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10x Genomics Anticipates 33 Percent Q1 Revenue Increase, Withdraws 2020 Guidance

NEW YORK – 10x Genomics reported after the close of the market on Thursday a 33 percent year-over-year increase in preliminary first quarter revenues.

For the quarter ended March 31, the company reported preliminary revenues between $71 million and $72 million. The firm saw "a significant reduction in customer activity other than research related to the virus" during the quarter as many academic and government labs temporarily closed due to the pandemic.

10x Genomics said many researchers are using its Chromium Controller instruments in Biosafety Level 3 laboratories to study the SARS-CoV-2 virus. The company has been designated as an "essential business" that can continue operations and still provides critical products to researchers conducting important research and development, while protecting its own employees. Its production, shipping, and customer service remain operational and the company has not experienced any supply issues yet.

In the meantime, the firm is "actively reviewing and managing" its costs in order to remain in a strong financial and operating position. 10x Genomics said its existing cash position, along with cash generated from product sales, is sufficient to meet its cash needs for the foreseeable future.

"While none of us have seen a pandemic like this in our lifetimes, we have also never seen so much of the global scientific community focused with so much intensity on a single goal," said 10x CEO and cofounder Serge Saxonov in a statement. "Our products are an important part of the arsenal to combat COVID-19, and we will do all we can to help our customers until the pandemic is under control."

Given the uncertainty of the pandemic, 10x is withdrawing its revenue guidance for 2020, issued on Feb. 18. The firm will provide full Q1 results and additional information in its upcoming earnings call, expected to be held in early May.