On November 2, 2023, 10x Genomics Inc (TXG, Financial), a leader in single cell and spatial biology, reported its financial results for the third quarter ended September 30, 2023. The company saw a 17% increase in revenue, reaching $153.6 million, up from $131.1 million in the corresponding period of 2022. This growth was primarily driven by the momentum of the company's Xenium gene panel strategy.
Financial Highlights
Despite the increase in revenue, 10x Genomics Inc (TXG, Financial) reported a wider operating loss of $94.8 million for Q3 2023, compared to an operating loss of $40.0 million in the same period last year. This increase was primarily due to a $41.4 million in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year. Other factors contributing to the increase in operating expenses included increased personnel expenses and stock-based compensation.
The company's net loss for the quarter was $93.0 million, compared to a net loss of $41.9 million in Q3 2022. As of September 30, 2023, the company had cash and cash equivalents and marketable securities totaling $356.9 million.
Company Outlook
10x Genomics Inc (TXG, Financial) has raised its full-year 2023 revenue guidance, now expecting revenue in the range of $610 million to $625 million, representing an 18% to 21% growth over the full year 2022.
CEO's Commentary
We had another solid quarter of revenue growth driven by Xenium, as we continued to ramp operations and drive exceptional demand with researchers worldwide," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Xenium’s incredibly steep adoption curve in just three full quarters of launch has put the platform on a best-in-class trajectory. The extraordinary customer enthusiasm and demand we are seeing for this platform further strengthens our conviction in the spatial opportunity and validates our multi-platform strategy and investment."
Financial Tables
10x Genomics Inc (TXG, Financial) reported total instruments revenue of $34.9 million and total consumables revenue of $114.4 million for Q3 2023. The company's total revenue by geography based on the location of the customer was $99.0 million for Americas, $32.0 million for Europe, Middle East and Africa, and $22.6 million for Asia-Pacific.
The company's balance sheet as of September 30, 2023, showed total assets of $948.5 million and total liabilities of $203.3 million, with a total stockholders' equity of $745.2 million.
Explore the complete 8-K earnings release (here) from 10x Genomics Inc for further details.
