Q2 2026 10X Genomics Inc Earnings Call Transcript
Key Points
- 10x Genomics Inc (TXG) reported Q2 revenue of $151 million, with core revenue (excluding non-recurring settlement revenue) growing 3% year-over-year to $149 million.
- The launch of the new Atera spatial platform has generated extraordinary customer response, with booked orders already greatly exceeding the full-year shipment target of approximately 40 instruments.
- Single-cell consumables revenue grew 3%, driven by double-digit growth in reaction volumes, particularly for the FlexApex product, which is becoming the standard for large-scale perturbation experiments.
- Spatial consumables revenue grew 16% year-over-year, with Xenium utilization performing exceptionally well and reinforcing its position as the leading spatial analysis platform.
- The company is well-positioned to benefit from the AI-driven demand for high-quality biological data, as most significant data generation efforts are now conceived with the goal of training AI models.
- Gross margin improved to 74% from 72% year-over-year, driven by lower manufacturing costs and inventory write-downs, and the company ended the quarter with $552 million in cash, up $105 million year-over-year.
- Total instrument revenue declined 47% year-over-year, with both Chromium and spatial instrument sales down significantly due to customers moderating purchases in anticipation of the Atera launch.
- APAC revenue declined 19% year-over-year, partly due to a $4 million pull-forward of purchasing activity in China in the prior year period ahead of potential tariff changes.
- The company expects a modest sequential step-down in total revenue from Q2 to Q3 due to the spatial transition dynamics as customers pause purchases of existing products ahead of Atera shipments.
- The academic funding environment remains tenuous, with improvement in sentiment but dollars not yet flowing through to purchasing decisions due to multi-year funding allocations and increased oversight.
- The shipment outlook for Atera remains at approximately 40 units for the year, constrained by manufacturing capacity, despite demand greatly exceeding that number.
- The company's full-year revenue guidance of $610-$630 million implies only 2% to 5% growth, reflecting the ongoing transition and macro headwinds.
Hello everyone.
Thank you for joining us and welcome to the 10x Genomics second quarter 2026 earnings conference call.
After today's prepared remarks, we will host a question-and-answer session.
If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again.
I will now hand the conference over to Cassie Corneau, Head of Investor Relations and Strategic Finance. Please go ahead.
Thank you and good afternoon everyone.
Earlier today, 10x Genomics released financial results for the second quarter ended June 30, 2026.
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 [email protected].
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.
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