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10x Genomics Q3 Revenues Jump 74 Percent

NEW YORK – 10x Genomics reported a 74 percent year-over-year increase in third quarter revenues after the close of the market on Wednesday, driven by increased consumables revenue as a result of a larger installed instrument base.

For the three months ended Sept. 30, the company reported $125.3 million in revenues, up from $71.8 million in Q3 2020 and beating the average Wall Street analyst estimate of $122.6 million.

Consumables revenues were $106.1 million, up 75 percent from a year ago; instrument revenues were $17.1 million, up 77 percent, attributable to the launch of the Chromium X; and service revenues were $2.1 million, up 30 percent.

By region, revenues from the Americas were $70.2 million, up 66 percent from a year ago; Europe, Middle East, and Africa revenues were $25.8 million, up 67 percent; and revenues from Asia-Pacific totaled $29.2 million, more than double the revenues from a year ago.

"Our team delivered strong results this quarter, successfully launching the Chromium X while navigating the complexities of this operating environment," 10x CEO and cofounder Serge Saxonov said in a statement. "Our conviction in the vast opportunity ahead remains as strong as ever, and we will accelerate our investments to continue to innovate, drive, scale, and fulfill the promise of single-cell and spatial biology."

On a conference call with investors following the release of the results, 10x officials were concrete about those complexities. Some customers are still grappling with COVID-related changes to operations, and Saxonov said there are "second-order COVID effects," as well. Global supply constraints are a risk, not only to the company itself but also to its customers, and some customers are experiencing labor issues that affect their ability to run experiments or train new employees.

There is "an increasing amount of downside risks" to 10x's business, CFO Justin McAnear said, adding that those risks impacted the firm's consumables revenues in the quarter. Saxonov said he expects the issues "to persist into 2022."

The company's net loss for the quarter narrowed to $17.2 million, or $.15 per share, compared to a net loss of $65.8 million, or $.65 per share, in Q3 2020, beating the consensus Wall Street analyst estimate of a $.20 loss per share. The number of weighted average shares of common stock used to compute net loss per share was approximately 110.9 million compared to 101.3 million a year ago.

The firm's R&D expenses grew 80 percent to $54.6 million from $30.1 million a year ago, driven by increased personnel-related expenses and a $5 million increase related to lab materials and equipment.

The firm's SG&A expenses grew 20 percent to $62.1 million from $51.5 million a year ago, also driven by personnel-related expenses, $2.5 million in additional marketing costs, and a $2.3 million increase in IT and facilities expenses, partially offset by a $8.9 million decrease in outside legal expenses.

As of Sept. 30, 10x Genomics had $600.4 million in cash and cash equivalents.

Despite the challenging environment, McAnear said the firm remains "on track for a strong finish" to the year. 10x Genomics revised its full-year 2021 revenue guidance to between $490 million and $500 million, representing 64 to 67 percent growth over full-year 2020 revenue.

In Thursday morning trading on the Nasdaq, shares of 10x were up 10 percent at $180.76.

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