10x Genomics Raises 2026 Outlook as Third-Quarter Revenue Grows 1% to $150.7 Million
Key Facts
10x Genomics raised its 2026 revenue outlook, saying the decision reflected third-quarter performance and stronger-than-expected sales of spatial consumables, as well as an increase in its estimate for Atera instrument shipments during the year. The company reported third-quarter revenue of $150.7 million, up 1% from $149.0 million in the same period of 2025. The company said in its statement that the higher outlook reflected “third-quarter performance, stronger-than-expected sales of spatial consumables, and a higher outlook for Atera instrument shipments during the year.” The outlook revision comes as global commercial shipments of Atera instruments have begun, putting execution of delivery and installation plans at the center of the growth trajectory the company expects. The statement did not provide the amount of the new annual revenue target in the information available about the update.
Growth in spatial consumables was one factor supporting the outlook, with revenue up 16% year over year, driven mainly by consumables for the Xenium platform, management said on the earnings call. This performance stands out in a revenue mix that saw instrument sales decline during the same quarter. Total instrument revenue fell 43%, while spatial instrument revenue declined 57% year over year. Management said customers had reduced purchases of Visium and Xenium instruments ahead of the Atera launch. Consumables growth thus coincided with weaker sales of existing instruments during the quarter, while the company raised its shipment estimates for the new platform.
Management raised its estimate for Atera instrument shipments by year-end to about 50, compared with a previous forecast of about 40. It said on the call: “We now expect to ship about 50 Atera instruments by year-end, up from our previous forecast of about 40.” But higher shipments depend on more than demand: management said production capacity and installation capability, including installing instruments at customer sites and training customers, are the binding constraints on the number of instruments that can be brought into use. Looking to next year, management described a pace of about 50 instruments per quarter as a reasonable way to estimate shipments given those two constraints. It said: “Thinking about about 50 instruments per quarter, taking those two constraints into account, is roughly the right number.”
Gross margin improved to 75% in the third quarter, compared with 67% a year earlier, with the company attributing the increase mainly to lower inventory write-offs and a change in product mix. Operating expenses also fell 3% to $129.0 million from $132.5 million in the same quarter of 2025. The company said lower employee and lab equipment expenses were the main drivers of the decline, partly offset by higher litigation costs. At the same time, management expects gross margin to decline sequentially in the fourth quarter as Atera instrument shipments accelerate. It said margins “will decline sequentially as Atera instrument shipments increase in the fourth quarter,” putting the third-quarter improvement alongside the expected effect of the shipment mix.
The company ended the third quarter with a net loss of $19.4 million, narrower than the $27.5 million loss in the same period a year earlier. Cash, cash equivalents and marketable securities totaled $575.7 million as of September 30, 2026. 10x Genomics announced in September that the first global commercial shipments of Atera had begun, describing early global demand as exceptional. The increase in the shipment outlook to about 50 instruments by year-end adds an operating signal of an accelerating launch, while production, installation and training capacity remain constraints on what can be delivered. Management expects next year’s shipment pace to be close to 50 instruments per quarter, according to its estimate on the call.