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- **Revenue Growth**: Q3 revenue of $149M exceeded guidance, with spatial consumables up 19% YoY and Flex-driven single-cell growth.
- **Product Innovation**: Xenium protein launch enables multi-omics analysis; Flex v2 reduces cost per sample for large-scale experiments.
- **Market Momentum**: Europe and China show resilience; Xenium adoption outpaces Visium.
- **Financial Strength**: $482M cash provides flexibility; Q4 guidance of $154-158M reflects steady growth.
- **Strategic Focus**: Virtual cell modeling and clinical collaborations drive long-term potential.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 revenue of $149 million exceeded guidance, with spatial consumables growing 19% YoY and single-cell consumables up 10% YoY. Flex and On-Chip Multiplexing assays drove growth, particularly in translational studies.
- **Product Momentum**: Xenium protein consumables launched in Q3, enabling RNA and protein detection in a single run. Flex v2 assay reduces cost per sample, targeting large-scale experiments and AI-driven initiatives like virtual cell modeling.
- **Market Expansion**: Europe saw strong spatial consumables growth, while China showed resilience despite macro challenges. Xenium adoption is outpacing Visium due to its imaging-based workflow and multi-omics capabilities.
- **Strategic Investments**: $482 million in cash provides flexibility for innovation, including partnerships (e.g., Anthropic for AI-driven data analysis) and clinical collaborations (e.g., PERIBLOOD trial for blood diagnostics).

**【CFO Financial Commentary】**
- **Q3 Financials**: Total revenue $149 million (-2% YoY), with consumables ($127.9M) and services ($8.1M) up 1% and 29% YoY. Gross margin 67% (down 3ppt YoY due to product mix). Operating loss narrowed to $32.2M (-22% YoY).
- **Q4 Guidance**: Revenue $154-158M (+5% QoQ), driven by instruments and consumables. No material impact from U.S. government shutdown beyond intramural NIH (small fraction of revenue).
- **Balance Sheet**: Cash of $482M (+$35M QoQ) supports long-term growth and innovation.

**【Q&A Highlights】**
- **Spatial vs. Single-Cell**: Xenium adoption accelerating as researchers prefer imaging-based workflows. Flex v2 lowers cost per sample but volume growth offsets price declines.
- **China Dynamics**: Go-to-market improvements and strong demand, despite macro uncertainty.
- **Pharma Spending**: Cautious in early-stage R&D but interest in large-scale experiments for AI drug discovery and translational studies.
- **2026 Outlook**: First half likely similar to 2025H2, with no visibility on budget flushes. Long-term focus on virtual cell modeling and clinical applications.

10x Genomics, Inc. (TXG) Q3 2025 Earnings Call Transcript

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