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Mar 31, 2020
10X Genomics Q1 2020 Earnings Report
Reported a revenue increase of 34% year-over-year, driven by strong customer demand and product innovation.
Key Takeaways
10x Genomics reported a strong first quarter with revenue of $71.9 million, a 34% increase compared to the same period in 2019. The company highlighted its commitment to supporting customers in combating the COVID-19 pandemic and expressed confidence in future opportunities despite macro uncertainties. However, they withdrew their annual revenue guidance for 2020 due to the evolving environment and continued uncertainties from the impact of COVID-19.
Revenue reached $71.9 million, a 34% increase year-over-year.
Gross margin was 79%, up from 74% in the prior year period, driven by lower accrued royalties related to ongoing litigation.
Operating loss was $19.9 million, compared to $3.0 million in the prior year period, impacted by increased operating expenses.
Cash and cash equivalents were $372.4 million as of March 31, 2020, including the impact of repaying term loan borrowings.
Forward Guidance
10x Genomics withdrew its annual revenue guidance for 2020 due to the evolving environment and continued uncertainties from the impact of COVID-19. The COVID-19 pandemic is a highly fluid situation and it is not currently possible for the Company to reasonably estimate the impact it may have on financial and operating results.
Historical Earnings Impact
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