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10X Genomics Inc

10x Genomics Reports Second Quarter 2025 Financial Results

PLEASANTON, Calif. , Aug. 7, 2025 /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, 2025.

Recent Updates

  • Revenue was $172.9 million for the second quarter. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million.
  • Ended the second quarter with cash and cash equivalents and marketable securities of $447.3 million, representing a $20 million increase over the prior quarter.
  • Entered into a definitive agreement to acquire Scale Biosciences for upfront cash and stock consideration of $30 million, plus contingent consideration that could become payable upon the achievement of certain milestones. The acquisition strengthens the company's leadership in single cell analysis with key technology that will drive innovation and expand access by enabling more powerful, affordable and scalable experiments across a broader range of applications.
  • Began shipping Visium HD 3' and HD cell segmentation, expanding the Visium portfolio's capabilities by enabling high-resolution, high-sensitivity profiling across a wider range of applications.
  • Announced a partnership with the Genome Institute of Singapore on the TISHUMAP initiative, which will leverage Xenium and AI to uncover novel biomarkers and therapeutic targets for cancer and inflammatory diseases.

"The second quarter unfolded largely as anticipated," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Amid continued uncertainty in the funding environment, we're encouraged by the resilience of our business and the dedication of our team. We're focused on disciplined execution, and remain confident in the strength of our technology, the momentum behind our platforms and the significant long-term opportunity in front of us."

Second  Quarter 2025 Financial Results

Revenue was $172.9 million for the second quarter of 2025. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million, a 5% decrease from the corresponding period of 2024, primarily driven by a decrease in instrument revenue. This figure also reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes. 

Gross margin was 72% for the second quarter of 2025, as compared to 68% for the corresponding prior year period. The increase in gross margin was primarily due to higher license and royalty revenue and lower royalties and warranty costs, partially offset by an increase in inventory reserves and higher manufacturing costs. Excluding the impact of license and royalty revenue, gross margin was 67% for the second quarter of 2025.

Operating expenses were $95.0 million for the second quarter of 2025, a 35% decrease from $146.0 million for the corresponding prior year period. The decrease was primarily driven by a $40.7 million gain on settlement related to the litigation settlement.

Operating income was $30.1 million for the second quarter of 2025, as compared to operating loss of $41.7 million for the corresponding prior year period.

Net income was $34.5 million for the second quarter of 2025, as compared to a net loss of $37.9 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $447.3 million as of June 30, 2025.

Third Quarter 2025 Revenue Guidance

10x Genomics expects third quarter 2025 revenue to be in the range of $140 million to $144 million. This guidance reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the second quarter 2025 financial results, business developments and outlook after market close on Thursday, August 7, 2025 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 research 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, X, Facebook, Bluesky or YouTube.

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 partnerships, plans, positioning, product launches, organization, goals, opportunities, potential, specifications, costs, enthusiasm, trends and adoption of 10x Genomics, Inc.'s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.'s products and services and 10x Genomics, Inc.'s financial performance and results of operations, including expectations regarding revenue and guidance as well as government policy and academic and government research funding. 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 10x Genomics' 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, 2024, filed on February 13, 2025, and the company's quarterly reports on Form 10-Q for the quarter ended March 31, 2025, filed on May 9, 2025, and for the quarter ended June 30, 2025, 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, its website (https://www.10xgenomics.com/), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its 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,


2025


2024


2025


2024

Products and services revenue (1)

$         145,157


$         152,990


$         282,980


$         293,995

License and royalty revenue (1)

27,751


114


44,811


115

Revenue

172,908


153,104


327,791


294,110

Cost of products and services revenue (2)

47,824


48,884


97,262


96,976

Gross profit

125,084


104,220


230,529


197,134

Operating expenses:








Research and development (2)

61,224


62,918


125,469


131,556

Selling, general and administrative (2)

74,434


83,039


164,162


168,813

Gain on settlement

(40,700)


—


(49,900)


—

Total operating expenses

94,958


145,957


239,731


300,369

Income (loss) from operations

30,126


(41,737)


(9,202)


(103,235)

Other income (expense):








Interest income

4,271


4,715


7,957


9,451

Interest expense

(3)


(1)


(3)


(2)

Other income (expense), net

2,603


(56)


4,739


(1,096)

Total other income

6,871


4,658


12,693


8,353

Income (loss) before provision for income taxes

36,997


(37,079)


3,491


(94,882)

Provision for income taxes

2,459


818


3,311


2,964

Net income (loss)

$            34,538


$          (37,897)


$                 180


$          (97,846)









Net income (loss) per share, basic

$                0.28


$              (0.32)


$                   —


$              (0.82)

Net income (loss) per share, diluted

$                0.28


$              (0.32)


$                   —


$              (0.82)

Weighted-average shares used to compute net income
(loss) per share, basic

123,755,409


120,066,972


123,183,924


119,461,485

Weighted-average shares used to compute net income
(loss) per share, diluted

124,509,720


120,066,972


124,258,150


119,461,485


(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,


2025


2024


2025


2024

Instruments








Chromium

$              5,727


$              8,792


$           11,640


$            16,642

Spatial

$              8,770


15,060


$           17,672


32,663

Total instruments revenue

14,497


23,852


29,312


49,305

Consumables








Chromium

85,788


94,108


169,897


178,035

Spatial

36,397


29,254


67,644


55,662

Total consumables revenue

122,185


123,362


237,541


233,697

Services

8,475


5,776


16,127


10,993

Products and services revenue

145,157


152,990


$         282,980


$          293,995

License and royalty revenue

27,751


114


$           44,811


$                 115

Total revenue

$         172,908


$         153,104


$         327,791


$          294,110

 

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,


2025


2024


2025


2024

Americas








United States *

$         103,491


$           89,672


$         190,309


$         165,309

Americas (excluding United States)

2,667


3,419


$              6,419


7,412

Total Americas

106,158


93,091


196,728


172,721

Europe, Middle East and Africa

34,734


37,362


66,629


72,083

Asia-Pacific








China

23,170


13,738


40,053


27,662

Asia-Pacific (excluding China)

8,846


8,913


24,381


21,644

Total Asia-Pacific

32,016


22,651


64,434


49,306

Total revenue

$         172,908


$         153,104


$         327,791


$         294,110


* Includes license and royalty revenue.


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

 

Three Months Ended
June 30,


Six Months Ended
June 30,

(in thousands)

2025


2024


2025


2024

Cost of revenue

$              1,989


$              2,247


$              4,470


$              4,280

Research and development

12,613


17,862


26,719


34,750

Selling, general and administrative

12,643


18,383


27,132


35,591

Total stock-based compensation expense

$            27,245


$            38,492


$            58,321


$            74,621

 

10x Genomics, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)



June 30,
2025


December 31,
2024

Assets




Current assets:




Cash and cash equivalents

$         397,712


$         344,067

Marketable securities

49,549


49,335

Accounts receivable, net

49,977


87,862

Other receivables

69,090


606

Inventory

68,968


83,107

Prepaid expenses and other current assets

20,365


19,410

Total current assets

655,661


584,387

Property and equipment, net

239,710


252,648

Operating lease right-of-use assets

62,700


57,290

Goodwill

4,511


4,511

Intangible assets, net

14,714


15,671

Other noncurrent assets

2,674


4,129

Total assets

$         979,970


$         918,636

Liabilities and stockholders' equity




Current liabilities:




Accounts payable

$           15,938


$           12,909

Accrued compensation and related benefits

26,102


33,615

Accrued expenses and other current liabilities

39,063


41,165

Deferred revenue

21,449


20,658

Operating lease liabilities

9,669


9,286

Total current liabilities

112,221


117,633

Operating lease liabilities, noncurrent

77,075


73,327

Deferred revenue, noncurrent

11,270


12,513

Other noncurrent liabilities

6,125


5,029

Total liabilities

206,691


208,502

Commitments and contingencies




Stockholders' equity:




Preferred stock

—


—

Common stock

2


2

Additional paid-in capital

2,239,924


2,177,672

Accumulated deficit

(1,466,867)


(1,467,047)

Accumulated other comprehensive income (loss)

220


(493)

Total stockholders' equity

773,279


710,134

Total liabilities and stockholders' equity

$         979,970


$         918,636

 

 

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SOURCE 10x Genomics, Inc.