10x Genomics(TXG) - 2025 Q1 - Quarterly Results

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to develop the Arc Virtual Cell Atlas using Chromium Flex technology[10] Guidance and Outlook - The company has withdrawn its full-year revenue guidance due to uncertainties in U.S. academic and government research funding, providing Q2 2025 guidance of $138 million to$ 142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]