10x Genomics reported after the close of the market recently a 49 percent increase in fourth quarter revenues driven by consumables sales.

For the three months ended Dec. 31, the Pleasanton, California-based single-cell analysis technologies firm reported $75.3 in revenues, up from $50.6 million during the prior-year period and beating the average Wall Street estimate of $70 million.

"2019 was a big year for 10x," CEO and Cofounder Serge Saxanov said on a conference call following the release of results, citing revenue growth year-over-year for both the quarter and the full year. He also noted the company went public, developed a new line of microfluidic chips for the Chromium system, and launched the Visium platform for spatial genomics. The number of scientific publications enabled by 10x technology "more than doubled over 2019" to more than 700, he added.

Consumables revenues were $64.7 million, up 69 percent, while instrument revenues decreased 18 percent to $9.4 million, and service revenue increased 51 percent to $1.1 million.

Company officials attributed the decrease in instrument revenue to the consolidation of the Chromium product line to a single, lower-cost instrument in early 2019.

Revenues from North America totaled $42.5 million; revenues from Europe, the Middle East, and Africa totaled $21.4 million; and revenues from the Asia-Pacific region totaled $11.5 million.

The installed base of Chromium systems grew by 645 to 1,666.

The firm's net loss for the quarter was $7.1 million, or $.07 per share, compared to a loss of $75.6 million, or $5.40 per share, in Q4 2018, beating the average Wall Street estimate of an $.11 loss per share.

The weighted average shares of common stock used to compute net loss per share was approximately 96 million in Q4 compared to approximately 14 million in Q3 2018.

The firm's R&D expenses more than doubled to $27.9 million from $13.1 million a year ago, driven by higher costs related to personnel, lab materials, and infrastructure costs. Its SG&A expenses rose 44 percent to $38.8 million from $26.9 million a year ago, due to personnel costs, facilities costs, and professional services and insurance costs associated with being a public company.

For full-year 2019, 10x's revenues increased 68 percent to $245.9 million from $146.3 million, beating the average Wall Street estimate of $241.3 million. Consumables revenues were $206.9 million up 92 percent, instrument revenue was down 4 percent to $34.9 million, and service revenue increased 89 percent to $4.1 million.

On the call, CFO Justin McAnear said the revenues were "heavily weighted to the back half of the year, particularly Q4, due to the budgetary cycles of our base."

The firm's net loss for the year was $31.3 million, or $.80 per share, compared to a loss of $112.5 million, or $8.40 per share, in Q4 2018. The weighted average shares of common stock used to compute net loss per share was approximately 39.1 million compared to approximately 14 million for 2018.

The company's R&D expenses for 2019 grew 75 percent to $83.1 million from $47.5 million in 2018, due to investments in personnel, lab materials, and infrastructure. SG&A expenses grew 49 percent to $130.8 million from $87.9 million, due to personnel, increased hiring across all functions, and transitioning to a new global headquarters.

As of Dec. 31, 2019, 10x had $424.2 million in cash and cash equivalents.

The firm said it expects full-year 2020 revenues to be in the range of $350 million to $360 million, representing 42 to 46 percent growth over 2019 revenue. McAnear said the guidance accounted for potential negative impact on sales in the Asia-Pacific region due to the coronavirus outbreak, up to about 5 percent in Q1 2020.

In morning trading on the Nasdaq, shares of the company were down less than 2 percent at $88.62.