10x Genomics Reports Second Quarter 2024 Financial Results
PLEASANTON, Calif. ,
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
Second Quarter 2024 Financial Results
Revenue was
Gross margin was flat year over year at 68%.
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
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
|
|
Six Months Ended
|
||||
|
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 |
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
|
|
Six Months Ended
|
||||
|
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
|
|
Six Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
$ 89,672 |
|
$ 88,394 |
|
$ 165,309 |
|
$ 164,675 |
|
3,419 |
|
3,149 |
|
7,412 |
|
5,664 |
Total |
93,091 |
|
91,543 |
|
172,721 |
|
170,339 |
|
37,362 |
|
31,246 |
|
72,083 |
|
59,668 |
|
|
|
|
|
|
|
|
|
13,738 |
|
12,755 |
|
27,662 |
|
26,786 |
|
8,913 |
|
11,275 |
|
21,644 |
|
24,311 |
Total |
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
|
|
Six Months Ended
|
||||
(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 |
|
|||
Condensed Consolidated Balance Sheets |
|||
(Unaudited) |
|||
(In thousands) |
|||
|
|||
|
|
|
|
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 |
|
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 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/10x-genomics-reports-second-quarter-2024-financial-results-302218347.html
SOURCE