10x Genomics Reports Second Quarter 2024 Financial Results

$TXG
Biotechnology: Laboratory Analytical Instruments
Industrials
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PLEASANTON, Calif. , Aug. 8, 2024 /PRNewswire/ -- 10x Genomics, Inc. (NASDAQ:TXG), a leader in single cell and spatial biology, today reported financial results for the second quarter ended June 30, 2024.

Recent Highlights

  • Revenue was $153.1 million for the second quarter, a 4% increase over the corresponding period of 2023, primarily driven by stronger contributions from consumables.
  • Began shipping Xenium Prime 5K, which measures 5,000 genes and features an enhanced chemistry to deliver excellent per-gene sensitivity, improved specificity and spatial fidelity, and integrated multimodal cell segmentation.
  • Announced that the Garvan Institute of Medical Research selected Chromium GEM-X for its new TenK10K project, which intends to map 50 million human cells to identify unique genomic fingerprints of autoimmune diseases, heart diseases and cancer.

"While it's a challenging macro environment, we saw strong demand for spatial and single cell consumables this quarter, fueled by significant product launches earlier this year," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "We remain confident in the strength, differentiation and long-term potential of our platforms as we evolve our commercial organization and continue to execute our strategy."

Second Quarter 2024 Financial Results

Revenue was $153.1 million for the second quarter of 2024, a 4% increase from $146.8 million for the corresponding prior year period.

Gross margin was flat year over year at 68%.

Operating expenses were $146.0 million for the second quarter of 2024, a 10% decrease from $163.0 million for the corresponding prior year period. This decrease was primarily driven by lower personnel expenses, including stock-based compensation expense, and a decrease in laboratory materials and supplies.

Operating loss was $41.7 million for the second quarter of 2024, as compared to $63.4 million for the corresponding prior year period. Operating loss includes $38.5 million of stock-based compensation for the second quarter of 2024, as compared to $45.7 million of stock-based compensation for the corresponding prior year period.

Net loss was $37.9 million for the second quarter of 2024, as compared to a net loss of $62.4 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $380.1 million as of June 30, 2024.

2024 Financial Guidance

10x Genomics is updating its outlook for the full year 2024. The company now expects revenue to be in the range of $640 million to $660 million versus a prior range of $670 million to $690 million. The updated range represents 3% to 7% growth over full year 2023 revenue.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the second quarter 2024 financial results, business developments and outlook after market close on Thursday, August 8, 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, organization, strategy, demand, 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

June 30,



Six Months Ended

June 30,



2024



2023



2024



2023

Revenue (1)

$         153,104



$         146,819



$         294,110



$         281,104

Cost of revenue (2)

48,884



47,207



96,976



83,102

Gross profit

104,220



99,612



197,134



198,002

Operating expenses:















Research and development (2)

62,918



71,460



131,556



138,558

Selling, general and administrative (2)

83,039



91,510



168,813



174,790

Total operating expenses

145,957



162,970



300,369



313,348

Loss from operations

(41,737)



(63,358)



(103,235)



(115,346)

Other income (expense):















Interest income

4,715



4,100



9,451



7,969

Interest expense

(1)



(5)



(2)



(24)

Other expense, net

(56)



(1,504)



(1,096)



(3,020)

Total other income

4,658



2,591



8,353



4,925

Loss before provision for income taxes

(37,079)



(60,767)



(94,882)



(110,421)

Provision for income taxes

818



1,647



2,964



2,740

Net loss

$          (37,897)



$          (62,414)



$          (97,846)



$       (113,161)

















Net loss per share, basic and diluted

$              (0.32)



$              (0.53)



$              (0.82)



$              (0.97)

Weighted-average shares of common stock used in    

computing net loss per share, basic and diluted

120,066,972



116,707,672



119,461,485



116,166,776





(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

June 30,



Six Months Ended

June 30,



2024



2023



2024



2023

Instruments















Chromium

$              8,792



$           12,859



$           16,642



$           24,485

Spatial

15,060



18,096



32,663



25,646

Total instruments revenue

23,852



30,955



49,305



50,131

Consumables















Chromium

94,108



100,794



178,035



201,890

Spatial

29,254



11,694



55,662



22,976

Total consumables revenue

123,362



112,488



233,697



224,866

Services

5,890



3,376



11,108



6,107

Total revenue

$         153,104



$         146,819



$         294,110



$         281,104





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







Three Months Ended

June 30,



Six Months Ended

June 30,



2024



2023



2024



2023

Americas















United States

$           89,672



$           88,394



$         165,309



$         164,675

Americas (excluding United States)

3,419



3,149



7,412



5,664

Total Americas

93,091



91,543



172,721



170,339

Europe, Middle East and Africa

37,362



31,246



72,083



59,668

Asia-Pacific















China

13,738



12,755



27,662



26,786

Asia-Pacific (excluding China)

8,913



11,275



21,644



24,311

Total Asia-Pacific

22,651



24,030



49,306



51,097

Total Revenue

$         153,104



$         146,819



$         294,110



$         281,104





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







Three Months Ended

June 30,



Six Months Ended

June 30,

(in thousands)

2024



2023



2024



2023

Cost of revenue

$              2,247



$              1,835



$              4,280



$              3,296

Research and development

17,862



19,560



34,750



37,340

Selling, general and administrative

18,383



24,301



35,591



47,161

Total stock-based compensation expense

$           38,492



$           45,696



$           74,621



$           87,797

 

10x Genomics, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)





June 30,

2024



December 31,

2023

Assets







Current assets:







Cash and cash equivalents

$         379,824



$         359,284

Marketable securities

269



29,411

Accounts receivable, net

91,178



114,832

Inventory

88,272



73,706

Prepaid expenses and other current assets

19,612



18,789

Total current assets

579,155



596,022

Property and equipment, net

263,285



279,571

Operating lease right-of-use assets

60,872



65,361

Goodwill

4,511



4,511

Intangible assets, net

16,658



16,616

Other noncurrent assets

5,187



3,062

Total assets

$         929,668



$         965,143

Liabilities and stockholders' equity







Current liabilities:







Accounts payable

$           21,248



$           15,738

Accrued compensation and related benefits

20,078



30,105

Accrued expenses and other current liabilities

42,437



56,648

Deferred revenue

16,436



13,150

Operating lease liabilities

10,820



11,521

Total current liabilities

111,019



127,162

Operating lease liabilities, noncurrent

78,662



83,849

Deferred revenue, noncurrent

11,358



8,814

Other noncurrent liabilities

4,571



4,275

Total liabilities

205,610



224,100

Commitments and contingencies







Stockholders' equity:







Preferred stock

—



—

Common stock

2



2

Additional paid-in capital

2,106,752



2,025,890

Accumulated deficit

(1,382,266)



(1,284,420)

Accumulated other comprehensive loss

(430)



(429)

Total stockholders' equity

724,058



741,043

Total liabilities and stockholders' equity

$         929,668



$         965,143

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/10x-genomics-reports-second-quarter-2024-financial-results-302218347.html

SOURCE 10x Genomics, Inc.

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