In This Article:
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Total Revenue: $153.1 million, up 4% year-over-year.
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Consumables Revenue: $123.4 million, up 10%.
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Spatial Consumables Revenue: $29.3 million, up 150%.
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Chromium Consumables Revenue: $94.1 million, down 7% year-over-year.
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Instrument Revenue: $23.9 million, down 23%.
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Chromium Instrument Revenue: $8.8 million, down 32% year-over-year.
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Spatial Instrument Revenue: $15.1 million, down 17%.
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Services Revenue: $5.9 million, up 74%.
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Gross Margin: 68%, flat compared to the previous year.
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Operating Expenses: $146 million, down from $163 million in the prior year.
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R&D Expenses: $62.9 million, down from $71.5 million.
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SG&A Expenses: $83 million, down from $91.5 million.
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Operating Loss: $41.7 million, compared to a loss of $63.4 million last year.
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Net Loss: $37.9 million, compared to a net loss of $62.4 million last year.
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Cash and Cash Equivalents: $380.1 million, generating $8.3 million of cash in the quarter.
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Full Year Revenue Guidance: $640 million to $660 million, representing 5% growth at the midpoint.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Total revenue for the second quarter grew 4% year-over-year and 9% quarter-over-quarter to $153 million, with the company being free cash flow positive.
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Strong demand for spatial consumables, particularly Visium HD and the newly launched Xenium Prime 5K, contributed to revenue growth.
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The GEM-X transition has progressed faster than anticipated, with customers appreciating its superior sensitivity, throughput, and cost advantages.
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10x Genomics Inc (NASDAQ:TXG) has built a significant technology leadership position, with solutions several years ahead of competitors.
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The company has a strong commercial and sales channel, with a focus on tailoring solutions to specific customer needs and reducing costs for researchers.
Negative Points
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10x Genomics Inc (NASDAQ:TXG) is experiencing headwinds from a challenging macroeconomic environment, leading to budget pressures and elongated purchase cycles for customers.
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Instrument revenue, particularly for Xenium, has been impacted by cuts to CapEx budgets and cautious customer spending patterns.
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The company has lowered its revenue guidance for the year, now expecting it to be in the range of $640 million to $660 million.
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The transition to GEM-X, while progressing well, is expected to continue driving some revenue pressure due to its lower price.
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The company is undergoing a commercial restructuring, which may cause near-term disruption as new roles and responsibilities are implemented.