10x Genomics Q2 Revenue Falls 13 Percent on Decline in Patent Suit Windfalls
The single-cell and spatial biology company reported Q2 revenue of $151.0 million, with a sharp decline in instrument revenue as customers await Atera.
This story has been updated to correctly identify 10x’s CFO as Adam Taich, not Adam Laponis, who is CFO at Twist Bioscience.
10x Genomics said on Aug. 6 that its second quarter revenues fell 13 percent year over year, primarily due to a sharp decline in non-recurring patent litigation settlement revenue.
The Pleasanton, California-based single-cell and spatial biology company reported Q2 revenue of $151.0 million, down from $172.9 million in Q2 2025, beating the consensus Wall Street estimate of $146.6 million. Excluding $1.6 million and $27.3 million in non-recurring patent litigation settlement revenue in the respective periods, revenue grew 3 percent year over year.
Consumables revenue grew 7 percent to $130.8 million from $122.2 million a year ago, with single-cell consumables of $88.5 million up 3 percent and spatial consumables of $42.3 million up 16 percent. Instrument revenue fell 47 percent to $7.7 million from $14.5 million a year ago, reflecting a lull ahead of Atera shipments. Services revenue grew 26 percent to $10.7 million from $8.5 million. License and royalty revenue fell to $1.9 million from $27.8 million a year ago.
“The story of the quarter was the extraordinary customer response to Atera,” CEO Serge Saxonov said in a statement. “We are highly encouraged by the engagement across the research ecosystem and the very strong early order flow.”
On a conference call with investors following the release of results, CFO Adam Taich Laponis said he expects 10x to ship around 40 Atera instruments in the second half of the year, mostly in the fourth quarter, and “booked orders [have] already greatly exceeded that full year number,” he said.
By region, Americas revenue fell 20 percent to $85.0 million from $106.2 million a year ago, with US revenue of $82.1 million down from $103.5 million a year ago, which included the bulk of the prior-year settlement payment. Excluding settlements, Americas revenue was up 6 percent.
Europe, Middle East, and Africa revenue grew 15 percent to $40.0 million from $34.7 million a year ago.
Asia-Pacific revenue fell 19 percent to $26.0 million from $32.0 million, reflecting a decline in China revenue to $15.0 million from $23.2 million a year ago.
The company’s net loss for the quarter was $17.9 million, or $.14 per share, compared to net income of $34.5 million, or $.28 per share, in Q2 2025, missing the consensus estimate of $.02 loss per share.
10x Genomics’ R&D expenses fell 7 percent to $56.8 million from $61.2 million in Q2 2025. SG&A expenses rose 6 percent to $78.7 million from $74.4 million a year ago.
During the quarter, the company acquired Proteintech Genomics, a division of Proteintech Group.
It also announced multi-year research collaborations with Cleveland Clinic and Lausanne University Hospital focused on diagnostic applications of single cell and spatial technologies for cancer care.
As of June 30, 10x Genomics had $502.5 million in cash and cash equivalents and $49.5 million in marketable securities.
10x Genomics raised its full-year 2026 revenue guidance to $610 million to $630 million from a prior range of $600 million to $625 million.
“Customers are moderating purchases of existing spatial products in anticipation of Atera,” Laponis said. “We expect this spatial transition dynamic to continue into the third quarter, resulting in a modest sequential step down for our total revenue from Q2. We then expect a significant step up in the fourth quarter as Atera shipments ramp, and begin to contribute more meaningfully to revenue.”