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.
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.
"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
|
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SOURCE 10x Genomics, Inc