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10x Genomics Preliminary Financial Results for Q4 and Full Year 2024

10x Genomics, a prominent player in the fields of single cell and spatial biology, recently unveiled its preliminary and unaudited financial results for the fourth quarter and the entire fiscal year ending December 31, 2024. The figures reveal insights into the company’s performance amid varying market conditions, demonstrating resilience and growth in specific areas.

Fiscal Year 2024 Overview

For the fiscal year 2024, 10x Genomics reported approximately $610.8 million in revenue, marking a slight 1% decrease compared to the previous year. One notable aspect was the revenue generated from instruments, which totaled around $92.7 million, reflecting a 25% decline year-over-year. This decline primarily stemmed from reduced sales of both Chromium and Spatial instruments, which amounted to $35.2 million and $57.5 million, respectively.

Conversely, consumables revenue, encompassing reagents and other supplies vital for their platforms, rose to approximately $493.4 million, showcasing a 3% increase from the prior year. This uptick signals the sustained demand for consumables essential in conducting biological research and experiments.

Fourth Quarter Insights

In Q4 2024 alone, the company achieved revenues of roughly $165.0 million, signifying a 9% sequential growth increase while concurrently facing a 10% decline year-on-year. Instruments sales during this quarter were approximately $24.4 million, which exhibited a remarkable 28% growth sequentially, although it represented a 37% decline compared to the same period last year. Within these figures, the company reported $10.9 million in Chromium instruments revenue and $13.4 million from Spatial instruments.

Consumables generated about $133.5 million in the same quarter, indicating 6% growth from Q3 and marginally lower by 5% from the previous year, which consisted of $97.7 million in Chromium consumables and $35.8 million from Spatial consumables. Additionally, services revenue rose to approximately $7.1 million, highlighting a 12% sequential growth and a robust 35% increase year-over-year.

Future Outlook

Serge Saxonov, Co-founder and CEO of 10x Genomics, expressed optimism regarding the company’s trajectory, stating, “Our team delivered solid sequential revenue growth over last quarter. We are confident that the work we've done throughout 2024 sets us up well for the future and better positions us to deliver on the full promise of single-cell and spatial biology.” This statement underscores the belief in the potential rebound as the company transitions into 2025.

The number of cumulative instruments sold surpassed 7,000, with over 5,800 Chromium instruments, 800 Visium, and 400 Xenium instruments sold, reflecting a solid adoption rate within the industry.

10x Genomics is set to present additional insights at the upcoming 43rd Annual J.P. Morgan Healthcare Conference. The company's presentation will be available for live viewing and subsequent replays, further enhancing transparency for its investors and stakeholders.

Closing Thoughts

As 10x Genomics navigates through its preliminary financial landscape, investors and analysts will keenly watch how the company adapts to challenges in instrument sales while leveraging growth in consumables and services. The critical insights shared today offer a glimpse into the ongoing efforts to innovate and solidify its position within the dynamic biotech landscape, particularly in fields that continue to push boundaries in understanding health and disease.

To learn more about 10x Genomics and its revolutionary technology, readers can visit their official website or follow them on LinkedIn and X (formerly Twitter).