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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 3, 2023

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10x Genomics, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-39035
45-5614458
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
6230 Stoneridge Mall Road
Pleasanton, California 94588
(925) 401-7300
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
___________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange
on which registered
Class A common stock, par value $0.00001 per share
TXG
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02 Results of Operations and Financial Condition.
On August 3, 2023, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended June 30, 2023. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.
Description of Exhibits
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).



Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
10x Genomics, Inc.
By:
/s/ Eric S. Whitaker
Name:
Eric S. Whitaker
Title:
Chief Legal Officer
Date: August 3, 2023

EX-99.1 2 txg-20230803xexx991.htm EX-99.1 Document

Exhibit 99.1
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10x Genomics Reports Second Quarter 2023 Financial Results
PLEASANTON, Calif. August 3, 2023 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the second quarter ended June 30, 2023.
Recent Highlights
•Revenue was $146.8 million for the second quarter, representing a 28% increase over the corresponding period of 2022.
•Accelerated Xenium's momentum with strong shipments, multiple new curated and customizable gene panels and a major update of its onboard software to deliver even higher levels of performance.
•Launched the Visium CytAssist Gene and Protein Expression assay, combining tissue profiling with whole transcriptome spatial analysis and high-plex protein co-detection.
•Delivered double-digit growth of Chromium single cell consumables and increased Chromium X Series placements year over year, led by strong performance in the Americas and EMEA.
"Xenium established itself as the best performing in situ platform, as more and more researchers see firsthand the system's clear advantages in sensitivity, specificity, throughput and data analysis," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "This was a strong quarter with momentum across our single cell and spatial portfolio despite the headwinds in China."
Second Quarter 2023 Financial Results
Revenue was $146.8 million for the second quarter of 2023, a 28% increase from $114.6 million for the corresponding prior year period.
Gross margin was 68% for the second quarter of 2023, as compared to 76% for the corresponding prior year period. The decrease in gross margin was primarily due to changes in product mix resulting from newly introduced products.
Operating expenses were $163.0 million for the second quarter of 2023, a 9% increase from $150.0 million for the corresponding prior year period. This increase was driven by higher personnel expenses, including stock-based compensation expense, and increased costs for facilities and information technology to support operational expansion.
Operating loss was $63.4 million for the second quarter of 2023, as compared to $63.1 million for the corresponding prior year period. Operating loss includes $45.7 million of stock-based compensation for the second quarter of 2023, as compared to $36.3 million for the corresponding prior year period.
Net loss was $62.4 million for the second quarter of 2023, as compared to a net loss of $64.5 million for the corresponding prior year period.
Cash and cash equivalents and marketable securities were $391.4 million as of June 30, 2023.
2023 Financial Guidance
10x Genomics is raising its full year 2023 revenue guidance and now expects revenue in the range of $600 million to $620 million, representing 16% to 20% growth over full year 2022. This compares to its previous revenue guidance of $590 million to $610 million.

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Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the second quarter 2023 financial results, business developments and outlook after market close on Thursday, August 3, 2023 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn or Twitter.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might," "will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” "would," "likely," "seek" or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s product momentum and progress, our expected performance advantages and benefits of using our products and services, customer enthusiasm and adoption of our products and our financial performance and results of operations, including our expectations regarding revenue and guidance. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management, and actual outcomes and results could differ materially from these statements due to a number of factors. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K and elsewhere in the documents 10x Genomics, Inc. files with the Securities and Exchange Commission from time to time.
Although 10x Genomics, Inc. believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments 10x Genomics may make. Further, such forward-looking statements may not accurately or fully reflect the potential impact of adverse geopolitical and macroeconomic events, difficulties selling in APAC, product capabilities and adoption rates, international economic, political, legal, compliance, social and business factors, inflation and supply chain interruptions may have on the business, financial condition, results of operations and cash flows of 10x Genomics, Inc. The forward-looking statements in this press release are based on information available to 10x Genomics, Inc. as of the date hereof, and 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing 10x Genomics, Inc.’s views as of any date subsequent to the date of this press release.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, our website (www.10xgenomics.com), press releases, public conference calls, public webcasts and our social media accounts as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

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Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
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10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Revenue (1)
$ 146,819  $ 114,609  $ 281,104  $ 229,105 
Cost of revenue (2)
47,207  27,704  83,102  53,182 
Gross profit 99,612  86,905  198,002  175,923 
Operating expenses:
Research and development (2)
71,460  70,685  138,558  134,763 
Selling, general and administrative (2)
91,510  79,337  174,790  146,012 
Total operating expenses 162,970  150,022  313,348  280,775 
Loss from operations (63,358) (63,117) (115,346) (104,852)
Other income (expense):
Interest income 4,100  1,238  7,969  1,807 
Interest expense (5) (109) (24) (237)
Other expense, net (1,504) (1,843) (3,020) (2,243)
Total other income (expense) 2,591  (714) 4,925  (673)
Loss before provision for income taxes (60,767) (63,831) (110,421) (105,525)
Provision for income taxes 1,647  627  2,740  1,346 
Net loss $ (62,414) $ (64,458) $ (113,161) $ (106,871)
Net loss per share, basic and diluted $ (0.53) $ (0.57) $ (0.97) $ (0.94)
Weighted-average shares of common stock used in computing net loss per share, basic and diluted 116,707,672  113,574,757  116,166,776  113,272,158 
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(1)The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company's Visium and Xenium products:
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Instruments
Chromium $ 12,859  $ 14,047  $ 24,485  $ 28,373 
Spatial 18,096  689  25,646  792 
Total instruments revenue 30,955  14,736  50,131  29,165 
Consumables
Chromium 100,794  91,048  201,890  182,327 
Spatial 11,694  6,886  22,976  13,557 
Total consumables revenue 112,488  97,934  224,866  195,884 
Services 3,376  1,939  6,107  4,056 
Total revenue $ 146,819  $ 114,609  $ 281,104  $ 229,105 
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023 2022 2023 2022
Americas
United States $ 88,394  $ 69,373  $ 164,675  $ 126,814 
Americas (excluding United States) 3,149  1,515  5,664  3,761 
Total Americas 91,543  70,888  170,339  130,575 
Europe, Middle East and Africa 31,246  25,608  59,668  46,140 
Asia-Pacific
China¹ 12,755  9,984  26,786  31,766 
Asia-Pacific (excluding China) 11,275  8,129  24,311  20,624 
Total Asia-Pacific 24,030  18,113  51,097  52,390 
Total Revenue $ 146,819  $ 114,609  $ 281,104  $ 229,105 
1 Includes Hong Kong effective from the first quarter of 2023. Comparative periods have been adjusted for this inclusion.
(2)Includes stock-based compensation expense as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)
2023 2022 2023 2022
Cost of revenue $ 1,835  $ 1,453  $ 3,296  $ 2,467 
Research and development 19,560  15,579  37,340  26,870 
Selling, general and administrative 24,301  19,281  47,161  33,023 
Total stock-based compensation expense $ 45,696  $ 36,313  $ 87,797  $ 62,360 
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10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
June 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents $ 325,879  $ 219,746 
Marketable securities 65,506  210,238 
Restricted cash 1,500  2,633 
Accounts receivable, net 87,685  104,211 
Inventory 83,687  81,629 
Prepaid expenses and other current assets 18,683  16,578 
Total current assets 582,940  635,035 
Property and equipment, net 284,913  289,328 
Restricted cash 3,474  4,974 
Operating lease right-of-use assets 71,049  69,882 
Goodwill 4,511  4,511 
Intangible assets, net 22,290  22,858 
Other noncurrent assets 20,461  2,392 
Total assets $ 989,638  $ 1,028,980 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 23,124  $ 21,599 
Accrued compensation and related benefits 22,372  32,675 
Accrued expenses and other current liabilities 34,088  59,779 
Deferred revenue 9,217  7,867 
Operating lease liabilities 9,286  9,037 
Total current liabilities 98,087  130,957 
Operating lease liabilities, noncurrent 90,331  86,139 
Other noncurrent liabilities 7,919  6,141 
Total liabilities 196,337  223,237 
Commitments and contingencies
Stockholders’ equity:
Preferred stock —  — 
Common stock
Additional paid-in capital 1,936,750  1,839,397 
Accumulated deficit (1,142,482) (1,029,321)
Accumulated other comprehensive loss (969) (4,335)
Total stockholders’ equity 793,301  805,743 
Total liabilities and stockholders’ equity $ 989,638  $ 1,028,980 
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