10x Genomics Predicts Cannibalization of Spatial Instrument Sales with Atera
The single cell and spatial biology firm reported Q1 revenue of $150.8 million, compared to $154.9 million a year ago, a decrease of 3 percent year over year.
10x Genomics officials told investors that some customers have already put off purchases of its Xenium high-resolution spatial instrument in favor of the recently-launched Atera.
Moreover, “it appears [Atera] will effectively cannibalize Xenium going forward,” Canaccord Genuity Analyst Kyle Mikson wrote in a May 7 note to investors. “The company expects customer orders for Xenium instruments may essentially cease by the end of 2026 (consumable orders may wind down at a slower pace). 10x also expects Visium/CytAssist demand may also be negatively impacted by the introduction of Atera, continuing the trend toward spatial imaging.”
The remarks came on a conference call following the release of 10x’s first quarter results. Total revenue in Q1 fell 3 percent year over year; however, excluding a one-time patent litigation settlement recognized in Q1 2025, they rose 9 percent.
The Pleasanton, California-based single cell and spatial biology company reported Q1 2026 revenue of $150.8 million, down from $154.9 million in Q1 2025, but beating the consensus Wall Street estimate of $146.4 million.
“We had a solid start to the year, with [...] double-digit growth in spatial consumables revenue,” CEO Serge Saxonov said in a statement. “The biggest highlight is our recent launch of Atera, which represents the most significant product introduction in our history.”
Consumables revenue grew 12 percent year over year to $129.8 million from $115.4 million a year ago, driven by spatial consumables of $40.9 million, up 31 percent from $31.2 million, while single-cell consumables revenue of grew to $88.9 million from $84.1 million. Instrument revenue fell 24 percent to $11.3 million from $14.8 million a year ago. Services revenue grew 15 percent to $8.8 million from $7.7 million. License and royalty revenue fell to $947,000 from $17.1 million a year ago.
Americas revenue fell 12 percent year over year to $80.1 million from $90.6 million in Q1 2025, with US revenue of $76.7 million down from $86.8 million a year ago. Europe, Middle East, and Africa revenue grew to $36.9 million from $31.9 million a year ago. Asia-Pacific revenue grew 5 percent to $33.9 million from $32.4 million, with China revenue of $15.8 million compared to $16.9 million a year ago. Asia-Pacific revenue excluding China was $18.1 million, up from $15.5 million.
The company’s net loss for the quarter was $13.5 million, or $.10 per share, compared to a loss of $34.4 million, or $.28 per share, in Q1 2025, beating the consensus Wall Street estimate of $.06 loss per share.
10x Genomics’ R&D expenses fell 12 percent to $56.8 million from $64.2 million in Q1 2025. SG&A expenses fell 26 percent to $66.4 million from $89.7 million a year ago, driven by lower legal expenses.
As of March 31, 10x Genomics had $490.3 million in cash and cash equivalents and $49.6 million in marketable securities.
10x Genomics maintained its full-year 2026 revenue guidance of $600 million to $625 million, representing 0 to 4 percent growth over full-year 2025 excluding non-recurring license and royalty revenue from prior-year patent litigation settlements.