10x Genomics Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Outlook for 2024
Q4 2023 revenue growth of 18% and FY 2023 revenue growth of 20% over the corresponding periods of 2022
Recent Highlights
- Revenue was
$184.0 million for the fourth quarter and$618.7 million for the full year of 2023, representing 18% and 20% increases over the corresponding periods of 2022. - Increased cumulative instruments sold to 5,966 as of the end of 2023, comprising 5,180 Chromium instruments, 531 Visium instruments and 255 Xenium instruments.
- Launched preorders for Visium HD Spatial Gene Expression, enabling whole transcriptome spatial discovery at single cell-scale resolution.
- Unveiled and launched preorders for the first two products featuring Chromium GEM-X technology, the next generation of the company's leading single cell technology architecture, enabling higher performance at larger scale and lower cost.
"Our innovation engine has consistently delivered transformational technologies that have enabled our customers to expand the frontiers of science," said Serge Saxonov, Co-founder and CEO of
Fourth Quarter 2023 Financial Results
Revenue was
Gross margin was 63% for the fourth quarter of 2023, as compared to 76% for the corresponding prior year period. The decrease in gross margin was primarily due to product mix with a higher mix of Spatial instruments sold.
Operating expenses were
Operating loss was
Net loss was
Full Year 2023 Financial Results
Revenue was
Gross margin was 66% for full year 2023, as compared to 77% for 2022. The decrease in gross margin was primarily due to product mix with a higher mix of Spatial instruments sold.
Operating expenses were
Operating loss was
Net loss was
Cash and cash equivalents and marketable securities were
2024 Financial Guidance
Webcast and Conference Call Information
About
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
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, our website (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
Consolidated Statement of Operations (Unaudited) (In thousands, except share and per share data) |
|||||||
|
|||||||
|
Three Months Ended
|
|
Year Ended
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue (1) |
$ 183,979 |
|
$ 156,232 |
|
$ 618,727 |
|
$ 516,409 |
Cost of revenue (2) |
68,197 |
|
36,827 |
|
209,414 |
|
120,386 |
Gross profit |
115,782 |
|
119,405 |
|
409,313 |
|
396,023 |
Operating expenses: |
|
|
|
|
|
|
|
Research and development (2) |
65,267 |
|
63,614 |
|
270,332 |
|
265,667 |
In-process research and development |
19,578 |
|
— |
|
60,980 |
|
— |
Selling, general and administrative (2) |
86,125 |
|
78,887 |
|
343,330 |
|
298,300 |
Total operating expenses |
170,970 |
|
142,501 |
|
674,642 |
|
563,967 |
Loss from operations |
(55,188) |
|
(23,096) |
|
(265,329) |
|
(167,944) |
Other income (expense): |
|
|
|
|
|
|
|
Interest income |
4,637 |
|
2,815 |
|
16,906 |
|
6,647 |
Interest expense |
(8) |
|
(125) |
|
(33) |
|
(476) |
Other income (expense), net |
3,961 |
|
3,995 |
|
(307) |
|
(198) |
Total other income |
8,590 |
|
6,685 |
|
16,566 |
|
5,973 |
Loss before provision for income taxes |
(46,598) |
|
(16,411) |
|
(248,763) |
|
(161,971) |
Provision for income taxes |
2,354 |
|
804 |
|
6,336 |
|
4,029 |
Net loss |
$ (48,952) |
|
$ (17,215) |
|
$ (255,099) |
|
$ (166,000) |
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
$ (0.41) |
|
$ (0.15) |
|
$ (2.18) |
|
$ (1.46) |
Weighted-average shares used to compute net loss per share, basic and diluted |
118,565,724 |
|
114,757,572 |
|
117,165,036 |
|
113,858,684 |
|
|
|
|
|
|
|
|
(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
|
|
Twelve Months Ended
|
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Instruments |
|
|
|
|
|
|
|
|
Chromium |
|
$ 11,150 |
|
$ 15,243 |
|
$ 47,866 |
|
$ 58,552 |
Spatial |
|
27,248 |
|
7,089 |
|
75,605 |
|
13,844 |
Total instruments revenue |
|
38,398 |
|
22,332 |
|
123,471 |
|
72,396 |
Consumables |
|
|
|
|
|
|
|
|
Chromium |
|
118,144 |
|
120,238 |
|
420,316 |
|
400,433 |
Spatial |
|
22,170 |
|
11,359 |
|
59,237 |
|
35,155 |
Total consumables revenue |
|
140,314 |
|
131,597 |
|
479,553 |
|
435,588 |
Services |
|
5,267 |
|
2,303 |
|
15,703 |
|
8,425 |
Total revenue |
|
$ 183,979 |
|
$ 156,232 |
|
$ 618,727 |
|
$ 516,409 |
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
$ 99,322 |
|
$ 82,828 |
|
$ 360,091 |
|
$ 284,987 |
|
|
4,520 |
|
2,794 |
|
13,101 |
|
8,791 |
Total |
|
103,842 |
|
85,622 |
|
373,192 |
|
293,778 |
|
|
50,589 |
|
43,001 |
|
142,276 |
|
117,068 |
|
|
|
|
|
|
|
|
|
China¹ |
|
11,748 |
|
16,277 |
|
50,965 |
|
64,356 |
|
|
17,800 |
|
11,332 |
|
52,294 |
|
41,207 |
Total |
|
29,548 |
|
27,609 |
|
103,259 |
|
105,563 |
Total Revenue |
|
$ 183,979 |
|
$ 156,232 |
|
$ 618,727 |
|
$ 516,409 |
|
|
1 |
Includes |
(2) Includes stock-based compensation expense as follows:
|
Three Months Ended
|
|
Year Ended
|
||||
(in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Cost of revenue |
$ 1,928 |
|
$ 1,511 |
|
$ 7,068 |
|
$ 5,259 |
Research and development |
17,608 |
|
17,865 |
|
72,804 |
|
59,211 |
Selling, general and administrative |
19,382 |
|
21,598 |
|
87,078 |
|
72,378 |
Total stock-based compensation expense |
$ 38,918 |
|
$ 40,974 |
|
$ 166,950 |
|
$ 136,848 |
Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) |
|||
|
|||
|
|
||
|
2023 |
|
2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 359,284 |
|
$ 219,746 |
Marketable securities |
29,411 |
|
210,238 |
Restricted cash |
— |
|
2,633 |
Accounts receivable, net |
114,832 |
|
104,211 |
Inventory |
73,706 |
|
81,629 |
Prepaid expenses and other current assets |
18,789 |
|
16,578 |
Total current assets |
596,022 |
|
635,035 |
Property and equipment, net |
279,571 |
|
289,328 |
Restricted cash |
— |
|
4,974 |
Operating lease right-of-use assets |
65,361 |
|
69,882 |
|
4,511 |
|
4,511 |
Intangible assets, net |
16,616 |
|
22,858 |
Other noncurrent assets |
3,062 |
|
2,392 |
Total assets |
$ 965,143 |
|
$ 1,028,980 |
Liabilities and stockholders' equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 15,738 |
|
$ 21,599 |
Accrued compensation and related benefits |
30,105 |
|
32,675 |
Accrued expenses and other current liabilities |
56,648 |
|
59,779 |
Deferred revenue |
13,150 |
|
7,867 |
Operating lease liabilities |
11,521 |
|
9,037 |
Total current liabilities |
127,162 |
|
130,957 |
Operating lease liabilities, noncurrent |
83,849 |
|
86,139 |
Deferred revenue, noncurrent |
8,814 |
|
3,165 |
Other noncurrent liabilities |
4,275 |
|
2,976 |
Total liabilities |
224,100 |
|
223,237 |
Commitments and contingencies |
|
|
|
Stockholders' equity: |
|
|
|
Preferred stock, |
— |
|
— |
Common stock, |
2 |
|
2 |
Additional paid-in capital |
2,025,890 |
|
1,839,397 |
Accumulated deficit |
(1,284,420) |
|
(1,029,321) |
Accumulated other comprehensive loss |
(429) |
|
(4,335) |
Total stockholders' equity |
741,043 |
|
805,743 |
Total liabilities and stockholders' equity |
$ 965,143 |
|
$ 1,028,980 |
|
|
|
|
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