10x Genomics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Outlook for 2025
10x Genomics (TXG) reported Q4 and full year 2024 financial results, showing revenue declines and continued operating losses. Q4 revenue decreased 10% to $165.0 million, while full-year revenue fell 1% to $610.8 million. The company's gross margin improved to 67% in Q4 and 68% for the full year.
Operating expenses decreased 6% to $160.8 million in Q4, with an operating loss of $49.8 million. For the full year, operating loss improved to $194.6 million from $265.3 million in 2023. The company ended 2024 with $393.4 million in cash and marketable securities.
Looking ahead, 10x Genomics provided 2025 revenue guidance of $610-630 million, projecting 0-3% growth. The company expects double-digit growth in both Chromium reactions and spatial revenue at the midpoint of guidance.
10x Genomics (TXG) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando un calo dei ricavi e perdite operative continue. I ricavi del Q4 sono diminuiti del 10% a 165,0 milioni di dollari, mentre i ricavi dell'intero anno sono scesi dell'1% a 610,8 milioni di dollari. Il margine lordo dell'azienda è migliorato al 67% nel Q4 e al 68% per l'intero anno.
Le spese operative sono diminuite del 6% a 160,8 milioni di dollari nel Q4, con una perdita operativa di 49,8 milioni di dollari. Per l'intero anno, la perdita operativa è migliorata a 194,6 milioni di dollari rispetto ai 265,3 milioni di dollari del 2023. L'azienda ha chiuso il 2024 con 393,4 milioni di dollari in contante e titoli negoziabili.
Guardando al futuro, 10x Genomics ha fornito una previsione di ricavi per il 2025 di 610-630 milioni di dollari, prevedendo una crescita dal 0 al 3%. L'azienda si aspetta una crescita a doppia cifra sia nelle reazioni di Chromium che nei ricavi spaziali al centro della previsione.
10x Genomics (TXG) informó sobre los resultados financieros del cuarto trimestre y del año completo 2024, mostrando caídas en los ingresos y pérdidas operativas continuas. Los ingresos del Q4 disminuyeron un 10% a 165,0 millones de dólares, mientras que los ingresos anuales cayeron un 1% a 610,8 millones de dólares. El margen bruto de la compañía mejoró al 67% en el Q4 y al 68% para el año completo.
Los gastos operativos disminuyeron un 6% a 160,8 millones de dólares en el Q4, con una pérdida operativa de 49,8 millones de dólares. Para el año completo, la pérdida operativa mejoró a 194,6 millones de dólares desde 265,3 millones de dólares en 2023. La compañía terminó 2024 con 393,4 millones de dólares en efectivo y valores negociables.
De cara al futuro, 10x Genomics proporcionó una guía de ingresos para 2025 de 610-630 millones de dólares, proyectando un crecimiento del 0 al 3%. La empresa espera un crecimiento de dos dígitos tanto en reacciones de Chromium como en ingresos espaciales en el punto medio de la guía.
10x Genomics (TXG)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며 수익 감소와 지속적인 운영 손실을 보여주었습니다. 4분기 수익은 1억 6,500만 달러로 10% 감소했으며, 연간 수익은 6억 1,080만 달러로 1% 감소했습니다. 회사의 총 마진은 4분기 67%, 전체 연도 68%로 개선되었습니다.
운영 비용은 4분기 동안 1억 6,080만 달러로 6% 감소했으며, 운영 손실은 4,980만 달러에 달했습니다. 전체 연도 운영 손실은 2023년 2억 6,530만 달러에서 1억 9,460만 달러로 개선되었습니다. 회사는 2024년을 3억 9,340만 달러의 현금 및 유가 증권으로 마감했습니다.
앞으로 10x Genomics는 2025년 수익 가이던스를 6억 1,000~6억 3,000만 달러로 제공하며 0~3% 성장을 예상하고 있습니다. 회사는 가이던스 중간값에서 Chromium 반응 및 공간 수익 모두에서 두 자릿수 성장을 예상하고 있습니다.
10x Genomics (TXG) a publié les résultats financiers du quatrième trimestre et de l'année 2024, montrant une baisse des revenus et des pertes d'exploitation continues. Les revenus du Q4 ont diminué de 10% pour atteindre 165,0 millions de dollars, tandis que les revenus annuels ont chuté de 1% pour atteindre 610,8 millions de dollars. La marge brute de l'entreprise s'est améliorée à 67% au Q4 et à 68% pour l'année entière.
Les dépenses d'exploitation ont diminué de 6% pour atteindre 160,8 millions de dollars au Q4, avec une perte d'exploitation de 49,8 millions de dollars. Pour l'année entière, la perte d'exploitation s'est améliorée à 194,6 millions de dollars contre 265,3 millions de dollars en 2023. L'entreprise a terminé l'année 2024 avec 393,4 millions de dollars en liquidités et en titres négociables.
En regardant vers l'avenir, 10x Genomics a fourni une prévision de revenus pour 2025 de 610-630 millions de dollars, projetant une croissance de 0 à 3%. L'entreprise s'attend à une croissance à deux chiffres tant pour les réactions Chromium que pour les revenus spatiaux au point médian de la prévision.
10x Genomics (TXG) hat die finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die einen Rückgang der Einnahmen und fortlaufende Betriebskostenverluste zeigen. Die Einnahmen im Q4 sanken um 10% auf 165,0 Millionen Dollar, während die Gesamteinnahmen um 1% auf 610,8 Millionen Dollar fielen. Die Bruttomarge des Unternehmens verbesserte sich im Q4 auf 67% und im gesamten Jahr auf 68%.
Die Betriebsausgaben sanken im Q4 um 6% auf 160,8 Millionen Dollar, mit einem Betriebsverlust von 49,8 Millionen Dollar. Für das gesamte Jahr verbesserte sich der Betriebsverlust auf 194,6 Millionen Dollar von 265,3 Millionen Dollar im Jahr 2023. Das Unternehmen schloss das Jahr 2024 mit 393,4 Millionen Dollar in bar und handelbaren Wertpapieren ab.
Für die Zukunft gab 10x Genomics eine Umsatzprognose für 2025 von 610-630 Millionen Dollar heraus und prognostizierte ein Wachstum von 0-3%. Das Unternehmen erwartet ein zweistelliges Wachstum sowohl bei den Chromium-Reaktionen als auch bei den räumlichen Einnahmen in der Mitte der Prognose.
- Gross margin improved to 68% for full year 2024 from 66% in 2023
- Operating loss decreased to $194.6M in 2024 from $265.3M in 2023
- Cash position increased by $4.7M year-over-year to $393.4M
- Operating expenses reduced by 10% year-over-year
- Q4 2024 revenue declined 10% year-over-year to $165.0M
- Full year 2024 revenue decreased 1% to $610.8M
- Net loss of $182.6M for full year 2024
- Weak 2025 guidance projecting only 0-3% revenue growth
Insights
The Q4 and FY2024 results from 10x Genomics present a complex picture of a company navigating challenging market conditions. The 10% Q4 revenue decline to
The improvement in gross margins to
The launch of the Billion Cells Project, in collaboration with the Chan Zuckerberg Initiative and Ultima Genomics, represents a strategic pivot toward AI-driven biology. This initiative could potentially create a moat in AI-based biological research tools, though monetization pathways remain unclear.
The 2025 guidance of
The
Recent Updates
- Revenue was
$165.0 million $610.8 million 10% and1% 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 $4.7 million
"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
Fourth Quarter 2024 Financial Results
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Operating expenses were
Operating loss was
Net loss was
Full Year 2024 Financial Results
Revenue was
Gross margin was
Operating expenses were
Operating loss was
Net loss was
Cash and cash equivalents and marketable securities were
2025 Financial Guidance
10x Genomics expects full year 2025 revenue to be in the range of
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.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
10x Genomics, Inc. | |||||||
Consolidated Statement of Operations | |||||||
(Unaudited) | |||||||
(In thousands, except share and per share data) | |||||||
Three Months Ended | Year Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenue (1) | $ 165,021 | $ 183,979 | $ 610,785 | $ 618,727 | |||
Cost of revenue (2) | 54,066 | 68,197 | 196,303 | 209,414 | |||
Gross profit | 110,955 | 115,782 | 414,482 | 409,313 | |||
Operating expenses: | |||||||
Research and development (2) | 66,968 | 65,267 | 264,698 | 270,332 | |||
In-process research and development | — | 19,578 | — | 60,980 | |||
Selling, general and administrative (2) | 93,826 | 86,125 | 344,343 | 343,330 | |||
Total operating expenses | 160,794 | 170,970 | 609,041 | 674,642 | |||
Loss from operations | (49,839) | (55,188) | (194,559) | (265,329) | |||
Other income (expense): | |||||||
Interest income | 4,026 | 4,637 | 18,448 | 16,906 | |||
Interest expense | — | (8) | (4) | (33) | |||
Other income (expense), net | (2,567) | 3,961 | (1,585) | (307) | |||
Total other income | 1,459 | 8,590 | 16,859 | 16,566 | |||
Loss before provision for income taxes | (48,380) | (46,598) | (177,700) | (248,763) | |||
Provision for income taxes | 648 | 2,354 | 4,927 | 6,336 | |||
Net loss | $ (49,028) | $ (48,952) | $ (182,627) | $ (255,099) | |||
Net loss per share, basic and diluted | $ (0.40) | $ (0.41) | $ (1.52) | $ (2.18) | |||
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 | Year Ended | |||||||
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 | Year Ended | |||||||
2024 | 2023 | 2024 | 2023 | |||||
$ 84,285 | $ 99,322 | $ 334,318 | $ 360,091 | |||||
2,936 | 4,520 | 13,447 | 13,101 | |||||
Total | 87,221 | 103,842 | 347,765 | 373,192 | ||||
49,828 | 50,589 | 159,762 | 142,276 | |||||
14,609 | 11,748 | 57,300 | 50,965 | |||||
13,363 | 17,800 | 45,958 | 52,294 | |||||
Total | 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 | Year Ended | ||||||
(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, | — | — | |
Common stock, | 2 | 2 | |
Additional paid-in capital | 2,177,672 | 2,025,890 | |
Accumulated deficit | (1,467,047) | (1,284,420) | |
Accumulated other comprehensive loss | (493) | (429) | |
Total stockholders' equity | 710,134 | 741,043 | |
Total liabilities and stockholders' equity | $ 918,636 | $ 965,143 | |
Cumulative instruments sold | ||||||
As of December 31, | ||||||
2024 | 2023 | 2022 | ||||
Chromium | 5,808 | 5,180 | 4,411 | |||
Visium CytAssist | 810 | 531 | 211 | |||
Xenium | 421 | 255 | 8 | |||
Cumulative instruments sold | 7,039 | 5,966 | 4,630 | |||
Total consumables reactions sold | ||||||
Year ended December 31, | ||||||
2024 | 2023 | 2022 | ||||
Chromium | 310,900 | 312,500 | 290,900 | |||
Visium | 35,400 | 29,300 | 28,300 | |||
Xenium | 10,800 | 5,200 | 100 | |||
Total consumable reactions | 357,100 | 347,000 | 319,300 | |||
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SOURCE 10x Genomics, Inc.
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