10x Genomics Announces Preliminary Select Third Quarter 2024 Results
10x Genomics (Nasdaq: TXG) announced preliminary Q3 2024 results with revenue of approximately $151.7 million, a 1% decrease year-over-year. Consumables revenue grew 10% to $126.2 million, while instruments revenue declined 46% to $19.1 million. Services revenue increased 48% to $6.4 million.
Geographically, Americas revenue decreased 11%, while EMEA and APAC revenues increased 18% and 15%, respectively. The company ended the quarter with approximately $398 million in cash and cash equivalents.
CEO Serge Saxonov acknowledged that revenue fell short of expectations, citing disruptions from commercial process changes and cautious customer spending, particularly impacting instrument sales. The company will provide full year 2024 guidance during its earnings call on October 29, 2024.
10x Genomics (Nasdaq: TXG) ha annunciato risultati preliminari per il terzo trimestre del 2024 con un fatturato di circa $151.7 milioni, una diminuzione dell'1% rispetto all'anno precedente. Il fatturato dei consumabili è cresciuto del 10% arrivando a $126.2 milioni, mentre il fatturato degli strumenti è diminuito del 46% a $19.1 milioni. Il fatturato dei servizi è aumentato del 48% a $6.4 milioni.
Geograficamente, il fatturato delle Americhe è diminuito dell'11%, mentre i ricavi in EMEA e APAC sono aumentati rispettivamente del 18% e del 15%. L'azienda ha chiuso il trimestre con circa $398 milioni in contante e equivalenti.
Il CEO Serge Saxonov ha riconosciuto che il fatturato non ha raggiunto le aspettative, citando interruzioni dovute a cambiamenti nei processi commerciali e una spesa cauta dei clienti, che ha impattato particolarmente le vendite di strumenti. L'azienda fornirà le previsioni per l'intero anno 2024 durante la sua conference call sugli utili del 29 ottobre 2024.
10x Genomics (Nasdaq: TXG) anunció resultados preliminares para el tercer trimestre de 2024 con ingresos de aproximadamente $151.7 millones, una disminución del 1% en comparación con el año anterior. Los ingresos de consumibles crecieron un 10% hasta $126.2 millones, mientras que los ingresos de instrumentos cayeron un 46% hasta $19.1 millones. Los ingresos por servicios aumentaron un 48% hasta $6.4 millones.
Geográficamente, los ingresos de las Américas disminuyeron un 11%, mientras que los ingresos en EMEA y APAC aumentaron un 18% y un 15%, respectivamente. La empresa cerró el trimestre con aproximadamente $398 millones en efectivo y equivalentes.
El CEO Serge Saxonov reconoció que los ingresos no cumplieron con las expectativas, citando interrupciones debido a cambios en los procesos comerciales y un gasto cauteloso por parte de los clientes, lo que impactó especialmente en las ventas de instrumentos. La empresa proporcionará orientación para todo el año 2024 durante su llamada de ganancias el 29 de octubre de 2024.
10x Genomics (Nasdaq: TXG)는 2024년 3분기 예상 결과를 발표했으며, 수익은 약 $151.7백만으로, 전년 대비 1% 감소했습니다. 소모품 수익은 10% 증가하여 $126.2백만에 달했으며, 기기 수익은 46% 감소하여 $19.1백만이 되었습니다. 서비스 수익은 48% 증가하여 $6.4백만에 도달했습니다.
지역적으로는 아메리카 수익이 11% 감소했으며, EMEA와 APAC 지역의 수익은 각각 18% 및 15% 증가했습니다. 이 회사는 약 $398 백만의 현금 및 현금성 자산으로 분기를 마무리했습니다.
CEO Serge Saxonov는 수익이 기대에 미치지 못했다고 인정하며, 상업적 프로세스의 변화와 신중한 고객 지출로 인해 기기 판매에 특히 영향을 미쳤다고 언급했습니다. 이 회사는 2024년 전체 연도 안내를 2024년 10월 29일에 있을 실적 발표에서 제공할 것입니다.
10x Genomics (Nasdaq: TXG) a annoncé des résultats préliminaires pour le troisième trimestre 2024 avec un chiffre d'affaires d'environ $151,7 millions, soit une baisse de 1 % par rapport à l'année précédente. Les revenus des consommables ont augmenté de 10 % pour atteindre $126,2 millions, tandis que les revenus des instruments ont chuté de 46 % pour se chiffrer à $19,1 millions. Les revenus des services ont augmenté de 48 % pour atteindre $6,4 millions.
Géographiquement, les revenus des Amériques ont diminué de 11 %, tandis que les revenus en EMEA et APAC ont augmenté respectivement de 18 % et 15 %. L'entreprise a terminé le trimestre avec environ $398 millions en liquidités et équivalents.
Le PDG Serge Saxonov a reconnu que les revenus n'ont pas répondu aux attentes, citant des perturbations dues à des changements dans les processus commerciaux et des dépenses prudentes de la part des clients, ce qui a eu un impact particulier sur les ventes d'instruments. L'entreprise fournira des prévisions pour l'année 2024 lors de sa conférence téléphonique sur les résultats du 29 octobre 2024.
10x Genomics (Nasdaq: TXG) gab vorläufige Ergebnisse für das dritte Quartal 2024 bekannt, mit einem Umsatz von etwa $151,7 Millionen, was einem Rückgang von 1 % im Jahresvergleich entspricht. Der Umsatz mit Verbrauchsmaterialien stieg um 10 % auf $126,2 Millionen, während der Umsatz mit Geräten um 46 % auf $19,1 Millionen fiel. Die Dienstleistungsumsätze stiegen um 48 % auf $6,4 Millionen.
Geographisch gesehen sank der Umsatz in den Amerikas um 11 %, während die Umsätze in EMEA und APAC um 18 % bzw. 15 % stiegen. Das Unternehmen schloss das Quartal mit etwa $398 Millionen an Bargeld und liquiden Mitteln ab.
CEO Serge Saxonov erkannte an, dass der Umsatz hinter den Erwartungen zurückblieb, und nannte Störungen durch Änderungen in den kommerziellen Prozessen sowie vorsichtige Ausgaben der Kunden, was insbesondere die Verkäufe von Geräten beeinflusste. Das Unternehmen wird am 29. Oktober 2024 auf seiner Telefonkonferenz zu den Ergebnissen die Prognose für das gesamte Jahr 2024 bekannt geben.
- Consumables revenue grew 10% year-over-year to $126.2 million
- Services revenue increased 48% to $6.4 million
- EMEA revenue grew 18% over the prior year period
- APAC revenue increased 15% compared to the previous year
- Cash and cash equivalents of approximately $398 million as of September 30, 2024
- Overall revenue decreased 1% year-over-year to $151.7 million
- Instruments revenue declined 46% to $19.1 million
- Americas revenue decreased 11% from the prior year period
- Revenue fell short of company expectations
- Cautious customer spending impacted instrument sales
Insights
The preliminary Q3 2024 results for 10x Genomics reveal concerning trends. Overall revenue decreased by
While consumables revenue grew
The company's cash position of
The preliminary results indicate a challenging market environment for 10x Genomics. The significant drop in instrument sales suggests broader industry headwinds, with customers being cautious about capital expenditures. This trend could persist if economic uncertainties continue, potentially impacting the company's growth trajectory.
The disparity in regional performance is noteworthy. While EMEA and APAC showed double-digit growth, the Americas' decline is concerning given its importance to the company's overall revenue. This geographic divergence may require tailored strategies for each market to address specific challenges and opportunities.
The growth in consumables and services revenue is a positive sign, indicating ongoing usage of 10x Genomics' platforms. However, the sustainability of this growth could be at risk if new instrument placements continue to decline. The company's ability to navigate these challenges and successfully implement its commercial reorganization will be critical for its future performance.
Preliminary Select Third Quarter 2024 Results
- Revenue of approximately
$151.7 million 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 46% decrease from the corresponding prior year period. Instruments revenue consists of approximately$7.6 million $11.4 million - Consumables revenue of approximately
$126.2 million 10% growth over the corresponding prior year period. Consumables revenue consists of approximately$96.5 million $29.7 million - Services revenue of approximately
$6.4 million 48% growth over the corresponding prior year period.
- Instruments revenue of approximately
- Preliminary revenue by geography for the third quarter is expected to be as follows:
Americas revenue of approximately$87.8 million 11% decrease from the prior year period.- EMEA revenue of approximately
$37.9 million 18% increase over the prior year period. - APAC revenue of approximately
$26.0 million 15% increase over the prior year period.
- Cash and cash equivalents of approximately
$398 million
"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
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.
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