10x Genomics, Inc. (Nasdaq: TXG) today reported financial results
for the first quarter ended March 31, 2021.
Recent Highlights
- Revenue was $105.8
million for the first quarter, representing a 47% increase over the
corresponding period of 2020
- Launched Single
Cell Gene Expression with CellPlex and Chromium Single Cell Gene
Expression Low Throughput Kits to increase access to and
affordability of single cell analysis and enable single cell for
all
- Showcased new
products and capabilities across three product platforms, Chromium
Single Cell, Visium Spatial and In Situ Analysis, and announced the
acquisition of Tetramer Shop at the first ever Xperience event in
February
"We had a solid start to the year highlighted by
strong growth across the business and the incredible response to
the innovation revealed at our inaugural Xperience event," said
Serge Saxonov, Co-founder and CEO of 10x Genomics. "The 10x team is
focused on product innovation and committed to delivering a great
experience for our customers as we look to drive the Century of
Biology."
First Quarter 2021 Financial
Results
Revenue was $105.8 million for the three months
ended March 31, 2021, a 47% increase from $71.9 million for
the three months ended March 31, 2020. This increase was
primarily the result of increased consumables revenue driven by
growth in the instrument installed base.
Gross margin was 84% for the first quarter of
2021, as compared to 79% for the corresponding prior year period.
The increase in gross margin was driven primarily by lower accrued
royalties related to ongoing litigation.
Operating expenses were $99.0 million for the
first quarter of 2021, a 29% increase from $76.7 million for the
three months ended March 31, 2020. Drivers of the increase in
operating expenses this quarter include increased personnel
expenses, including stock-based compensation, and increased
expenses related to facilities and technology to support
operational expansion.
Operating loss was $10.2 million for the first
quarter of 2021, as compared to $19.9 million for the corresponding
prior year period. This includes $16.2 million of stock-based
compensation for the first quarter of 2021, as compared to $6.7
million for the first quarter of 2020.
Net loss was $11.6 million for the first quarter
of 2021, as compared to a net loss of $21.1 million for the
corresponding prior year period.
Cash and cash equivalents were $617.2 million as
of March 31, 2021.
2021 Financial Guidance
10x Genomics is maintaining full year 2021
revenue guidance of $480 million to $500 million, representing 61%
to 67% growth over full year 2020 revenue.
Webcast and Conference Call
Information
10x Genomics will host a conference call to
discuss the first quarter 2021 financial results, business
developments and outlook after market close on Wednesday,
May 5, 2021 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 interrogate, understand and master
biology to advance human health. The company’s integrated solutions
include instruments, consumables and software for analyzing
biological systems at a resolution and scale that matches the
complexity of biology. 10x Genomics products have been adopted by
researchers around the world including in all of the top 100 global
research institutions as ranked by Nature in 2019 based on
publications and all of the top 20 global pharmaceutical companies
by 2019 research and development spend, and have been cited in over
2,500 research papers on discoveries ranging from oncology to
immunology and neuroscience. The company’s patent portfolio
comprises 1,100 issued patents and patent applications.
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, 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,” “estimate,”
“predict,” “potential” 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 expectations regarding
the company’s business operations, financial performance and
results of operations as well as the company’s ability to meet its
anticipated cash needs for the foreseeable future. These statements
are based on management’s current expectations, forecasts, beliefs,
assumptions and information currently available to management, and
actual outcomes and results could differ materially from these
statements due to a number of factors, including the potential
impact of the COVID-19 pandemic. Other 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” and elsewhere in the documents 10x Genomics,
Inc. files with the Securities and Exchange Commission from time to
time. Although 10x Genomics, Inc. believes that the expectations
reflected in the forward-looking statements are reasonable, it
cannot provide any assurance that these expectations will prove to
be correct nor can it guarantee that the future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or occur. These
forward-looking statements do not reflect the potential impact of
any future acquisitions, mergers, dispositions, joint ventures or
investments 10x Genomics may make. Further, as the COVID-19
pandemic is unprecedented and continuously evolving, such
forward-looking statements may not accurately or fully reflect the
potential impact that the COVID-19 pandemic may have on the
business, financial condition, results of operations and cash flows
of 10x Genomics, Inc. The forward-looking statements in this press
release are based on information available to 10x Genomics, Inc. as
of the date hereof, and 10x Genomics, Inc. disclaims any obligation
to update any forward-looking statements provided to reflect any
change in its expectations or any change in events, conditions, or
circumstances on which any such statement is based, except as
required by law. These forward-looking 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.
Disclosure Information
10x Genomics uses filings with
the Securities and Exchange Commission, its website
(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: investors@10xgenomics.com
Media: media@10xgenomics.com
10x Genomics,
Inc.Condensed Consolidated Statements of
Operations and Comprehensive Loss(Unaudited)(In thousands,
except share and per share data)
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Revenue |
$ |
105,821 |
|
|
|
$ |
71,905 |
|
|
Cost of revenue (1) |
17,060 |
|
|
|
15,108 |
|
|
Gross profit |
88,761 |
|
|
|
56,797 |
|
|
Operating expenses: |
|
|
|
Research and development (1) |
41,883 |
|
|
|
25,992 |
|
|
Selling, general and administrative (1) |
56,904 |
|
|
|
50,387 |
|
|
Accrued contingent liabilities |
190 |
|
|
|
302 |
|
|
Total operating expenses |
98,977 |
|
|
|
76,681 |
|
|
Loss from operations |
(10,216 |
) |
|
|
(19,884 |
) |
|
Other income (expense): |
|
|
|
Interest income |
50 |
|
|
|
1,318 |
|
|
Interest expense |
(221 |
) |
|
|
(662 |
) |
|
Other expense, net |
(729 |
) |
|
|
(96 |
) |
|
Loss on extinguishment of debt |
— |
|
|
|
(1,521 |
) |
|
Total other expense |
(900 |
) |
|
|
(961 |
) |
|
Loss before provision for
income taxes |
(11,116 |
) |
|
|
(20,845 |
) |
|
Provision for income
taxes |
435 |
|
|
|
298 |
|
|
Net loss |
$ |
(11,551 |
) |
|
|
$ |
(21,143 |
) |
|
Other comprehensive
income: |
|
|
|
Foreign currency translation adjustment |
98 |
|
|
|
5 |
|
|
Comprehensive loss |
$ |
(11,453 |
) |
|
|
$ |
(21,138 |
) |
|
Net loss per share, basic and
diluted |
$ |
(0.11 |
) |
|
|
$ |
(0.22 |
) |
|
Weighted-average shares of
common stock used in computing net loss per share, basic and
diluted |
108,714,027 |
|
|
|
96,829,093 |
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation expense
as follows:
|
Three Months EndedMarch 31, |
(in
thousands) |
2021 |
|
2020 |
Cost of revenue |
$ |
464 |
|
|
$ |
247 |
|
Research and development |
6,796 |
|
|
2,887 |
|
Selling, general and
administrative |
8,916 |
|
|
3,584 |
|
Total stock-based compensation expense |
$ |
16,176 |
|
|
$ |
6,718 |
|
|
|
|
|
|
|
|
|
10x Genomics,
Inc.Condensed Consolidated Balance
Sheets(Unaudited)(In thousands, except share and per share
data)
|
March 31,2021 |
|
December 31,2020 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
617,195 |
|
|
|
$ |
663,603 |
|
|
Restricted cash |
18,164 |
|
|
|
16,567 |
|
|
Accounts receivable, net |
57,408 |
|
|
|
51,208 |
|
|
Inventory |
38,507 |
|
|
|
29,959 |
|
|
Prepaid expenses and other current assets |
14,442 |
|
|
|
13,029 |
|
|
Total current assets |
745,716 |
|
|
|
774,366 |
|
|
Property
and equipment, net |
107,313 |
|
|
|
72,840 |
|
|
Restricted cash |
8,598 |
|
|
|
8,474 |
|
|
Operating lease right-of-use
assets |
56,353 |
|
|
|
46,983 |
|
|
Goodwill |
4,511 |
|
|
|
— |
|
|
Other
assets |
31,542 |
|
|
|
26,678 |
|
|
Total assets |
$ |
954,033 |
|
|
|
$ |
929,341 |
|
|
Liabilities and stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accrued contingent liabilities |
$ |
44,849 |
|
|
|
$ |
44,173 |
|
|
Accounts payable |
15,578 |
|
|
|
4,709 |
|
|
Accrued compensation and related benefits |
16,820 |
|
|
|
15,383 |
|
|
Accrued expenses and other current liabilities |
32,665 |
|
|
|
43,453 |
|
|
Deferred revenue |
4,481 |
|
|
|
4,472 |
|
|
Operating lease liabilities |
6,156 |
|
|
|
5,936 |
|
|
Total current liabilities |
120,549 |
|
|
|
118,126 |
|
|
Accrued
license fee, noncurrent |
5,814 |
|
|
|
11,171 |
|
|
Operating lease liabilities, noncurrent |
66,344 |
|
|
|
57,042 |
|
|
Other
noncurrent liabilities |
8,866 |
|
|
|
3,930 |
|
|
Total liabilities |
201,573 |
|
|
|
190,269 |
|
|
Commitments and contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $0.00001 par value; 100,000,000 shares authorized,
no shares issued or outstanding as of March 31, 2021 and
December 31, 2020 |
— |
|
|
|
— |
|
|
Common stock, $0.00001 par value; 1,100,000,000 shares authorized,
109,588,527 and 108,485,909 shares issued and outstanding as of
March 31, 2021 and December 31, 2020 |
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
1,569,059 |
|
|
|
1,544,218 |
|
|
Accumulated deficit |
(816,649 |
) |
|
|
(805,098 |
) |
|
Accumulated other comprehensive gain (loss) |
48 |
|
|
|
(50 |
) |
|
Total stockholders’ equity |
752,460 |
|
|
|
739,072 |
|
|
Total liabilities and stockholders’ equity |
$ |
954,033 |
|
|
|
$ |
929,341 |
|
|
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