Tue, Oct 29, 8:16 PM (65 days ago)
10x Genomics, Inc. (TXG) reported a net loss of $35.8 million for Q3 2024, an improvement from a $93.0 million loss in Q3 2023. Revenue for the quarter decreased slightly by 1% to $151.7 million, driven by a significant drop in instrument sales, particularly for Chromium and Spatial instruments, which fell 45% year-over-year. However, consumables revenue increased by 10%, reflecting strong demand for Spatial consumables. Gross profit improved to $106.4 million, resulting in a gross margin of 70%, up from 62% in the prior year, due to lower manufacturing costs and a favorable product mix. Operating expenses decreased by 22% to $147.9 million, primarily due to reduced research and development costs. Cash flow from operating activities was positive at $13.4 million, contrasting with a negative cash flow of $41.0 million in the same period last year. The company ended the quarter with $398.2 million in cash and cash equivalents. Looking ahead, 10x Genomics anticipates continued investments in R&D and operational expansion, while maintaining a cautious outlook due to ongoing losses and uncertainties in the market.