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Jun 30, 2025
10X Genomics Q2 2025 Earnings Report
Financial results for the second quarter ended June 30, 2025, were reported.
Key Takeaways
10x Genomics reported a revenue of $172.9 million for Q2 2025, which includes a significant patent litigation settlement. Excluding this settlement, revenue decreased by 5% year-over-year, primarily due to lower instrument sales. Despite a challenging funding environment, the company achieved net income and improved its gross margin and operating income compared to the prior year.
Revenue for Q2 2025 was $172.9 million, including $27.3 million from a patent litigation settlement.
Excluding the settlement, revenue was $145.6 million, a 5% decrease year-over-year, mainly due to decreased instrument revenue.
Gross margin improved to 72% in Q2 2025 from 68% in the prior year, driven by higher license and royalty revenue.
The company reported a net income of $34.5 million and operating income of $30.1 million, a significant improvement from losses in the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
10x Genomics expects third quarter 2025 revenue to be between $140 million and $144 million, reflecting an anticipated shift in purchases from China.
Positive Outlook
- Continued focus on disciplined execution.
- Confidence in the strength of technology and platform momentum.
- Significant long-term market opportunity.
- Acquisition of Scale Biosciences to strengthen leadership in single cell analysis.
- Expansion of Visium portfolio capabilities with Visium HD 3' and HD cell segmentation.
Challenges Ahead
- Continued uncertainty in the funding environment.
- Anticipated $4.0 million revenue acceleration from Q3 to Q2 due to potential tariff changes in China.
- Overall decrease in revenue (excluding settlement) compared to the prior year.
- Primary driver of revenue decrease was instrument revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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