## 10x Genomics Reports Q3 2024 Earnings: Revenue Dips Amid Restructuring and Market Headwinds
Pleasanton, California – October 29, 2024 – 10x Genomics, Inc. (TXG), a leading innovator in single-cell and spatial biology, released its financial results for the third quarter ended September 30, 2024. The company reported revenue of $151.7 million, a slight 1% decrease compared to the same period in 2023. This decline was primarily driven by lower instrument revenue, offset by stronger performance in consumables.
Despite the revenue dip, 10x Genomics made significant strides in product development and market expansion during the quarter. The company commenced shipping GEM-X Flex, a revolutionary technology that sets a new standard for cost-per-cell analysis, enabling researchers to analyze millions of cells for less than one cent per cell. GEM-X Flex also introduces key improvements specifically valuable for analyzing clinical FFPE samples.
10x Genomics also introduced GEM-X Universal Multiplex, allowing researchers to conduct more cost-effective single-cell studies, reducing the cost-per-sample even for smaller experiments. Additionally, the company began shipping Chromium Xo, a budget-friendly instrument designed for routine, high-performance single-cell analysis.
“Our results this quarter fell short of our expectations due to the greater-than-anticipated disruption from the sales restructuring we implemented during the quarter and cautious customer spending,” stated Serge Saxonov, Co-founder and CEO of 10x Genomics. “While these dynamics persist, particularly within a challenging macroeconomic environment, our revenue growth this year will be lower than our previous projections.”
Despite these challenges, Saxonov expressed confidence in the company’s future growth prospects, stating, “I am confident that the steps we are taking will enable us to reach more customers, execute consistently across our portfolio, and drive the broad democratization of our technologies to reach the full potential of the large opportunity ahead.”
### Key Financial Highlights for Q3 2024:
* Revenue: $151.7 million (1% decrease year-over-year)
* Gross Margin: 70% (increase from 62% in Q3 2023)
* Operating Expenses: $147.9 million (22% decrease year-over-year)
* Operating Loss: $41.5 million (decrease from $94.8 million in Q3 2023)
* Net Loss: $35.8 million (decrease from $93.0 million in Q3 2023)
* Cash and Cash Equivalents: $398.2 million as of September 30, 2024
### Updated 2024 Financial Guidance:
10x Genomics revised its outlook for the full year 2024. The company now anticipates revenue to be in the range of $595 million to $605 million, compared to the prior range of $640 million to $660 million. This updated range represents a 3% decrease from the full year 2023 revenue at the midpoint.
### Conference Call Information:
10x Genomics will host a conference call to discuss its Q3 2024 financial results, business developments, and future outlook after market close on Tuesday, October 29, 2024, 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 dedicated to accelerating biological understanding and advancing human health. The company provides integrated solutions, including instruments, consumables, and software for single-cell and spatial biology, empowering researchers in academia, translation, and biopharmaceuticals to delve deeper into biological systems with unprecedented resolution and scale. 10x Genomics’ products are driving breakthroughs in oncology, immunology, neuroscience, and other fields, facilitating impactful discoveries that are revolutionizing our comprehension of health and disease.
To learn more, visit 10xgenomics.com or connect with the company on LinkedIn or X (Twitter).
