10x Genomics Reports Third Quarter 2020 Financial Results
Recent Highlights
- Revenue was
$71.8 million for the third quarter, representing a 17% increase over the corresponding period in 2019 and a 67% increase compared to the second quarter of 2020 - Completed the acquisitions of ReadCoor and CartaNA, advancing
10x Genomics into In Situ analysis with comprehensive and foundational intellectual property, key technology advances and deep talent and expertise in the emerging field - Completed a follow-on public offering of 4,600,000 shares of common stock resulting in approximately
$482.2 million in net proceeds
"Our strong performance this quarter demonstrates our ability to execute across all facets of the business," said Serge Saxonov, Co-Founder and CEO of
Third Quarter 2020 Financial Results
Revenue was
Gross margin was 80% for the third quarter of 2020, as compared to 75% for the corresponding prior year period. The increase in gross margin was driven primarily by lower accrued royalties related to ongoing litigation.
Operating expenses were
Operating loss was
Net loss was
Cash and cash equivalents were
Full Year 2020 Guidance
As previously announced,
Webcast and Conference Call Information
About
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. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include statements regarding
Disclosure Information
Contacts
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Media: m[email protected]
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||
Revenue | $ | 71,817 | $ | 61,207 | $ | 186,627 | $ | 170,604 | ||||
Cost of revenue (1) | 14,411 | 15,480 | 39,571 | 44,451 | ||||||||
Gross profit | 57,406 | 45,727 | 147,056 | 126,153 | ||||||||
Operating expenses: | ||||||||||||
Research and development (1) | 30,143 | 22,209 | 83,670 | 55,208 | ||||||||
In-process research and development | 40,637 | — | 40,637 | — | ||||||||
Selling, general and administrative (1) | 51,549 | 32,614 | 146,352 | 92,078 | ||||||||
Accrued contingent liabilities | 332 | — | 956 | 1,360 | ||||||||
Total operating expenses | 122,661 | 54,823 | 271,615 | 148,646 | ||||||||
Loss from operations | (65,255 | ) | (9,096 | ) | (124,559 | ) | (22,493 | ) | ||||
Other income (expense): | ||||||||||||
Interest income | 28 | 481 | 1,471 | 986 | ||||||||
Interest expense | (397 | ) | (708 | ) | (1,365 | ) | (2,087 | ) | ||||
Other expense (income), net | 361 | (272 | ) | 121 | (413 | ) | ||||||
Loss on extinguishment of debt | — | — | (1,521 | ) | — | |||||||
Total other expense | (8 | ) | (499 | ) | (1,294 | ) | (1,514 | ) | ||||
Loss before provision for income taxes | (65,263 | ) | (9,595 | ) | (125,853 | ) | (24,007 | ) | ||||
Provision for income taxes | 585 | 8 | 1,305 | 110 | ||||||||
Net loss | $ | (65,848 | ) | $ | (9,603 | ) | $ | (127,158 | ) | $ | (24,117 | ) |
Other comprehensive income: | ||||||||||||
Foreign currency translation adjustment | (366 | ) | (126 | ) | (6 | ) | (123 | ) | ||||
Comprehensive loss | $ | (66,214 | ) | $ | (9,729 | ) | $ | (127,164 | ) | $ | (24,240 | ) |
Net loss per share, basic and diluted | $ | (0.65 | ) | $ | (0.33 | ) | $ | (1.28 | ) | $ | (1.21 | ) |
Weighted-average shares of common stock used in computing net loss per share, basic and diluted | 101,341,945 | 29,184,218 | 99,058,139 | 19,904,184 |
(1) Includes stock-based compensation expense as follows:
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||
Cost of revenue | $ | 398 | $ | 81 | $ | 1,108 | $ | 171 | ||||
Research and development | 5,467 | 1,650 | 14,398 | 3,448 | ||||||||
Selling, general and administrative | 7,919 | 2,143 | 18,851 | 4,639 | ||||||||
Total stock-based compensation expense | $ | 13,784 | $ | 3,874 | $ | 34,357 | $ | 8,258 |
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share data)
2020 | 2019 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 768,773 | $ | 424,166 | ||
Restricted cash | 59,451 | — | ||||
Accounts receivable, net | 36,026 | 33,371 | ||||
Inventory | 25,118 | 15,270 | ||||
Prepaid expenses and other current assets | 11,083 | 8,033 | ||||
Total current assets | 900,451 | 480,840 | ||||
Property and equipment, net | 65,111 | 48,821 | ||||
Restricted cash | 5,474 | 52,327 | ||||
Operating lease right-of-use assets | 45,379 | — | ||||
Other assets | 26,129 | 23,935 | ||||
Total assets | $ | 1,042,544 | $ | 605,923 | ||
Liabilities and stockholders’ equity | ||||||
Current liabilities: | ||||||
Accrued contingent liabilities | $ | 77,558 | $ | — | ||
Accounts payable | 9,490 | 13,028 | ||||
Accrued compensation and related benefits | 11,189 | 12,394 | ||||
Accrued expenses and other current liabilities | 38,583 | 24,448 | ||||
Term loans, current portion | — | 9,882 | ||||
Deferred revenue, current | 3,775 | 3,297 | ||||
Operating lease liabilities | 4,976 | — | ||||
Total current liabilities | 145,571 | 63,049 | ||||
Term loans, noncurrent portion | — | 19,837 | ||||
Accrued contingent liabilities | — | 68,658 | ||||
Accrued license fee, noncurrent | 11,223 | 16,251 | ||||
Deferred rent, noncurrent | — | 16,120 | ||||
Operating lease liabilities, noncurrent | 56,618 | — | ||||
Other noncurrent liabilities | 4,052 | 1,925 | ||||
Total liabilities | 217,464 | 185,840 | ||||
Commitments and contingencies | ||||||
Stockholders’ equity: | ||||||
Preferred stock, |
— | — | ||||
Common stock, |
2 | 2 | ||||
Additional paid-in capital | 1,214,655 | 682,494 | ||||
Accumulated deficit | (389,525 | ) | (262,367 | ) | ||
Accumulated other comprehensive loss | (52 | ) | (46 | ) | ||
Total stockholders’ equity | 825,080 | 420,083 | ||||
Total liabilities and stockholders’ equity | $ | 1,042,544 | $ | 605,923 |
Source: 10x Genomics, Inc.