10x Genomics at JPM: High Stakes for the Future of Biology Tech

PLEASANTON, CA – December 30, 2025 – Life sciences leader 10x Genomics is set to take the stage at the 44th Annual J.P. Morgan Healthcare Conference on January 12, where its management will face a global audience of investors and industry leaders. The scheduled fireside chat comes at a pivotal moment for the company, a pioneer in single cell and spatial biology. While its technology continues to fuel breakthroughs in medicine, the firm is navigating a complex landscape of flat revenue growth, macroeconomic pressures, and intense investor scrutiny over its path to sustained profitability.

The presentation offers a critical platform for the company to articulate its strategy for 2026 and beyond. With its stock having experienced significant volatility, analysts and investors will be listening intently for assurances that its relentless pace of innovation can translate into consistent financial performance and solidify its dominance in a rapidly evolving market.

Navigating a Challenging Financial Environment

Despite its reputation as an innovator, 10x Genomics has faced significant headwinds. The company's full-year 2025 revenue forecast projects modest growth of 0% to 3% over 2024, reflecting a period of financial stagnation. This comes after a mixed year where a one-time patent litigation settlement pushed the company to a rare quarterly profit in the second quarter, only for it to return to a GAAP loss in the third.

A key area of concern for market watchers has been the slump in instrument sales. These systems are the foundation of the company's "razor-and-blade" model, where initial instrument placements drive a long-term, high-margin revenue stream from proprietary consumables. Sales of these high-ticket items have been hampered by cautious spending, particularly from academic research institutions facing funding uncertainty, and broader capital equipment constraints across the industry.

However, the story is not entirely bleak. The company has reported robust, double-digit growth in its consumables business, especially for its high-plex Xenium spatial biology platform. This indicates strong underlying demand and adoption of its technology by the existing user base. The challenge for management at the J.P. Morgan conference will be to convince investors that it has a viable strategy to reignite instrument placements, thereby expanding its installed base and ensuring the long-term health of its consumables pipeline.

Innovation as the Engine for Growth

In the face of financial pressures, 10x Genomics has doubled down on what it does best: innovate. The past two years have seen a torrent of new product launches designed to make its technology more powerful, accessible, and cost-effective. The introduction of the Visium HD platform in early 2024 brought whole transcriptome spatial discovery down to single-cell scale resolution, a significant leap for researchers studying the intricate architecture of tissues.

On the single-cell front, the Chromium GEM-X platform and its associated Flex chemistry were launched to streamline workflows and drastically reduce the cost per cell, democratizing access to large-scale single-cell experiments. Furthermore, the company has continued to build out its Xenium platform, launching a 5,000-gene panel and integrating protein profiling, which allows for true multi-omic analysis on a single tissue slice.

These advancements are not just incremental improvements; they are strategic moves in a highly competitive arena. The bankruptcy of a key competitor, NanoString Technologies, in late 2024 opened a significant opportunity for 10x to capture greater market share in the spatial biology sector. By pushing the boundaries of resolution and plexy, the company aims to position its platforms as the indispensable tools for next-generation biological research. Analysts will be keen to hear updates on the market adoption of these new products and their contribution to the top line.

Forging Strategic Alliances in the Age of AI

Recognizing that hardware and chemistry are only part of the equation, 10x Genomics has recently forged a series of high-profile partnerships aimed at creating a more comprehensive and user-friendly ecosystem. Perhaps the most significant of these is its October 2025 collaboration with the AI company Anthropic. This partnership will integrate 10x's analysis tools into Claude for Life Sciences, allowing researchers to use natural language queries to execute complex bioinformatic workflows. This move directly addresses one of the biggest bottlenecks in the field—the analysis of massive datasets—and aligns the company with the transformative trend of AI in drug discovery and basic research.

The company has also focused on scalability and automation. A partnership with SPT Labtech aims to create automated workflows for its Chromium platform, enabling scientists to scale up their experiments with greater ease and reproducibility. Meanwhile, the recent agreement to acquire Scale Biosciences is expected to bring in key technical expertise and intellectual property to further bolster its single-cell analysis capabilities.

These strategic initiatives, including a collaboration with the Chan Zuckerberg Initiative on a "Billion Cells Project" to train new AI models, signal a clear vision for the future. 10x Genomics is positioning itself not just as a tool provider, but as a central player in an interconnected, AI-driven biological discovery engine.

The Investor Gauntlet: Profitability and Biopharma

Ultimately, the success of 10x Genomics' presentation will hinge on its ability to connect its impressive technological roadmap to a clear and credible financial one. Investors, while impressed by the science, are increasingly demanding a clear path to sustained GAAP profitability. They will expect management to outline its capital allocation strategy and provide a realistic timeline for when the company's growth and operational efficiency will consistently deliver positive returns.

A cornerstone of this financial strategy is the company's ambitious push into the biopharmaceutical market. Management has stated a goal of growing revenue from biopharma customers from the current 15-20% to approximately 50% of total sales. This segment is seen as more stable and lucrative than the academic market, with deeper pockets and a direct commercial imperative to leverage single-cell and spatial tools for drug discovery and development. The J.P. Morgan conference will be a crucial test, where the company must demonstrate tangible progress and a concrete plan for achieving this critical strategic pivot. As the management team prepares for their fireside chat, they face the dual task of inspiring the scientific community with their vision for the future of biology while reassuring the financial community of their command over the bottom line.