Company: TXG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001770787-25-000032
Chunk: 23

Company: 10x Genomics, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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)(2)License and royalty revenue17,060 1 17,059 NMTotal revenue$154,883 $141,006 $13,877 10 %

Products and services revenue decreased $3.2 million, or 2%, to $137.8 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Instruments revenue decreased $10.6 million, or 42%, to $14.8 million 

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for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Consumables revenue increased $5.0 million, or 5%, to $115.4 million for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024. Services revenue increased $2.4 million, or 47%, for the three months ended March 31, 2025 as compared to three months ended March 31, 2024, primarily driven by an increase in service plans for instruments coming off warranty.

During the three months ended March 31, 2025, the Company settled its worldwide patent litigation with Vizgen, Inc. As part of that settlement, Vizgen has limited rights to certain intellectual property owned or exclusively licensed by the Company. As one part of the settlement, the Company received an upfront payment of $26.0 million and will receive royalties on Vizgen’s sales of products covered by the license. The $26.0 million upfront payment was recorded as a $9.2 million gain on settlement and $16.8 million of license and royalty revenue. The amount attributed to the gain on settlement was determined by applying a royalty rate to the Vizgen historical revenues prior to the settlement.

We expect our revenues, excluding the impact of license and royalty revenue, to be approximately flat in the second quarter of 2025.

Cost of Products and Services Revenue, Gross Profit and Gross Margin

Three Months EndedMarch 31,Change(dollars in thousands)20252024$%Cost of products and services revenue$49,438 $48,092 $1,346 3 %Gross profit$105,445 $92,914 $12,531 13 %Gross margin68 %66 %

Cost of products and services revenue increased $1.3 million