Preliminary Select Third Quarter 2024 Results
- Revenue of approximately $151.7 million for the third quarter ended September 30, 2024, representing an approximate 1% decrease from the corresponding prior year period.
- Preliminary revenue by source for the third quarter is expected to be as follows:
- Instruments revenue of approximately $19.1 million, representing a 46% decrease from the corresponding prior year period. Instruments revenue consists of approximately $7.6 million of Chromium instruments revenue and $11.4 million of Spatial instruments revenue.
- Consumables revenue of approximately $126.2 million, representing 10% growth over the corresponding prior year period. Consumables revenue consists of approximately $96.5 million of Chromium consumables revenue and $29.7 million of Spatial consumables revenue.
- Services revenue of approximately $6.4 million, representing 48% growth over the corresponding prior year period.
- Preliminary revenue by geography for the third quarter is expected to be as follows:
- Americas revenue of approximately $87.8 million, an 11% decrease from the prior year period.
- EMEA revenue of approximately $37.9 million, an 18% increase over the prior year period.
- APAC revenue of approximately $26.0 million, a 15% increase over the prior year period.
- Cash and cash equivalents of approximately $398 million as of September 30, 2024.
"Third quarter revenue fell short of our expectations," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "The previously announced modifications we made to our commercial processes and organization to increase effectiveness represented a significant change in how we engage with customers. The transition was more disruptive than we anticipated, especially in the Americas. At the same time, our customers continue to be cautious with their spending, particularly around capital purchases, which notably impacted instrument sales during the quarter. Despite these near-term headwinds, we are confident in the opportunity ahead and believe the steps we are taking will enable us to reach more customers, execute consistently across the portfolio and drive the broad democratization of our technologies."
