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10x Genomics Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Outlook for 2023
Q4 2022 revenue growth of 9% and FY 2022 revenue growth of 5% over the corresponding periods of 2021 PLEASANTON, Calif., Feb. 15, 2023 /PRNewswire/ -- 10x
About this update from 10x Genomics, Inc.
[{"type":"text","content":"Q4 2022 revenue growth of 9% and FY 2022 revenue growth of 5% over the corresponding periods of 2021\nPLEASANTON, Calif., Feb. 15, 2023 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided outlook for 2023.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nRevenue was $156.2 million for the fourth quarter and $516.4 million for the full year of 2022, representing 9% and 5% increases over the corresponding periods of 2021.Increased cumulative instruments sold to more than 4,600 as of the end of 2022, driven by continued adoption of Chromium X Series instruments and strong demand for Visium CytAssist.Began shipping the Xenium platform for in situ analysis, delivering key performance advantages in data quality, workflow and throughput through highly differentiated chemistry, hardware and software.Unveiled new data and showcased key advances and future development directions for all three platforms at the 2023 Advances in Genome Biology and Technology General Meeting.\"The clear highlight of 2022 was the velocity of our innovation engine as our team delivered catalytic launches across all three platforms,\" said Serge Saxonov, Co-founder and CEO of 10x Genomics. \"We finished the year with momentum and in a strong position to capture the massive opportunities ahead.\"\nFourth Quarter 2022 Financial Results\nRevenue was $156.2 million for the three months ended December 31, 2022, a 9% increase from $143.5 million for the three months ended December 31, 2021. This increase was primarily the result of higher consumables revenue in the Americas and EMEA regions partially offset by a decline in China, and overall higher volume of instruments sold including the sales of our newly introduced Xenium instruments, partially offset by unfavorable foreign currency exchange fluctuations.\nGross margin was 76% for the fourth quarter of 2022, as compared to 81% for the corresponding prior year period. The decrease in gross margin was primarily due to change in product mix with newly introduced products.\nOperating expenses were $142.5 million for the fourth quarter of 2022, a 8% increase from $131.8 million for the corresponding prior year period. The increase in operating expenses was primarily driven by higher personnel expenses, including stock-bas...