10x Genomics, Inc. reported a slight decline in revenue for the fiscal year ending December 31, 2024, generating $610.8 million compared to $618.7 million in 2023, marking a decrease of 1%. The company also recorded net losses of $182.6 million for 2024, an improvement from the $255.1 million loss in the previous year. This reduction in losses was attributed to a decrease in operating expenses, which fell by 10% to $609.0 million, primarily due to lower research and development costs and a reduction in stock-based compensation expenses.
The company experienced a significant drop in instrument sales, which decreased by 25% to $92.7 million, driven by lower sales volumes of its Chromium and Spatial instruments. In contrast, consumables revenue increased by 3% to $493.4 million, largely due to a substantial rise in sales of Spatial consumables, which grew by 104%. The increase in service revenue, which rose by 57% to $24.6 million, also contributed positively to the overall revenue figures.
10x Genomics has continued to expand its product offerings and market presence, having sold a cumulative total of 7,039 instruments since its inception in 2015. The company has also made strategic investments, including the acquisition of certain assets from Centrillion Technologies in July 2023, which is expected to enhance its product portfolio. As of December 31, 2024, the company employed 1,306 individuals, reflecting a focus on building a skilled workforce to support its growth initiatives.
Looking ahead, 10x Genomics anticipates continued investment in research and development, with plans to introduce new products and enhance existing technologies. The company expects to lower prices on certain products in 2025 to stimulate demand, which may impact gross margins. Despite the challenges posed by market conditions and competition, the company remains optimistic about its long-term growth potential, particularly in the life sciences research tools market, which it estimates to be worth $75 billion annually.
About 10x Genomics, Inc.
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