Hello, everyone. Thank you for joining us, and welcome to the 10X 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 one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Cassie Corneau, 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 30th, 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@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, and Adam Taich, 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 continued 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 agree, 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. 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 are 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 have said before that we expected Atera to be the biggest product introduction in our history, and what we are 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 are 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 are 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 are 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 of on-treatment effects. We built Atera as a long-duration, upgradeable platform to keep expanding what is possible in spatial biology. Our roadmap includes onboard slide preparation automation to enable true sample-in, 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. Flex Apex 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 are now seeing increasing demand for multimodal solutions, driven by the value of measuring more biology from the same cell. Lately, we are seeing customers build up their infrastructure, investing in automation to expand the scale of these experiments. Our new Flex Apex CRISPR workflow builds on the scalability, robustness, and sensitivity of Flex Apex for perturbation studies.
Combined with our Proteintech Genomics panels, the largest single-cell protein panels available, researchers get the richest data per cell for model development. Our newest GEM-X Multiome configuration captures gene expression alongside the regulatory elements that control it. Taken together, we believe our menu of multimodal 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. 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. Sentira Spatial uses NVIDIA-accelerated computing to reduce processing of Atera and Xenium data from hours to minutes. Sentira Single Cell brings agentic analysis to Chromium data, powered by Anthropic's Claude. 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 datasets into biological understanding. 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. When researchers set out to build AI models of biology, they usually think in terms of multiomics, single cell, and spatial, which usually means our technologies. This is not surprising, because as I mentioned earlier, we built 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, Arc 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 the 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 datasets 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 bio 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. 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.
In 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 Atera.
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 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-$635 million, up from $610 million-$630 million.
Excluding non-recurring revenue related to patent litigation settlements in both 2026 and 2025, this represents 4%-6% growth over the full year 2025. The increase reflects our third quarter performance, stronger than anticipated spatial consumables, and a higher Atera shipment outlook for the year. Our Atera 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 Atera instruments by year-end, up from our previous expectation of approximately 40. Additionally, as Atera 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 10X team. Atera 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 our 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 one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum 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. 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 single cell to accelerate, or do you think spatial on its own can get returned to double-digit growth, especially once Atera pull-through ramps? Thanks.
Sure. Thanks, Lauren. I think the way that you somewhat answered the question on your own. I think 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. Even with the Atera launch, which we had announced back in April and started shipping instruments in September, we still had quite a strong spatial consumables number for Q3. That momentum is still quite strong here going into Q4, and we are starting to ship Atera consumables here in Q4 as well. I think that gives us confidence in the future, and we are feeling really good about where we are in spatial consumables and consumables overall going forward.
Your next question comes from the line of Kyle Mikson with Canaccord Genuity. Your line is open. Please go ahead.
Yeah. Hey, guys. Thanks for the questions. Just on the CapEx side of spatial, 50 Ateras by year-end, that is good to hear. Just talking to KOLs, it seems like you got a very small number out in the field, maybe like five or less. Is 50 to, I guess I will call it 40- 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. Yeah, you are right. As we said, we are set to ship about 50 units by the end of this year. Yeah, there is 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. As we extrapolate into next year, obviously we have said before, demand is not the bottleneck. We have lots and lots of orders, but the sort of 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 is our North Star.
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 Subbu Nambi with Guggenheim Securities. Your line is open. Please go ahead.
Hi, guys. This is Thomas on for Subbu. Thanks for taking our question. The top 20 biopharmas that you noted using Atera, I guess just what share have bought their own system in terms of placing an order? 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 it hasn't broken out kind of this split between who is buying instruments and who is putting in orders through the CRS. As far as the kind of the reasons, you have to remember that we just announced Atera back in April. This is a brand new platform. No one was anticipating those capabilities. People are extremely excited about it. They have been, as we've been kind of talking about, they've been 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 yeah, so 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 JP Morgan. Your line is open. Please go ahead.
Hi. This is Marcus, the member on for Casey Woodring. Thank you for taking my question. You mentioned strong Atera orders so far. 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 ordering? Ideally, a mix between pharma and any other color you can share. Thank you.
Yeah. No, thanks for the question. We have said before, we do not really share our backlog numbers or our order numbers. I would again kind of emphasize with Atera 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. That is going to be the case next quarter. It is going to be the case as we head into next year as well. As far as the question around kind of the mix, it has been a really healthy mix all across our customer base.
We have mentioned before, and we have seen the pattern continue in that there is a, relatively speaking, more interest from biopharma when it comes to Atera, which is really encouraging. It is also kind of across the ecosystem, big pharma and biotechs and service providers as well. Very nice broad set of applications from very basic science to, as I talked about extensively, applications for training AI models, to a lot of translational research, like really looking at figuring out mechanisms of action, looking for drug targets, looking for biomarkers, seeing kind of response to therapy to be able to predict patient response. So really, really great reception from the entire ecosystem.
Your next question comes from the line of Matt Larew 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 Larew. Appreciate you taking my question, and congrats on the Atera launch. Just recognizing that it's still very early, wondering how, since Atera is now finally in customers' hands, how has the initial user experience compared with your internal expectations going into the launch? Wondering if you've learned any What are your learnings from the first installations and customer runs, and has there been any unexpected, whether it be workflow challenges or areas where performance or usage actually exceeded internal expectations?
Yeah. Good question, Christian. A couple of points to make here. First of all, as you pointed out, we're very, very early in this launch. We started shipping towards the end of September, so this is very early. With the first shipments especially, we want to make sure we take our time and really kind of go through the paces 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 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. One of the ways it's been manifesting itself is that the data keeps getting better. The specs of the platform keep increasing and improving. 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 Souda with Leerink. Your line is open. Please go ahead.
Hi, everyone. You have Michael on for Puneet. Thank you for taking my question. I wanted to pivot the conversation to 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. No, good question. 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. 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 priced.
As we're going through that 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 Stephens. 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 would be able to provide what the mix of whole-transcriptome versus select runs is today, or just early interest in those options. How do you see that evolving over the next 12 months?
Yeah. Ben, thanks. Really great question. One of the learnings, what we have been seeing is there is a huge interest in whole-transcriptome. That is what people are, by and large, focusing on, to an 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 are sort of with this 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. Of course, that is great for our business in a whole number of ways. It standardizes people to pretty consistent workflows. It also removes what was really the biggest barrier 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. With the whole-transcriptome, people can just go. That has been one of the really nice learnings as well. Still very early days, but whole-transcriptome has really been dominant, the way that people are using it.
Your next question comes from the line of Albert with Citi. Your line is open. Please go ahead.
Hey. Perfect. Thanks for taking the question. I do not know if I missed this, but did you guys break out the Atera placements in 3Q? Then maybe just on gross margins, you mentioned a quarter-over-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? Appreciate all the color here.
Yeah. Sure, I can take that. We did not specifically say, but we sold a couple. If you think about what is in the revenue number for Q3, it is a couple Ateras. Pretty much coincided with when we put the release out in late September. From a gross margin perspective, yeah, the 75% that we printed for Q3, when you look at instruments, from a mix perspective, extremely light, right? Because we have got the transition dynamics going on where Xenium instruments, understandably, and sort of as we forecasted and guided, slowed down, and the Ateras, just with the two units out there into the field, did not pick up that slack. So, 75% gross margins is not exactly where we think we will be in Q4 as we start to work more Ateras out in the field.
Anticipate gross margins will be in the low to mid-60s for Q4.
So, that is essentially what we will see for the next quarter. I think it is really important to note as we think about 2027, though, the overall gross margin profile of the Atera platform is superior to that of the Xenium platform. So, both the instruments and the consumables are notably higher. So, while we do anticipate, as Serge mentioned earlier, we are going to be working through the rate-limiting step for us right now is production, installation, and customer success. It is not orders. So, as we are working through in the first half of next year and into the second half of next year, instrument placements and installations, we would anticipate margins for 2027 will most likely come in lower than where they are. And obviously, we will provide more color when we provide guidance early next year.
But they will most likely come in lower, just because it is 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 Westenberg with Piper Sandler. Your line is open. Please go ahead.
Hi. This is Skye on for Dave. Thanks for taking the question. Can you talk a little bit more about the Sentira and the early customer workflows you are seeing it enable? How do you expect it to create value commercially? Any color on whether it is 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 combining cloud-based compute provision with agentic analysis. Stepping back, for instance, like the beginning of history, since our first products, going back to the start of genomics, the biggest bottleneck that people would point to in getting value out of our products is data analysis. We have invested a lot over the years in data analysis, but it is nevertheless, it is oftentimes a bottleneck, a constraint, especially for people that do not have the computational sort of expertise with a lot of bioinformatics kind of background. So, Sentira is meant to address that bottleneck. To a first order, the most important thing about Sentira is that it accelerates our customers and accelerates the rest of our business. Right?
It helps our customers process their data and be able to get insights from that. Now, it also provides a means for us to deliver value and charge for software. 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 Doug Schenkel. Doug Schenkel with UBS, your line is open. Please go ahead.
Hi, 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 they kind of previously characterized Q3 as the peak of the Atera-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 2027? As Atera 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 it, 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 pull-through 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 Atera 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.