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Other Financial Statement Information (Tables)
3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Marketable Securities
Available-for-sale securities consisted of the following (in thousands):
March 31, 2025December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueFair Value Measurement
Cash equivalents:
Money market funds$352,478 $— $— $352,478 $322,012 $— $— $322,012 Level 1
Marketable securities:
Corporate debt securities— — — — — — — — Level 2
Government debt securities49,846 — (2)49,844 49,317 18 — 49,335 Level 2
Asset-backed securities— — — — — — — — Level 2
Total available-for-sale securities$402,324 $— $(2)$402,322 $371,329 $18 $— $371,347 
Schedule of Inventory
Inventory was comprised of the following (in thousands):
March 31,
2025
December 31,
2024
Purchased materials$36,180 $38,930 
Work in progress23,238 27,441 
Finished goods15,292 16,736 
Inventory$74,710 $83,107 
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
March 31,
2025
December 31,
2024
Land$36,765 $36,765 
Building147,235 147,094 
Laboratory equipment and machinery 73,792 72,498 
Computer equipment and software15,008 14,953 
Furniture and fixtures9,745 9,586 
Leasehold improvements90,180 89,567 
Construction in progress4,475 5,152 
Total property and equipment377,200 375,615 
Less: accumulated depreciation and amortization (131,113)(122,967)
Property and equipment, net$246,087 $252,648 
Schedule of Accrued Compensation and Related Benefits
Accrued compensation and related benefits were comprised of the following (in thousands):
March 31,
2025
December 31,
2024
Accrued payroll and related costs$6,303 $2,970 
Accrued bonus7,648 21,859 
Accrued commissions3,281 5,938 
Other4,725 2,848 
Accrued compensation and related benefits$21,957 $33,615 
Schedule of Accrued Expense and Other Current Liabilities
Accrued expenses and other current liabilities were comprised of the following (in thousands):
March 31,
2025
December 31,
2024
Legal and related costs$10,563 $6,100 
Royalties for licensed technologies4,191 7,042 
Professional services4,201 5,315 
Product warranties9,453 8,615 
Taxes payable4,775 4,936 
Other12,300 9,157 
Accrued expenses and other current liabilities$45,483 $41,165 
Schedule of Changes in the Reserve for Product Warranties
Changes in the reserve for product warranties were as follows (in thousands):
Three Months Ended
March 31,
20252024
Beginning of period$8,615 $8,116 
Amounts charged to cost of revenue3,965 2,355 
Repairs and replacements(3,127)(764)
End of period$9,453 $9,707 
Schedule of Revenue of Recognized in Deferred Revenue
The following revenue recognized for the periods indicated were included in deferred revenue as of December 31, 2024 and 2023, respectively (in thousands):
Three Months Ended
March 31,
20252024
Deferred revenue recognized$5,857 $3,595 
Schedule of Revenue by Source
The following table represents revenue by source for the periods indicated (in thousands). Spatial products include the Company’s Visium and Xenium products:
Three Months Ended
March 31,
20252024
Instruments
Chromium$5,913 $7,850 
Spatial8,902 17,603 
Total instruments revenue14,815 25,453 
Consumables
Chromium84,109 83,927 
Spatial31,247 26,408 
Total consumables revenue115,356 110,335 
Services7,652 5,217 
Products and services revenue137,823 141,005 
License and royalty revenue17,060 
Total revenue$154,883 $141,006 
Schedule of Revenue by Geographic Location
The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
Three Months Ended
March 31,
20252024
Americas
United States(1)
$86,818 $75,637 
Americas (excluding United States)3,752 3,993 
Total Americas90,570 79,630 
Europe, Middle East and Africa31,895 34,721 
Asia-Pacific
China16,883 13,924 
Asia-Pacific (excluding China)15,535 12,731 
Total Asia-Pacific32,418 26,655 
Total revenue$154,883 $141,006 
(1) Includes license and royalty revenue.