Curious about the 10x Genomics net worth? At Ando Money, I explore how this biotechnology company grew its financial performance through product innovation, strategic R&D investments, and market expansions.
Learn how 10x Genomics’ revenue, geography, and financial strategies contribute to its financial health and overall market value.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | 10x Genomics, Inc. |
| Full Name | 10x Genomics, Inc. |
| Traded As | NASDAQ: TXG |
| ISIN | N/A |
| Founded | 2012 |
| Founders | Serge Saxonov, Ben Hindson, Kevin Ness |
| Country/Territory | United States |
| Headquarters | Pleasanton, California |
| Chief Executive Officer | Serge Saxonov |
| Number of Employees | N/A |
| Market Cap | $2.72 Billion |
| Total Assets | $0.92 Billion |
| Total Equity | $0.72 Billion |
| Revenue | $618.7 Million (2023) |
| Net Income | -0.24 Billion (TTM, 2024) |
What is the Net Worth/Market Cap of 10x Genomics in 2024?
The market cap of 10x Genomics as of September 2024 stands at $2.72 billion. This valuation places them in the global market’s upper echelons.
Comparatively, it’s noteworthy how they stack against others in their industry. While not the largest, 10x Genomics is solidifying its position among key players.
When exploring the most valuable companies, or those who might be seen as the richest companies, it’s useful to see 10x Genomics in context with related firms. Some of these include:
- Bio-Rad Laboratories
- 23andMe
- Illumina
- Pacific Biosciences
- Thermo Fisher Scientific
- Roche Diagnostics
- Agilent Technologies
- PerkinElmer
- Qiagen
- Fluidigm
For more on the wealthiest firms across sectors, check out our comprehensive list of the world’s top companies.
Financial Performance Overview
The Firm’s Revenue Growth and Performance
Over the years, 10x Genomics has shown consistent revenue growth, increasing from a modest $3.32 million in 2015 to $618.7 million by 2023.
This significant rise reflects their expanding footprint in biotechnology. Such growth is partly due to strategic investments in advanced technologies and responding effectively to market demands, especially in gene sequencing and cellular biology.
Key Products Driving the Firm’s Revenue
10x Genomics has a diverse product portfolio that contributes to its revenue:
- Consumables are the largest revenue drivers. Their use in both spatial and single-cell biology ensures a steady demand from research labs globally.
- Instruments, including the Chromium and Spatial product lines, form another vital revenue source. Although the instrument revenue saw a slight decline, the overall impact on the company’s growth remains robust.
- Services represent an emerging segment, witnessing growth in 2024. While a smaller portion of the overall revenue, the services’ impact is steadily rising.
Revenue by Geography
A closer look at the geographical revenue reveals the Americas as the primary market, contributing $93.1 million in Q2 2024 alone.
The firm’s performance in Europe, the Middle East, and Africa also showed growth, with revenue figures reaching $37.4 million.
The Asia-Pacific region, particularly China, has also been a strong contributor, accounting for $22.7 million in the second quarter of 2024.
Research and Development Impact on Financial Performance
With substantial investments in R&D, 10x Genomics is continually developing innovative products.
The focus on technologies like gene sequencing and single-cell analysis has paid off, leading to growth in both product adoption and revenue.
This R&D commitment is a key driver for their financial performance, supporting their goal to stay at the forefront of biotechnology.
Financial Strategy and Stock-Based Compensation
Operating expenses were strategically reduced in 2024, with a 10% decrease compared to the prior year, primarily through decreased stock-based compensation and lower personnel expenses.
This careful financial planning has helped 10x Genomics minimize losses while maintaining growth.
Their stock-based compensation, a significant expense in 2023, was $38.5 million in Q2 2024, showing effective cost control measures.
The Impact of Lawsuits and Legal Settlements on Revenue
Legal disputes, such as the one with Bio-Rad, have influenced the firm’s financials.
Although they faced a $24 million settlement and a 15% royalty on sales, 10x Genomics managed to absorb these impacts and continue growth, thanks to their resilient financial strategy and strong market demand.
Financial Guidance and Revenue Projections
For 2024, 10x Genomics updated its revenue guidance to be between $640 million and $660 million, reflecting expected growth and market dynamics.
This guidance indicates a 3% to 7% increase over the previous year, showcasing optimism for sustained financial performance.
Assets and Equity Position
With $0.92 billion in total assets and $0.72 billion in equity as of June 2024, 10x Genomics maintains a strong financial foundation.
Their asset base supports R&D, operational activities, and provides the company with financial flexibility for future investments.
FAQs about 10x Genomics
What are the main revenue drivers for 10x Genomics?
The main revenue drivers include consumables, instruments, and services, with consumables contributing the most.
How does 10x Genomics’ revenue vary by geography?
Revenue is highest in the Americas, followed by Europe, the Middle East, Africa, and then the Asia-Pacific region.
How has the firm reduced its operating expenses?
The firm reduced expenses primarily through decreased stock-based compensation and lower personnel costs in 2024.
What role does R&D play in the firm’s financial performance?
R&D is crucial, driving product innovation in gene sequencing and single-cell analysis, which contributes significantly to revenue growth.
How has the legal situation affected 10x Genomics’ finances?
While there was a notable lawsuit settlement, the firm managed to mitigate financial impacts through strong market demand and financial strategies.
Conclusion
Understanding 10x Genomics‘ financial journey offers a window into their strategic growth.
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