Description

10x Genomics: How Powerful Is Its Global Mix—Can EMEA Growth De-Risk U.S. Funding Headwinds?

10X Genomics reported its financial results for the third quarter of 2025, recording a total revenue of $149 million, which exceeded the guidance range but was slightly down by 2% year-over-year. Despite a challenging macroeconomic environment, the company saw a sequential improvement of 2% in revenue. The company’s balance sheet reflects a healthy position, with $482 million in cash and equivalents, highlighting effective cash management and providing flexibility for future growth investments. From a product perspective, spatial consumables experienced robust growth with a 19% increase, primarily due to strong demand for Xenium consumables. However, overall consumables revenue only saw a modest 1% increase, with Chromium consumables revenue down 4%, attributed to lower average selling prices. The introduction of new assays and cost-effective configurations is expected to drive continued volume growth despite these pricing headwinds.