10X Genomics at JPM: New Products, New Sales Team, New Markets

By Allison Proffitt 

February 5, 2025 | 10X Genomics launched a spate of new products in 2024 in both their single cell and spatial areas. Xenium 5K and Visium HD both offered new capabilities for spatial transcriptomics. New Chromium products were intended to democratize access to single cell analysis. “Our view is that eventually, every relevant sample will need to be analyzed with single cell and spatial context,” said Serge Saxonov, 10X CEO and co-founder, in his 2025 J.P. Morgan Healthcare Conference presentation.  

10X has historically believed that its products would replace much of the conventional life sciences toolkit, not as one-to-one replacements, but by, “transforming, changing, the way that research is done,” Saxonov said. The 10X technologies span applications and therapeutic areas. “Despite the fact that these technologies are relatively recent, it is really hard to think of an area of biology where they’re not making a major, major impact,” he added.  

10X sees tremendous opportunities for expansion. The company had $611M in revenue in 2024 and Saxonov outlined a serviceable addressable market of $13B for single cell and spatial combined; a total addressable market of $21B; and a global life sciences research tools market of $75B. “It’s important to note here, I’m focusing exclusively on the research tools market. This does not contemplate potential applications of these kinds of technologies in other areas, especially in a clinical context,” Saxonov said.  

Expanding the Market 

And 10X does hope to push into new markets and new customers in 2025 and beyond. “Our customers are still, by and large, concentrated among innovators and early adopters. There’s great, great opportunity to expand much more into the sort of middle majority part of the market and beyond.” Saxonov outlined growth opportunities in academia and mainstream research, translational research, and biopharma. “We’re particularly under-penetrated in biopharma at this point. Between 15%-20% of our business is there; there’s potential to grow to 50%,” he said.  

10X’s major strategy for reaching these additional customers is through product innovation: delivering lower cost products that streamline workflow, delivering new applications, and removing barriers to adoption for routine use.  

10X pursued that strategy in 2024 with new product launches. For the Chromium single cell platform, 10X rolled out new capabilities for the singe cell platform to improve ease of use, sample prep, core workflow, and data analysis. 10X also set a new standard for scale and cost. “You’re reaching cost points of one cent per cell—really revolutionary!” Saxonov said.  

Spatial, on the other hand, is “naturally complimentary to the single cell franchise,” he said. 10X’s Visium platform is focused on “unbiased discovery using NGS” and Xenium is a more targeted platform, “that uses direct imaging to the single molecule analysis direct in tissue.” There were new product launches for both of these platforms—Visium HD and Xenium 5K along with updates in cell segmentation, software capabilities, and more.  

Both of the spatial platforms are compatible with FFPE (formalin-fixed paraffin-embedded) samples and allow HNE staining and immunofluorescence on the same section as spatial analysis—capabilities that Saxonov considers a, “natural bridge into standard pathology workflow into translational applications and beyond.”  

In fact, Saxonov calls the 10X spatial offerings and updates, “potentially the most significant technology revolution since the arrival of NGS, and with the potential to have even more impact going into the future.”  

Sales Reorganization  

But to best take advantage of these opportunities, 10X introduced organizational changes in their sales team. In 2024, the company scaled up the commercial organization for global reach, and to match the growing diversity in both products and customers to deliver a “top-notch customer experience,” he said. Building out this re-organized sales structure is a work in progress, he said. He expects the team to be more settled by the middle of 2025.