10x Genomics Reports Second Quarter 2022 Financial Results

09 August 2022 | Tuesday | News

10x Genomics, Inc. (Nasdaq: TXG) reported financial results for the second quarter ended June 30, 2022.
Image Source : Public Domain

Image Source : Public Domain

Recent Highlights

  • Revenue was $114.6 million for the second quarter, representing a 1% decrease over the corresponding period of 2021.
  • Announced the breakthrough capability of single-cell analysis on FFPE samples with its recently launched Fixed RNA Profiling Kit.
  • Began shipping Visium CytAssist, the company's first spatial instrument.
  • Announced the hiring of Jim Wilbur, Ph.D., as Chief Commercial Officer.

"Our results this quarter fell short of our expectations as we navigated some macro headwinds, particularly outside of the United States," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Our topline growth this year will be slower than our previous expectations, but we firmly believe the underlying opportunity for our single cell and spatial technologies is as strong as ever. We are driving our innovation engine and building on our broad commercial reach so we can deliver on the full potential of this tremendous opportunity."

Second Quarter 2022 Financial Results

Revenue was $114.6 million for the second quarter of 2022, a 1% decrease from $115.8 million fobillion for the second quarter of 2022, as compared to a net loss of $11.1 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $499.7 million as of June 30, 2022.

2022 Financial Guidance

10x Genomics is updating its outlook for the full year 2022. The company now expects revenue to be in the range of $500 million to $520 million, representing 2% to 6% growth over full year 2021.

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