10x Genomics reports second quarter 2023 financial results

10x Genomics, Inc., a leader in single cell and spatial biology, reported financial results for the second quarter ended June 30, 2023.

Recent highlights

• Revenue was $146.8 million for the second quarter, representing a 28% increase over the corresponding period of 2022.
• Accelerated Xenium’s momentum with strong shipments, multiple new curated and customizable gene panels and a major update of its onboard software to deliver even higher levels of performance.
• Launched the Visium CytAssist Gene and Protein Expression assay, combining tissue profiling with whole transcriptome spatial analysis and high-plex protein co-detection.
• Delivered double-digit growth of Chromium single cell consumables and increased Chromium X Series placements year over year, led by strong performance in the Americas and EMEA.

“Xenium established itself as the best performing in situ platform, as more and more researchers see firsthand the system’s clear advantages in sensitivity, specificity, throughput and data analysis,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “This was a strong quarter with momentum across our single cell and spatial portfolio despite the headwinds in China.”

Second quarter 2023 financial results
Revenue was $146.8 million for the second quarter of 2023, a 28% increase from $114.6 million for the corresponding prior year period.

Gross margin was 68% for the second quarter of 2023, as compared to 76% for the corresponding prior year period. The decrease in gross margin was primarily due to changes in product mix resulting from newly introduced products.

Operating expenses were $163.0 million for the second quarter of 2023, a 9% increase from $150.0 million for the corresponding prior year period. This increase was driven by higher personnel expenses, including stock-based compensation expense, and increased costs for facilities and information technology to support operational expansion.

Operating loss was $63.4 million for the second quarter of 2023, as compared to $63.1 million for the corresponding prior year period. Operating loss includes $45.7 million of stock-based compensation for the second quarter of 2023, as compared to $36.3 million for the corresponding prior year period.

Net loss was $62.4 million for the second quarter of 2023, as compared to a net loss of $64.5 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $391.4 million as of June 30, 2023.

2023 financial guidance
10x Genomics is raising its full year 2023 revenue guidance and now expects revenue in the range of $600 million to $620 million, representing 16% to 20% growth over full year 2022. This compares to its previous revenue guidance of $590 million to $610 million.
MB Bureau