Recent Highlights

• Revenue was $134.3 million for the first quarter, representing a 17% increase over the corresponding period of 2022.
• Surpassed 5,000 customer publications using 10x Genomics products, demonstrating the impact of single cell and spatial technologies to fuel new biological discoveries.
• Accelerated Spatial revenue growth driven by robust demand for Xenium in its first full quarter of commercial launch and continued demand for Visium CytAssist.
• Opened a new R&D and manufacturing center to support the Company's innovation engine and add operational scale and capacity for future growth.

"We are proud of our solid start to the year, fueled by strong performance across our spatial portfolio and a return to double-digit growth in single cell consumables," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "We are energized by the momentum and traction we're seeing with Xenium in its first full quarter of launch; the overwhelmingly positive feedback from our early customers reinforces our belief that Xenium is the best In Situ platform on the market."

First Quarter 2023 Financial Results

Revenue was $134.3 million for the first quarter of 2023, a 17% increase from $114.5 million for the corresponding prior year period. This increase was primarily the result of higher revenue in the Americas and EMEA regions partially offset by a decline in Asia-Pacific.

Gross margin was 73% for the first quarter of 2023, as compared to 78% for the corresponding prior year period. The decrease in gross margin was primarily due to change in product mix with newly introduced products and inventory write downs.

Operating expenses were $150.4 million for the first quarter of 2023, a 15% increase from $130.8 million for the corresponding prior year period. This increase was driven by higher personnel expenses, including stock-based compensation expense, increased costs for facilities and information technology to support operational expansion, increased outside legal expenses and increased marketing expenses, partially offset by a decrease in costs of laboratory materials and supplies and expensed equipment.

Operating loss was $52.0 million for the first quarter of 2023, as compared to $41.7 million for the corresponding prior year period. Operating loss includes $42.1 million of stock-based compensation for the first quarter of 2023, as compared to $26.0 million for the corresponding prior year period.

Net loss was $50.7 million for the first quarter of 2023, as compared to a net loss of $42.4 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $418.3 million as of March 31, 2023.

2023 Financial Guidance

10x Genomics is raising its full year 2023 revenue guidance and now expects revenue in the range of $590 million to $610 million, representing 14% to 18% growth over full year 2022. This compares to its previous revenue guidance of $580 million to $600 million.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the first quarter 2023 financial results, business developments and outlook after market close on Wednesday, May 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.