10x Genomics, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $154.9 million, a 10% increase from $141.0 million in the same period last year. The growth was primarily driven by a significant rise in license and royalty revenue, which amounted to $17.1 million, compared to just $1,000 in the prior year. However, products and services revenue saw a slight decline of 2%, dropping to $137.8 million from $141.0 million. The company recorded a net loss of $34.4 million, an improvement from the $59.9 million loss reported in the first quarter of 2024.
In terms of operational performance, 10x Genomics experienced a notable decrease in instruments revenue, which fell by 42% to $14.8 million, largely due to a decline in sales of its Chromium and Spatial products. Conversely, consumables revenue increased by 5% to $115.4 million, reflecting a steady demand for its consumable products. The company also reported a 47% increase in service revenue, attributed to a rise in service plans for instruments coming off warranty. The total customer base and engagement metrics were not disclosed in the filing.
The company’s gross profit for the quarter was $105.4 million, resulting in a gross margin of 68%, up from 66% in the previous year. This increase was partly due to the contribution from license and royalty revenue, which provided a 3.9% benefit to gross margin. Operating expenses decreased by 6% to $144.8 million, driven by reductions in research and development costs, although selling, general, and administrative expenses rose by 5% due to increased legal costs. The company also reported a gain of $9.2 million from the settlement of its patent litigation with Vizgen, which contributed positively to its financial results.
As of March 31, 2025, 10x Genomics had cash and cash equivalents totaling $377.1 million, an increase from $344.1 million at the end of 2024. The company’s total assets were reported at $903.4 million, while total liabilities stood at $196.5 million. The company anticipates continued operating losses in the near term but expects revenues, excluding the impact of license and royalty revenue, to remain approximately flat in the second quarter of 2025. Additionally, 10x Genomics announced a planned reduction in workforce, expected to affect about 8% of its global staff, as part of its strategy to align costs with its operational priorities.
About 10x Genomics, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.