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10x Genomics Reports First Quarter 2024 Financial Results

PLEASANTON, Calif., April 30, 2024 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the first quarter ended March 31, 2024.

10x Genomics Logo (PRNewsfoto/10x Genomics, Inc.)
10x Genomics Logo (PRNewsfoto/10x Genomics, Inc.)

Recent Highlights

  • Revenue was $141.0 million for the first quarter, a 5% increase over the corresponding period of 2023, driven by Spatial revenue.

  • Shipped Visium HD Spatial Gene Expression, enabling whole transcriptome spatial discovery at single cell-scale resolution.

  • Shipped two major new Chromium products powered by GEM-X, the next generation of the company's leading single cell technology architecture, enabling higher performance at larger scale and lower cost.

  • Shipped the Xenium multi-modal cell segmentation product and a new gene panel optimized for immuno-oncology applications.

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"We delivered four major new products this quarter, which set a new standard for single cell and spatial biology," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "In its first quarter, Visium HD helped drive strong growth in Spatial. We also had a significant number of customers trial our new GEM-X products, contributing to lower quarter-end orders for Chromium. Overall, we're encouraged by the early enthusiasm, adoption and feedback from customers and believe these new launches will help accelerate growth as we move through the year."

First Quarter 2024 Financial Results

Revenue was $141.0 million for the first quarter of 2024, a 5% increase from $134.3 million for the corresponding prior year period.

Gross margin was 66% for the first quarter of 2024, as compared to 73% for the corresponding prior year period. The decrease in gross margin was primarily due to change in product mix driven by Xenium instruments.

Operating expenses were $154.4 million for the first quarter of 2024, a 3% increase from $150.4 million for the corresponding prior year period. This increase was driven by higher legal expenses and costs for facilities and information technology partially offset by lower personnel expenses, including stock-based compensation.

Operating loss was $61.5 million for the first quarter of 2024, as compared to $52.0 million for the corresponding prior year period. Operating loss includes $36.1 million of stock-based compensation for the first quarter of 2024, as compared to $42.1 million of stock-based compensation for the corresponding prior year period.

Net loss was $59.9 million for the first quarter of 2024, as compared to a net loss of $50.7 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $371.8 million as of March 31, 2024.

2024 Financial Guidance

10x Genomics is maintaining its previously announced full year 2024 revenue guidance of $670 million to $690 million, representing 8% to 12% growth over full year 2023 revenue.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the first quarter 2024 financial results, business developments and outlook after market close on Tuesday, April 30, 2024 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.

About 10x Genomics

10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world's understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn or X (Twitter).

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "see," "estimate," "predict," "potential," "would," "likely," "seek" or "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.'s product momentum, potential, progress and launches, our expected performance advantages and benefits of using our products and services, customer usage and adoption of our products and our financial performance and results of operations, including our expectations regarding revenue and guidance. These statements are based on management's current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.'s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recently-filed 10-K for the fiscal year ended December 31, 2023 and the company's 10-Q for the quarter ended March 31, 2024 to be filed with the Securities and Exchange Commission (SEC) and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.

Disclosure Information

10x Genomics uses filings with the Securities and Exchange Commission, our website (https://www.10xgenomics.com) , press releases, public conference calls, public webcasts and our social media accounts as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com

 

10x Genomics, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)




Three Months Ended
March 31,


2024


2023

Revenue (1)

$         141,006


$         134,285

Cost of revenue (2)

48,092


35,895

Gross profit

92,914


98,390

Operating expenses:




Research and development (2)

68,638


67,098

Selling, general and administrative (2)

85,774


83,280

Total operating expenses

154,412


150,378

Loss from operations

(61,498)


(51,988)

Other income (expense):




Interest income

4,736


3,869

Interest expense

(1)


(19)

Other expense, net

(1,040)


(1,516)

Total other income

3,695


2,334

Loss before provision for income taxes

(57,803)


(49,654)

Provision for income taxes

2,146


1,093

Net loss

$          (59,949)


$          (50,747)





Net loss per share, basic and diluted

$              (0.50)


$              (0.44)

Weighted-average shares of common stock used in computing net loss per share, basic and diluted

119,394,180


115,619,869

 

(1)  The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company's Visium and Xenium products:


Three Months Ended
March 31,


2024


2023

Instruments




Chromium

$              7,850


$           11,626

Spatial

17,603


7,550

Total instruments revenue

25,453


19,176

Consumables




Chromium

83,927


101,096

Spatial

26,408


11,282

Total consumables revenue

110,335


112,378

Services

5,218


2,731

Total revenue

$         141,006


$         134,285

 

The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):


Three Months Ended
March 31,


2024


2023

Americas




United States

$           75,637


$           76,281

Americas (excluding United States)

3,993


2,515

Total Americas

79,630


78,796

Europe, Middle East and Africa

34,721


28,422

Asia-Pacific




China

13,924


14,031

Asia-Pacific (excluding China)

12,731


13,036

Total Asia-Pacific

26,655


27,067

Total Revenue

$         141,006


$         134,285

 

(2)  Includes stock-based compensation expense as follows:


Three Months Ended
March 31,

(in thousands)

2024


2023

Cost of revenue

$              2,033


$              1,461

Research and development

16,888


17,780

Selling, general and administrative

17,208


22,860

Total stock-based compensation expense

$           36,129


$           42,101

 

10x Genomics, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)






March 31,
2024


December 31,
2023

Assets




Current assets:




Cash and cash equivalents

$        355,781


$        359,284

Marketable securities

16,033


29,411

Accounts receivable, net

91,305


114,832

Inventory

83,189


73,706

Prepaid expenses and other current assets

20,785


18,789

Total current assets

567,093


596,022

Property and equipment, net

269,486


279,571

Operating lease right-of-use assets

62,850


65,361

Goodwill

4,511


4,511

Intangible assets, net

16,129


16,616

Other noncurrent assets

2,844


3,062

Total assets

$        922,913


$        965,143

Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$          20,216


$          15,738

Accrued compensation and related benefits

20,670


30,105

Accrued expenses and other current liabilities

42,424


56,648

Deferred revenue

14,296


13,150

Operating lease liabilities

11,127


11,521

Total current liabilities

108,733


127,162

Operating lease liabilities, noncurrent

81,049


83,849

Deferred revenue, noncurrent

9,787


8,814

Other noncurrent liabilities

4,510


4,275

Total liabilities

204,079


224,100

Commitments and contingencies




Stockholders' equity:




Preferred stock


Common stock

2


2

Additional paid-in capital

2,063,657


2,025,890

Accumulated deficit

(1,344,369)


(1,284,420)

Accumulated other comprehensive loss

(456)


(429)

Total stockholders' equity

718,834


741,043

Total liabilities and stockholders' equity

$        922,913


$        965,143

 

Cision
Cision

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SOURCE 10x Genomics, Inc