10x Genomics Stock Earnings Reports

10x Genomics reported Q1 2026 revenue of $150.8M, up 9% year-over-year excluding prior-year one-time settlement revenue. Consumables were the key growth driver: total consumables revenue rose 13%, single-cell consumables +6% (double-digit reaction volume growth driven by FLEX/FLEX Apex) and spatial consumables +31% driven by Xenium. Instrument revenue declined 24% (Chromium -12%, spatial -32%) as customers anticipated the new spatial platform. Gross margin improved to 70% (vs. 68% prior year); management expects full-year gross margins in the mid-60s. Operating expenses fell ~15% (20% excluding the prior settlement gain), and cash, cash equivalents and marketable securities totaled $540M, up $113M year-over-year. The major corporate milestone was the launch of Atara, described as the company’s most significant product introduction: whole-transcriptome spatial profiling at single-cell sensitivity, higher throughput (up to ~800 1-cm2 whole-transcriptome samples per instrument/year or >3,000 with targeted panels), use of standard glass slides, onboard GPU-driven image processing, and a multi-year upgrade roadmap. Early customer response and preorders have been very strong. Management reiterated full-year 2026 revenue guidance of $600M–$625M (0%–4% growth excluding 2025 settlement revenue), with Q2–Q3 expected to be down sequentially from Q1 as some customers delay purchases pending Atara shipments; initial Atara production is limited in 2026, with roughly ~40 Atara units expected to be sold across Q3–Q4 (weighted to Q4). Strategy highlights: strong emphasis on enabling large-scale data for AI-driven biology, translational/clinical applications (biomarkers and trials), and continued investment in cloud and multiomic capabilities while maintaining disciplined cost control.