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10x Genomics Q3 Revenues Grow 5 Percent

NEW YORK – 10x Genomics reported a 5 percent year-over-year increase in third quarter revenues after the close of the market on Wednesday. The growth was primarily driven by instrument sales and new customers, partially offset by "unfavorable foreign exchange fluctuations," according to the company.

For the three months ended Sept. 30, the Pleasanton, California-based single-cell and spatial technologies firm reported $131.1 million in revenues compared to $125.3 million in Q3 2021, beating the average Wall Street estimate of $129.6 million.

Consumables revenues were $108.1 million, up 2 percent from $106.1 million a year ago. Instrument revenues were $20.9 million, a 22 percent increase from the prior year’s $17.1 million in Q3; and service revenues were $2.1 million, flat year over year.

"This quarter, we saw a continued shift towards our high-throughput kits, which offer researchers the flexibility to analyze more samples or more cells at a size and scale previously considered unattainable," 10x CEO and Cofounder Serge Saxonov told investors on a call following the release of the Q3 results.

Saxonov added that the company is "on track" to begin taking pre-orders for both BEAM-T and BEAM-Ab products later this month.

By region, revenues from the Americas were $77.6 million, increasing 11 percent over the prior year period from $70.2 million; Europe, Middle East, and Africa revenues were $27.9 million, up 8 percent from $25.8 million. Meanwhile, revenues from Asia-Pacific were $25.6 million, down more than 12 percent from $29.2 million a year ago.

The revenue decline in APAC was primarily driven by the impact of COVID-19 measures in China, 10X CFO Justin McAnear said during the call, adding that, "rolling lockdowns, travel restrictions, and other disruptions are ongoing and may continue to have adverse impacts."

The company's net loss for the quarter swelled to $41.9 million, or $.37 per share, compared to a net loss of $17.2 million, or $.15 per share, in Q3 2021, below the consensus Wall Street estimate of a $.46 loss per share. The number of weighted average shares of common stock used to compute net loss per share was approximately 114.1 million compared to 110.9 million a year ago.

The firm's R&D expenses grew 23 percent to $67.3 million, including $1.4 million of one-time restructuring expenses, from $54.6 million a year ago.

The firm's SG&A expenses grew 18 percent to $73.4 million, including $2.5 million of one-time restructuring expenses, from $62.1 million a year ago.

As of Sept. 30, 10x Genomics had $234.0 million in cash and cash equivalents and $218.4 million in marketable securities.

The company said it is maintaining its previously announced full-year 2022 revenue guidance of $500 million to $520 million, which was lowered at the end of the second quarter from its initial yearly guidance of $600 million to $630 million. The adjusted guidance represents a 2 percent to 6 percent growth over the prior year.

"There's a lot to look forward to as we close off the year," Saxonov said. "We're navigating a dynamic and uncertain environment right now, yet we're doing so from a solid foundation."

Investors reacted favorably to the Q3 results. In Thursday morning trading on Nasdaq, 10x Genomics shares were up 17 percent to $31.65.