PLEASANTON, Calif., Feb. 12,
2025 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq:
TXG), a leader in single cell and spatial biology, today reported
financial results for the fourth quarter and full year ended
December 31, 2024 and provided outlook for 2025.
Recent Updates
- Revenue was $165.0 million for
the fourth quarter and $610.8 million
for the full year of 2024, representing 10% and 1% decreases over
the corresponding periods of 2023.
- In collaboration with the Chan Zuckerberg Initiative (CZI) and
Ultima Genomics, launched the Billion Cells Project, an effort to
generate an unprecedented one billion cell dataset to fuel rapid
progress in AI model development in biology.
- Cash and cash equivalents and marketable securities were
$393.4 million as of December 31, 2024, an increase of $4.7 million over prior year.
"In 2024, we launched major new products across all three of our
platforms and we made changes to our commercial organization and
go-to-market strategy," said Serge Saxonov, Co-founder and CEO of
10x Genomics. "As we kick off 2025, our goal is to take advantage
of these changes and deliver consistent execution. Despite the
current uncertainty within U.S. academic research, we continue to
have strong conviction in the large opportunity ahead."
Fourth Quarter 2024 Financial Results
Revenue was $165.0 million for the
three months ended December 31, 2024, a 10% decrease from
$184.0 million for the corresponding
period.
Gross margin was 67% for the fourth quarter of 2024, as compared
to 63% for the corresponding prior year period. The increase in
gross margin was primarily due to change in product mix.
Operating expenses were $160.8
million for the fourth quarter of 2024, a 6% decrease from
$171.0 million for the corresponding
prior year period. The decrease was primarily driven by a
$19.6 million in-process research and
development expense related to an agreement to acquire certain
intangible and other assets in the prior year period, partially
offset by an increase in outside litigation expenses.
Operating loss was $49.8 million
for the fourth quarter of 2024, as compared to an operating loss of
$55.2 million for the corresponding
prior year period. Operating loss includes $32.5 million of stock-based compensation for the
fourth quarter of 2024, as compared to $38.9
million for the fourth quarter of 2023.
Net loss was $49.0 million for the
fourth quarter of 2024, as compared to a net loss of $49.0 million for the corresponding prior year
period.
Full Year 2024 Financial Results
Revenue was $610.8 million for the
year ended December 31, 2024, a 1% decrease from $618.7 million for 2023.
Gross margin was 68% for full year 2024, as compared to 66% for
2023. The increase in gross margin was primarily due to change in
product mix.
Operating expenses were $609.0
million for full year 2024, as compared to $674.6 million for 2023, an decrease of 10%. The
decrease was primarily driven by a $61.0
million in-process research and development expense related
to an agreement to acquire certain intangible and other assets in
the prior year period and lower personnel expenses, including
stock-based compensation expense, partially offset by higher
outside legal expenses.
Operating loss was $194.6 million
for full year 2024, as compared to an operating loss of
$265.3 million for 2023. This
includes $140.7 million of
stock-based compensation for full year 2024, as compared to
$167.0 million for full year
2023.
Net loss was $182.6 million for
full year 2024, as compared to a net loss of $255.1 million for 2023.
Cash and cash equivalents and marketable securities were
$393.4 million as of
December 31, 2024.
2025 Financial Guidance
10x Genomics expects full year 2025 revenue to be in the range
of $610 million to $630 million, representing 0% to 3% growth over
full year 2024. At the midpoint, this guidance implies double-digit
growth for both Chromium reactions and overall spatial revenue.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the fourth
quarter and full year 2024 financial results, business developments
and outlook after market close on Thursday, February 12, 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 for 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, X (Twitter),
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 collaboration
with CZI and Ultima Genomics, positioning, product launches,
commercial organization restructuring, go-to-market strategy,
goals, uncertainty within academic research, commercial
opportunity 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 and elsewhere in the documents 10x Genomics, Inc. files with
the Securities and Exchange Commission from time to time.
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
|
10x Genomics,
Inc.
|
|
Consolidated
Statement of Operations
|
|
(Unaudited)
|
|
(In thousands,
except share and per share data)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue
(1)
|
$
165,021
|
|
$
183,979
|
|
$
610,785
|
|
$
618,727
|
|
Cost of revenue
(2)
|
54,066
|
|
68,197
|
|
196,303
|
|
209,414
|
|
Gross
profit
|
110,955
|
|
115,782
|
|
414,482
|
|
409,313
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development (2)
|
66,968
|
|
65,267
|
|
264,698
|
|
270,332
|
|
In-process research
and development
|
—
|
|
19,578
|
|
—
|
|
60,980
|
|
Selling, general and
administrative (2)
|
93,826
|
|
86,125
|
|
344,343
|
|
343,330
|
|
Total operating
expenses
|
160,794
|
|
170,970
|
|
609,041
|
|
674,642
|
|
Loss from
operations
|
(49,839)
|
|
(55,188)
|
|
(194,559)
|
|
(265,329)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Interest
income
|
4,026
|
|
4,637
|
|
18,448
|
|
16,906
|
|
Interest
expense
|
—
|
|
(8)
|
|
(4)
|
|
(33)
|
|
Other income
(expense), net
|
(2,567)
|
|
3,961
|
|
(1,585)
|
|
(307)
|
|
Total other
income
|
1,459
|
|
8,590
|
|
16,859
|
|
16,566
|
|
Loss before provision
for income taxes
|
(48,380)
|
|
(46,598)
|
|
(177,700)
|
|
(248,763)
|
|
Provision for income
taxes
|
648
|
|
2,354
|
|
4,927
|
|
6,336
|
|
Net loss
|
$
(49,028)
|
|
$
(48,952)
|
|
$
(182,627)
|
|
$
(255,099)
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.40)
|
|
$
(0.41)
|
|
$
(1.52)
|
|
$
(2.18)
|
|
Weighted-average shares
used to compute net loss per share, basic and diluted
|
121,596,351
|
|
118,565,724
|
|
120,451,550
|
|
117,165,036
|
|
|
|
(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
December 31,
|
|
Year Ended
December 31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Instruments
|
|
|
|
|
|
|
|
|
|
Chromium
|
|
$
10,929
|
|
$
11,150
|
|
$
35,212
|
|
$
47,866
|
|
Spatial
|
|
13,425
|
|
27,248
|
|
57,503
|
|
75,605
|
|
Total instruments
revenue
|
|
24,354
|
|
38,398
|
|
92,715
|
|
123,471
|
|
Consumables
|
|
|
|
|
|
|
|
|
|
Chromium
|
|
97,737
|
|
118,144
|
|
372,308
|
|
420,316
|
|
Spatial
|
|
35,795
|
|
22,170
|
|
121,124
|
|
59,237
|
|
Total consumables
revenue
|
|
133,532
|
|
140,314
|
|
493,432
|
|
479,553
|
|
Services
|
|
7,135
|
|
5,267
|
|
24,638
|
|
15,703
|
|
Total
revenue
|
|
$
165,021
|
|
$
183,979
|
|
$
610,785
|
|
$
618,727
|
|
The following table
presents revenue by geography based on the location of the customer
for the periods indicated (in thousands):
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Americas
|
|
|
|
|
|
|
|
|
|
United
States
|
|
$
84,285
|
|
$
99,322
|
|
$
334,318
|
|
$
360,091
|
|
Americas (excluding
United States)
|
|
2,936
|
|
4,520
|
|
13,447
|
|
13,101
|
|
Total
Americas
|
|
87,221
|
|
103,842
|
|
347,765
|
|
373,192
|
|
Europe, Middle East
and Africa
|
|
49,828
|
|
50,589
|
|
159,762
|
|
142,276
|
|
Asia-Pacific
|
|
|
|
|
|
|
|
|
|
China
|
|
14,609
|
|
11,748
|
|
57,300
|
|
50,965
|
|
Asia-Pacific
(excluding China)
|
|
13,363
|
|
17,800
|
|
45,958
|
|
52,294
|
|
Total
Asia-Pacific
|
|
27,972
|
|
29,548
|
|
103,258
|
|
103,259
|
|
Total
Revenue
|
|
$
165,021
|
|
$
183,979
|
|
$
610,785
|
|
$
618,727
|
|
(2)
|
Includes stock-based
compensation expense as follows:
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
(in
thousands)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cost of
revenue
|
$
2,221
|
|
$
1,928
|
|
$
8,348
|
|
$
7,068
|
|
Research and
development
|
15,587
|
|
17,608
|
|
66,315
|
|
72,804
|
|
Selling, general and
administrative
|
14,731
|
|
19,382
|
|
66,086
|
|
87,078
|
|
Total stock-based
compensation expense
|
$
32,539
|
|
$
38,918
|
|
$
140,749
|
|
$
166,950
|
|
10x Genomics,
Inc.
|
|
Consolidated Balance
Sheets
|
|
(In thousands,
except share and per share data)
|
|
|
December
31,
|
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
344,067
|
|
$
359,284
|
|
Marketable
securities
|
49,335
|
|
29,411
|
|
Accounts receivable,
net
|
87,862
|
|
114,832
|
|
Inventory
|
83,107
|
|
73,706
|
|
Prepaid expenses and
other current assets
|
20,016
|
|
18,789
|
|
Total current
assets
|
584,387
|
|
596,022
|
|
Property and equipment,
net
|
252,648
|
|
279,571
|
|
Operating lease
right-of-use assets
|
57,290
|
|
65,361
|
|
Goodwill
|
4,511
|
|
4,511
|
|
Intangible assets,
net
|
15,671
|
|
16,616
|
|
Other noncurrent
assets
|
4,129
|
|
3,062
|
|
Total
assets
|
$
918,636
|
|
$
965,143
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
12,909
|
|
$
15,738
|
|
Accrued compensation
and related benefits
|
33,615
|
|
30,105
|
|
Accrued expenses and
other current liabilities
|
41,165
|
|
56,648
|
|
Deferred
revenue
|
20,658
|
|
13,150
|
|
Operating lease
liabilities
|
9,286
|
|
11,521
|
|
Total current
liabilities
|
117,633
|
|
127,162
|
|
Operating lease
liabilities, noncurrent
|
73,327
|
|
83,849
|
|
Deferred revenue,
noncurrent
|
12,513
|
|
8,814
|
|
Other noncurrent
liabilities
|
5,029
|
|
4,275
|
|
Total
liabilities
|
208,502
|
|
224,100
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock,
$0.00001 par value; 100,000,000 shares authorized, no shares issued
or
outstanding as of December 31, 2024 and December 31,
2023
|
—
|
|
—
|
|
Common stock, $0.00001
par value; 1,100,000,000 shares authorized and 122,291,837
and 119,095,362 shares issued and outstanding as of
December 31, 2024 and 2023
|
2
|
|
2
|
|
Additional paid-in
capital
|
2,177,672
|
|
2,025,890
|
|
Accumulated
deficit
|
(1,467,047)
|
|
(1,284,420)
|
|
Accumulated other
comprehensive loss
|
(493)
|
|
(429)
|
|
Total stockholders'
equity
|
710,134
|
|
741,043
|
|
Total liabilities and
stockholders' equity
|
$
918,636
|
|
$
965,143
|
|
Cumulative
instruments sold
|
|
|
As of December
31,
|
|
2024
|
|
2023
|
|
2022
|
|
Chromium
|
|
5,808
|
|
5,180
|
|
4,411
|
|
Visium
CytAssist
|
|
810
|
|
531
|
|
211
|
|
Xenium
|
|
421
|
|
255
|
|
8
|
|
Cumulative instruments
sold
|
|
7,039
|
|
5,966
|
|
4,630
|
|
|
Total consumables
reactions sold
|
|
|
Year ended December
31,
|
|
2024
|
|
2023
|
|
2022
|
|
Chromium
|
|
310,900
|
|
312,500
|
|
290,900
|
|
Visium
|
|
35,400
|
|
29,300
|
|
28,300
|
|
Xenium
|
|
10,800
|
|
5,200
|
|
100
|
|
Total consumable
reactions
|
|
357,100
|
|
347,000
|
|
319,300
|
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SOURCE 10x Genomics, Inc.
