placement is between 7,000-10,000, within that range. From Cytek's perspective is we play primarily in the high end of the research market, within that market segment, and we continue to see great traction with our products. Customers are shifting more and more toward the full spectral technology, which we have outperformed in our space. We believe we are continuing to taking market share in that aspect. Okay, great. Thanks. Then just secondly, can you talk a bit more about the dynamics in China? I know you've mentioned China as one of your expanding clinical markets in the past. This quarter, you saw double-digit growth. What are you seeing from these Chinese clinical flow cytometry adoption patterns versus what you're seeing in the core academic and government areas? Thanks. As you know, we do have our Northern Lights-CLC clinically approved for hospital use over there. Just like many applications actually in other territories, in fact, our research instrument continue to dominate our sales in that market. I think if you take a look at all the public datas around, Cytek continue to be one of the top three players in the China market. I just wanted to add something related to the prior question about the replacement opportunity. If you look at the indicators given in the releases of our competitors, and you look at our growth rate, our growth rate would appear to be significantly higher than our competitors. One of the factors that could be behind that is the replacement of conventional flow cytometers with FSP, and obviously, the strength of our technology and brand position. I think that our relative growth rate compared to the peers would bear out that replacement opportunity is something that's working in our favor. Your next question comes from the line of Kallum Titchmarsh with Morgan Stanley. Please go ahead. Hi, this is Jason on for Kallum. Thank you for taking our questions. Maybe just a question on the strategic reorganization to create new business units and align resources to drive growth. Can you just update us where you are from an operational perspective with the reorganization and what remains to be done before being completed in 3Q? How soon could we expect to see benefits from the initiative translate to the P&L? Could benefits start showing up in Q4, and would that represent upside to the 2026 guide? Also, what is the potential for customer disruption, just due to changes in the sales force or other factors? Thank you. We're in the process of implementing that. As we said, we were going to implement it in Q3, we've started to do that. I think in terms of the primary objective of this restructuring is to align resources around our different customer segments. As we do that, we would expect that to improve our growth rate, and improve particularly our market penetration in the mid and low-end instruments and in reagents. That's the area covered by the Solutions business. Look, that's going to take time to really bear significant fruit. The guide that we gave for this year reflects the, or assumes that this implementation is happening now and will continue. It's baked into the guide. I think those are the major points. I think the way we are structuring, in fact, is going to enable us to serve our customers better because different products are aiming for different customer segment. We are able to really focus our resources, our marketing, our R&D to really optimize our products, our marketing message, aiming for the needs of our customers. We don't expect any disruption. In fact, it should make us serving our customer better. The primary benefit is going to show up in improved top-line growth rate, improved market penetration in the solutions markets, and an overall improved top-line growth rate. It will take a little while to show up because those efforts are basically just beginning. Over time, we think this organization will be a significant improver to our growth rate. Great. Thank you. Just to follow up on that, I think the slides mentioned that one of the three new business units is a clinical-focused business unit. It mentions that Cytek currently has low share in the clinical market, and the market represents a big growth opportunity. Why do you think flow cytometry is currently under-penetrated in the clinical space today, and what is Cytek's strategy for penetrating the clinical market? Thank you. Actually, the business unit is called Solutions and Clinical business unit because clinical is part of the solutions. Overall, if you look at the pure, there are two part of the clinical. One is clinical true diagnostic, that part of the business. Second part is more kind of research, clinical-oriented business. We are serving for both markets right now and, with what we have developed in particularly, the panels, reagents, and as well as the software optimizations to drive the application and penetration into that market across all the territories, including China, Europe, as well as the U.S. Yeah. Look, one of the reasons it's a small business for us now is we have approval for clinical product in EMEA and Asia, but we don't have it in the U.S. That's one of the reasons that we have a small position now and the potential to grow significantly over time. Appreciate the answers. Congratulations on the quarter. Thank you. Again, if you would like to ask a question, press star one on your telephone keypad. Your next question comes from the line of Mason Carrico with Stephens Inc. Please go ahead. Hey, this is Harrison on for Mason. Thanks for taking the questions. Have the assumptions for instruments, service, and reagents baked into the guide shifted at all? Expectations as of last quarter were for continued growth in services and reagent revenue at levels consistent with recent quarters and flat to modest growth in instruments. Does that framework still hold within the updated guidance framework today? Yeah, generally, that's true. Look, every quarter, we look at the results, and we tweak the framework. Our service business grew 10%. We would expect continued growth at that level or better in services. I think no major changes. The instrument revenues grew, frankly, a little towards the higher end of our range of assumptions. We look at the quarter and at various scenarios, and come up with the range based on looking at a range of scenarios. I would say there aren't major changes to that framework. Got it. When you initially set the guide in February, you described a contingency built in for unforeseen macro developments. Has any of that cushion been consumed in the first half? What's the dollar figure for that cushion in the back half if it's still being assumed into the guidance? Yeah. Look, there's some contingency there. We don't break it out. There's not one formula with specific numbers that we use to produce the guide. It's not a formulaic or mechanical calculation. We look at a number of scenarios. There's some contingency in the back half there. You'll note that grown faster in the first half than would be implied, certainly by the low end of our guide, and even the midpoint of the guide. You can conclude from that we still have some contingency in our number. We're not forecasting any change in our markets. Great. Thanks for taking the questions. There are no further questions at this time. Ladies and gentlemen, thank you for joining today's conference call. You may disconnect.