Business
10x Genomics Reports Third Quarter 2021 Financial Results
Q3 2021 revenue growth of 74% over prior year and 8% over prior quarter PLEASANTON, Calif., Nov. 3, 2021 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG)
About this update from 10x Genomics, Inc.
[{"type":"text","content":"Q3 2021 revenue growth of 74% over prior year and 8% over prior quarter\n\n\nPLEASANTON, Calif., Nov. 3, 2021 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the third quarter ended September 30, 2021.\nRecent Highlights\nRevenue was $125.3 million for the third quarter, representing a 74% increase over the corresponding period of 2020 and an 8% increase compared to the second quarter of 2021. Began shipping the Chromium X instrument, providing flexible analysis of up to one million cells per experiment, and high-throughput Gene Expression and Immune Profiling consumables, enabling affordable and routine large-scale gene expression and multiomic analyses. Continued the strong momentum of customer publications by surpassing 3,000 research papers using our products, advancing scientific discovery in application areas such as oncology, immunology, neuroscience and infectious disease.\"Our team delivered strong results this quarter, successfully launching the Chromium X while navigating the complexities of this operating environment,\" said Serge Saxonov, Co-founder and CEO of 10x Genomics. \"Our conviction in the vast opportunity ahead remains as strong as ever, and we will accelerate our investments to continue to innovate, drive scale and fulfill the promise of single cell and spatial biology.\"\nThird Quarter 2021 Financial Results\nRevenue was $125.3 million for the three months ended September 30, 2021, a 74% increase from $71.8 million for the three months ended September 30, 2020. This increase was primarily the result of increased consumables revenue driven by growth in the instrument installed base.\nGross margin was 80% for the third quarter of 2021, which is flat as compared to 80% for the corresponding prior year period as lower accrued royalties related to the Bio-Rad litigation were offset by the impact in shifting product mix.\nOperating expenses were $116.7 million for the third quarter of 2021, a 5% decrease from $122.7 million for the three months ended September 30, 2020. This decrease was driven by lower in-process research and development expense this quarter due to the $40.6 million charge during the quarter ended September 30, 2020 related to the acquisition of CartaNA and decreased legal expenses. This decrease was partially offset by increased operating expenses related...