Business
10x Genomics Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Outlook for 2021
Q4 2020 revenue growth of 49% over prior year PLEASANTON, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial
About this update from 10x Genomics, Inc.
[{"type":"text","content":"Q4 2020 revenue growth of 49% over prior year PLEASANTON, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the fourth quarter and full year ended December 31, 2020 and provides outlook for full year 2021. Recent Highlights Revenue was $298.8 million for the full year and $112.2 million for the fourth quarter of 2020, representing 22% and 49% increases over the corresponding periods of 20192,412 Chromium instruments sold as of December 31, 2020More than 2,200 peer-reviewed publications based on data generated using 10x productsOperations center in Singapore came online and began consumables manufacturing Fourth Quarter 2020 Financial Results Revenue was $112.2 million for the three months ended December 31, 2020, a 49% increase from $75.3 million for the three months ended December 31, 2019. This increase was primarily the result of increased consumables revenue driven by growth in the instrument installed base. Gross margin was 83% for the fourth quarter of 2020, as compared to 78% for the corresponding prior year period. The increase in gross margin was driven primarily by a smaller percentage of product sales being subject to royalties under ongoing litigation due to the transition to Next GEM products, partially offset by higher costs from newly introduced products. Operating expenses were $502.9 million for the fourth quarter of 2020, a 653% increase from $66.8 million for the three months ended December 31, 2019, and included $406.9 million of in-process research and development expense related to intellectual property purchased in connection with the acquisition of ReadCoor. Other drivers of the increase in operating expenses this quarter include increased personnel expenses, including stock-based compensation, and increased litigation expenses. Operating loss was $409.6 million for the fourth quarter of 2020, as compared to an operating loss of $8.1 million for the corresponding prior year period. This includes $14.3 million of stock-based compensation for the fourth quarter of 2020, as compared to $5.1 million for the fourth quarter of 2019. Net loss was $415.6 million for the fourth quarter of 2020, as compared to a net loss of $7.1 million for the corresponding prior year period. Full Year 2020 Financial Results Revenue was $298.8 million for the year ended...