10x Genomics Announces Preliminary Select Fourth Quarter and Full Year 2024 Results

Rhea-AI Summary

10x Genomics (TXG) has announced preliminary, unaudited results for Q4 and full year 2024. The company reported Q4 2024 revenue of ~$165.0 million, showing 9% sequential growth but a 10% year-over-year decrease. Full-year 2024 revenue reached ~$610.8 million, representing a 1% decrease from 2023.

Q4 breakdown shows Instruments revenue at $24.4 million (28% sequential growth, -37% YoY), Consumables revenue at $133.5 million (6% sequential growth, -5% YoY), and Services revenue at $7.1 million (12% sequential growth, +35% YoY). The company's cumulative instrument installations exceeded 7,000 units, including over 5,800 Chromium, 800 Visium, and 400 Xenium instruments. Cash position stood at approximately $393 million as of December 31, 2024.

Positive

• 9% sequential revenue growth in Q4 2024
• Services revenue grew 35% YoY in Q4 and 57% for full year
• Strong cash position of $393 million
• Cumulative instrument installations exceeded 7,000 units
• Consumables revenue showed 3% growth over prior year

Negative

• 10% YoY revenue decrease in Q4 2024
• 1% overall revenue decline for full year 2024
• 37% YoY decrease in Q4 instruments revenue
• 25% decrease in full-year instruments revenue
• 5% YoY decline in Q4 consumables revenue

Insights

Financial Analyst

10x Genomics' preliminary Q4 results paint a concerning picture. The 10% year-over-year revenue decline to $165 million and particularly troubling 37% drop in instrument sales suggest significant market headwinds. While sequential growth of 9% provides some comfort, the full-year $610.8 million revenue representing a 1% decline indicates stagnation in what should be a growth market.

The shift in revenue mix is notable - Spatial instruments now generate more revenue than Chromium instruments ($13.4M vs $10.9M), highlighting a strategic pivot. The strong services revenue growth of 57% year-over-year demonstrates successful execution in high-margin recurring revenue streams. With $393 million in cash reserves, the company maintains adequate runway for continued R&D investment despite challenging market conditions.

Market Research Analyst

The spatial biology market dynamics revealed in these results warrant attention. Despite overall revenue decline, spatial consumables reached $121.1 million annually, representing a significant portion of the business. The installed base expansion to over 7,000 instruments creates a strong foundation for future consumables growth, though slower instrument placement rates are concerning.

The sequential growth in Q4 across all categories (instruments 28%, consumables 6%, services 12%) suggests potential market stabilization. However, the year-over-year declines in core segments indicate possible market saturation or competitive pressures. The ratio between Chromium and Spatial revenues will be a key metric to watch as it reflects the broader industry shift toward spatial analysis technologies.

FY 2024 revenue of ~$611 million and Q4 2024 revenue of ~$165 million, representing 9% growth sequentially

PLEASANTON, Calif., Jan. 12, 2025 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today announced preliminary, unaudited select results for the fourth quarter and full year ended December 31, 2024.

Preliminary, Unaudited Select Fourth Quarter 2024 Financial Results

• Revenue of approximately $165.0 million for the three months ended December 31, 2024, representing 9% growth sequentially and a 10% decrease as compared to the corresponding prior year period.
• Instruments revenue of approximately $24.4 million, representing 28% growth sequentially and a 37% decrease as compared to the corresponding prior year period. Instruments revenue consists of approximately $10.9 million of Chromium instruments revenue and $13.4 million of Spatial instruments revenue.
• Consumables revenue of approximately $133.5 million, representing 6% growth sequentially and a 5% decrease as compared to the corresponding prior year period. Consumables revenue consists of approximately $97.7 million of Chromium consumables revenue and $35.8 million of Spatial consumables revenue.
• Services revenue of approximately $7.1 million, representing 12% growth sequentially and 35% growth over the corresponding prior year period.

Preliminary, Unaudited Select Full Year 2024 Financial Results

• Revenue of approximately $610.8 million for the year ended December 31, 2024, representing a 1% decrease from the prior year.
• Instruments revenue of approximately $92.7 million, representing a 25% decrease from the prior year. Instruments revenue consists of approximately $35.2 million of Chromium instruments revenue and $57.5 million of Spatial instruments revenue.
• Consumables revenue of approximately $493.4 million, representing 3% growth over the prior year. Consumables revenue consists of approximately $372.3 million of Chromium consumables revenue and $121.1 million of Spatial consumables revenue.
• Services revenue of approximately $24.6 million, representing 57% growth over the prior year.
• Increased cumulative instruments sold to more than 7,000 instruments as of the end of 2024, which includes over 5,800 Chromium instruments, over 800 Visium instruments and over 400 Xenium instruments.
• Cash, cash equivalents and marketable securities of approximately $393 million as of December 31, 2024.

"Our team delivered solid sequential revenue growth over last quarter," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "We are confident the work we've done throughout 2024 sets us up well for the future and better positions us to deliver on the full promise of single cell and spatial biology."

J.P. Morgan Healthcare Conference
10x Genomics, Inc. is providing these updates in advance of its participation in the 43rd Annual J.P. Morgan Healthcare Conference, which begins tomorrow. A live webcast of the company's presentation and question and answer session, which begins at 7:30 a.m. Pacific Time on Monday, January 13, 2025, will be available on the "Investors" section of the company's website at: http://investors.10xgenomics.com. The webcast will be archived and available for replay for at least 30 days after the event.

Preliminary Select Results Subject to Adjustment
10x Genomics, Inc. has not completed preparation of its consolidated financial statements for the fourth quarter or fiscal year of 2024. The select results presented in this news release for the fourth quarter and year ended December 31, 2024 are preliminary and unaudited and are thus inherently uncertain and subject to change as we complete preparation of our consolidated financial statements for the year ended December 31, 2024. 10x Genomics, Inc. is in the process of completing its customary year-end close and review procedures as of and for the fourth quarter and year ended December 31, 2024, and there can be no assurance that final results for these periods will not differ from these estimates. During the course of the preparation of 10x Genomics, Inc.'s consolidated financial statements and related notes as of and for the year ended December 31, 2024, we or our independent registered public accountants may identify items that could cause final reported results to be materially different from the preliminary unaudited financial estimates presented herein.

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 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 expected financial results for the fourth quarter and year ended December 31, 2024 and our future opportunities and performance. These statements are based on management's current expectations, forecasts, beliefs, assumptions and information available to management as of the date hereof. 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. 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 reflected in the forward-looking statements will be achieved or will occur. 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, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com

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SOURCE 10x Genomics, Inc.

FAQ

What was 10x Genomics (TXG) revenue for Q4 2024?

10x Genomics reported preliminary Q4 2024 revenue of approximately $165.0 million, representing 9% sequential growth but a 10% decrease year-over-year.

How much cash does TXG have as of December 31, 2024?

10x Genomics reported approximately $393 million in cash, cash equivalents and marketable securities as of December 31, 2024.

How many instruments has TXG sold cumulatively by the end of 2024?

TXG has sold more than 7,000 instruments cumulatively, including over 5,800 Chromium instruments, over 800 Visium instruments, and over 400 Xenium instruments.

What was TXG's full-year revenue for 2024?

10x Genomics reported preliminary full-year 2024 revenue of approximately $610.8 million, representing a 1% decrease from the prior year.

How did TXG's consumables revenue perform in 2024?

TXG's consumables revenue reached approximately $493.4 million in 2024, representing 3% growth over the prior year.