10X Genomics ( (TXG) ) has realeased its Q3 earnings. Here is a breakdown of the information 10X Genomics presented to its investors.
10x Genomics is a leading life science technology company specializing in single cell and spatial biology solutions, providing instruments, consumables, and software that facilitate advanced biological research. Based in Pleasanton, California, the company is at the forefront of breakthroughs in fields such as oncology and neuroscience.
In its latest earnings report, 10x Genomics disclosed a slight revenue dip in the third quarter of 2024 compared to the same quarter last year, with total revenue reaching $151.7 million. The company highlighted new product launches, including GEM-X Flex and Chromium Xo, aimed at reducing costs for researchers while enhancing single cell analysis capabilities.
Despite a 1% decrease in revenue year-over-year, the company saw an improved gross margin of 70%, up from 62% due to a favorable change in product mix. Operating expenses decreased substantially by 22%, resulting in a significantly lower net loss of $35.8 million compared to the previous year’s $93.0 million. This reduction was largely attributed to decreased in-process research and development expenses.
Looking forward, 10x Genomics has adjusted its full-year 2024 revenue guidance to between $595 million and $605 million, marking a 3% reduction from 2023 at the midpoint. The company remains cautiously optimistic about future growth amidst ongoing market challenges, focusing on expanding its customer base and enhancing product accessibility.
