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
|
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SOURCE 10x Genomics, Inc.