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10x Genomics Reports Second Quarter 2025 Financial Results

By PR Newswire | August 07, 2025, 4:05 PM

PLEASANTON, Calif., Aug. 7, 2025 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the second quarter ended June 30, 2025.

Recent Updates

  • Revenue was $172.9 million for the second quarter. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million.
  • Ended the second quarter with cash and cash equivalents and marketable securities of $447.3 million, representing a $20 million increase over the prior quarter.
  • Entered into a definitive agreement to acquire Scale Biosciences for upfront cash and stock consideration of $30 million, plus contingent consideration that could become payable upon the achievement of certain milestones. The acquisition strengthens the company's leadership in single cell analysis with key technology that will drive innovation and expand access by enabling more powerful, affordable and scalable experiments across a broader range of applications.
  • Began shipping Visium HD 3' and HD cell segmentation, expanding the Visium portfolio's capabilities by enabling high-resolution, high-sensitivity profiling across a wider range of applications.
  • Announced a partnership with the Genome Institute of Singapore on the TISHUMAP initiative, which will leverage Xenium and AI to uncover novel biomarkers and therapeutic targets for cancer and inflammatory diseases.

"The second quarter unfolded largely as anticipated," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Amid continued uncertainty in the funding environment, we're encouraged by the resilience of our business and the dedication of our team. We're focused on disciplined execution, and remain confident in the strength of our technology, the momentum behind our platforms and the significant long-term opportunity in front of us."

Second Quarter 2025 Financial Results

Revenue was $172.9 million for the second quarter of 2025. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million, a 5% decrease from the corresponding period of 2024, primarily driven by a decrease in instrument revenue. This figure also reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes. 

Gross margin was 72% for the second quarter of 2025, as compared to 68% for the corresponding prior year period. The increase in gross margin was primarily due to higher license and royalty revenue and lower royalties and warranty costs, partially offset by an increase in inventory reserves and higher manufacturing costs. Excluding the impact of license and royalty revenue, gross margin was 67% for the second quarter of 2025.

Operating expenses were $95.0 million for the second quarter of 2025, a 35% decrease from $146.0 million for the corresponding prior year period. The decrease was primarily driven by a $40.7 million gain on settlement related to the litigation settlement.

Operating income was $30.1 million for the second quarter of 2025, as compared to operating loss of $41.7 million for the corresponding prior year period.

Net income was $34.5 million for the second quarter of 2025, as compared to a net loss of $37.9 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $447.3 million as of June 30, 2025.

Third Quarter 2025 Revenue Guidance

10x Genomics expects third quarter 2025 revenue to be in the range of $140 million to $144 million. This guidance reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the second quarter 2025 financial results, business developments and outlook after market close on Thursday, August 7, 2025 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.

About 10x Genomics

10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world's understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "see," "estimate," "predict," "potential," "would," "likely," "seek" or "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.'s partnerships, plans, positioning, product launches, organization, goals, opportunities, potential, specifications, costs, enthusiasm, trends and adoption of 10x Genomics, Inc.'s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.'s products and services and 10x Genomics, Inc.'s financial performance and results of operations, including expectations regarding revenue and guidance as well as government policy and academic and government research funding. These statements are based on management's current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics' expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.'s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recently-filed 10-K for the fiscal year ended December 31, 2024, filed on February 13, 2025, and the company's quarterly reports on Form 10-Q for the quarter ended March 31, 2025, filed on May 9, 2025, and for the quarter ended June 30, 2025, to be filed with the Securities and Exchange Commission (SEC), and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.

Disclosure Information

10x Genomics uses filings with the Securities and Exchange Commission, its website (https://www.10xgenomics.com/), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

Investors: [email protected]

Media: [email protected]

   

10x Genomics, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)





Three Months Ended

June 30,



Six Months Ended

June 30,



2025



2024



2025



2024

Products and services revenue (1)

$         145,157



$         152,990



$         282,980



$         293,995

License and royalty revenue (1)

27,751



114



44,811



115

Revenue

172,908



153,104



327,791



294,110

Cost of products and services revenue (2)

47,824



48,884



97,262



96,976

Gross profit

125,084



104,220



230,529



197,134

Operating expenses:















Research and development (2)

61,224



62,918



125,469



131,556

Selling, general and administrative (2)

74,434



83,039



164,162



168,813

Gain on settlement

(40,700)





(49,900)



Total operating expenses

94,958



145,957



239,731



300,369

Income (loss) from operations

30,126



(41,737)



(9,202)



(103,235)

Other income (expense):















Interest income

4,271



4,715



7,957



9,451

Interest expense

(3)



(1)



(3)



(2)

Other income (expense), net

2,603



(56)



4,739



(1,096)

Total other income

6,871



4,658



12,693



8,353

Income (loss) before provision for income taxes

36,997



(37,079)



3,491



(94,882)

Provision for income taxes

2,459



818



3,311



2,964

Net income (loss)

$            34,538



$          (37,897)



$                 180



$          (97,846)

















Net income (loss) per share, basic

$                0.28



$              (0.32)



$                   —



$              (0.82)

Net income (loss) per share, diluted

$                0.28



$              (0.32)



$                   —



$              (0.82)

Weighted-average shares used to compute net income

(loss) per share, basic

123,755,409



120,066,972



123,183,924



119,461,485

Weighted-average shares used to compute net income

(loss) per share, diluted

124,509,720



120,066,972



124,258,150



119,461,485



(1)     The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company's Visium and Xenium products:

 



Three Months Ended

June 30,



Six Months Ended

June 30,



2025



2024



2025



2024

Instruments















Chromium

$              5,727



$              8,792



$           11,640



$            16,642

Spatial

$              8,770



15,060



$           17,672



32,663

Total instruments revenue

14,497



23,852



29,312



49,305

Consumables















Chromium

85,788



94,108



169,897



178,035

Spatial

36,397



29,254



67,644



55,662

Total consumables revenue

122,185



123,362



237,541



233,697

Services

8,475



5,776



16,127



10,993

Products and services revenue

145,157



152,990



$         282,980



$          293,995

License and royalty revenue

27,751



114



$           44,811



$                 115

Total revenue

$         172,908



$         153,104



$         327,791



$          294,110

 

The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):

 



Three Months Ended

June 30,



Six Months Ended

June 30,



2025



2024



2025



2024

Americas















United States*

$         103,491



$           89,672



$         190,309



$         165,309

Americas (excluding United States)

2,667



3,419



$              6,419



7,412

Total Americas

106,158



93,091



196,728



172,721

Europe, Middle East and Africa

34,734



37,362



66,629



72,083

Asia-Pacific















China

23,170



13,738



40,053



27,662

Asia-Pacific (excluding China)

8,846



8,913



24,381



21,644

Total Asia-Pacific

32,016



22,651



64,434



49,306

Total revenue

$         172,908



$         153,104



$         327,791



$         294,110



* Includes license and royalty revenue.



(2)     Includes stock-based compensation expense as follows:

 



Three Months Ended

June 30,



Six Months Ended

June 30,

(in thousands)

2025



2024



2025



2024

Cost of revenue

$              1,989



$              2,247



$              4,470



$              4,280

Research and development

12,613



17,862



26,719



34,750

Selling, general and administrative

12,643



18,383



27,132



35,591

Total stock-based compensation expense

$            27,245



$            38,492



$            58,321



$            74,621

 

10x Genomics, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)





June 30,

2025



December 31,

2024

Assets







Current assets:







Cash and cash equivalents

$         397,712



$         344,067

Marketable securities

49,549



49,335

Accounts receivable, net

49,977



87,862

Other receivables

69,090



606

Inventory

68,968



83,107

Prepaid expenses and other current assets

20,365



19,410

Total current assets

655,661



584,387

Property and equipment, net

239,710



252,648

Operating lease right-of-use assets

62,700



57,290

Goodwill

4,511



4,511

Intangible assets, net

14,714



15,671

Other noncurrent assets

2,674



4,129

Total assets

$         979,970



$         918,636

Liabilities and stockholders' equity







Current liabilities:







Accounts payable

$           15,938



$           12,909

Accrued compensation and related benefits

26,102



33,615

Accrued expenses and other current liabilities

39,063



41,165

Deferred revenue

21,449



20,658

Operating lease liabilities

9,669



9,286

Total current liabilities

112,221



117,633

Operating lease liabilities, noncurrent

77,075



73,327

Deferred revenue, noncurrent

11,270



12,513

Other noncurrent liabilities

6,125



5,029

Total liabilities

206,691



208,502

Commitments and contingencies







Stockholders' equity:







Preferred stock



Common stock

2



2

Additional paid-in capital

2,239,924



2,177,672

Accumulated deficit

(1,466,867)



(1,467,047)

Accumulated other comprehensive income (loss)

220



(493)

Total stockholders' equity

773,279



710,134

Total liabilities and stockholders' equity

$         979,970



$         918,636

 

 

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SOURCE 10x Genomics, Inc.

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