10x Genomics Reports Third Quarter 2025 Financial Results

Core Insights - 10x Genomics reported a revenue of $149.0 million for Q3 2025, reflecting a 2% decrease compared to Q3 2024, primarily due to a decline in instrument revenue [3][12] - The company experienced a gross margin of 67% in Q3 2025, down from 70% in the same period last year, attributed to changes in product mix and higher inventory write-downs [4] - Operating expenses decreased by 10% to $132.5 million in Q3 2025, driven by lower personnel and legal expenses, resulting in an operating loss of $32.2 million [5] - The net loss for Q3 2025 was $27.5 million, an improvement from a net loss of $35.8 million in Q3 2024 [6] - Cash and cash equivalents, along with marketable securities, totaled $482.1 million as of September 30, 2025, marking a $35 million increase from the previous quarter [12] Financial Performance - Revenue breakdown: - Products and services revenue was $148.0 million, with consumables contributing $127.9 million and instruments $11.9 million [14] - License and royalty revenue was $983,000 [14] - Sequential revenue comparison: Q3 2025 revenue was $149.0 million, compared to $172.9 million in Q2 2025, which included $27.3 million from one-time license and royalty revenue [12] - Operating loss improved from $41.5 million in Q3 2024 to $32.2 million in Q3 2025 [5] Future Guidance - For Q4 2025, 10x Genomics anticipates revenue between $154 million and $158 million, indicating a 6% decline year-over-year but a 5% growth sequentially at the midpoint [7] Product Developments - The company launched the next-generation Chromium Flex, aimed at cost-effective, scalable single-cell analysis [12] - The introduction of Xenium Protein, a fully-integrated spatial multiomic workflow, allows simultaneous RNA and protein detection on the same tissue section [12] Market Position - 10x Genomics is recognized as a leader in single-cell and spatial biology, providing integrated research solutions that support advancements in various fields, including oncology and immunology [9]