false000177078700017707872024-02-152024-02-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 15, 2024

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10x Genomics, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39035
45-5614458
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
6230 Stoneridge Mall Road
Pleasanton, California 94588
(925) 401-7300
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
___________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange
on which registered
Class A common stock, par value $0.00001 per share
TXG
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02 Results of Operations and Financial Condition.
On February 15, 2024, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and full year ended December 31, 2023. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.
Description of Exhibits
99.1


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
10x Genomics, Inc.
By:
/s/ Eric S. Whitaker
Name:
Eric S. Whitaker
Title:
Chief Legal Officer
Date:February 15, 2024


Exhibit 99.1
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10x Genomics Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Outlook for 2024
Q4 2023 revenue growth of 18% and FY 2023 revenue growth of 20% over the corresponding periods of 2022
PLEASANTON, Calif. February 15, 2024 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the fourth quarter and full year ended December 31, 2023 and provided outlook for 2024.
Recent Highlights
•Revenue was $184.0 million for the fourth quarter and $618.7 million for the full year of 2023, representing 18% and 20% increases over the corresponding periods of 2022.
•Increased cumulative instruments sold to 5,966 as of the end of 2023, comprising 5,180 Chromium instruments, 531 Visium instruments and 255 Xenium instruments.
•Launched preorders for Visium HD Spatial Gene Expression, enabling whole transcriptome spatial discovery at single cell-scale resolution.
•Unveiled and launched preorders for the first two products featuring Chromium GEM-X technology, the next generation of the company's leading single cell technology architecture, enabling higher performance at larger scale and lower cost.

"Our innovation engine has consistently delivered transformational technologies that have enabled our customers to expand the frontiers of science," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "We're building on last year's extraordinary launch of Xenium with new, franchise-defining products in each of our three platforms that will take our portfolio to the next level. Our priority is to ensure our customers' success with these new products as we work together to deliver on the full promise and potential of single cell and spatial biology to advance human health."
Fourth Quarter 2023 Financial Results
Revenue was $184.0 million for the three months ended December 31, 2023, a 18% increase from $156.2 million for the three months ended December 31, 2022. This increase was primarily due to a higher volume of Spatial instruments and consumables sold.
Gross margin was 63% for the fourth quarter of 2023, as compared to 76% for the corresponding prior year period. The decrease in gross margin was primarily due to product mix with a higher mix of Spatial instruments sold.
Operating expenses were $171.0 million for the fourth quarter of 2023, a 20% increase from $142.5 million for the corresponding prior year period. The increase was primarily driven by $19.6 million of in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year and impairment charges related to long-lived assets.
Operating loss was $55.2 million for the fourth quarter of 2023, as compared to an operating loss of $23.1 million for the corresponding prior year period. Operating loss also includes $38.9 million of stock-based compensation for the fourth quarter of 2023, as compared to $41.0 million for the fourth quarter of 2022.
Net loss was $49.0 million for the fourth quarter of 2023, as compared to a net loss of $17.2 million for the corresponding prior year period. This includes $19.6 million of in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year.
Full Year 2023 Financial Results
Revenue was $618.7 million for the year ended December 31, 2023, a 20% increase from $516.4 million for 2022.

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Gross margin was 66% for full year 2023, as compared to 77% for 2022. The decrease in gross margin was primarily due to product mix with a higher mix of Spatial instruments sold.

Operating expenses were $674.6 million for full year 2023, as compared to $564.0 million for 2022, an increase of 20%. The increase was primarily driven by $61.0 million of in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year and higher personnel expenses including stock-based compensation expense.

Operating loss was $265.3 million for full year 2023, as compared to an operating loss of $167.9 million for 2022. This includes $167.0 million of stock-based compensation for full year 2023, as compared to $136.8 million for full year 2022.

Net loss was $255.1 million for full year 2023, as compared to a net loss of $166.0 million for 2022. This includes $61.0 million of in-process research and development expense related to an agreement to acquire certain intangible and other assets earlier this year.

Cash and cash equivalents and marketable securities were $388.7 million as of December 31, 2023.
2024 Financial Guidance
10x Genomics expects full year 2024 revenue to be in the range of $670 million to $690 million, representing 8% to 12% growth over full year 2023 revenue.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the fourth quarter and full year 2023 financial results, business developments and outlook after market close on Thursday, February 15, 2024 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 for 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 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 or X (Twitter).
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 product momentum, potential, progress and launches, our expected performance advantages and benefits of using our products and services, customer usage and adoption of our products and our financial performance and results of operations, including our expectations regarding revenue and guidance. 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 our 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
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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 and elsewhere in the documents 10x Genomics, Inc. files with the Securities and Exchange Commission from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, our website (www.10xgenomics.com), press releases, public conference calls, public webcasts and our social media accounts as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
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10x Genomics, Inc.
Consolidated Statement of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
December 31,		Year Ended
December 31,
2023202220232022
Revenue (1)
$183,979 $156,232 $618,727 $516,409 
Cost of revenue (2)
68,197 36,827 209,414 120,386 
Gross profit115,782 119,405 409,313 396,023 
Operating expenses:
Research and development (2)
65,267 63,614 270,332 265,667 
In-process research and development19,578 — 60,980 — 
Selling, general and administrative (2)
86,125 78,887 343,330 298,300 
Total operating expenses170,970 142,501 674,642 563,967 
Loss from operations(55,188)(23,096)(265,329)(167,944)
Other income (expense):
Interest income4,637 2,815 16,906 6,647 
Interest expense(8)(125)(33)(476)
Other income (expense), net3,961 3,995 (307)(198)
Total other income 8,590 6,685 16,566 5,973 
Loss before provision for income taxes(46,598)(16,411)(248,763)(161,971)
Provision for income taxes2,354 804 6,336 4,029 
Net loss$(48,952)$(17,215)$(255,099)$(166,000)
Net loss per share, basic and diluted$(0.41)$(0.15)$(2.18)$(1.46)
Weighted-average shares used to compute net loss per share, basic and diluted118,565,724 114,757,572 117,165,036 113,858,684 
(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
December 31,		Twelve Months Ended
December 31,
2023202220232022
Instruments
Chromium$11,150 $15,243 $47,866 $58,552 
Spatial27,248 7,089 75,605 13,844 
Total instruments revenue38,398 22,332 123,471 72,396 
Consumables
Chromium118,144 120,238 420,316 400,433 
Spatial22,170 11,359 59,237 35,155 
Total consumables revenue140,314 131,597 479,553 435,588 
Services5,267 2,303 15,703 8,425 
Total revenue$183,979 $156,232 $618,727 $516,409 
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The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Americas
United States$99,322 $82,828 $360,091 $284,987 
Americas (excluding United States)4,520 2,794 13,101 8,791 
Total Americas103,842 85,622 373,192 293,778 
Europe, Middle East and Africa50,589 43,001 142,276 117,068 
Asia-Pacific
China¹11,748 16,277 50,965 64,356 
Asia-Pacific (excluding China)17,800 11,332 52,294 41,207 
Total Asia-Pacific29,548 27,609 103,259 105,563 
Total Revenue$183,979 $156,232 $618,727 $516,409 
1 Includes Hong Kong effective from the first quarter of 2023. Comparative periods have been adjusted for this inclusion.
(2)Includes stock-based compensation expense as follows:
Three Months Ended
December 31,		Year Ended
December 31,
(in thousands)2023202220232022
Cost of revenue$1,928 $1,511 $7,068 $5,259 
Research and development17,608 17,865 72,804 59,211 
Selling, general and administrative19,382 21,598 87,078 72,378 
Total stock-based compensation expense$38,918 $40,974 $166,950 $136,848 









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10x Genomics, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
December 31,
20232022
Assets
Current assets:
Cash and cash equivalents$359,284 $219,746 
Marketable securities29,411 210,238 
Restricted cash— 2,633 
Accounts receivable, net114,832 104,211 
Inventory73,706 81,629 
Prepaid expenses and other current assets18,789 16,578 
Total current assets596,022 635,035 
Property and equipment, net279,571 289,328 
Restricted cash— 4,974 
Operating lease right-of-use assets65,361 69,882 
Goodwill4,511 4,511 
Intangible assets, net16,616 22,858 
Other noncurrent assets3,062 2,392 
Total assets$965,143 $1,028,980 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$15,738 $21,599 
Accrued compensation and related benefits30,105 32,675 
Accrued expenses and other current liabilities56,648 59,779 
Deferred revenue13,150 7,867 
Operating lease liabilities11,521 9,037 
Total current liabilities127,162 130,957 
Operating lease liabilities, noncurrent83,849 86,139 
Deferred revenue, noncurrent8,814 3,165 
Other noncurrent liabilities4,275 2,976 
Total liabilities224,100 223,237 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.00001 par value; 100,000,000 shares authorized, no shares issued or outstanding as of December 31, 2023 and December 31, 2022
— — 
Common stock, $0.00001 par value; 1,100,000,000 shares authorized and 119,095,362 and 115,195,009 shares issued and outstanding as of December 31, 2023 and 2022
2 2 
Additional paid-in capital2,025,890 1,839,397 
Accumulated deficit(1,284,420)(1,029,321)
Accumulated other comprehensive loss(429)(4,335)
Total stockholders’ equity741,043 805,743 
Total liabilities and stockholders’ equity$965,143 $1,028,980 
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v3.24.0.1
Cover
Feb. 15, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 15, 2024
Entity Registrant Name 10x Genomics, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39035
Entity Tax Identification Number 45-5614458
Entity Address, Address Line One 6230 Stoneridge Mall Road
Entity Address, City or Town Pleasanton
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94588
City Area Code 925
Local Phone Number 401-7300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.00001 per share
Trading Symbol TXG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001770787
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