Q1 2022 revenue growth of 8% over prior year
10x Genomics, Inc. (Nasdaq: TXG) today reported financial results for the first quarter ended March 31, 2022.
Recent Highlights
- Revenue was $114.5 million for the first quarter, representing an 8% increase over the corresponding period of 2021.
- Showcased robust product roadmap at Xperience 2022 for the Chromium and Visium platforms and provided a first look into Xenium, the company’s forthcoming In Situ platform.
- Launched two new products for fixed RNA profiling and nuclei isolation, designed to improve sample preparation and broaden the adoption of Chromium, the leading platform for single cell analysis.
“Our first quarter results reflect our team’s continued focus on execution, as we navigated an expected slow start to the year to drive adoption of our leading single cell and spatial technologies,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “We are on track to make 2022 the most exciting year of product launches in our history. We look forward to delivering on our product roadmap, building momentum throughout the year and accelerating growth into 2023 and beyond.”
First Quarter 2022 Financial Results
Revenue was $114.5 million for the three months ended March 31, 2022, an 8% increase from $105.8 million for the three months ended March 31, 2021. This increase was primarily the result of increased consumables revenue driven by growth in cumulative instruments sold and increased instrument revenue driven by sales of Chromium X Series instruments.
Gross margin was 78% for the first quarter of 2022, as compared to 84% for the corresponding prior year period. The decrease in gross margin was primarily due to change in product mix, increased manufacturing and logistics costs, and higher accrued royalties.
Operating expenses were $130.8 million for the first quarter of 2022, a 32% increase from $99.0 million for the corresponding prior year period. This increase was driven by higher personnel expenses, including stock-based compensation, increased research and development expenses and increased infrastructure costs, partially offset by a decrease in outside legal expenses.
Operating loss was $41.7 million for the first quarter of 2022, as compared to $10.2 million for the corresponding prior year period. Operating loss includes $26.0 million of stock-based compensation for the first quarter of 2022, as compared to $16.2 million for the corresponding prior year period.
Net loss was $42.4 million for the first quarter of 2022, as compared to a net loss of $11.6 million for the corresponding prior year period.
Cash and cash equivalents and marketable securities were $539.3 million as of March 31, 2022.
2022 Financial Guidance
10x Genomics is maintaining its full year 2022 revenue guidance of $600 million to $630 million, representing 22% to 28% growth over full year 2021 revenue.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the first quarter 2022 financial results, business developments and outlook after market close on Wednesday, May 4, 2022 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.
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