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.
10x Genomics Logo (PRNewsfoto/10x Genomics, Inc.)
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.
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
