NEW YORK – Life sciences tool companies Oxford Nanopore Technologies, 10x Genomics, Bionano Genomics, and Standard BioTools reported preliminary earnings results for 2024 on Monday.
Oxford Nanopore Technologies
For the year ended Dec. 31, the UK nanopore sequencing firm booked approximately £183.0 million ($222.2 million) in revenues, an 8 percent increase from £169.7 million in 2023, or 1 percent on a constant currency basis. On average, analysts expected £182.3 million in revenues from the company.
Oxford Nanopore said the growth was primarily driven by expansion into customer end markets outside research, such as applied industrial, biopharma, and clinical.
Excluding revenues from COVID sequencing and the Emirati Genome Program, which was one of the company's biggest customers, Oxford Nanopore's underlying revenue increased approximately 23 percent year over year.
Oxford Nanopore said the underlying growth was strongest across the PromethIon products, up approximately 55 percent in 2024, primarily driven by increasing customer flow cell utilization. This offset softness in the MinIon product range, which declined mainly due to product life cycle management.
"We are pleased with our performance in 2024, which is in line with our guidance in a year that proved challenging for the broader sector, demonstrating the value of our differentiated platform," Oxford Nanopore CEO Gordon Sanghera said in a statement. "We are particularly encouraged by the increasing momentum delivered across all regions into the second half of 2024, with overall underlying revenue growth at constant currency accelerating to approximately 34 percent."
Oxford Nanopore said the company had "strong underlying revenue growth in all regions," led by Europe, the Middle East, Africa, and India as well as Asia-Pacific. The growth was offset by export control restrictions to China during the second half of the year.
Oxford Nanopore finished the year with approximately £403 million in cash, cash equivalents, and other liquid investments.
10x Genomics
For the year ended Dec. 31, 10x Genomics reported total revenues of approximately $610.8 million, which is a 1 percent dip from $618.7 million in 2023.
Instrument revenues for the year were projected to be $92.7 million, representing a 25 percent decrease from $123.5 million in 2023. Of these, Chromium instrument revenues were approximately $35.2 million, and spatial instrument revenues were about $57.5 million.
Full-year consumables revenues were approximately $493.4 million, representing a 3 percent increase from $479.6 million in the prior year. Consumables revenues consist of approximately $372.3 million from Chromium consumables and $121.1 million of spatial consumables.
Services revenue of approximately $24.6 million, representing 57 percent growth year over year from $15.7 million.
The company sold more than 7,000 instruments cumulatively during 2024, including over 5,800 Chromium instruments, over 800 Visium instruments, and over 400 Xenium instruments.
For Q4 2024, 10x estimated revenues of $165.0 million, representing a 10 percent drop from $184.0 million in the prior-year period.
Instrument revenues for the quarter were approximately $24.4 million, down 37 percent from $38.4 million in Q4 2023. Instrument revenues include approximately $10.9 million from Chromium and $13.4 million from spatial instruments.
Q4 consumables revenues were approximately $133.5 million, a 5 percent year-over-year decrease from $140.3 million. Consumables revenues consist of approximately $97.7 million from Chromium consumable sales and $35.8 million from spatial consumables.
Services revenues were approximately $7.1 million, representing 35 percent growth from $5.3 million in Q4 2023.
10x ended the year with $393 million in cash, cash equivalents, and marketable securities.
Bionano Genomics
The optical genome mapping company's preliminary Q4 revenues are expected to be between $7.9 million and $8.1 million, representing a decline of approximately 25 percent from $10.7 million in Q4 2023. On average, Wall Street analysts were expecting revenue for the quarter to be $6.3 million.
The company attributed the revenue decline primarily to discontinuation of clinical service products in 2024.
Bionano sold approximately 8,058 nanochannel array flow cells in the fourth quarter, an estimated increase of 1 percent over the 7,980 flow cells sold in the same period in 2023.
For full-year 2024, Bionano estimates revenues in the range of $30.5 million to $30.7 million, a decrease of approximately 15 percent compared to $36.1 million in 2023. The projected range exceeds the consensus Wall Street estimate of $28.9 million.
The company grew the installed base of OGM systems to about 371 by the end of 2024, representing a 14 percent increase over the 326 installed systems in 2023.
Bionano ended the year with approximately $20.9 million in cash, cash equivalents, and available-for-sale securities, of which $11.4 million is subject to certain restrictions.
"In 2024, we navigated a challenging external environment for access to capital with important debt modifications and equity capital raises via a series of registered direct offerings," Mark Adamchak, principal accounting officer of Bionano, said in a statement. "We remain focused on financial discipline and implementing actionable processes that we believe will enable us to improve margins and further extend our cash runway."
Standard BioTools
For the three months ended Dec. 31, Standard BioTools estimated revenues to be approximately $46.5 million, a 65 percent jump from $28.2 million in Q4 2023 and exceeding the average Wall Street estimate of $43.0 million.
For full-year 2024, the company anticipates revenues to be approximately $174.0 million, a 64 percent increase from $106.3 million in 2023 and above the consensus Wall Street estimate of $171.2 million.
"The team worked hard in a difficult environment to deliver on the top end of our revised annual guidance forecast, adjusted in the second quarter to account for the ongoing and industry-wide headwinds," Standard BioTools CEO Michael Egholm said in a statement. "We also made significant progress reducing our operating expenses by implementing Standard BioTools Business Systems, but work remains and demands renewed commitment to discipline and continuous improvement."