10x Genomics Reports Third Quarter 2020 Financial Results

About this update from 10x Genomics, Inc.

[{"type":"text","content":"PLEASANTON, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the third quarter ended September 30, 2020.\n Recent Highlights Revenue was $71.8 million for the third quarter, representing a 17% increase over the corresponding period in 2019 and a 67% increase compared to the second quarter of 2020Completed the acquisitions of ReadCoor and CartaNA, advancing 10x Genomics into In Situ analysis with comprehensive and foundational intellectual property, key technology advances and deep talent and expertise in the emerging fieldCompleted a follow-on public offering of 4,600,000 shares of common stock resulting in approximately $482.2 million in net proceeds \"Our strong performance this quarter demonstrates our ability to execute across all facets of the business,\" said Serge Saxonov, Co-Founder and CEO of 10x Genomics. \"We remain focused on the frontiers of scientific discovery and we will continue to invest in the vast opportunities that lie before us, both now and well into the future.\" Third Quarter 2020 Financial Results Revenue was $71.8 million for the three months ended September 30, 2020, a 17% increase from $61.2 million for the three months ended September 30, 2019. This increase was primarily the result of increased consumables revenue driven by growth in the instrument installed base, partially offset by decreased demand due to ongoing lab closures resulting from COVID-19. Gross margin was 80% for the third quarter of 2020, as compared to 75% 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 $122.7 million for the third quarter of 2020, a 124% increase from $54.8 million for the three months ended September 30, 2019, and include $40.6 million of in-process research and development expense related to intellectual property purchased in connection with the acquisition of CartaNA. Other drivers of the increase in operating expenses this quarter include increased personnel expenses, including stock-based compensation, and increased outside legal expenses. Operating loss was $65.3 million for the third quarter of 2020, as compared to $9.1 million for the corresponding prior year period. This includes $13.8 million of stock-based compensation ...

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