10x Genomics Reports Second Quarter 2025 Financial Results
PLEASANTON, Calif., Aug. 7, 2025 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the second quarter ended June 30, 2025.
Recent Updates
-- Revenue was $172.9 million for the second quarter. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million. -- Ended the second quarter with cash and cash equivalents and marketable securities of $447.3 million, representing a $20 million increase over the prior quarter. -- Entered into a definitive agreement to acquire Scale Biosciences for upfront cash and stock consideration of $30 million, plus contingent consideration that could become payable upon the achievement of certain milestones. The acquisition strengthens the company's leadership in single cell analysis with key technology that will drive innovation and expand access by enabling more powerful, affordable and scalable experiments across a broader range of applications. -- Began shipping Visium HD 3' and HD cell segmentation, expanding the Visium portfolio's capabilities by enabling high-resolution, high-sensitivity profiling across a wider range of applications. -- Announced a partnership with the Genome Institute of Singapore on the TISHUMAP initiative, which will leverage Xenium and AI to uncover novel biomarkers and therapeutic targets for cancer and inflammatory diseases.
"The second quarter unfolded largely as anticipated," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Amid continued uncertainty in the funding environment, we're encouraged by the resilience of our business and the dedication of our team. We're focused on disciplined execution, and remain confident in the strength of our technology, the momentum behind our platforms and the significant long-term opportunity in front of us."
Second Quarter 2025 Financial Results
Revenue was $172.9 million for the second quarter of 2025. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million, a 5% decrease from the corresponding period of 2024, primarily driven by a decrease in instrument revenue. This figure also reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes.
Gross margin was 72% for the second quarter of 2025, as compared to 68% for the corresponding prior year period. The increase in gross margin was primarily due to higher license and royalty revenue and lower royalties and warranty costs, partially offset by an increase in inventory reserves and higher manufacturing costs. Excluding the impact of license and royalty revenue, gross margin was 67% for the second quarter of 2025.
Operating expenses were $95.0 million for the second quarter of 2025, a 35% decrease from $146.0 million for the corresponding prior year period. The decrease was primarily driven by a $40.7 million gain on settlement related to the litigation settlement.
Operating income was $30.1 million for the second quarter of 2025, as compared to operating loss of $41.7 million for the corresponding prior year period.
Net income was $34.5 million for the second quarter of 2025, as compared to a net loss of $37.9 million for the corresponding prior year period.
Cash and cash equivalents and marketable securities were $447.3 million as of June 30, 2025.
Third Quarter 2025 Revenue Guidance
10x Genomics expects third quarter 2025 revenue to be in the range of $140 million to $144 million. This guidance reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the second quarter 2025 financial results, business developments and outlook after market close on Thursday, August 7, 2025 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world's understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "see," "estimate," "predict," "potential," "would," "likely," "seek" or "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.'s partnerships, plans, positioning, product launches, organization, goals, opportunities, potential, specifications, costs, enthusiasm, trends and adoption of 10x Genomics, Inc.'s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.'s products and services and 10x Genomics, Inc.'s financial performance and results of operations, including expectations regarding revenue and guidance as well as government policy and academic and government research funding. These statements are based on management's current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics' expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.'s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recently-filed 10-K for the fiscal year ended December 31, 2024, filed on February 13, 2025, and the company's quarterly reports on Form 10-Q for the quarter ended March 31, 2025, filed on May 9, 2025, and for the quarter ended June 30, 2025, to be filed with the Securities and Exchange Commission (SEC), and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, its website (https://www.10xgenomics.com/), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30,
June 30,
2025 2024 2025 2024
Products and services revenue (1) $145,157 $152,990 $282,980 $293,995
License and royalty revenue (1) 27,751 114 44,811 115
Revenue 172,908 153,104 327,791 294,110
Cost of products and services revenue (2) 47,824 48,884 97,262 96,976
Gross profit 125,084 104,220 230,529 197,134
Operating expenses:
Research and development (2) 61,224 62,918 125,469 131,556
Selling, general and administrative (2) 74,434 83,039 164,162 168,813
Gain on settlement (40,700) (49,900)
Total operating expenses 94,958 145,957 239,731 300,369
Income (loss) from operations 30,126 (41,737) (9,202) (103,235)
Other income (expense):
Interest income 4,271 4,715 7,957 9,451
Interest expense (3) (1) (3) (2)
Other income (expense), net 2,603 (56) 4,739 (1,096)
Total other income 6,871 4,658 12,693 8,353
Income (loss) before provision for income taxes 36,997 (37,079) 3,491 (94,882)
Provision for income taxes 2,459 818 3,311 2,964
Net income (loss) $34,538 $(37,897) $180 $(97,846)
Net income (loss) per share, basic $0.28 $(0.32)
$ - $(0.82)
Net income (loss) per share, diluted $0.28 $(0.32)
$ - $(0.82)
Weighted-average shares used to compute net income 123,755,409 120,066,972 123,183,924 119,461,485
(loss) per share, basic
Weighted-average shares used to compute net income 124,509,720 120,066,972 124,258,150 119,461,485
(loss) per share, diluted
(1) The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company's Visium and Xenium products:
Three Months Ended Six Months Ended
June 30,
June 30,
2025 2024 2025 2024
Instruments
Chromium $5,727 $8,792 $11,640 $16,642
Spatial $8,770 15,060 $17,672 32,663
Total instruments revenue 14,497 23,852 29,312 49,305
Consumables
Chromium 85,788 94,108 169,897 178,035
Spatial 36,397 29,254 67,644 55,662
Total consumables revenue 122,185 123,362 237,541 233,697
Services 8,475 5,776 16,127 10,993
Products and services revenue 145,157 152,990 $282,980 $293,995
License and royalty revenue 27,751 114 $44,811 $115
Total revenue $172,908 $153,104 $327,791 $294,110
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended Six Months Ended
June 30,
June 30,
2025 2024 2025 2024
Americas
United States* $103,491 $89,672 $190,309 $165,309
Americas (excluding United States) 2,667 3,419 $6,419 7,412
Total Americas 106,158 93,091 196,728 172,721
Europe, Middle East and Africa 34,734 37,362 66,629 72,083
Asia-Pacific
China 23,170 13,738 40,053 27,662
Asia-Pacific (excluding China) 8,846 8,913 24,381 21,644
Total Asia-Pacific 32,016 22,651 64,434 49,306
Total revenue $172,908 $153,104 $327,791 $294,110
* Includes license and royalty revenue.
(2) Includes stock-based compensation expense as follows:
Three Months Ended Six Months Ended
June 30,
June 30,
(in thousands) 2025 2024 2025 2024
Cost of revenue $1,989 $2,247 $4,470 $4,280
Research and development 12,613 17,862 26,719 34,750
Selling, general and administrative 12,643 18,383 27,132 35,591
Total stock-based compensation expense $27,245 $38,492 $58,321 $74,621
10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
June 30, December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents $397,712 $344,067
Marketable securities 49,549 49,335
Accounts receivable, net 49,977 87,862
Other receivables 69,090 606
Inventory 68,968 83,107
Prepaid expenses and other current assets 20,365 19,410
Total current assets 655,661 584,387
Property and equipment, net 239,710 252,648
Operating lease right-of-use assets 62,700 57,290
Goodwill 4,511 4,511
Intangible assets, net 14,714 15,671
Other noncurrent assets 2,674 4,129
Total assets $979,970 $918,636
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $15,938 $12,909
Accrued compensation and related benefits 26,102 33,615
Accrued expenses and other current liabilities 39,063 41,165
Deferred revenue 21,449 20,658
Operating lease liabilities 9,669 9,286
Total current liabilities 112,221 117,633
Operating lease liabilities, noncurrent 77,075 73,327
Deferred revenue, noncurrent 11,270 12,513
Other noncurrent liabilities 6,125 5,029
Total liabilities 206,691 208,502
Commitments and contingencies
Stockholders' equity:
Preferred stock -
Common stock 2 2
Additional paid-in capital 2,239,924 2,177,672
Accumulated deficit (1,466,867) (1,467,047)
Accumulated other comprehensive income (loss) 220 (493)
Total stockholders' equity 773,279 710,134
Total liabilities and stockholders' equity $979,970 $918,636
View original content to download multimedia:https://www.prnewswire.com/news-releases/10x-genomics-reports-second-quarter-2025-financial-results-302524722.html
SOURCE 10x Genomics, Inc.
