10x Genomics, Inc.

What they do

10x Genomics builds integrated research solutions — instruments, consumables and software — that let academic, translational and biopharmaceutical researchers analyze biological systems at single-cell and spatial resolution. Its single cell portfolio is powered by the Chromium platform (Chromium X Series and legacy instruments, plus QuantumScale kits from the 2025 Scale Biosciences acquisition), and its spatial portfolio is built on the Visium and Xenium platforms. Since its first product launch in mid-2015 through December 31, 2025, the company had sold 8,046 instruments, and it estimates more than 10,000 peer-reviewed articles have been published using data from its products.

Revenue drivers

• Single cell portfolio (Chromium) — Microfluidic chips, related consumables and Chromium X Series/legacy instruments that partition samples into up to more than one million individually barcoded partitions for multiomic readouts; the company sold 1,007 instruments and 424,000 consumable reactions in 2025.
• Spatial portfolio (Visium and Xenium) — Visium uses high-density DNA barcode arrays to map analytes by location within a tissue section, and Xenium extends the spatial franchise; the company describes these as bringing together histology and genomics.
• QuantumScale kits — Single Cell RNA and Single Cell Methylation kits obtained through the 2025 acquisition of Scale Biosciences, added to the single cell portfolio.
• Non-recurring license and royalty revenue — Patent litigation settlements contributed non-recurring revenue in both 2025 and 2026, including $27.3 million in Q2 2025 and $1.6 million in Q2 2026, which distorts year-over-year comparisons.

Recent performance

Second quarter 2026 revenue was $151.0 million, compared with $172.9 million in the prior-year period, but the decline reflects non-recurring patent litigation settlement revenue of $1.6 million in Q2 2026 versus $27.3 million in Q2 2025; excluding settlements, revenue rose 3% year over year. Gross margin improved to 74% from 72%, helped by lower manufacturing costs including $2.6 million of tariff refunds and lower inventory write-downs. Operating expenses rose 39% to $132.1 million because Q2 2025 included a $40.7 million gain on settlement versus a $3.4 million gain in Q2 2026; excluding settlements, operating expenses were approximately flat. The company reported an operating loss of $19.6 million and a net loss of $17.9 million for the quarter, versus operating income of $30.1 million and net income of $34.5 million a year earlier. Cash, cash equivalents and marketable securities totaled $552.0 million at June 30, 2026.

Strategy

Management is investing behind its single cell and spatial platforms while expanding into protein detection through the acquisition of Proteintech Genomics, a division of Proteintech Group, to strengthen its multiomics offering. It has announced multi-year research collaborations with Cleveland Clinic and Lausanne University Hospital aimed at diagnostic applications of single cell and spatial technologies in cancer care, part of a stated strategy to enter clinical and diagnostic markets. The commercial narrative in the latest quarter centered on customer response to Atera, with the CEO citing strong early order flow. The company also continues to lean on its consumables pull-through model across an installed base of 8,046 instruments sold through 2025.

Risks

• Dependence on research funding — The company's revenue depends on the availability of funding, including government funding, and on research and development spending by research institutions.
• Product transitions and demand forecasting — 10x must manage product transitions and forecast customer demand across existing and newly introduced products, and new products or versions may cannibalize sales of existing products.
• Trade and tariff exposure — The business faces risks from trade tariffs, import and export restrictions, Chinese regulations and other trade barriers, which affected results in both the reported periods.
• Competition and pricing — Management identifies its ability to compete effectively and its pricing strategy as risk factors for the business.

Outlook

Management raised full year 2026 revenue guidance to $610 million to $630 million, up from the previous range of $600 million to $625 million. Excluding non-recurring license and royalty revenue from patent litigation settlements in both 2026 and 2025, the guidance implies 2% to 5% growth over full year 2025. The company plans continued investment in its multiomics strategy, including the Proteintech Genomics acquisition, and in research collaborations aimed at diagnostic applications of single cell and spatial technologies.