Q2 2024 10X Genomics Inc Earnings Call Transcript
Key Points
- Total revenue for the second quarter grew 4% year-over-year and 9% quarter-over-quarter to $153 million, with the company being free cash flow positive.
- Strong demand for spatial consumables, particularly Visium HD and the newly launched Xenium Prime 5K, contributed to revenue growth.
- The GEM-X transition has progressed faster than anticipated, with customers appreciating its superior sensitivity, throughput, and cost advantages.
- 10x Genomics Inc (TXG) has built a significant technology leadership position, with solutions several years ahead of competitors.
- The company has a strong commercial and sales channel, with a focus on tailoring solutions to specific customer needs and reducing costs for researchers.
- 10x Genomics Inc (TXG) is experiencing headwinds from a challenging macroeconomic environment, leading to budget pressures and elongated purchase cycles for customers.
- Instrument revenue, particularly for Xenium, has been impacted by cuts to CapEx budgets and cautious customer spending patterns.
- The company has lowered its revenue guidance for the year, now expecting it to be in the range of $640 million to $660 million.
- The transition to GEM-X, while progressing well, is expected to continue driving some revenue pressure due to its lower price.
- The company is undergoing a commercial restructuring, which may cause near-term disruption as new roles and responsibilities are implemented.
Good afternoon. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10x Genomics' second quarter 2024 earnings conference call. (Operator Instructions) I'd like to turn call over to Cassie Corneau, Director of Investor Relations and Strategic Finance. You may begin.
Thank you and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the second quarter ended June 30, 2024. If you have not received this news release or if you would like to be added to the company's distribution list, please send an email to [email protected]. An archived webcast of this call will be available on the investor tab of the company's website 10xgenomics.com, for at least 45 days following this call.
Before we begin, I'd like to remind you that management will make statements during this call that are forward looking statements within the meaning of federal securities laws. These statements involve
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