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10x Genomics Q1 Revenues Jump 47 Percent

NEW YORK – 10x Genomics reported after the close of the market on Wednesday a 47 percent increase in first quarter revenues, driven by increased consumables revenues.

For the three months ended March 31, the Pleasanton, California-based single-cell and spatial genomics firm reported $105.8 million in revenues, up from $71.9 million in the prior-year period and beating the average Wall Street estimate of $102.5 million.

Consumables revenues for the quarter were $93.1 million, up 52 percent from $61.4 million a year ago; instrument revenues were $11.1 million, up 23 percent from $9.1 million, a year ago; and service revenue was $1.6 million, up 21 percent from $1.3 million, in Q1 2020, driven by customers coming off warranties and onto paid service contracts.

Revenues from North America totaled $51.8 million, up 30 percent from $39.7 million; revenues from Europe, the Middle East, and Africa totaled $19.2 million, up 45 percent from $13.2 million; and revenues from the Asia-Pacific region totaled $34.8 million, up 83 percent from $19.0 million.

"We had a solid start to the year highlighted by strong growth across the business," Serge Saxonov, 10x CEO and cofounder, said in a statement.

On a conference call with investors following the release of the results, Saxonov said the firm was still waiting for all of its customers to return to pre-pandemic activity levels.

CFO Justin McAnear added that it might take until the third quarter to see a full recovery and until the end of the year for the company to "feel the full impact" of that. On the bright side, McAnear said that the situation is improving quickly in the US, especially on the West Coast, which "started the year with a lot of slowness." The UK market has bounced back, he said, even in the face of some Brexit-related headwinds, as has the Scandinavian market, but France saw slowdowns in the quarter. "China, [South] Korea, and Japan are essentially back to what is the new normal," McAnear said.

The firm's net loss for the quarter was $11.6 million, or $.11 per share, compared to a net loss of $21.1 million, or $.22 per share, in Q1 2020, beating the average Wall Street estimate of a $.27 loss per share.

The number of weighted average shares of common stock used to compute net loss per share was approximately 108.7 million in Q1, compared to approximately 96.8 million in the year-ago quarter.

The firm's R&D expenses jumped 61 percent to $41.9 million from $26 million a year ago, driven by a $10.3 million increase in personnel-related expenses and a $1.8 million increase in spending on lab supplies and equipment. Its SG&A expenses increased 13 percent to $56.9 million from $50.4 million a year ago, driven by a $9.9 million increase in personnel-related expenses and a $2.1 million increase in IT and facilities costs, partially offset by reduced legal expenses.

As of March 31, 10x had $617.2 million in cash and cash equivalents.

The firm maintained its 2021 revenue guidance of $480 million to $500 million, representing 61 percent to 67 percent growth over the prior year.

Saxonov noted that 10x has begun accepting preorders for its Visium spatial gene expression platform for formalin-fixed paraffin-embedded samples, which will ship by the end of the second quarter.

In Thursday morning trading on the Nasdaq, 10x shares were down more than 12 percent at $160.23.

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