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10x Genomics Q1 Revenues Grow 8 Percent

NEW YORK – 10x Genomics reported after the close of the market on Wednesday an 8 percent increase in first quarter 2022 revenues, driven by consumables revenues and sales of Chromium X series instruments.

For the three months ended March 31, the Pleasanton, California-based single-cell and spatial genomics firm reported $114.5 million in revenues compared to $105.8 million in the prior-year period, beating the average Wall Street estimate of $113.3 million.

Consumables revenues were $98 million, up 5 percent year over year from $93.1 million; instrument revenues were $14.4 million, up 30 percent from $11.1 million a year ago; and service revenues were $2.1 million, up 31 percent from $1.6 million in Q1 2021.

Revenues from North America totaled $59.7 million, up 15 percent from $51.8 million; revenues from Europe, the Middle East, and Africa amounted to $20.5 million, up 7 percent from $19.2 million; and revenues from the Asia-Pacific region added up to $34.3 million, in line with the prior-year period.

"Our first quarter results reflect our team's continued focus on execution, as we navigated an expected slow start to the year to drive adoption of our leading single-cell and spatial technologies," Serge Saxonov, 10x's CEO and cofounder, said in a statement. "We are on track to make 2022 the most exciting year of product launches in our history. We look forward to delivering on our product roadmap, building momentum throughout the year, and accelerating growth into 2023 and beyond."

On a conference call with investors following the release of the financial results, Saxonov added that demand for the firm's Chromium instruments, especially the Chromium X series, was "solid" and that the firm is emphasizing placements. "We have found that customers who own instruments consistently grow their usage over time," he said.

Saxonov noted that the firm's multiomics kits are "among the fastest-growing products in our history [and are] experiencing broad adoption across a diverse set of applications."

The firm's net loss for the quarter was $42.4 million, or $.38 per share, compared to a loss of $11.6 million, or $.11 per share, in Q1 2021, missing the average Wall Street estimate of a $.31 loss per share.

The firm's R&D expenses grew 53 percent to $64.1 million from $41.9 million a year ago. Its SG&A expenses grew 17 percent to $66.7 million from $56.9 million a year ago, partially offset by a decrease in outside legal expenses.

As of March 31, 10x had $312.5 million in cash and cash equivalents, $226.8 million in marketable securities, and $27,000 in restricted cash.

The firm maintained its 2022 revenue guidance of $600 million to $630 million, representing 22 percent to 28 percent growth over the prior year.

In Thursday morning trading on the Nasdaq, shares of 10x were down 10 percent at $47.27.

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