Business
10x Genomics Reports First Quarter 2020 Financial Results
PLEASANTON, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the quarter ended March 31, 2020.
About this update from 10x Genomics, Inc.
[{"type":"text","content":"PLEASANTON, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the quarter ended March 31, 2020.\n Recent Highlights Revenue of $71.9 million for the first quarter, representing a 34% increase over the corresponding period of 2019 Announced a broad range of new products and new capabilities at the Advances in Genome Biology and Technology (AGBT) Meeting in February Began shipping and completed initial placements of the Chromium Connect instrument “We are doing all we can to support our customers as they race to understand and fight the COVID-19 pandemic,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Despite the temporary uncertainty in the macro environment, we see tremendous opportunities ahead. Our mission to accelerate the mastery of biology is more important now than it has ever been, and I am confident that the future holds an even greater appreciation and appetite for scientific discovery.” First Quarter 2020 Financial ResultsRevenue was $71.9 million for the three months ended March 31, 2020, a 34% increase from $53.6 million for the three months ended March 31, 2019. Gross margin was 79% for the first quarter of 2020, as compared to 74% for the corresponding prior year period. The increase in gross margin was driven primarily by lower accrued royalties related to ongoing litigation. Operating expenses were $76.7 million for the first quarter of 2020, an 80% increase from $42.6 million for the three months ended March 31, 2019, primarily due to increases in expenses related to ongoing litigation, personnel-related expenses and stock-based compensation. Operating loss was $19.9 million for the first quarter of 2020, as compared to $3.0 million for the corresponding prior year period. This includes $6.7 million of stock-based compensation for the first quarter of 2020, as compared to $1.4 million for the first quarter of 2019. Net loss was $21.1 million for the first quarter of 2020, as compared to a net loss of $3.6 million for the corresponding prior year period. Cash and cash equivalents were $372.4 million as of March 31, 2020. Our cash balance at quarter end includes the impact of the repayment in full of our term loan borrowings with Silicon Valley Bank totaling $31 million. On April 9, 2020, 10x withdrew its annual revenue guidance for 2020 due t...