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Jun 30, 2020
10X Genomics Q2 2020 Earnings Report
Reported a decrease in revenue due to widespread customer lab closures related to the COVID-19 pandemic, but successfully executed across the business and launched a number of breakthrough products.
Key Takeaways
10x Genomics reported a 23% decrease in revenue compared to the same quarter last year, totaling $42.9 million, due to COVID-19 related lab closures. Despite the challenges, the company launched several new products and expanded its Visium Clinical Translational Research Network. The gross margin increased to 77%, but the operating loss widened to $39.4 million.
Revenue was $42.9 million, a 23% decrease year-over-year due to COVID-19 lab closures.
Gross margin increased to 77% due to lower accrued royalties related to ongoing litigation.
Operating loss was $39.4 million, compared to $10.4 million in the prior year, including increased stock-based compensation.
Launched several new products across Chromium and Visium platforms.
Forward Guidance
Due to the evolving environment and continued uncertainties from the impact of COVID-19, 10x Genomics withdrew its annual revenue guidance for 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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