10X Genomics (NasdaqGS:TXG) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAdam Taich - CFOCasey Woodring - VP of Equity ResearchCassie Corneau - Senior Director and Head of Investor Relations and Strategic FinanceDan Arias - Managing DirectorDoug Schenkel - Managing Director of Life Science Tools and DiagnosticsMichael Ryskin - Managing DirectorPatrick Donnelly - Managing DirectorSalem Salem - VP of Equity ResearchSerge Saxonov - Co-Founder and CEOSubbu Nambiar - Managing DirectorT ...

10X Genomics (NasdaqGS:TXG) Q4 2025 Earnings call February 12, 2026 04:30 PM ET Company ParticipantsAdam Taich - CFOCasey Woodring - VP of Equity ResearchCassie Corneau - Senior Director and Head of Investor Relations and Strategic FinanceDan Arias - Managing DirectorDoug Schenkel - Managing Director of Life Science Tools and DiagnosticsMichael Ryskin - Managing DirectorPatrick Donnelly - Managing DirectorSalem Salem - VP of Equity ResearchSerge Saxonov - Co-Founder and CEOSubbu Nambiar - Managing DirectorT ...

Financial Data and Key Metrics Changes - 10x Genomics reported $166 million in revenue for Q4 2025, representing a 1% increase year-over-year and exceeding the high end of guidance [18] - Full-year revenue for 2025 was $599 million, excluding $44 million from patent litigation settlements [4] - Gross margin improved to 68% in Q4 2025 from 67% in the prior year, driven by lower inventory write-downs and costs [20] - Operating expenses decreased by 18% in Q4 2025, reflecting cost discipline and efficiency [21] - Cash balance increased by $130 million year-over-year, ending 2025 with $523 million [21] Business Line Data and Key Metrics Changes - Total consumables revenue grew by 6%, with single-cell consumables revenue up 3% and spatial consumables revenue up 14% [19] - Single-cell consumables volumes grew at a double-digit rate each quarter, driven by the adoption of lower-cost products like FLEX [5] - Spatial consumables revenue growth was primarily driven by the success of the Xenium platform [6] Market Data and Key Metrics Changes - Revenue from the Americas declined by 6%, while EMEA and APAC regions grew by 7% and 9%, respectively [20] - The operating environment remained challenging, particularly in the U.S. academic and government funding sectors, impacting customer purchasing decisions [4][20] Company Strategy and Development Direction - The company is focused on continuous innovation and expanding its product offerings, particularly in single-cell and spatial technologies [10] - 10x Genomics aims to leverage advancements in AI and biology measurement technologies to drive growth [11] - The company is pursuing clinical applications for diagnostics, collaborating with academic medical centers to generate clinical evidence [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position amidst ongoing funding challenges, noting a gradual improvement in customer sentiment [27] - The outlook for 2026 includes revenue guidance of $600 million to $625 million, reflecting expectations of continued growth in single-cell and spatial consumables [22] - Management acknowledged the systemic turbulence in research funding dynamics but noted recent NIH budget approvals as a positive sign [22] Other Important Information - The company launched several new products in 2025, including the FLEX APEX assay, which has been well-received by customers [8] - The company is seeing strong demand for its Xenium platform, which is expected to continue driving growth in spatial analysis [10] Q&A Session Summary Question: Can you comment on ordering patterns and expectations for academic and pharma? - Management noted that the environment remains steady but cautious, with ongoing uncertainty in academic funding impacting purchasing decisions [27] Question: How did volume growth and pricing impact single-cell consumables? - Management indicated that while volume growth was strong, pricing dynamics are complex, with various factors influencing the overall revenue guidance for 2026 [31][35] Question: What are the expectations for clinical translational space? - Management highlighted a hybrid strategy to enable clinical evidence generation while also pursuing direct clinical applications [48][50] Question: How is the company addressing competitive dynamics? - Management expressed confidence in their competitive position, citing continuous innovation and strong customer sentiment for their products [76] Question: What is the outlook for the Visium platform? - Management acknowledged that while Visium did not grow in 2025, they will continue to support its applications while focusing on the growth of the Xenium platform [80]