Company: TXG
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001770787-25-000013
Chunk: 134

Company: 10x Genomics, Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 134
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 decreased $30.8 million, or 25%, to $92.7 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily due to lower volume of Chromium and Spatial instruments sold. Consumables revenue increased $13.9 million, or 3%, to $493.4 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023, primarily driven by growth in Spatial consumables sales, partially offset by lower Chromium consumables sales due primarily to price decreases and changes in product mix. Service revenue increased $8.9 million, or 57%, for the year ended December 31, 2024 as compared to year ended December 31, 2023, primarily driven by increased service plans for both Chromium and Spatial instruments.

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Cost of Revenue, Gross Profit and Gross Margin

Year Ended December 31,Change(dollars in thousands)20242023$%Cost of revenue$196,303 $209,414 $(13,111)(6)%Gross profit$414,482 $409,313 $5,169 1 %Gross margin68 %66 %

Cost of revenue decreased $13.1 million, or 6%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The decrease was primarily driven by lower manufacturing costs of $22.6 million due to decreased sales and change in product mix, partially offset by higher royalties of $9.8 million.

Operating Expenses

Year Ended December 31,Change(dollars in thousands)20242023$%Research and development$264,698 $270,332 $(5,634)(2)%In-process research and development— 60,980 (60,980)N/ASelling, general and administrative344,343 343,330 1,013 — %Total operating expenses$609,041 $674,642 $(65,601)(10)%

Research and development expense decreased $5.6 million, or 2%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The decrease was primarily driven by a decrease in allocated costs for facilities and information technology of $2.7 million, a decrease in personnel expenses of $2.5