TXG - Earnings call transcript Q3 2019

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Operator

Good afternoon, ladies and gentlemen, and welcome to the 10x Genomics Q3 2019 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, Lynn [ph], Investor Relations. Please go ahead.

Unidentified Company Representative

Thank you. Earlier today, 10x Genomics released financial results for the quarter ended September 30, 2019.

received to release please the email investors@XXxgenomics.com. not to would send have to added be company's you this and news like an If distribution list, the this for XXxgenomics.com, least XX call. be An company's this at call following webcast of the of available archived on Investor days tab website, will

involve call uncertainties to federal statements forward-looking within not could meaning of I'd forward-looking Before that on results to will are I like or begin, statements. and make undue take those materially that management laws. material These cause actual differ statements securities reliance you should that anticipated, remind statements risks during this events you and the from

release documents time dated to Additional by uncertainties, disclaims otherwise. cause update factors Securities information from to any because could and company's XXx the these today XXXX. Genomics the with that forward-looking and statements or information, risks, prospective and in and of to Genomics obligation XX, reports XXx issued or whether the new Genomics filed the Commission, future differ Exchange or regarding press projections intention or events, September time results appears XXx financial including revise in any

accurate call chief executive like XXXX. officer. Serge? only This and the November and co-founder call Saxonov, company's turn of information contains over broadcast, conference the With the live time-sensitive to as I'd is X, that, to Serge

Serge Saxonov

I'm as third-quarter you pleased Thanks, Lynn, a welcome afternoon. our to and earnings thank company review XXXX to this for you, XXx us public Genomics' everyone, to results. joining first call

will Crutchfield, our join officer. officer, our commercial is today Joining Justin Brad McAnear, financial me us for Q&A. chief chief

XXx my offering to completed raising we know, net million thanks team assembled the September, you in awesome express to proceeds. at have $XXX I we of our initial Genomics. in many public want sincere As

discoveries acknowledge like like support. take a our finally, customers is the our I'd for their world. that about I done we as anything is It started. being excited moment just really at their investors else of how their amazing dedication. XXx. we're are we is And to than work that what to the come, a sense more us progress by would us science, drives have motivate and their to the hard around getting function collective work, And far work their also thank Our as

growth revenue now, over so the third And the quarter. totaled of prior-year representing quarter million, $XX.X for XX%

$XXX a you Based that we these to on providing full-year the revenue a of $XXX give on biology. XXx. get more XXXX the This we're moment of million. to guidance sense the before century take is will results, I of into driving specifics vision And million quarter, is

pressing and humanity's therapies, that expect most cures precision solved by diseases. health many We diagnostics, to will be of intractable currently targeted challenges

understand believe is of biology. very underlying we also obstacle the progress this that the to We biggest little

a way massive And is and cells, at right of amount of individual about complexity understand most the measure on scale address biology, greater this understand. to a don't of challenging just do other makes so fact, biology from we it what And is resolution complexity. the is fundamental the it different In interactions. vastly makes what the biology of we than it's level discipline, every reducible their to what feature molecules,

to to become through do and to sciences life our to with to At biology the of see resolution the before the exceptional could do not technologies they in XXx to Genomics, biology world goal it accelerate lead tools could across allow before. is things biology scale the decades, progress building and not transformation see at coming

Since through on and have instruments, end-to-end and into to those solutions, We brought workflow going changing measuring market. our immune different Notably, software. the DNA, launched module in including data is microfluidics, RNA, biology. in understanding analytes systems; We of reagents, chemistry, XXXX, our single-cell have including repertoire. invaded we together products revolution all proteins at visualization. epigenetics, laboratory have numerous products, integrated ignite We across key analysis hardware, many commercial the focus software biological and products aimed fields; we on provide that products, innovations helped a spanning biochemistry, have

see platform of in analytes enables level right going resolution. cells; measurements Chromium of allows thousands different to researchers on of single at this systems the thousands biological their Our kinds hundreds across of is of to what

and by to year, spanning we our cells body is our discoveries launch of one have now are being the Spatial breadth are do how of the than publications that the to enables customers Visium analysis. papers a have arranged which our used seen number the diseases, with molecules in now has end made been where immunology, scientific of spatial fundamental where oncology, where respect There biology another have using information growing on we platform, have tissues. our of not products. hard Our and publications more work expect analysis even an XXx to applications being provides a conditions where XXX of of infectious It's and of customers' our customers labs. of of exciting out scientific products rapidly And large area And used. tremendous just pregnancy. number come think we their over areas neuroscience, are

life from So we're science in all across drawing research. revenue customers

Our toolkit biology, of capabilities much standard or the it's biology, conventional cell of biology, whether sweeping away proteomics. molecular are

than every total global are lab. life We process designed workloads every more be estimate science bench research Rather, or go research. instruments any we're Our predicted simple single approach. tools new no market [ph] doing; to been $XX science research we the the have we're creating across not life replacing there on to markets is And technology of billion. and

market This in includes large-scale Now a things flow are in experiments, sequencing microarrays. like to is looking areas the already run us. there we near-term, believe $XX billion where of front cytometry next-generation researchers opportunity high-throughput,

the the global more market tools to moves new accessible research become overtime. over will world high-resolution way to we that biology, the studying rest large-scale total So of us of of believe the

this and the run, technology our include many sell ahead which instruments, we long But a of vast any clinical opportunities market. for Importantly, growth to we're of and that in therapies. be for master In our source does the revenue focused Chromium we now, assessment market the new will us foundational the us. tools biology life potential the current believe near-term, Today, on science development in tools of not beyond the applications research market. for research provide upfront approach

the $XX,XXX and of provides $XXX,XXX customers. we which has placed, around Annual leveraged recurring instrument at Chromium of a Chromium our to Our consumable make an is focus purchasing instrument revenue. consumables broad instrument. source Once is driving accessible utilization, entails to listed and per it pull-through on

and instruments Chromium close where Our the customers is other consumables a go-in instruments. are must so reagents to us from our our chips, proprietary system sample reagents, the closed [ph] include on microfluidic These to buy done. being components. slides, experiments run

While bench. used DNA work cases, produced lab majority part our every to are sent Chromium utilization are do vast means it sequencing. as to of which enable be is by for be a customers while and This and own workflow DNA is multiple sequencing to or as of can to sequencers, Typically, used of DNA tend and third a workloads, adoption fragments at a our lab all users, be not in these designed can of our that part on priced facilities. another centralized the instrument party decentralized that centralized

that employees key who structure In Asia Pacific, in in countries are sales built in have including force in to over all commercial there our XXx of with commercial of We most a a is our Europe. That responsible employees, direct organization sales and now directly a adoption. instrument placements work large where of hybrid and North for XXX both drive consists turn region. partners, organization America

XXx, a early that application the scientists to the their succeed on most At and specific To experience products. with technical help global field-based support of customers. with have our our us end, specialists a of thing team built to customers focus we important success is

and of We in that developed number support have tools also customer a training. online assist

our forward. what All to Ultimately, effectively products. usage can their research increase us their matters is of helps do and drive our that science these of customers the

update turning and operational some we of three effect, around give the to address Now to like longer-term risks. orienting done attention I'd an what have the themes: innovation last product to and execution, key quarter; by

First on products.

Our philosophy impact do more exponential R&D. have for We the are in wealth of that and so potential our is us the a to investments to now front We in and of that. taking are have on of market. resources see invest programs opportunities in advantage expanding

of could we Our that growth. to is substantially programs on working our a add team long-term number believe

the pipeline We're new of very look there. excited products the year to as about we

was acquisition, Last year, Spatial provided acquired bring on products building Transcriptomics our as the company launching The product. stage hard have market which new the commercial worked Spatial company, up is Since to Swiss Visium analysis Gene foundation Solution. with we the public of the a Transcriptomics have Spatial for offerings. first company Expression At in products. we're spatial called the that a to we're an standards product time those the the we high acquiring early we

days will measurements Visium reagents unbiased sections. is that This spatial software sensitivity decreased and version enable and times all than more three workflow with five included. times upgraded a expression a end-to-end from the with tissue have protocol now Our XX resolution, gene information significantly solution all greater one. product from simplified the complete greater large-scale has time to

We in in September the began taking lot showed preorders ASHG of a detail data October. Visium at in and conference of

as from has a exceeded it's oncology, interest this spending We early developmental are and about though -- potential. in excited very fields interest many neuroscience, We're customers seeing its standing our new biology, other money but Even the particularly days, intense expectations. we're and product well. anticipating

to the shipping year. expect end the begin We products of by Visium

large labs. once third publications increase from quarter a our again The saw in customers'

profiling, focused together immune of While use papers from, discoveries wanted out area gene our [indiscernible] immune are immuno-oncology on I how cancer. This of solutions. highlight understanding to great the works therapy of of choose that in to and there epigenetic Stanford to papers expression, made many two treat

reactivating central many regulated. deep of how within therapy foundation when gained immune huge at in cells They the team. for the revolutionary cancer XXx saved. to the new treatment, made therapies existing This tumor. They and to meaning have understand learned the effective motivator they're how cancer understanding by are field our immune the a rather new and a checkpoint being While These also responds work cell we basal diagnostics, dramatic a of fight and immune in discoveries. from profound pretty only to than may a work work cells immunotherapy why the had they ultimately, carcinoma on the is kind inhibitor gives publications of lives drugs, lay immune patients. cells These challenge new by recruiting result Stanford and some on fraction customers impact discoveries the works for do of focused is

This to Now turning quarter about operations. just metric. was by date any largest to our

of our rapid uptake terms the increasing really complexity next-gen volumes and customers, multiple by our top a rapid team shipments, I'm good increased proud in chain. revenues, the dramatically saw of architectures quarter that, a In supply demonstrates product executed growth managing through itself, last On execution. increasing how the operational base inventory. just the high-volume complexity rapidly which of of from multiple architecture, of new around really transitions,

will continue support operationally future steps growth. focused and and to take We stay to current

And our ongoing an of some litigation. provide will I update on finally,

delay commission growth our December on way XXth. the The determination Bio-Rad to of a determination that respect against around defensive by announced in International primarily a with Commission, is based particular the ITC before making litigation this the December droplets. The until week brought we've time. First, the Trade final virus issue litigation in litigation should final

Next have shipping droplets started now last GEM. our May sell than several exclusively of with solutions. -- not our studies switch. many been them physics. We since developed we Next products been Next anticipated. those different lot call selling GEM them going disrupt make years, that careful then. it's GEM has uses the well, to legacy in dramatically been very customers until using Chromium Next continue this for very approach a in GEM to Over to products, our instruments right to customers with point, but it all time and we have we approach this we'll a and transition different the GEM Next We've existing operate Overall, it cases, faster GEM new consumables onboarding We At the

substantially of Next sales also expect settlement We Chromium consumable of our pleased XXXX. the Becton to that Dickinson. GEM by will all with We end announce constitute our recently were

molecular to single-cell related patents certain barcoding cross-licensed analysis. have We and

also now has end related or Then over party and outstanding patents the and the company's of into genomics. deemed. We in agreement, of each all will result part single-cell As fields be sue foundational entered pending, patents analysis, XXX certain spatial a epigenomics, each issued patent litigation covenant products. not including have to analysis,

heavily portfolio, to at We to to XXx which made date, proud strategy our confident Overall, our of significant we're in a provides team has been continue our differentiation this well-positioned protection. eventful I'm invest forward. the very going developing quarter execute progress Genomics. and patent has I'm on and very

with And now on call the will that, our over for McAnear details Justin financials. turn I to more

Justin McAnear

of the $XX.X revenue the three million, XXXX, the period. $XX.X has prior-year driven was representing period, XX% XXth, the September was the compared sales million revenue Revenue for which period. has XX% ended over increased over Thank million prior-year you, quarter in was months and by Instrument increased Serge. $XX.X XX% million, prior-year $XX.X primarily increase. a consumables in Total of to

$XX.X was period. of revenue the APAC for revenue third over period. was of during revenue representing was profit by margin period. the prior-year $XX.X third was quarter XX% GEM the the the America quarter XX% prior-year third Service growth period. XX% royalties XX% $XX.X accrued million, legacy decrease customers ongoing growth a for we over prior-year revenue over The $XX.X Gross quarter representing related in the Gross million as third to GEM as to the North million, quarter quarter XXXX gross million, the was third compared XX% and increased million $XX.X compared booked was XX% representing for $X.X to products. of transition quarter margin million, period. growth XXXX. gross EMEA the prior-year over third royalty are for was to in the the profit against prior-year products accruals and These litigation. will our decrease higher Next driven more

from Total SG&A in-process expenses higher quarter were $XX.X an in the and attributable increase of compared excluding infrastructure, operating R&D million, primarily the to SG&A third of quarter the third $XX.X acquisitions. XXXX. were investments for for XXXX, expenses increase in were the $XX.X expenses third of XXXX. $XX.X XXXX to R&D related to $XX.X personnel, was The -- third of third million quarter third $XX.X million, XX% supplies. quarter compared the expansion the for of of in XXXX expenses quarter million million million, in quarter to

to commissions and XXXX of of headquarters other in from and due our for $X.X in to XXXX. the hiring cash was million costs primarily equivalents cash loss the and IPO of new million increased transition of a SG&A personnel with in third net a compared to raised was XXXX. quarter expenses in discounts increased quarter Loss to period loss increased the million, quarter across loss third global operations to all $X.X of $XX.X and increase We million XXXX. compared along net ended The with underwriting legal functions, facilities the and September million, of $XXX.X third $XXX.X from costs. million costs with offering our the $XX.X due was Net

how immensely our has team I'm executed. proud of

IPO in Our required other multiple excellence. process to efforts operational parallel ran that

we project. began our We have preparing phase be manage the in been to new long public making became to have the complexity. of investments we been and operational Earlier our size a year, and increasing one before design ERP company

and now year. a manufacturing start in manufacturing mid expect the year. in are worldwide we expect time, Singapore to expanding We next and our same the At are to launch system next new phase implementation capabilities

to the large envisioned. we We invest company infrastructure to impactful into and that will grow continue in

Serge as of the to expect in to our outlook range XXXX million growth we mentioned, for XXXX. be revenue full-year the million, XXXX, representing over full-year $XXX XX% $XXX to of Turning to for XX%

to At this Serge turn point, comments. for like would to call the back closing I

Serge Saxonov

the products develop in We Thank Justin. advantage. product company's We inception product pillar launches. building rapid innovate Genomics and of biology. Since innovation, to XXx used important product back new have as this will the pace started our of development, and with technologies you, been ability on of competitive we an revolutionize goal XXXX, a that

our a also world our needed the our view cycle with where engine. making are to biology strategy unique leadership. built close This this going our forward. core of by by engine, be of have have are commercial of customers, virtuous innovation by we our the into strength product see development to and can't to and is decades. out In going customers a core years ahead and in us our the the our and advances expect with partnership products commercial furthering allows us the We leadership know customer that thus is frontiers wait coming to customers next. insights These now We commercial success have fed the impact build driven in the will helping

few As in far come we're years, as getting just we started. have short a

with open questions. up to Operator? we it will And that, now

Operator

question of Instructions] JPMorgan. first Tycho [Operator from line Peterson from Your the comes

Your line is open.

Tycho Peterson

Visium. start I'll Thanks, with

as the Just FFPE? the optimized you do how you for the launch, more to early going interest how ahead about opportunity think an funnel, do envision of individual it over get And time, think an Is levels, evolving users? to curious well? about there platform core labs you about or

Serge Saxonov

Yes. Tycho. Thanks,

for quite a existing like to to say The of data being showing the able high So would is able and I at level while. mix see -- thing level, is interest with that now been something think new and to is in the that and striking, them. customers. the Visium data The share we've customers the I that excited really being cool both

around go Brad let into question. I'll details, the of the kind some specifics of terms your In of

Brad Crutchfield

is capital we're the lack cost across even a and labs broad adoption service broader to seeing echo that and and I'd Hi, is Tycho. of Yes. said even Brad. labs upfront labs. much allowing what demand. core Serge The individual This

So it's kind of really board. across the

the customers anxious So get and are we're get we're to really to them. the to -- product, anxious it

Tycho Peterson

there samples in is time? pathway And for FFPE to a get over turn, optimized it

Serge Saxonov

that's something in reason this cannot no that seriously Well, with and again, certainly technology size. -- there's FFPE, about why fundamental our work we've we think

Tycho Peterson

And as customers it's any of sounds customer GEM you seamless roll the a been been as to there your we it Next pretty hiccups Next that about has like view of then think perspective. transition, well? kind over Or Is from kind as GEM?

Serge Saxonov

I Yes. would been number been our like been say, the ease I from minimal the minimal. it's be have product yes, issues, some answer has -- been first the which surprising, transitioning would the customer many say is it's some and to of of people In but transitions, going there's side. to issues

So we're with pleased quite that.

Brad Crutchfield

like Yes. I'll trust transparency really I with went build of had this brought to customers. we the level Brad again. as our product this they just just -- saw is tried -- when out, add and -- we've And we we from two GEM product transfer a we've the to -- element version version of products. and the trust. seen, three there's faster to year Next two much And of three version an about our to again, uptake or prime a three ago,

Tycho Peterson

out? is to the on that should system the one does there? you Last that potentially How as pull-through do about And think ultimately, on rollout Chromium Connect. just roll we what

Serge Saxonov

for in let's we're So, would to the -- launch still early let Justin trying comment XXXX. expecting a on year. I layback of kind say next we're in

Justin McAnear

Tycho. Hey, Sure.

have you're justify goes, definitely going product. capital to we're that have Chromium in as niche about in to a there a Connect that to expenditure. higher pull-through order I It's product the far excited think As

because impact it Chromium of our think Chromium be pull-through than right you of bit the take expect size the the I little we overall base will a But pull-through. will of the our in average So install time that of before see instrument. large greater now,

Tycho Peterson

you. Thank Okay.

Operator

the Bank comes question of next Your Derik line of of Bruin America. from

line is Your open.

Unidentified Analyst

of your that [ph] a stat me. you Next quarter and of Hey, on GEM all us IPO; your XXXX Riscowen The far Thanks along indicated? questions of are guys. conversion; quarter the End This could give time the line, of for far? chip Derik. so for you taking you how percent where a Congrats target of follow-up the user is that end but from were on on the Mike couple into base for the question. a at you still is as first

Serge Saxonov

detail don't so the around Well, that don't of conversion we I -- -- stats. level

it's that's of this increased XXXX sort As of I faster in level as than and yes, going terms this of have at said so we before, can endpoints. expected, confidence on And we say the far as stage question. we

Unidentified Analyst

And then --

Brad Crutchfield

that no not run add variability to there's royalty, that, shipping test instruments so exclusively, they GEM those. currently to the no Next for Just -- do today that all we're

you're what probably really, if an so consumables, just basically XXXX transition I mean, we talking end assumption, straight of were line mid-year And I about still to assumption And is then. a of the yes, from to expect. would make which, you make

Unidentified Analyst

in projects, they're on in terms some of the of innovative -- going All I think on in the I launch, helpful. year, beginning, next Visium it applications. customers the not And part, of fourth will funds most of perspective the to just be quarter course that's allocate other least on money through at go right. to a interchangeable. obviously purely then do you running the about the for it are your think how Or more you that the But do have ramp as for the some model? That's going sort product additive? mean, of the existing how is impact the number spend I through over their the that then up you toward your of highlighted you spend to anticipate these realize on cannibalization some that, the anticipate you Visium utilization Chromium? research do and people

Brad Crutchfield

I'll is this that. Brad. And take Okay. Derik,

the the run on actually Visium chromium. doesn't off, product First

So seen the new about XX% to customers Visium that. product for are dependent is on of What not we've that's XXx. far our really so

interesting. that's So

at don't that into I all. point, improve in overtime. cannibalization. datasets as We would expect time additive. grow be over our cannibalizing get to context. and there I near percentage some say the probably and as preferentially that of At XXXX, through any associated this see it a spatial clearly all would XXXX context see the some balance we customers as be But don't toward I products, might versus go of developed would future,

Unidentified Analyst

for last one one And Thanks. me.

in I a talked point to about amount can -- there's R&D the there? spend. in prepared remarks, mean, the your the model. On healthy increased you you of Serge, R&D already Anything Are product you thinking of, incremental workflow? technology, is to the is there you're tweaks another the of new this and or box even thinking of? to sort potentially some Or applications,

Serge Saxonov

So we much are investing and pretty -- at that I customers are for board also and mean, Mike. it's a spectrum we're solutions further we're include across the our beyond. we're so existing the Yes, seeing out, very R&D. and full and of but does existing good in investing It looking point, things products across heavily, applications,

Unidentified Analyst

Thanks.

Operator

Company. question the Cowen of Doug Schenkel comes from next and Your line of

Your is open. line

Adam Wieschhaus

This on Doug. taking for Thanks is Adam Wieschhaus for the question.

been Is You to case December times delays. the Can there potential on into series you which impact case read less anything delayed so or you're of how thoughts a updated thinking further goes a follows if know fact earlier the give negative the on? is has outcomes about five that time now? XX, and has ITC until as been likely delayed us your this

Serge Saxonov

now we gotten it and Good speculate Adam. really and delayed. is we time really that's It's I means. question, believe don't answer seventh Thanks, what the can't the know,

regardless company capacity, good outcome built that, beyond could We the in all up, are set as sort a we it shape. it's anything. and is fine. of that of our said so So out be Fundamentally, well U.S. during the we manufacturing roadshow before, though,

we're So kind what of regardless happens shape. in good there, of

Adam Wieschhaus

And from on we what the instrument? about per should based averaged $XXX,XXX How Serge, you prepared application potential the for is in come for the number out the expectation upside for level the implies to that pull-through and around pull-through noted think additional utilization your system. Chromium of that remarks, current

Serge Saxonov

a an seen Well, say dynamics secure on usage things existing consistently average, of at would is averages we've that increasing going the I -- the And keep one underneath. the there's and our of high so multiple it's customers level, systems. kind are that of multiple

to last we've in placed of time the years. couple some the of there over instruments really year lot last take customers and New up, field ramp the out and a

And so that naturally brings the up. average

new tends put new those course, push Of up. where rate we the be to average the also geography tend highest Americas pull-through be a the component lower. There's Pacific out and applications, to Asia

more to And we going somewhat. that's so the average bring also going in APAC, to have sales the extent down that

that So of factors together that into this like kind there's multiple feed come average.

Adam Wieschhaus

Okay. Maybe one for both big how implies previous last Are range? arrived a years? midpoint pretty seen provide you one Can at The on QX you increases of we've pull-through you color placement in sequentially. guidance that Justin. contemplating more any step-up and sequential like

Justin McAnear

and balanced. We Yes. ability Adam. both believe opportunity market our in pretty We the Thanks, to our guidance factor is We the execute. look at install base.

going fourth customers And quarter sales to seasonally, cycles point. our We have pipeline how year. this budgetary year then place the as the ending year that the is instruments we're typically on of of for a far to many biggest due our good read pretty at as our just

view it range dynamics. So a all we balanced different we feel good feel of we provided, these and that that presents about the

Adam Wieschhaus

Great. Thank you.

Operator

Sergott ISI. comes from question the Evercore of next Your Luke of line

Your line is open.

Luke Sergott

bit seeing Just kind little to dig and a on or regular the there setting? want of placements what in academic from clinical you're the

Serge Saxonov

remarks. our -- So and the then a in placements -- give quarters, generally, we nice -- a as few -- overall, Brad seems But robust are maybe and demand can prior of in the clip. a the like kind keep an add academia. at going concentrated maybe We fair I'll placements overview

focused. not in We outside pharma-biotech where clinic, have we're really placements the the sector in not as that's well,

might the of say So of have -- relative quarter. that I we instruments mean to the say few -- last would yes, a happened I events pull-in sort the don't had of where have a I litigation product we because

Brad Crutchfield

add China, saw in cycle little been kind we strong really of -- for In We've research. color Maybe pay placements Brad. Asia. months, for team translational us. lot there instrument They're more a and bit Luke, in do that, and starting China. applications to demand to XX to the or say, this really in we and would I had a early is of that's That's research ramping off, clinical up. but about see a particularly

see that user really pattern people buy as And kind we I there's cell the And of time first are that people single predictable echo for combination instrument. -- for geographies, that we that have us. call using halo the been XXx would out of would just or that's own playing more. to somewhat it, it the receiving their adopting that's So rest are new Serge of across the and

Luke Sergott

Okay, guess, guys there? if disclosed any that's multi-unit helpful. out And placements the then, had that you've you of I

Brad Crutchfield

we No, certainly no, of then we have And a smaller multiples range have some institutions and institutions having that ones. multiple haven't.

Luke Sergott

Yes.

Thanks. Okay, great.

Serge Saxonov

Thanks, Luke.

Operator

us brings will I Saxonov Q&A turn now closing Serge for end the the over remarks. to of That the call session. to

Serge Saxonov

Well, evening. thanks, a great and everyone, have

Operator

conference Ladies and call. you participating. todays Thank gentlemen, concludes this for

You may now disconnect.

10x Genomics (TXG) 12 Nov 192019 Q3 Earnings call transcript