Business
10x Genomics Reports First Quarter 2022 Financial Results
Q1 2022 revenue growth of 8% over prior year PLEASANTON, Calif., May 4, 2022 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results
About this update from 10x Genomics, Inc.
[{"type":"text","content":"Q1 2022 revenue growth of 8% over prior year\nPLEASANTON, Calif., May 4, 2022 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nRevenue was $114.5 million for the first quarter, representing an 8% increase over the corresponding period of 2021.Showcased robust product roadmap at Xperience 2022 for the Chromium and Visium platforms and provided a first look into Xenium, the company's forthcoming In Situ platform.Launched two new products for fixed RNA profiling and nuclei isolation, designed to improve sample preparation and broaden the adoption of Chromium, the leading platform for single cell analysis.\"Our first quarter results reflect our team's continued focus on execution, as we navigated an expected slow start to the year to drive adoption of our leading single cell and spatial technologies,\" said Serge Saxonov, Co-founder and CEO of 10x Genomics. \"We are on track to make 2022 the most exciting year of product launches in our history. We look forward to delivering on our product roadmap, building momentum throughout the year and accelerating growth into 2023 and beyond.\"\nFirst Quarter 2022 Financial Results\nRevenue was $114.5 million for the three months ended March 31, 2022, an 8% increase from $105.8 million for the three months ended March 31, 2021. This increase was primarily the result of increased consumables revenue driven by growth in cumulative instruments sold and increased instrument revenue driven by sales of Chromium X Series instruments.\nGross margin was 78% for the first quarter of 2022, as compared to 84% for the corresponding prior year period. The decrease in gross margin was primarily due to change in product mix, increased manufacturing and logistics costs, and higher accrued royalties.\nOperating expenses were $130.8 million for the first quarter of 2022, a 32% increase from $99.0 million for the corresponding prior year period. This increase was driven by higher personnel expenses, including stock-based compensation, increased research and development expenses and increased infrastructure costs, partially offset by a decrease in outside legal expenses.\nOperating loss was $41.7 million for the first quarter of 2022, as compared to $10.2 million for the corresponding prior year...