The following is a summary of the 10x Genomics, Inc. (TXG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• 10x Genomics reported Q1 total revenue growth of 5% to $141 million.

• Consumption revenue declined by 2% to $110.3 million, due to the transition to new products like GEM-X.

• Spatial consumables revenue saw significant growth, increasing by 134% to $26.4 million, largely driven by the Visium franchise and new launches like Visium HD.

• Chromium consumables revenue declined by 17% due to the transition to GEM-X products, but total instrument revenue increased by 33% to $25.5 million.

• The company sustained a net loss of $59.9 million and burned through $17 million in cash during the first quarter.

Business Progress:

• Despite encountering some initial logistical issues and challenges due to the transition to GEM-X, the company is confident that its performance advantages will lead to long-term growth.

• This confidence is further bolstered by positive feedback and promising initial adoption rates for GEM-X and Visium HD.

• The company has launched four new products, including Visium HD, and plans to introduce more franchise-defining products this year.

• With a forecasted Q2 revenue increase of 7-8% and fiscal year guidance of USD 670-690 million, the company expects smoother growth rates by the end of this year.

• They are aware of increased competition but are committed to maintaining product superiority through performance, data quality, workflow, and breadth of applications.

More details: 10x Genomics IR

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