10x Genomics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. The company generated total revenue of $151.7 million for Q3 2024, a slight decrease of 1% from $153.6 million in Q3 2023. For the nine months ended September 30, 2024, total revenue increased by 3% to $445.8 million, compared to $434.7 million in the same period of 2023.
The revenue breakdown revealed a significant decline in instruments revenue, which fell to $19.1 million in Q3 2024, down 45% from $34.9 million in Q3 2023. This decline was attributed to lower sales volumes of Chromium and Spatial instruments. Conversely, consumables revenue rose to $126.2 million in Q3 2024, an increase of 10% from $114.4 million in the prior year, driven by higher sales of Spatial consumables.
Gross profit for Q3 2024 was $106.4 million, reflecting an 11% increase from $95.5 million in Q3 2023, resulting in a gross margin of 70%. For the nine-month period, gross profit also increased by 3% to $303.5 million. Operating expenses decreased significantly, totaling $147.9 million in Q3 2024, down from $190.3 million in Q3 2023, contributing to a reduced loss from operations of $41.5 million compared to $94.8 million in the prior year.
The net loss for Q3 2024 was $35.8 million, a substantial improvement from a net loss of $93.0 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $133.6 million, down from $206.1 million in the same period of 2023. The company reported cash and cash equivalents of $398.2 million as of September 30, 2024, an increase from $314.7 million at the same time last year.
Strategically, 10x Genomics has been involved in various legal proceedings, including ongoing patent litigation against NanoString, which recently resulted in a jury verdict awarding over $31 million in damages to 10x Genomics. The company also reported impairment charges of $2.1 million related to discontinued projects, reflecting its focus on optimizing operational efficiency.
Overall, while 10x Genomics faced challenges in instrument sales, it demonstrated resilience through increased consumables revenue and improved profitability metrics, positioning itself for future growth amid ongoing legal and market dynamics.
About 10x Genomics, Inc.
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