10x Genomics, Inc. (NASDAQ:TXG) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET

Company Participants

Cassie Corneau - Investor Relations and Strategic Finance

Serge Saxonov - Chief Executive Officer & Co-founder

Jim Wilbur - Chief Commercial Officer

Justin McAnear - Chief Financial Officer

Conference Call Participants

Matt Sykes - Goldman Sachs

Michael Ryskin - Bank of America

Daniel Arias - Stifel

Tejas Savant - Morgan Stanley

Patrick Donnelly - Citi

Daniel Brennan - Cowen

Julia Qin - JP Morgan

Matthew Larew - William Blair

Kyle Mikson - Canaccord Genuity

Operator

Good afternoon. Thank you for attending the 10x Genomics Second Quarter Earnings Call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.

I'd now like to pass the conference over to your host, Cassie Corneau with Investor Relations and Strategic Finance at 10x Genomics. Thank you. You may proceed.

Cassie Corneau

Thank you, and good afternoon everyone. Earlier today, 10x Genomics released financial results for the second quarter ended June 30, 2022. If you have not received this news release or if you would like to be added to the company's distribution list, please send an email to investors@10xgenomics.com. An archived webcast of this call will be available on the Investor tab of the company's website, 10xgenomics.com for at least 45 days following this call.

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated and you should not place undue reliance on forward-looking statements. Additional information regarding these risks, uncertainties and factors that could cause results to differ appears in the press release 10x Genomics issued today and in the documents and reports filed by 10x Genomics from time to time with the Securities and Exchange Commission. 10x Genomics disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise.

Joining the call today are Serge Saxonov, our CEO and Co-Founder; Justin McAnear, our Chief Financial Officer and Jim Wilbur, our Chief Commercial Officer.

With that, I will now turn the call over to Serge.

Serge Saxonov

Thanks, Cassie. Good afternoon and thank you for joining us. Revenue for the second quarter declined 1% year-over-year in line with our pre-announcement in mid-July. Our results this quarter fell short of our expectations as we navigated challenges in both the macro environment and with our execution. While some of these issues are behind us, we expect others will persist into the back half of the year. Based on these lingering headwinds in our first half results, we now expect full year revenue in the range of $500 million to $520 million, representing growth of 2% to 6% over the prior year.