Q3 2024 10X Genomics Inc Earnings Call Transcript
Key Points
- 10x Genomics Inc (TXG) launched new products and capabilities aimed at lowering the cost of single-cell analysis, such as GEM-X Flex and GEM-X Universal Multiplex, which offer significant cost reductions for researchers.
- The company reported a 10% increase in consumables revenue, driven by strong demand for new spatial consumables products like Visium HD and Xenium 5K.
- 10x Genomics Inc (TXG) has implemented a restructured commercial organization to better serve diverse customer needs, including creating specialized teams for capital equipment and biopharma sectors.
- The company has maintained comparable gross margins for its new products, indicating efficient cost management despite price reductions.
- 10x Genomics Inc (TXG) is focused on advancing its capabilities with new products, workflows, and software to enhance ease of use and drive more adoption, positioning itself as a leader in both technology and cost.
- Revenue for the third quarter declined 1% year-over-year, primarily due to disruptions from sales restructuring and cautious customer spending.
- The company expects full-year revenue to decline by 3% compared to the prior year, with flat fourth-quarter revenue anticipated.
- 10x Genomics Inc (TXG) is facing ongoing headwinds from its commercial restructuring, with a significant number of open sales roles impacting performance.
- The macroeconomic environment remains challenging, with cautious customer spending affecting both capital expenditures and larger consumables projects.
- The company experienced a 45% decrease in total instrument revenue, particularly impacted by weaker sales of Xenium instruments.
Thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the 10X Genomics Third Quarter 2024 Earnings Conference Call. Today's call is being recorded. (Operator Instructions)
I would now like to turn the call over to Cassie Corneau, Senior Director, Head of Investor Relations, and Strategic Finance. Cassie, please go ahead.
Thank you, and good afternoon, everyone. Earlier today, 10X Genomics released financial results for the third quarter ended September 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 e-mail to investors@ 10X genomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10X genomics.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
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