August 8, 2024: Industry budgets are impacting 10x instrument placements.

“Our customers are under budget pressure, which has most acutely resulted in cuts to capital expenditures budgets and elongated purchase cycles, impacting our instrument revenue this quarter,” 10x CEO and Cofounder Serge Saxonov said on a conference call following the release of the results. “We believe these macro factors and cautious customer spending patterns are likely to persist, putting particular pressure on instrument sales.”