PLEASANTON, Calif.,
Feb. 16, 2022 /PRNewswire/
-- 10x Genomics, Inc. (Nasdaq: TXG) today reported financial
results for the fourth quarter and full year ended
December 31, 2021 and provided outlook for 2022.
Recent Highlights
- Revenue was $490.5 million for
the full year and $143.5 million for
the fourth quarter of 2021, representing 64% and 28% increases over
the corresponding periods of 2020
- Increased our cumulative Chromium instruments sold to more than
3,500 as of the end of 2021, fueled by an enthusiastic response to
our Chromium X Series instruments and continued demand for our
Chromium Controller
- Advanced our leadership in spatial discovery research
surpassing 200 publications and pre-prints enabled by our Visium
products across key research areas including oncology, immunology,
and neuroscience
- Unveiled our Xenium In Situ Analysis Platform, integrating
instrumentation, consumables and software into a robust and
flexible end-to-end solution, which we plan to ship by the end of
2022
"In 2021, we made significant progress driving adoption of
single cell and spatial technologies, as we continued to pursue
rapid innovation and scale the company for the long-term," said
Serge Saxonov, Co-founder and CEO of 10x Genomics. "We firmly
believe in the tremendous opportunity ahead, and we are incredibly
excited about the ambitious product launches we have planned in
2022."
Fourth Quarter 2021 Financial Results
Revenue was $143.5 million for the
three months ended December 31, 2021, a 28% increase from
$112.2 million for the three months
ended December 31, 2020. This increase was primarily the
result of increased consumables revenue driven by growth in our
cumulative instruments sold.
Gross margin was 81% for the fourth quarter of 2021, as compared
to 83% for the corresponding prior year period. The decrease in
gross margin was primarily due to the impact of shifting product
mix, partially offset by decreased costs related to ramping our
second manufacturing facility.
Operating expenses were $131.8
million for the fourth quarter of 2021, a 74% decrease from
$502.9 million for the three months
ended December 31, 2020. This decrease was driven by lower
in-process research and development expense in the quarter
due to the $406.9 million charge
during the quarter ended December 31, 2020 related to the
acquisition of ReadCoor and decreased legal expenses. This decrease
was partially offset by increased operating expenses related to
higher personnel expenses, including stock-based compensation,
increased expenses related to equipment, facilities and technology
and increased marketing expenses.
Operating loss was $15.8 million
for the fourth quarter of 2021, as compared to an operating loss of
$409.6 million for the corresponding
prior year period which included $406.9
million of in-process research and development expense
related to the acquisition of ReadCoor. Operating loss also
includes $26.9 million of stock-based
compensation for the fourth quarter of 2021, as compared to
$14.3 million for the fourth quarter
of 2020.
Net loss was $18.4 million for the
fourth quarter of 2021, as compared to a net loss of $415.6 million for the corresponding prior year
period.
Full Year 2021 Financial Results
Revenue was $490.5 million for the
year ended December 31, 2021, a 64% increase from $298.8 million for 2020.
Gross margin was 85% for full year 2021, as compared to 80% for
2020. The increase in gross margin was primarily due to lower
accrued royalties related to the Bio-Rad agreement, including a
one-time reversal of $14.7 million of
previously accrued royalties, and decreased costs related to
ramping our second manufacturing facility during the period,
partially offset by the impact of shifting product mix.
Operating expenses were $468.7
million for full year 2021, as compared to $774.5 million for 2020, a decrease of 39%.
Operating expenses in 2020 included $447.5
million of in-process research and development expense
related to the acquisitions of CartaNA and ReadCoor.
Operating loss was $52.3 million
for full year 2021, as compared to an operating loss of
$534.1 million for 2020 which
included $447.5 million of in-process
research and development expense related to the acquisitions of
CartaNA and ReadCoor. This includes $96.0
million of stock-based compensation for full year 2021, as
compared to $48.6 million for full
year 2020.
Net loss was $58.2 million for
full year 2021, as compared to a net loss of $542.7 million for 2020. This includes
$447.5 million of in-process research
and development expense for the year ended December 31,
2020.
Cash and cash equivalents were $587.4
million as of December 31, 2021.
2022 Financial Guidance
10x Genomics expects full year 2022 revenue to be in the range
of $600 million to $630 million, representing 22% to 28% growth over
full year 2021 revenue.
Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the fourth
quarter and full year 2021 financial results, business developments
and outlook after market close on Wednesday, February 16, 2022
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 interrogate, understand and master biology to advance
human health. Our 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 2020 based on publications and all of the top
20 global pharmaceutical companies by 2020 research and development
spend and have been cited in over 3,300 research papers on
discoveries ranging from oncology to immunology and neuroscience.
Our patent portfolio comprises more than 1,300 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
our business operations, financial performance and results of
operations, including our expectations regarding revenue and
guidance, as well as our ability to meet our 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. 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" 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 our 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, 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
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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue
|
$
143,530
|
|
$
112,218
|
|
$
490,490
|
|
$
298,845
|
Cost of revenue
(1)
|
27,597
|
|
18,897
|
|
74,091
|
|
58,468
|
Gross
profit
|
115,933
|
|
93,321
|
|
416,399
|
|
240,377
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development (1)
|
61,884
|
|
39,704
|
|
211,752
|
|
123,375
|
In-process research
and development
|
—
|
|
406,911
|
|
—
|
|
447,548
|
Selling, general and
administrative (1)
|
69,879
|
|
55,974
|
|
257,560
|
|
202,326
|
Accrued contingent
liabilities
|
—
|
|
314
|
|
(660)
|
|
1,270
|
Total operating
expenses
|
131,763
|
|
502,903
|
|
468,652
|
|
774,519
|
Loss from
operations
|
(15,830)
|
|
(409,582)
|
|
(52,253)
|
|
(534,142)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
income
|
49
|
|
61
|
|
206
|
|
1,532
|
Interest
expense
|
(217)
|
|
(317)
|
|
(866)
|
|
(1,682)
|
Other income
(expense), net
|
5
|
|
1,216
|
|
(802)
|
|
1,337
|
Loss on extinguishment
of debt
|
—
|
|
—
|
|
—
|
|
(1,521)
|
Total other (expense)
income
|
(163)
|
|
960
|
|
(1,462)
|
|
(334)
|
Loss before provision
for income taxes
|
(15,993)
|
|
(408,622)
|
|
(53,715)
|
|
(534,476)
|
Provision for income
taxes
|
2,456
|
|
6,950
|
|
4,508
|
|
8,255
|
Net loss
|
$
(18,449)
|
|
$
(415,572)
|
|
$
(58,223)
|
|
$
(542,731)
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
$
(0.16)
|
|
$
(3.87)
|
|
$
(0.53)
|
|
$
(5.37)
|
Weighted-average
shares used to compute net loss per
share, basic and diluted
|
111,896,429
|
|
107,386,772
|
|
110,347,937
|
|
101,151,675
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation
expense as follows:
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
(in
thousands)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Cost of
revenue
|
$
1,048
|
|
$
443
|
|
$
3,231
|
|
$
1,551
|
Research and
development
|
11,808
|
|
5,225
|
|
41,970
|
|
19,623
|
Selling, general and
administrative
|
14,048
|
|
8,601
|
|
50,761
|
|
27,452
|
Total stock-based
compensation expense
|
$
26,904
|
|
$
14,269
|
|
$
95,962
|
|
$
48,626
|
10x Genomics,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
December
31,
2021
|
|
December
31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
587,447
|
|
$
663,603
|
Restricted
cash
|
1,028
|
|
16,567
|
Accounts receivable,
net
|
85,254
|
|
51,208
|
Inventory
|
59,966
|
|
29,959
|
Prepaid expenses and
other current assets
|
13,896
|
|
13,029
|
Total current
assets
|
747,591
|
|
774,366
|
Property and
equipment, net
|
169,492
|
|
72,840
|
Restricted
cash
|
7,598
|
|
8,474
|
Operating lease
right-of-use assets
|
60,918
|
|
46,983
|
Goodwill
|
4,511
|
|
—
|
Intangible assets,
net
|
25,397
|
|
22,354
|
Other noncurrent
assets
|
3,319
|
|
4,324
|
Total
assets
|
$
1,018,826
|
|
$
929,341
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
17,351
|
|
$
4,709
|
Accrued compensation
and related benefits
|
31,626
|
|
15,383
|
Accrued expenses and
other current liabilities
|
50,909
|
|
43,453
|
Deferred
revenue
|
5,340
|
|
4,472
|
Operating lease
liabilities
|
5,131
|
|
5,936
|
Accrued contingent
liabilities
|
—
|
|
44,173
|
Total current
liabilities
|
110,357
|
|
118,126
|
Accrued license fee,
noncurrent
|
5,814
|
|
11,171
|
Operating lease
liabilities, noncurrent
|
76,847
|
|
57,042
|
Other noncurrent
liabilities
|
8,240
|
|
3,930
|
Total
liabilities
|
201,258
|
|
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 December 31, 2021 and December 31,
2020
|
—
|
|
—
|
Common stock, $0.00001
par value; 1,100,000,000 shares authorized and 112,514,977
and 108,485,909 shares issued and outstanding as of
December 31, 2021 and 2020
|
2
|
|
2
|
Additional paid-in
capital
|
1,680,865
|
|
1,544,218
|
Accumulated
deficit
|
(863,321)
|
|
(805,098)
|
Accumulated other
comprehensive gain (loss)
|
22
|
|
(50)
|
Total stockholders'
equity
|
817,568
|
|
739,072
|
Total liabilities and
stockholders' equity
|
$
1,018,826
|
|
$
929,341
|
|
|
|
|
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SOURCE 10x Genomics, Inc.