10x Genomics, Inc. (NASDAQ: TXG) has released its preliminary select results for the third quarter ending September 30, 2024. The company reported a revenue of approximately $151.7 million for the third quarter, marking a 1% decrease from the corresponding prior year period.
The breakdown of the preliminary revenue by source for the third quarter is as follows:
- Instruments revenue amounted to approximately $19.1 million, representing a 46% decrease from the corresponding prior year period. This consisted of approximately $7.6 million of chromium instruments revenue and $11.4 million of spatial instruments revenue.
- Consumables revenue totaled approximately $126.2 million, reflecting a 10% growth over the corresponding prior year period. This comprised approximately $96.5 million of chromium consumables revenue and $29.7 million of spatial consumables revenue.
- Services revenue stood at approximately $6.4 million, representing a significant 48% growth over the corresponding prior year period.
Geographically, the preliminary revenue for the third quarter was as follows:
- Americas revenue amounted to approximately $87.8 million, indicating an 11% decrease from the prior year period.
- EMEA (Europe, Middle East, and Africa) revenue totaled approximately $37.9 million, reflecting an 18% increase over the prior year period.
- APAC (Asia-Pacific) revenue stood at approximately $26.0 million, representing a 15% increase over the prior year period.
As of September 30, 2024, 10x Genomics reported cash and cash equivalents of approximately $398 million.
Serge Saxonov, co-founder and CEO of 10x Genomics, acknowledged that the third-quarter revenue fell short of expectations. He attributed this shortfall to disruptions caused by modifications made to the company's commercial processes and organization, particularly in the Americas. Additionally, cautious spending by customers, especially around capital purchases, notably impacted instrument sales during the quarter.
These preliminary select results are subject to adjustment as 10x Genomics, Inc. has not yet completed the preparation of its financial statements for the third quarter of 2024. The company is in the process of completing its customary close and review procedures for the quarter and cautions that the final results may differ from the preliminary financial results presented.
10x Genomics will provide further details and its full year 2024 guidance when it reports its full financial results for the third quarter of 2024 during its earnings call on Tuesday, October 29, 2024.
The company will host a conference call to discuss its third quarter 2024 results, business developments, and outlook after the market close on Tuesday, October 29, 2024, at 1:30 pm Pacific Time / 4:30 pm Eastern Time. The webcast of the conference call can be accessed at http://investors.10xgenomics.com and will be available for replay for at least 45 days after the event.
10x Genomics, Inc. is a life science technology company that builds products to accelerate the mastery of biology and advance human health. Its integrated solutions include instruments, consumables, and software for single cell and spatial biology, catering to academic and translational researchers as well as biopharmaceutical companies.
Today the company's shares have moved 3.5% to a price of $20.81. For more information, read the company's full 8-K submission here.
