10x Genomics, Inc. (NASDAQ: TXG) has announced its preliminary, unaudited select financial results for the fourth quarter and full year ended December 31, 2023. The company reported revenue of approximately $184.0 million for the fourth quarter of 2023, representing an 18% growth over the corresponding prior year period. For the full year 2023, 10x Genomics reported revenue of approximately $618.7 million, signifying a 20% growth over the prior year.
The company's instruments revenue for the fourth quarter was approximately $38.4 million, representing a 72% growth over the corresponding prior year period. This revenue consists of approximately $11.1 million from chromium instruments and $27.2 million from spatial instruments. Consumables revenue for the same period was approximately $140.3 million, a 7% growth over the corresponding prior year period. The consumables revenue consists of approximately $118.1 million from chromium consumables and $22.2 million from spatial consumables. Additionally, services revenue for the fourth quarter amounted to approximately $5.3 million, reflecting a 129% growth over the corresponding prior year period.
Looking at the full year 2023, 10x Genomics reported instruments revenue of approximately $123.5 million, a 71% growth over the prior year. Consumables revenue for the full year was approximately $479.6 million, indicating a 10% growth over the prior year, and services revenue amounted to approximately $15.7 million, representing an 86% growth over the prior year.
10x Genomics also highlighted that it had increased cumulative instruments sold to more than 5,900 as of the end of 2023, which includes over 5,150 chromium instruments, over 500 visium instruments, and over 250 xenium instruments.
The company emphasized that the revenue estimates presented in the press release are preliminary and unaudited, and are subject to change as the company completes preparation of its financial statements for the fourth quarter and year ended December 31, 2023. 10x Genomics plans to report final financial results for the quarter and year ended December 31, 2023 in its February 2024 earnings call.
Serge Saxon, Senior Vice President and Chief Financial Officer of 10x Genomics, commented on the preliminary results, saying, "We are pleased to report another strong quarter and full year of financial results, reflecting the continued adoption of our products and the impact of our differentiated and innovative technology on the life sciences research community."
The full 8-K submission by 10x Genomics, Inc. is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $146,313 | $245,893 | $298,845 | $490,490 | $516,409 | $590,980 |
| Revenue Growth | n/a | 68.06% | 21.53% | 64.13% | 5.28% | 14.44% |
| Net Margins | -77% | -13% | -182% | -12% | -32% | -38% |
| Net Income (k) | -$112,485 | -$31,251 | -$542,731 | -$58,223 | -$166,000 | -$223,362 |
| Net Interest Expense (k) | $369 | $3,079 | $1,682 | $866 | $476 | $150 |
| Depreciation & Amort. (k) | $3,800 | $7,066 | $14,012 | $21,118 | $25,368 | $32,316 |
| Free Cash Flow (k) | -$53,403 | -$8,115 | -$254,564 | -$122,651 | -$165,267 | -$112,117 |
| Capital Expenditures | $2,404 | $42,742 | $36,666 | $101,278 | $131,661 | $84,885 |
| Current Ratio | 3.28 | 7.63 | 6.56 | 6.77 | 4.85 | 5.37 |
