Business
10x Genomics Reports Second Quarter 2024 Financial Results
PLEASANTON, Calif. , Aug. 8, 2024 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial
About this update from 10x Genomics, Inc.
[{"type":"text","content":"PLEASANTON, Calif. , Aug. 8, 2024 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nRevenue was $153.1 million for the second quarter, a 4% increase over the corresponding period of 2023, primarily driven by stronger contributions from consumables.Began shipping Xenium Prime 5K, which measures 5,000 genes and features an enhanced chemistry to deliver excellent per-gene sensitivity, improved specificity and spatial fidelity, and integrated multimodal cell segmentation.Announced that the Garvan Institute of Medical Research selected Chromium GEM-X for its new TenK10K project, which intends to map 50 million human cells to identify unique genomic fingerprints of autoimmune diseases, heart diseases and cancer.\"While it's a challenging macro environment, we saw strong demand for spatial and single cell consumables this quarter, fueled by significant product launches earlier this year,\" said Serge Saxonov, Co-founder and CEO of 10x Genomics. \"We remain confident in the strength, differentiation and long-term potential of our platforms as we evolve our commercial organization and continue to execute our strategy.\"\nSecond Quarter 2024 Financial Results\nRevenue was $153.1 million for the second quarter of 2024, a 4% increase from $146.8 million for the corresponding prior year period.\nGross margin was flat year over year at 68%.\nOperating expenses were $146.0 million for the second quarter of 2024, a 10% decrease from $163.0 million for the corresponding prior year period. This decrease was primarily driven by lower personnel expenses, including stock-based compensation expense, and a decrease in laboratory materials and supplies.\nOperating loss was $41.7 million for the second quarter of 2024, as compared to $63.4 million for the corresponding prior year period. Operating loss includes $38.5 million of stock-based compensation for the second quarter of 2024, as compared to $45.7 million of stock-based compensation for the corresponding prior year period.\nNet loss was $37.9 million for the second quarter of 2024, as compared to a net loss of $62.4 million for the corresponding prior year period.\nCash and cash equivalents and marketable securities were $380.1 mill...