Skip to main content
Premium Trial:

Request an Annual Quote

10x Genomics Raises Full-Year Revenue Guidance on Xenium Sales

NEW YORK – Single-cell and spatial analysis firm 10x Genomics is again raising its full-year 2023 revenue guidance after its second quarter revenues grew 28 percent year over year driven by strong sales of spatial instruments.

The firm now expects revenues in the range of $600 million to $620 million, or 16 to 20 percent growth over 2022 revenues. Previously, 10x had expected revenues in the range of $590 million to $610 million. The figures are partially offset by continued challenges in the Asia-Pacific region, especially China.

"That [Xenium] works out of the gate and the data is high-quality is resonating" with customers, 10x Cofounder and CEO Serge Saxonov said on a conference call with investors following the release of the Q2 results. "All signs are showing there's huge potential."

Xenium, a high-resolution spatial multiomics platform based on in situ molecular interrogation methods, launched at the end of 2022. It joined a competitive but expanding market, also courted by NanoString Technologies and Vizgen.

10x plans on "leaning in even further" into the opportunity presented by Xenium, CFO Justin McAnear said. "Now is the time to prioritize investment in driving Xenium adoption."

On China, McAnear noted that the macroeconomic environment is "very challenging" and that demand is soft. "We don't expect it to improve for at least the next couple of quarters," he said.

For the three months ended June 30, 10x reported revenues of $146.8 million, up 28 percent from $114.6 million in the prior-year period, and beating the consensus Wall Street estimate of $140.0 million.

Instrument revenues were $31.0 million, more than double $14.7 million a year ago, with $18.1 million coming from spatial instruments including Xenium.

Consumables revenues for the quarter were $112.5 million, up 15 percent from $97.9 million a year ago. Spatial consumables revenues were $11.7 million, up 70 percent year over year from $6.9 million. Service revenue was $3.4 million, up 74 percent from $1.9 million a year ago.

Revenues from the Asia-Pacific region were up $24 million, up 33 percent from $18.1 million in Q2 2022, but down sequentially. Revenues from Europe, the Middle East, and Africa totaled $31.2 million, up 22 percent from $25.6 million in the year-ago quarter. Revenues from the Americas totaled $91.5 million, up 29 percent from $70.9 million.

The firm's net loss for the quarter was $62.4 million, or $.53 per share, compared to a net loss of $64.5 million, or $.57 per share, in Q2 2022, missing the consensus Wall Street estimate of a $.40 loss per share.

The firm's R&D expenses were $71.5 million, up 1 percent from $70.7 million a year ago. Its SG&A expenses increased 15 percent to $91.5 million from $79.3 million a year ago. McAnear said the increases were driven by increased personnel-related costs and operational expansion.

As of June 30, 10x had $325.9 million in cash and cash equivalents, $65.5 million in marketable securities, and $1.5 million in restricted cash.

In Friday morning trading on the Nasdaq, shares of 10x Genomics were down 5 percent at $55.72.