10x Genomics Releases 2024 Results and 2025 Expectations

Author: Dylan Bailey Updated: 02-12-2025 04:12 PM

10x Genomics Achieves Success in 2024 and Plans for 2025

10x Genomics, Inc. (NASDAQ: TXG), a pioneer in single-cell and spatial biology, has announced its financial results for 2024 and shared its forecast for 2025. The company reported revenue of $165 million in its fourth quarter and $610.8 million for the entire year, reflecting a slight dip of 10% and 1% compared to 2023, respectively.

Key Financial Highlights

During this period, 10x Genomics saw a gross margin increase to 67% for Q4 2024, up from 63% in the previous year. This improvement was attributed to a favorable product mix. Despite the revenue downturn, the company has managed to reduce its operating expenses by 6%, resulting in a commendable operating loss of $49.8 million, improved from a loss of $55.2 million in Q4 2023.

Revenue Breakdown

The decline in revenue was partly due to ongoing uncertainties in the academic research environment. However, management noted that collaborations and product launches, including a partnership with the Chan Zuckerberg Initiative (CZI), continue to fuel innovation, notably through the Billion Cells Project aimed at gathering a billion-cell dataset.

Product Development and Strategic Initiatives

Throughout 2024, the company's strategy included significant new product launches across several platforms. They restructured their commercial organization to enhance their market strategy, aiming to drive consistent performance moving into 2025. The company expects revenue for 2025 to fall between $610 million and $630 million, suggesting a growth forecast of 0% to 3% compared to 2024.

Operational Performance Analysis

Operationally, 10x Genomics reported a net loss of $182.6 million for 2024 compared to a net loss of $255.1 million in 2023. This represents continued progress as the company scales back expenses while driving revenue growth in key product lines, including their Chromium and spatial biology offerings.

2025 Guidance and Outlook

Looking ahead, the company is focused on leveraging the recent changes to expand its business further. With optimism surrounding the potential for double-digit growth in spatial revenue and Chromium reactions, 10x Genomics is positioning itself as a leader in the rapidly evolving field of single-cell genomics.

Conference Call and Future Communications

Management will hold a conference call to discuss the latest developments in more detail. This call is an excellent opportunity for investors and stakeholders to gain insights into the strategies and market conditions shaping the company’s future.

About 10x Genomics

10x Genomics develops innovative technologies that allow researchers to unlock the secrets of biology. Their products enable scientists to understand biological systems at unprecedented resolutions, supporting breakthroughs in various fields, from oncology to neuroscience. Their commitment to advancing human health through science is reflected in the trust researchers place in their integrated solutions.

Frequently Asked Questions

What were 10x Genomics' financial results for 2024?

10x Genomics reported $610.8 million in revenue for 2024 and $165 million for the fourth quarter.

What are the company's expectations for 2025?

The company expects full-year 2025 revenue to be between $610 million and $630 million.

What was the reason for the decline in revenue?

The decline in revenue is attributed to uncertainties within the U.S. academic research sector.

How did the company's gross margins change in 2024?

Gross margins increased to 67% in Q4 2024, up from 63% the previous year.

What key initiatives did 10x Genomics launch in 2024?

The company launched several major products and initiated collaborations, including the Billion Cells Project with CZI.

About The Author

My name is Dylan Bailey, and I am 28 years old. I am an author and an expert on the stock market who specializes in publicly traded companies. Early fascination with the stock market inspired me to seek a finance degree and then delve deeply into the world of stocks. I have developed over the years my abilities to spot investment prospects, assess business performance, and analyze market trends.

My books and articles try to help regular investors understand the nuances of the stock market. Anyone can, in my opinion, make wise investment choices and succeed financially if they have the correct information and resources. In my writing, I combine in-depth research with practical insights and advice that can be put into action. This is done with the intention of assisting readers in navigating the constantly shifting landscape of publicly traded companies.

In addition to writing, I also host webinars and workshops, where I give presentations and share my knowledge with a wider audience. I also write for top financial journals and show up as a guest analyst on financial news shows. I like to travel, spend time with my family, and keep active by playing different sports when I'm not buried in market research.

My goal is to enable people to choose wisely and consciously in their investments, so taking charge of their financial futures. By my work, I hope to create a community of informed and self-assured investors prepared to take advantage of the chances presented by the stock market.

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