TXG - 10x Genomics, Inc. (TXG) Q1 2025 Earnings Call Transcript
2025-05-08 21:34:00 ET
10x Genomics, Inc. (TXG)
Q1 2025 Earnings Conference Call
May 08, 2025 4:30 PM ET
Company Participants
Cassie Corneau – Senior Director, Investor Relations
Serge Saxonov – Chief Executive Officer and Co-Founder
Adam Taich – Chief Financial Officer
Conference Call Participants
Patrick Donnelly – Citi
Kyle Mikson – Canaccord Genuity
Madeline Mollman – Wolfe Research
Matt Sykes – Goldman Sachs
Kyle Boucher – TD Cowen
Presentation
Operator
Ladies and gentlemen, thank you so much for standing by and welcome to 10x Genomics First Quarter 2025 Earnings Conference Call. Please note that this call is being recorded. After speakers’ prepared remarks, there will be a question and answer session. [Operator Instructions] Thank you.
I’d now like to hand the call over to Cassie Corneau, Senior Director, Investor Relations. You may now begin.
Cassie Corneau
Thank you and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the first quarter ended March 31, 2025. If you have not received this news release or would like to be added to the company’s distribution list, please send an e-mail to investors@10xgenomics.com. 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 material risks and uncertainties that could cause actual results or events to materially differ from those anticipated and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10x Genomics issued today and in the documents and reports filed by 10x Genomics from time to time with the Securities and Exchange Commission.
10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. Joining the call today are Serge Saxonov, our CEO and Co-Founder; and Adam Taich, our Chief Financial Officer. We will host a question-and-answer session after our prepared remarks. We ask analysts to please keep to one question so that we may accommodate everyone in the queue.
With that, I will now turn the call over to Serge.
Serge Saxonov
Thanks, Cassie, and good afternoon everyone. Today I’ll cover Q1 performance and share updates on how we’re navigating the rapidly evolving macro environment. I’ll also walk through recent business developments before handing it over to Adam for the financial review and outlook. Total revenue for the first quarter was $155 million. During the quarter, we settled our worldwide patent litigation with Vizgen on very favorable terms. As one component of the settlement, we received [Technical Difficulty] of $26 million as we allocated in part to operating expenses related to gain on settlement and in part to license and royalty revenue.
Excluding the portion allocated to license and royalty revenue, our first quarter revenue was $138 million, down 2% year-over-year, primarily driven by a significant decrease in instrument revenue offset by continued strength in consumables, a sign of solid core demand and growing usage across our platforms. Our Q1 results demonstrated clear signals that customer demand for our products is robust and reinforced our conviction in the long-term growth potential ahead, which I will discuss more later....
10x Genomics, Inc. (TXG) Q1 2025 Earnings Call Transcript