10x Genomics, Inc. (TXG) Q3 2026 Earnings Call Transcript

Hello, everyone. Thank you for joining us and welcome to the TANX Genomics third quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1. To raise your hand, to enjoy your question, press turn one again. I will now hand the conference over to Cassie Carnot, Senior Director and Head of Investor Relations and Strategic Finance. Please go ahead.

Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the third quarter ended September 30, 2026. If you have not received this news release or would like to be added to the company's distribution list, please send an email to investors at 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 Tenex Genomics issued today and in the documents and reports filed by Tenex Genomics from time to time with the Securities and Exchange Commission. Tenex 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 Saxonoff, our CEO and co-founder, and Adam Teich, our Chief Financial Officer. We will host a question and answer session after our prepared remarks. We ask analysts to please keep to one question so that we may accommodate everyone in the queue. With that, I will now turn the call over to Serge.

Thanks, Cassie, and good afternoon, everyone. Revenue for the third quarter was $151 million, up 1% year-over-year. The biggest highlight was the start of commercial shipments of Atera. Enthusiasm for the platform has continued to build, and we're incredibly excited to be putting instruments in customers' hands. The rest of the business also performed well, driven by continuous strength in consumables. Adam will cover the financial results and outlook in more detail. Now, stepping back, it's worth reflecting on this remarkable point in time, as progress in AI is reshaping so much of the world. Many believe that AI's greatest promise is in accelerating science and advancing human health. We agreed, and the key bottleneck is the data. Biology is incredibly complex. Capturing that complexity requires measuring biological systems at massive scale and high resolution. It requires measurements of molecules, cells, and tissues across vast numbers of samples, conditions, and contexts. This is precisely why we started 10x and why we have built our single-cell and spatial technologies. And now, as biology is entering this new era of AI and data maximalism, our business is positioned incredibly well to benefit and to be the key enabler of progress going forward. The success we're seeing with Atera is a powerful demonstration of this trend. The platform delivers whole transcriptome spatial profiling with single cell sensitivity at high throughput. It brings together molecular, cellular, and tissue biology on a single instrument. By delivering its incredible capabilities at scale, Atera is both perfectly suited and critically necessary for this new AI-driven era of biology. The extraordinary customer demand and momentum have continued to build since our last call. Our priority now is to ramp production, get instruments into customers' hands, and help ensure their success. I've said before that we expected Atera to be the biggest product introduction in our history, and what we're seeing from customers is consistent with that expectation. Whether judging by their enthusiasm for the platform, by the flow of orders, or by the ambition of their plans. We're also encouraged by the strong interest in Catalyst Research Services, our internal service lab for running customer samples. In its first five months, more than 100 customers booked projects representing a wide variety of applications and use cases. We're seeing extensive demand for Atera across universities, academic medical centers, and biopharma. Customers are preparing to use the platform to generate data for AI models, whether for basic science, translational research, or drug development. In addition to training AI models, customers are planning to deploy Atera across a wide range of applications and fields, including population-scale studies, cell and tissue atlasing, studies of disease mechanisms, and biomarker discovery. Nearly all of the world's top 20 biopharma companies have now purchased Atera systems or services through Catalyst. As we mentioned previously, many pharmaceutical companies expect that spatial biology will fundamentally change how they approach drug discovery and development. We're hearing about applications across the entire drug development continuum, from finding therapeutic targets, to understanding mechanisms of action, to assessing safety, to predicting response in patients. For example, we now have a growing arsenal of revolutionary medicines for treating cancer. The critical challenge is that most patients develop resistance, and the mechanisms are not well understood. Many leading researchers are now planning to use Atera to address this challenge because Atera can provide an unparalleled view of the underlying cancer biology and off-on-treatment effects. We built Atera as a long-duration, upgradable platform to keep expanding what's possible in spatial biology. Our roadmap includes onboard slide preparation automation to enable true sampling data out capability. It also includes RNA-protein multiomics and base-by-base sequencing for in-situ mutation detection. Together, these capabilities will enable customers to answer an even broader range of biological questions. Turning to single cell, our customers continue to adopt our platforms for larger, more ambitious studies. FlexApex is enabling a new generation of this work, especially in biopharma and translational research. Our recently introduced whole-blood workflows are bringing single-cell into applications that would previously have been inconceivable. Customers have shared enthusiasm for their ability to access troves of archival blood samples for retrospective single-cell data generation. For prospective studies, the workflow stabilizes samples and simplifies processing at the point of collection, enabling use across a variety of clinical collection settings while dramatically reducing sample variability. Ultimately, these improvements enable more complete and consistent datasets that are critical for AI and for clinically related applications. Our single-cell solutions have long been at the epicenter of the perturbation experiments that are now fueling AI biology models. Furthermore, we're now seeing increasing demand for multi-modal solutions, driven by the value of measuring more biology from the same cell. And lately, we're seeing customers build up their infrastructure, investing in automation to expand the scale of these experiments. Our new FlexAPEX CRISPR workflow builds on the scalability, robustness, and sensitivity of FlexAPEX for perturbation studies. Combined with our Protein Tech Genomics panels, the largest single-cell protein panels available, researchers get the richest data per cell for model development. And our newest GEMX multi-ohm configuration captures gene expression alongside the regulatory elements to control it. Taken together, we believe our menu of multi-modal solutions delivers the best approach for generating valuable mechanistic data, critical for drug target discovery and predictive models of biology. As the scale of data enabled by these products grows exponentially, analysis can become an even greater bottleneck. We see that as both a challenge and an opportunity, and with that in mind, this quarter we announced Sentira, our new cloud analysis platform. Sentira is designed to help customers turn large, complex biological data into experimental conclusions using agentic AI, all in a seamless, integrated experience. Researchers can explore their results and iterate rapidly without having to build or manage the underlying computing infrastructure. We have announced the initial capabilities of the platform with a lot more to come in the future. Centura Spatial uses NVIDIA Accelerate Computing to reduce processing of Atera and Xenium data from hours to minutes. Centura Single Cell brings agentic analysis to Chromium data, powered by Anthropics Cloud. Researchers can ask questions in natural language, review proposed analyses, and examine the methods and code behind the results in an editable notebook. Together, these capabilities give more scientists the computational power and analytical tools to turn increasingly complex data sets into biological understanding. And as we have said, in addition to being an accelerator of data analysis, AI represents a structural tailwind for the demand for our products. It is still very early days, but the effects of AI demand are being felt across many areas of our business. Today, most significant biological data generation efforts are conceived, at least in part, with the goal of training AI models. And when researchers set out to build AI models of biology, they usually think in terms of multi-omics, single cell, and spatial, which usually means our technologies. This is not surprising, because as I mentioned earlier, we build our technologies precisely to measure biological systems comprehensively at massive scale and high resolution. Across different segments, thought leaders are converging on the idea that we need large-scale data collection on an industrial scale. We have previously talked about some of the projects that have been publicly announced, such as the ones from Cancer Research Institute, AHRQ Institute, and CZI Biohub. These efforts have all been progressing and scaling up. For example, recently, Biohub has been outlining its ambitions toward profiling hundreds of billions of cells to build predictive AI models of life. At the same time, governments across the world are looking to invest in sovereign AI capabilities in healthcare and biology. There is often a strong case to be made for training models based on unique samples and profiles of local populations. These plans naturally translate into mandates to collect multi-omics single cell and spatial data. We believe these priorities could support programs to generate large biological data sets and models around the world. In biopharma, there continues to be rapid growth in AI-focused investments. Much of the initial AI investment has focused on chemistry, on designing and making molecules. As we have noted in the past, we believe the next arguably larger opportunity lies in understanding the biology, identifying new therapeutic targets, and predicting how patients will respond to treatment. This requires a much deeper view of cells and tissues, and that is precisely the information our technologies enable customers to generate. We're seeing similar momentum among tech-buyer companies, where we are the predominant vendor of choice for single-cell and spatial data generation. This category is expanding beyond drug development companies to include diagnostics companies looking to use their large collections of patient samples to generate training data for AI models. While it's still very early, these developments strengthen our conviction that we are at the beginning of an exponential trend in the scale of AI-driven data generation. Finally, we're continuing to make progress with our clinical strategy. Our newly announced collaboration with Fred Hutch adds to the partnerships we have formed with some of the leading medical centers around the world. As a reminder, we're focused on generating evidence to establish the clinical utility of our single-cell and spatial technologies in oncology and autoimmunity. Our team is also making strong progress, standing up an internal CLIA lab with the goal of launching it next year. While these efforts are still early, we're encouraged by our learnings and by the potential of single-cell and spatial in patient care. So, coming back to where we started. We're at the beginning of an era in which AI will bring extraordinary advances in biology, and our products are delivering the data that is necessary for that progress. And executing our company mission, we have spent more than a decade building assets, capabilities, and expertise to put us in a position to capitalize on opportunities created by this era. And our strong financial profile gives us the ability to realize the full potential of these opportunities. We're excited for the road ahead. With that, I will now turn the call over to Adam.

Thanks, Serge. Unless otherwise noted, all growth rates referenced reflect year-over-year comparisons. Revenue for the third quarter was $150.7 million, representing 1% growth over the prior year period. Total consumables revenue was up 5%, with growth in both single-cell and spatial. Single-cell consumables revenue grew 1%, supported by double-digit growth in reaction volumes, given strong demand for flex apex. Spatial consumables revenue grew 16%, driven primarily by Xenium consumables. It is especially encouraging to see Xenium continue to perform well even in anticipation of ATERA. This demonstrates the strong momentum behind spatial and reinforces our conviction in the opportunity for ATERA. Total instrument revenue declined 43%, with chromium instrument revenue down 23%, and spatial instrument revenue down 57%. Both primarily driven by a lower number of units sold. As anticipated, the decline in spatial instruments reflects customers' moderating purchases of our Visium and Xenium products in anticipation of Aterra. Turning to the rest of the P&L, gross margin increased to 75%, up from 67% the prior year period. The increase in gross margin was primarily driven by lower inventory write-downs and changes in product mix. Total operating expenses were $129 million for the quarter, as compared to $132.5 million in the prior year period. The decrease was primarily driven by lower personnel and lab equipment expenses, partially offset by higher litigation expenses. We ended the quarter with $576 million in cash, cash equivalents, and marketable securities, up $94 million year-over-year, and up $24 million sequentially. Turning to our outlook for the rest of the year, we are raising our full-year outlook and now expect 2026 revenue to be in the range of $625 million to $635 million. Up from $610 million to $630 million. Excluding non-recurring revenue related to patent litigation settlements in both 2026 and 2025, this represents 4% to 6% growth over the full year 2025. The increase reflects our third quarter performance, stronger than anticipated spatial consumables, and a higher ATERRA shipment outlook for the year. Our ATERRA production ramp is progressing well, as we've leveraged our experience building complex instruments like Xenium. As a result, we now expect to ship approximately 50 ATERRA instruments by year-end, up from our previous expectation of approximately 40. Additionally, as ATERRA instrument shipments ramp in the fourth quarter, we expect gross margins to step down sequentially. Our disciplined focus on cash generation and expense management has strengthened our financial position, giving us even greater capacity to invest for growth and capitalize on the significant opportunities ahead. With that, I'll turn the call back to Serge.

Thanks, Adam. Before we open it up for questions, I want to thank the entire Tenex team. Ater embodies so much of what makes this company special. The ambition to take on problems that seem out of reach, the persistence to work through them, and the commitment to get the details right. Bringing it to life has drawn on talent and dedication from across the company, united by a mission to advance human health through a deeper understanding of biology. I'm incredibly proud of this team and grateful for everything you do. Seeing what we can accomplish together gives me even greater conviction in the future we're building. With that, we will now open up for questions. Operator?

We will now begin the question and answer session. Please limit yourself to one question. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for afternoon sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Tycho Peterson. Your line is open. Please go ahead.

Hey, team. This is Lauren on for Tycho. I just have one around consumables. So they came in about 5% year-over-year this quarter and are averaging around 8% for the year. I guess what has to happen to get above 10% for consumables overall? Does that ultimately require a single cell to accelerate, or do you think spatial on its own can get returned to double-digit growth, especially once a Terra pull through ramps? Thanks.

Sure. Thanks, Lauren. Yeah, I think the way that you somewhat answered the question, you know, on your own. I think, you know, continuing to drive the reaction volumes that we have and seeing price stabilize in single cell would certainly be one element of it. More than that, though, we feel extremely confident about the growth trajectory for our spatial consumables business. So even with the ATERRA launch, you know, which, you know, we had announced, you know, back in April and started shipping instruments in September, we still had quite a strong spatial consumables number for Q3. That momentum. We're still quite strong here going into Q4, and we're starting to ship a Terra consumables here in Q4 as well. And so I think that gives us confidence in the future, and we're feeling really good about where we are in spatial consumables and consumables overall going forward.

Your next question comes from the line of Kyle Mixon with Cana Corriginity. Your line is open. Please go ahead.

Yeah, hey guys, thanks for the questions. Just on the CapEx side of spatial, so 50 ateras by year, and that's good to hear. And just talking to, you know, payrolls, it seems like you had a very small number out in the field, maybe like five or less. So is 50 to, I guess I'll call it 40 to 50 placements per quarter a good way to think about the ramp, or could there be upside to that next year?

Hey, Kyle, thanks for the question. And, yeah, you're right. So, like, as we said, We expect to ship about 50 units by the end of this year, and, you know, there's a lot of work in terms of scaling up production, getting the sort of the manufacturing order, and actually also getting the instruments to our customers, right, installing it, training customers, making them successful, and kind of as we extrapolate into next year, obviously we've said before, demand is not the bottleneck. We have lots and lots of orders, but the production capacity and the install capacity is going to be more of the binding constraint going into next year. We want to make sure that we are making our customers maximally successful. That's our North Star. And so as we kind of come out of this year, as we go into next year, kind of thinking about 50 a quarter between those constraints is about the right number.

Your next question comes from the line of Zubunambi with Guggenheim Securities. Your line is open. Please go ahead.

Hi, guys. This is Thomas on for Zubunambi. Thanks for taking our question. The top 20 biopharmers that you noted using ATERA, I guess just what share have bought their own system in terms of placing an order? And then can you just talk about the difference in utilization between this group and then those using CRS? For those using CRS, just what's holding them back before buying their own system. Thanks so much.

Yeah. So we haven't broken out kind of the split between who is buying instruments and who is putting Thank you. Thank you. And as far as kind of the reasons, you know, you have to remember that we just announced that they are back in April. This is a brand-new platform. No one is anticipating those capabilities. People are extremely excited about it. They have been, as we've been kind of talking about, they've been, you know, kind of collecting the budgets and putting in funding. At the same time, it makes sense that people would also want to test the system and see the data for themselves on their own kinds of samples. Of course, it's a mix. But yes, overall, we're looking really good. The interest in both CRS and purchasing their own instruments right out of the gate, again, for a platform that no one was even aware of until just a few months ago is really, really remarkable.

Your next question comes from the line of Casey Woodring with J.P. Morgan. Your line is open. Please go ahead.

Hi, this is Marcus Zaremba on for Casey Woodring. Thank you for taking my question. So you mentioned, you know, strong material order so far. So can you give us more color on the backlog for the instrument, both quantitative but also qualitative perhaps on the types of customers that are ordered? Bring, you know, ideally like a mix between informa and any other color you can share. Thank you.

Yeah, no, thanks for the question. You know, we've said before, we don't really share our backlog numbers or our order numbers. And that would, again, kind of emphasize with Atara especially, the binding constraint here is not orders at all. It is kind of our scaling up of manufacturing operations and also our capacity to install and train customers. And that's going to be the case next quarter. It's going to be the case, you know, as we head into next year as well. As far as the question around kind of the mix, it's been a really, really healthy mix all across our customer base. You know, we've mentioned before, and we've seen the pattern continue, and that there's a, relatively speaking, more interest from biopharma when it comes to Aterra, which is really encouraging. And it's also kind of across the ecosystem, you know, big pharma and biotechs and service providers as well. Very nice, broad set of applications, you know, from, like, very basic science to, as I, you know, talked about extensively, applications for training AI models to a lot of translational research, you know, like really looking at figuring out mechanisms of action, looking for drug targets, looking for biomarkers. Uh, seeing kind of, uh, response to therapy to be able to predict patient response. Uh, so really, really great, uh, uh, reception from like the entire ecosystem.

Your next question comes from the line of Matt Luru with William Blair. Your line is open. Please go ahead.

Hello?

Hey, Matt. We can hear you. Oh, sorry about that. Hey, guys. It's actually Christian on for Matt. Appreciate you taking my question, and then congrats on the Terra launch. Just, you know, recognizing that it's still, like, very early. Wondering how, since the Terra is now finally in customers' hands, how has the initial, like, user experience compared with your internal expectations going into the launch, wondering if, you know, you've learned any, you know, what are your learnings from the first installations and customer runs, and has there been any unexpected, whether it be, like, workflow challenges or areas where performance or usage actually exceeded internal expectations?

Yeah, like a good question, Christian. So yeah, a couple of points to make here. First of all, you know, as you pointed out, we're very, very early in this launch. We started shipping towards the end of September. So this is, and this is very early. And, you know, with the first shipments especially, we want to make sure we take our time and really kind of go through the pieces appropriately as we're getting these systems to our customers as we're standing them up and training them. As it happens in every launch, especially the launch of this complexity, part of what you have to expect is the unexpected, which is partially why we've been very deliberate with how we're rolling these out. So far, it's been great. Definitely a lot of learnings. You very quickly get a lot of learnings, but I don't think anything that's incongruent with our expectations at all. I would also say that, you know, the team has been making a lot of progress even since the time we announced the platform back in the spring, and it's been really great to see the progress, and one of the ways it's been manifesting itself is that the data keeps getting better, like the specs of the platform keep increasing and improving, and the feedback from customers on that has been really phenomenal. They were really, really happy with what they saw back in the spring. They're really blown away with what they're seeing now.

Your next question comes from the line of Puneet Soto with Lirink. Your line is open. Please go ahead.

Hi, everyone. You have Michael on for Puneet. Thank you for taking my question. I think I wanted to pivot the conversation to a single cell. Could you offer any color on the APEX transition, like how far along we are there? I know you've also talked about APEX being the most, or the flex. Being the most popular product, I'm curious if it's now tipped to being the majority of your reactions sold, and how much of this adoption is really led by pharma versus your academic customer base?

Yeah, good question. So APEX has been doing really well, and in fact, to your last point, especially with biopharma, really has been scaling really rapidly. So overall, we feel really good about single cell and all the different market dynamics, like I talked about earlier, around AI, around translation applications, around biopharma adoption. We, this has been our strategy over the course of this year, really to keep driving APEX adoption and to keep driving reaction growth. And that's what we have been seeing. This past quarter was, again, an example of that really, really strong reaction growth. And yes, APEX is definitely headed toward being kind of that sort of majority of reactions in our chromium portfolio. Now, as we've always said, obviously, APEX on a per reaction basis is lower price, and so as we're going through the transition, especially as we kind of lean into that transition, it does create some pressure on top line revenue, and so that's what we've been managing throughout this year, and things have been going well according to plan, and I would say even in some aspects, the adoption has been even deeper than we were anticipating.

Your next question comes from the line of Mason Carrico with Stevens. Your line is open. Please go ahead.

Hi, good afternoon. This is Ben on for Mason. Thanks for taking the question. For Atera, I was wondering if you'd be able to provide what the mix of whole transcriptome versus select runs is today or just early interest in those options, and how do you see that evolving over the next 12 months?

Yeah, Ben, thanks. Really great question. So one of the learnings, what we've been seeing is there's a huge interest in whole transcriptome. That's what people are, by and large, focusing on to the extent that has exceeded our expectations. I think this is a function of maybe a number of things, but I think one of the big ones is just we're sort of in the AI era of data maximalism. People really want to be able to get as much information as they can for building these models, for being able to build models in the future as well. And, of course, that's great for our business in a whole number of ways. It's standardized people to pretty consistent workflows. It also removes what was really the biggest throttler to Xenium adoption. Xenium has been doing really well. But nevertheless, from day one, it was always somewhat constrained by the fact that customers needed to select and also create their own custom panels. And with the whole transcriptome, people can just go. And so that has been one of the really nice learnings as well. Still very early days, but whole transcriptome is really the dominant way that people are using it.

Your next question comes from the line of Albert Ho with Citi. If your line is open, please go ahead.

Hey, perfect. Thanks for taking the question. I don't know if I missed this, but did you guys break out the Atera placements in 3Q, and then maybe just on gross margins? You mentioned a quarter-quarter step down in 4Q, so I guess at what point post the Atera launch should we expect GMs to recover to the pre-launch levels? Is it a year from now? Is it longer? I appreciate all the color here.

Yeah, sure, I can take that. We didn't specifically say, but we sold a couple. If you think about what's in the revenue number for Q3, it's a couple of tariffs. Pretty much coincided with when we put the the release out in late September. From a gross margin perspective, yeah, I, you know, the 75% that we printed for Q3, when you look at instruments, you know, and from a mixed perspective, extremely light, right, because we've got the transition dynamics going on where Xenium instruments. Understandably, and sort of as we forecasted in the guide, it slowed down, and the taras, just with the two units out there into the field, didn't pick up that slack. So 75% gross margins isn't exactly where we think we'll be in Q4 as we start to work more tariffs out in the field. Anticipate gross margins would be in the low to mid-60s. For Q4, so that's essentially what we'll see for the next quarter. I think it's really important to note as we think about 2027, though, the overall gross margin profile of the ATERRA platform is superior to that of the Xenium platform. So both the instruments and the consumables are notably higher. And so while we do anticipate, as Serge mentioned earlier, we're going to be working through the rate limiting step for us right now is production, installation, and customer success. It is in orders. So as we're working through in the first half of next year and into the second half of next year, instrument placements and installations, we'd anticipate margins for 2027. We'll most likely come in lower than where they are, and obviously we'll provide more color when we provide guidance early next year, but they'll most likely come in lower just because it's going to be an instrument-heavy year, and consumables will start to ramp during the course of the year.

Your next question comes from the line of David Rosenberg with Piper Sandler. Your line is open. Please go ahead.

Hi, this is Sky on for Dave. Thanks for taking the question. Can you talk a little bit more about this interior and the early customer workflows you're seeing it enable? Like, how do you expect it to create value commercially in any color on whether it's through software revenue, higher chromium usage, or just broader platform adoption would be helpful? Thanks.

Yeah, no, great question. So, I mentioned we released our new platform, Sentira, just recently with kind of combining computation, cloud-based compute provision with agentic analysis. Now stepping back, right, since like the beginning of history, since our first products, you know, going back to the start of genomics, the biggest bottleneck that people would point to in getting value out of products is data analysis. And we've invested a lot over the years in data analysis, but it's nevertheless, it's oftentimes a bottleneck, a constraint, especially for people that are kind of not, don't have the computational sort of expertise with a lot of bioinformatics kind of background. So Sentira is meant to address that bottleneck, and to a first order, the most important thing about Sentira is that We're going to accelerate our customers and accelerate the rest of our business. It helps our customers process our data and be able to get insights from that. Now, it also provides a means for us to deliver value and charge for software, and over time, that will create more opportunities for us and more revenue potential. But at this point, it is really about streamlining the experience of our customers and really kind of accelerating the use of all the other products that we sell.

Your next question comes from the line of Dog Channel. Shanty with UBS. Your line is open. Please go ahead.

Hey, this is Sean Gardner on for Doug. Thank you for taking my question. Just wanted to go back to spatial consumables. So it grew 16% again in Q3, 16% in Q2 as well. And I know you kind of previously characterized Q3 as the peak of the ATERRA-related transition. So just based on what you saw in this quarter, is the performance consistent with that expectation? I guess, should we think about the underlying spatial consumables business returning to growth sequentially in Q4? or is that improvement more likely to materialize in 27? And then as a tariff placements ramp generally, how should we be thinking about timing and trajectory of consumables pull through? Thank you.

Yeah, sure. I can take that. Thank you for the question. Yeah, I would say, by and large, the performance in Q3 was modestly better than what we'd anticipated on the spatial consumables in particular. Obviously, it was better than we'd anticipated in other areas as well. The Xenium Poulter continues to be quite strong, and it's an incredible platform, and customers are still quite pleased with it. One of the dynamics we're looking at when you think about it in the context of our guide, we certainly anticipate that spatial consumables in Q4 will still be double digits, for sure. That's embedded in the guidance. We'll have a full quarter of Terra consumables shipments, and then we're keeping a close eye just on Xenium pull-through in particular, Visium to a lesser degree, but we still think it's going to be a very strong quarter for us on spatial consumables and gives us incredible momentum going into 2027.

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.