PLEASANTON, Calif., Oct. 9, 2024
/PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in
single cell and spatial biology, today announced preliminary select
results for the third quarter ended September 30, 2024.
Preliminary Select Third Quarter 2024 Results
- Revenue of approximately $151.7
million for the third quarter ended September 30, 2024, representing an approximate
1% decrease from the corresponding prior year period.
- Preliminary revenue by source for the third quarter is expected
to be as follows:
- Instruments revenue of approximately $19.1 million, representing a 46% decrease from
the corresponding prior year period. Instruments revenue consists
of approximately $7.6 million of
Chromium instruments revenue and $11.4
million of Spatial instruments revenue.
- Consumables revenue of approximately $126.2 million, representing 10% growth over the
corresponding prior year period. Consumables revenue consists of
approximately $96.5 million of
Chromium consumables revenue and $29.7
million of Spatial consumables revenue.
- Services revenue of approximately $6.4
million, representing 48% growth over the corresponding
prior year period.
- Preliminary revenue by geography for the third quarter is
expected to be as follows:
- Americas revenue of approximately $87.8
million, an 11% decrease from the prior year period.
- EMEA revenue of approximately $37.9
million, an 18% increase over the prior year period.
- APAC revenue of approximately $26.0
million, a 15% increase over the prior year period.
- Cash and cash equivalents of approximately $398 million as of September 30, 2024.
"Third quarter revenue fell short of our expectations," said
Serge Saxonov, Co-founder and CEO of 10x Genomics. "The previously
announced modifications we made to our commercial processes
and organization to increase effectiveness represented a
significant change in how we engage with customers. The transition
was more disruptive than we anticipated, especially in the
Americas. At the same time, our customers continue to be cautious
with their spending, particularly around capital purchases, which
notably impacted instrument sales during the quarter. Despite these
near-term headwinds, we are confident in the opportunity ahead
and believe the steps we are taking will enable us to reach more
customers, execute consistently across the portfolio and drive the
broad democratization of our technologies."
Preliminary Select Results Subject to Adjustment
10x Genomics, Inc. has not completed preparation of its
financial statements for the third quarter 2024. The select results
presented in this news release for the quarter are preliminary and
unaudited and are thus inherently uncertain and subject to change
as we complete preparation of our financial statements for the
third quarter ended September 30,
2024. 10x Genomics, Inc. is in the process of completing its
customary close and review procedures for the quarter ended
September 30, 2024, and there can be
no assurance that final results for this period will not differ
from these estimates. During the course of the preparation of 10x
Genomics, Inc.'s consolidated financial statements and related
notes for the quarter ended September 30,
2024, we may identify items that could cause final reported
results to be materially different from the preliminary financial
results presented herein.
2024 Financial Guidance
10x Genomics will discuss its full year 2024 guidance when it
reports its full financial results for third quarter 2024 in
connection with its earnings call on Tuesday, October 29.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss its third
quarter 2024 results, business developments and 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 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 or X (Twitter).
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 fall under the "safe harbor" provisions of those
sections. All statements, 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," "see," "could," "intend,"
"target," "project," "contemplate," "believe," "estimate,"
"predict," "potential," "would," "likely," "seek" or "continue" 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, but are not limited to,
statements regarding 10x Genomics' organization and organizational
restructuring, commercial execution, opportunities and adoption of
10x Genomics products and services. These statements are based on
management's current expectations, forecasts, beliefs, assumptions
and information currently available to management, and actual
outcomes and results could differ materially from these statements
due to a number of factors. Other risks and uncertainties that
could affect 10x Genomics' 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" and elsewhere in the documents 10x Genomics files with
the Securities and Exchange Commission from time to time. Although
10x Genomics believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot provide any
assurance that these expectations will prove to be correct nor can
it guarantee that the future results, levels of activity,
performance and events and circumstances reflected in the
forward-looking statements will be achieved or occur. The
forward-looking statements in this press release are based on
information available to 10x Genomics as of the date hereof, and
10x Genomics disclaims any obligation to update any forward-looking
statements provided to reflect any change in its expectations or
any change in events, conditions or circumstances on which any such
statement is based, except as required by law. These
forward-looking statements should not be relied upon as
representing 10x Genomics' views as of any date subsequent to the
date of this press release.
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
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SOURCE 10x Genomics, Inc.