Company Performance - 10x Genomics reported a quarterly loss of $0.36 per share, better than the Zacks Consensus Estimate of a loss of $0.45, and an improvement from a loss of $0.50 per share a year ago, representing an earnings surprise of 20% [1] - The company posted revenues of $154.88 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 16.24%, and up from $141.01 million in the same quarter last year [2] - Over the last four quarters, 10x Genomics has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - 10x Genomics shares have declined approximately 42.1% since the beginning of the year, compared to a decline of 4.3% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.37 on revenues of $146.51 million, and for the current fiscal year, it is -$1.47 on revenues of $609.56 million [7] Industry Outlook - The Medical Info Systems industry, to which 10x Genomics belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of 10x Genomics may be influenced by the overall industry outlook, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]

Financial Performance - Total revenue for Q1 2025 was $154.883 million, a 9.5% increase from $141.006 million in Q1 2024[20] - Gross profit for Q1 2025 was $105.445 million, compared to $92.914 million in Q1 2024, reflecting a gross margin improvement[20] - Net loss for Q1 2025 was $34.358 million, an improvement from a net loss of $59.949 million in Q1 2024[20] - Operating expenses decreased to $144.773 million in Q1 2025 from $154.412 million in Q1 2024, primarily due to lower research and development costs[20] - Total revenue for the three months ended March 31, 2025, was $154.883 million, a 9.5% increase from $141.006 million in the same period of 2024[56] - For the three months ended March 31, 2025, the company reported a net loss of $34.4 million, compared to a net loss of $59.9 million for the same period in 2024[102] - Total revenue for the three months ended March 31, 2025, increased by $13.9 million, or 10%, to $154.9 million compared to $141.0 million for the same period in 2024[103] Revenue Breakdown - Revenue from consumables reached $115.356 million, up from $110.335 million year-over-year, while instruments revenue decreased from $25.453 million to $14.815 million[56] - License and royalty revenue for the quarter was $17.060 million, significantly higher than $1 million in the prior year, attributed to a settlement with Vizgen, Inc.[56][58] - Services revenue increased by $2.4 million, or 47%, for the three months ended March 31, 2025, primarily driven by an increase in service plans for instruments coming off warranty[105] Cash and Assets - Cash and cash equivalents increased to $377.061 million as of March 31, 2025, up from $344.067 million at the end of 2024[18] - The company’s total assets decreased to $903.393 million as of March 31, 2025, from $918.636 million at the end of 2024[18] - Total available-for-sale securities amounted to $402.324 million as of March 31, 2025, compared to $371.329 million at the end of 2024[44] Inventory and Receivables - Accounts receivable decreased to $52.549 million in Q1 2025 from $87.862 million in Q4 2024, indicating improved cash collection[18] - Inventory decreased to $74.710 million in Q1 2025 from $83.107 million in Q4 2024, suggesting better inventory management[18] - Inventory increased from $74.710 million as of December 31, 2024, to $83.107 million as of March 31, 2025[47] Operating Expenses - The company recorded total stock-based compensation expense of $31.1 million for the three months ended March 31, 2025, down from $36.1 million in the same period in 2024[87] - Research and development expenses decreased by $4.4 million, or 6%, to $64.2 million, primarily due to a reduction in personnel expenses[109] - Selling, general and administrative expenses increased by $4.0 million, or 5%, to $89.7 million, driven by higher outside legal expenses[110] Legal Matters - A jury awarded the Company over $31 million in damages from NanoString, including approximately $25 million in lost profits and $6 million in royalties[64] - The Company has not recorded a receivable from NanoString as of March 31, 2025, due to uncertainties in collecting the jury award[64] - The Company is involved in multiple lawsuits against NanoString, including claims related to the GeoMx and CosMx products, with trials scheduled for August 2025 and November 2025 respectively[66][70] - The Company resolved all outstanding litigation with Vizgen, with all claims dismissed with prejudice as of February 5, 2025[78] - The Company filed suit against Parse Biosciences alleging infringement of multiple patents related to transcriptomics products, with discovery currently in progress[80] Future Outlook - The company expects operating expenses to trend lower in 2025 due to cost-reduction measures, including a planned reduction in workforce by approximately 8%[112] - Revenue from products and services is expected to be approximately flat in Q2 2025, excluding the impact of license and royalty revenue[107] - The company anticipates capital expenditures of between $10 million and $15 million over the next 12 months for manufacturing and research and development[117] - The company expects to continue incurring operating losses for the foreseeable future but believes existing cash will meet anticipated cash needs for at least the next 12 months[120] Market and Regulatory Risks - The company faces risks related to fluctuations in operating results due to factors such as changes in U.S. academic and government research funding, competition, and pricing strategies[139] - Changes in U.S. academic and government regulations, such as the NIH's imposition of a standard indirect rate of 15%, could negatively impact customer funding and purchasing behavior[144] - In 2025, the U.S. government proposed a more than 40% cut to the NIH's annual budget starting in the 2026 fiscal year, which could significantly impact funding for research institutions[145] - The NIH terminated approximately 700 research grants totaling over $2.4 billion in March 2025, affecting various scientific research areas[145] Supply Chain and Manufacturing Risks - The company is dependent on the successful manufacturing of its products, which may be impacted by supply chain disruptions and labor shortages[143] - The company relies on a limited number of suppliers for critical components, with some being sole sources, which poses a risk of material shortages due to supply chain disruptions[213] - Supply chain disruptions, including labor shortages and logistics challenges, could significantly harm the company's ability to sell products and meet customer demand[215] - A significant disruption in the supply of raw materials could materially increase operating costs and adversely affect profit margins[216] Competition and Market Dynamics - The company faces significant competition from both established and emerging companies in the life sciences sector, which could affect market share and pricing strategies[150][155] - The company is significantly dependent on revenue from Chromium solutions, particularly Universal Gene Expression solutions[199] - The total addressable market for the company's solutions may be smaller than estimated, and demand for genomics products is evolving, complicating accurate market predictions[170]

10X Genomics (TXG) Q1 2025 Earnings Call May 08, 2025 04:30 PM ET Company Participants Cassie Corneau - Senior Director, Head of Investor Relations & Strategic FinanceSerge Saxonov - Co-Founder, CEO & DirectorAdam Taich - CFOMadeline Mollman - Senior Associate - Equity ResearchBen Mee - Equity Research AssociatePaul Matteis - Managing Director, Head of Therapeutics ResearchSalem Salem - VP - Equity ResearchAvantika Dhabaria - Equity Research AssociateJacob Krahenbuhl - Equity Research AssociatePhilip Song - ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $155 million, with $138 million excluding license and royalty revenue, down 2% year over year [5][20] - Total consumables revenue was $115.4 million, up 5%, while instrument revenue was $14.8 million, down 42% [20][21] - Gross profit for Q1 was $105.4 million, with gross margins increasing to 68% from 66% year over year [22] Business Line Data and Key Metrics Changes - Chromium consumables revenue was approximately flat at $84.1 million, while spatial consumables revenue increased by 18% to $31.2 million, driven by Xenium consumables [20][21] - Total instrument revenue saw a significant decline, with Chromium instrument revenue down 25% and spatial instrument revenue down 49% [21] Market Data and Key Metrics Changes - Revenue in the Americas decreased by 7% to $73.8 million, EMEA decreased by 8% to $31.9 million, while APAC increased by 22% to $32.4 million [22] - Instrument revenue declined across all geographies, although strong consumable sales helped offset the impact in APAC [22] Company Strategy and Development Direction - The company is navigating a challenging macro environment, withdrawing full-year revenue guidance and implementing quarterly guidance due to uncertainty in U.S. academic and government research funding [10][25] - A focus on cost-saving measures, including an 8% reduction in workforce, is aimed at maintaining a strong balance sheet while continuing to invest in key priorities [12][29] - The company is committed to long-term growth, with confidence in capturing large opportunities despite current challenges [19][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted a deteriorating research funding environment, with significant impacts on customer purchasing behavior and project initiation [9][10] - There is optimism regarding the long-term potential of the company's products, particularly in single-cell and spatial biology, despite current market challenges [11][19] - The company is closely monitoring the evolving tariff landscape, with minimal reliance on China in its supply chain [27][28] Other Important Information - The company has completed a sales reorganization to enhance focus and coverage in the current environment [11] - Recent product launches have been well-received, contributing to increased usage and adoption among customers [14][15] Q&A Session Summary Question: Current backdrop and customer conversations - Management noted that customer conversations have become increasingly dire due to funding uncertainties, prompting cost-cutting measures among institutions [42][44] Question: Year outlook and instrumentation vs consumables - Management indicated that Q2 is expected to mirror Q1 trends, with pressure on CapEx in instrumentation but stable consumables performance [55][56] Question: Headcount reduction and OpEx initiatives - The company emphasized that the headcount reduction will lead to over $50 million in operating expense savings for 2025, while still retaining critical talent for growth [70][69] Question: Regional sales dynamics - Management acknowledged that while EMEA sales have declined, the fundamental business remains strong, and recent hiring in Europe is expected to improve performance [76][75] Question: Demand in APAC and potential pull forward - Strong underlying demand in APAC, particularly in China and Japan, was noted, with structural improvements contributing to robust performance [78][79] Question: Long-term growth opportunities in organoid research - Management expressed optimism about the potential for single-cell sequencing in organoid research, viewing it as a promising growth area [99][98] Question: Tariffs and demand in China - The company does not anticipate significant pull forward in demand due to tariffs, and it has strategies in place to mitigate potential impacts [108][107]

Financial Performance - Revenue for Q1 2025 was $154.9 million, a 10% increase from $141.0 million in Q1 2024, including $16.8 million from a patent litigation settlement[5] - Gross margin improved to 68% in Q1 2025 from 66% in Q1 2024, primarily due to higher license and royalty revenue and lower manufacturing costs[6] - Operating expenses decreased by 6% to $144.8 million in Q1 2025 from $154.4 million in Q1 2024, driven by a $9.2 million gain from the litigation settlement[7] - Net loss narrowed to $34.4 million in Q1 2025 compared to a net loss of $59.9 million in Q1 2024[8] - Revenue from consumables was $115.4 million in Q1 2025, up from $110.3 million in Q1 2024, while instrument revenue decreased significantly[20] Cash Position - Cash and cash equivalents and marketable securities totaled $426.9 million as of March 31, 2025[9] Cost Management - The company plans to reduce operating expenses by over $50 million in 2025, including an approximate 8% reduction in global workforce[10] Strategic Initiatives - A roadmap for new product launches was unveiled at the 2025 AGBT General Meeting, expanding capabilities across all platforms[10] - A partnership with Arc Institute was announced to develop the Arc Virtual Cell Atlas using Chromium Flex technology[10] Guidance and Outlook - The company has withdrawn its full-year revenue guidance due to uncertainties in U.S. academic and government research funding, providing Q2 2025 guidance of $138 million to $142 million[11]

Core Insights - 10x Genomics reported a revenue of $154.9 million for Q1 2025, marking a 10% increase from $141.0 million in Q1 2024, driven by license and royalty revenue from a patent litigation settlement [4][11] - The company is temporarily shifting to quarterly guidance due to uncertainties in U.S. academic and government research funding, while focusing on cost reduction initiatives to maintain a strong balance sheet [3][9] - Operating loss decreased to $39.3 million in Q1 2025 from $61.5 million in Q1 2024, with a net loss of $34.4 million compared to $59.9 million in the prior year [7][11] Financial Performance - Gross margin improved to 68% in Q1 2025 from 66% in Q1 2024, attributed to higher license and royalty revenue and lower manufacturing costs [5] - Operating expenses decreased by 6% to $144.8 million in Q1 2025 from $154.4 million in Q1 2024, primarily due to a gain on settlement related to litigation [6] - Cash and cash equivalents, along with marketable securities, totaled $426.9 million as of March 31, 2025 [8] Revenue Breakdown - Revenue from products and services was $137.8 million, a slight decrease of 2% from $141.0 million in Q1 2024, mainly due to a significant drop in instrument revenue [11] - License and royalty revenue contributed $16.8 million, related to a patent litigation settlement [4][11] - Consumables revenue increased to $115.4 million in Q1 2025 from $110.3 million in Q1 2024, while instrument revenue fell to $14.8 million from $25.5 million [11][17] Geographic Revenue Distribution - Revenue from the Americas reached $90.6 million, up from $79.6 million in Q1 2024, with U.S. revenue specifically increasing to $86.8 million from $75.6 million [18] - Revenue from Europe, the Middle East, and Africa was $31.9 million, down from $34.7 million in the prior year [18] - Asia-Pacific revenue totaled $32.4 million, an increase from $26.7 million in Q1 2024, with China contributing $16.9 million [18] Strategic Initiatives - The company plans to reduce operating expenses by over $50 million in 2025, including an approximate 8% reduction in its global workforce [11] - 10x Genomics announced a roadmap for product launches across its platforms, enhancing experimental capabilities and extending into protein offerings [11] - A partnership with Arc Institute was established to develop the Arc Virtual Cell Atlas, utilizing Chromium Flex technology for large-scale single-cell data generation [11]

Core Viewpoint - Torex Gold Resources Inc. reported Q1 2025 results that align with expectations, highlighting significant milestones including the commencement of commercial production at the Media Luna project and a focus on returning to positive free cash flow generation [1][2][4]. Financial Performance - The company generated revenue of $170.0 million, with a record average realized gold price of $2,793 per ounce, despite lower sales volumes due to a four-week tie-in period at the processing plant [7][12]. - Reported net income was $39.0 million, or $0.45 per share, with adjusted net earnings of $35.9 million, or $0.42 per share [12][26]. - EBITDA for the quarter was $88.1 million, while adjusted EBITDA was $91.8 million [12][27]. Production and Costs - Gold equivalent payable production for the quarter was 59,630 ounces, with annual guidance maintained at 400,000 to 450,000 ounces [7][12]. - All-in sustaining costs were $1,405 per ounce sold, slightly above the guidance range of $1,400 to $1,600 per ounce [12][14]. - The company experienced a negative free cash flow of $133.3 million, attributed to lower sales volumes and capital expenditures of $123.5 million [12][28]. Project Updates - The Media Luna project achieved commercial production on April 26, 2025, following a successful tie-in period at the processing plant [2][4]. - The company invested $55.5 million in the Media Luna project during the quarter, with physical progress reported at approximately 98% [12][22]. Safety and Environmental Performance - The company recorded one lost-time injury during the quarter, resulting in a lost-time injury frequency of 0.59 per million hours worked [5][12]. - A comprehensive 'Next Level Safety' program has been initiated to maintain a fatality-free status in operations [5]. Exploration Activities - Ongoing drilling at Media Luna West and initial testing at Media Luna East have shown promising results, indicating exploration upside and potential resource expansion [8][12]. - The company plans to conduct approximately 125,000 meters of drilling in 2025, nearly double the amount drilled in 2024, to enhance production profiles and extend reserve life [8][12].

Core Viewpoint - Torex Gold Resources Inc. has officially declared commercial production at the Media Luna mine, marking its transition to a dual producer of gold and copper, and completing the development phase of the Media Luna Project [1][2]. Project Development - The Media Luna Project achieved commercial production as of April 26, 2025, with construction substantially complete, and mine and mill throughput averaging over 40% and 60% of design rates for 30 days, respectively [1][8]. - As of the end of Q1 2025, overall construction of Media Luna was 98% complete, with underground development at 98% and surface construction at 96% [8][9]. - The project team is focused on ramping up the underground mine to a design level of 7,500 tonnes per day (tpd) by mid-2026, which is six months ahead of the original schedule [4][11]. Financial Performance - The project was funded almost entirely through cash generated from existing operations at ELG, with a modest level of net debt expected to be repaid quickly as the company transitions to positive free cash flow generation in mid-2025 [3][6]. - In Q1 2025, $55.5 million was spent on the Media Luna Project, with non-sustaining capital expenditures expected to continue post-commercial production primarily for the completion of the paste plant [6][7]. Operational Readiness - The operational readiness plan for both surface and underground infrastructure is nearing completion, with commissioning activities for the flotation circuits and water treatment plant delivered [26][27]. - Approximately 200 employees were transferred from the ELG Open Pits to the underground mine, and over 160 new employees were recruited to meet the operational requirements [27]. Strategic Objectives - Torex aims to deliver Media Luna to full production, build the EPO project, optimize production and costs at Morelos, and grow reserves and resources while maintaining responsible mining practices [30][28].

PLEASANTON, Calif., April 30, 2025 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, announced today that members of its management team will participate in a fireside chat at the BofA Securities 2025 Healthcare Conference on Tuesday, May 13, at 11:20 a.m. Pacific Time.Interested parties may access a live webcast of the fireside chat on the "Investors" section of the company's website at: https://investors.10xgenomics.com/. The webcast will be archived and availa ...

Torex Gold Reports Q1 2025 Production ResultsProcessing plant tie-ins concluded and first copper concentrate achieved; quarterly production in line with planApril 10, 2025 6:00 PM EDT | Source: Torex Gold Resources Inc.(All amounts expressed in U.S. dollars unless otherwise stated)Toronto, Ontario--(Newsfile Corp. - April 10, 2025) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX: TXG) reports Q1 2025 gold equivalent ("AuEq") payable production of 59,630 ounces ("oz") and AuEq sold ...