TXG

10x Genomics’ second quarter results came in above Wall Street’s expectations for both revenue and profitability, yet the market responded negatively. Management attributed the year-over-year revenue decline to lower instrument sales, particularly as customers moderated purchases of current spatial products in anticipation of the upcoming Atera platform. CEO Serge Saxonov emphasized the strong momentum in Chromium consumables and growing engagement across both academic and biopharma customers, while also noting that AI-driven demand is becoming a pervasive force across all customer segments. Is now the time to buy TXG? Find out in our full research report (it’s free). Revenue: $151 million vs analyst estimates of $146.5 million (12.6% year-on-year decline, 3.1% beat) Adjusted EPS: $0.03 vs analyst estimates of -$0.02 (significant beat) The company lifted its revenue guidance for the full year to $620 million at the midpoint from $612.5 million, a 1.2% increase Operating Margin: -12.9%, down from 17.4% in the same quarter last year Market Capitalization: $7.52 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Kyle Mikson (Canaccord): asked why Atera shipment projections remain conservative despite strong demand. CEO Serge Saxonov noted manufacturing capacity as the only constraint, not demand, and confirmed the shipment outlook holds steady for now. Luke Sergott (Barclays): questioned the reasons for a Q3 revenue step-down and the drivers of Q4 growth. CFO Adam Taich explained Q3 will be impacted by the transition to Atera, while Q4 will see a significant uplift from Atera instrument shipments. Tycho Peterson (Jefferies): pressed for details on Atera manufacturing scalability and initial customer pull-through. Saxonov stated that operational investments will support capacity expansion, but it is too early to estimate average consumables usage per instrument. Jayden (J.P. Morgan): asked about academic funding trends and their impact on purchasing. Saxonov described the environment as still tenuous, with funding approvals not yet fully flowing through to purchases, and Taich confirmed no improvement is factored into guidance. Puneet Souda (Leerink): inquired about incentives for broader Atera adoption and pricing strategy. Saxonov responded that no unusual discounts or programs are being offered and that demand is robust beyond early adopters, including in biopharma. Looking forward, our analyst team will closely monitor (1) the pace of Atera instrument placements and how quickly customers transition from existing spatial platforms, (2) the rate at which AI-driven projects translate into increased consumables usage and broader customer adoption, and (3) the impact of the Proteintech Genomics acquisition on multi-omics product development. Execution on expanding manufacturing capacity and successfully onboarding new Atera users will also be key signposts for sustained growth. 10x Genomics currently trades at $57.67, up from $45.60 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Head of Investor Relations and Strategic Finance-Cassie Corneau Chief Executive Officer and Co-founder-Serge Saxonov Chief Financial Officer-Adam Taich Operator: Hello, everyone. Thank you for joining us, and welcome to the 10x Genomics Second 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, Head of Investor Relations and Strategic Finance. Please go ahead. Cassie Corneau: Thank you, and good afternoon, everyone. Earlier today, 10x Genomics released financial results for the second quarter ended June 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 [email protected]. 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. Serge Saxonov: Thanks, Cassie, and good afternoon, everyone. I will start with a brief overview of our second quarter performance, then provide an update on Atera, and finally discuss several broader trends that are reshaping biological research and creating new opportunities for our business. Revenue for the second quarter was $151 million. During the quarter, we recognized $1.6 million of license and royalty revenue in connection with our settlement with Takara. Excluding non-recurring settlement revenue in both this quarter and the prior year period, Q2 revenue was $149 million and grew 3% YoY. The story of the quarter was the extraordinary customer response to Atera. We're highly encouraged by the engagement across the research ecosystem and the very strong early order flow. At the same time, our own market products showed sustained strength. We drove robust growth in Chromium consumable reaction volumes, reflecting expanding usage across a broad range of applications. In spatial, Xenium utilization continued to perform exceptionally well, reinforcing its position as the leading platform for spatial analysis today. Our launch of Atera is still, by far, the biggest highlight of the year. On our last call, I discussed Atera's core capabilities, many of which were not thought possible within a single platform. It delivers step change advances across a range of features, including throughput, Flex, and sensitivity. Atera enables spatial whole transcriptome profiling with single-cell sensitivity at scale. The promise of spatial has always been that it represents the convergence of molecular, cell, and tissue biology. Atera is poised to deliver on that promise to provide researchers with a fundamentally more complete view of biological systems and answers to many questions that were previously out of reach. You may remember that we said initial customer reception exceeded our expectations, which were already very high heading into the launch. Since then, customer enthusiasm has only gotten stronger. This has translated into a strikingly large number of orders in a very short amount of time. The momentum we're seeing is remarkable for a platform that was completely unknown to our customers only a few months ago. We believe customers' enthusiasm should only increase as they learn more about the system and see what it is able to deliver in their hands. Similarly, we're seeing strong demand for Catalyst Research Services, a program for customers to submit their own samples to be run on Atera in our lab. We expect sample processing to begin alongside Atera's commercial availability. Catalyst Research Services is designed to support a range of customer needs, from generating initial pilot data sets, to providing flexible and ongoing access for routine research, to enabling researchers who do not yet have access to an Atera instrument. The strong demand for the service is another encouraging leading indicator for the future of the platform and the breadth of its impact. Our vision for Atera was to build the cornerstone platform that enables scientists to interrogate a full spectrum of research questions with the versatility and scale needed to resolve the complexity of biology. It is gratifying to see that vision start to come to life as customers describe how they plan to use Atera. We're seeing engagement from universities, academic medical centers, and biopharma companies pursuing research across nearly every major disease area. From oncology across dozens of tumor types to neurodegeneration, autoimmune and inflammatory disease, cardiometabolic conditions, kidney and transplant biology. The list goes on. That diversity is also evident in the specific research questions being asked. Customers are interested in applying the platform for foundational cell and tissue atlasing, mechanistic studies of how disease actually develops, monitoring response to novel immunotherapies and cell therapies, and for early biomarker and translational work. Just as importantly, customers are planning to integrate Atera into the routine fabric of their research. Researchers within academic medical centers, for instance, are planning to deploy it across the entirety of their translational oncology programs. We're hearing similar conviction from industry, where senior R&D leaders at top biopharmaceutical companies are investing in Atera with a belief that spatial biology will fundamentally change how they approach drug discovery and development. We built Atera as a long-duration, upgradable platform with capabilities that will continue to expand over time. Atera's extensive roadmap includes workflow automation, base-by-base spatial sequencing, and the addition of protein multi-omics. With that in mind, during the quarter, we took an important step to enhance our proteomics capabilities with the acquisition of Proteintech Genomics. Proteintech Genomics brings deep expertise and differentiated technologies for measuring proteins in multi-omics context. We believe integrating rich proteomic information alongside spatial transcriptomics will further expand the biological questions Atera can address and continue to strengthen the platform. The intensity of the early interest and the spectrum of customer applications are reinforcing our conviction that Atera is poised to transform how we measure and understand biology. When you look back at the history of our industry, every now and again, a new platform comes along that reshapes markets and changes how science is done. This is a very rare but profoundly exciting occurrence. We built Atera with exactly that ambition, and the early signs suggest it is on that trajectory. Turning to single cell, I want to highlight a few major trends driving the business. First, our customers are adopting our platforms for larger, more ambitious studies. Over the past several quarters, products like Flex Apex have enabled a new generation of this work, particularly in biopharma and translational research. One way we're supporting this shift is through our recently introduced whole blood workflows that stabilize samples at the point of collection, enabling longitudinal research, distributed sample acquisition, and access to archived material. Second, there is a growing interest in additional modalities in multi-omics, an area that has always been a strength of our portfolio and a focus of our investments. Last quarter was a particularly great example. We launched a new GEM-X version of our Multiome product, significantly improving researchers' ability to measure epigenetics and gene expression from the same cell. This unlocks new dimensions of biological context and has been met with positive early customer response. Furthermore, a Proteintech Genomics acquisition expands and complements our existing multi-omics capabilities. It provides us with the largest single-cell protein panels on the market and allows us to offer more complete solutions for customers to measure gene expression and proteins on the same cell. Finally, a significant trend in single cell has been an increase in large-scale perturbation experiments to map biological mechanisms and resolve causality. We're finding that Flex Apex is becoming the standard assay for these experiments because of its scalability, robustness, and sensitivity. While we see significant Flex Apex adoption across all customer segments, the uptake of Apex in biopharma has been particularly strong, driven by the application of perturbation screening to target identification. The value of these studies is also increasing because of the progress in AI, which helps derive mechanistic insights from the large amounts of data generated by these experiments. As we have discussed before, we believe AI represents a significant and structural tailwind for our business. AI has enormous potential to transform biology and human health, but realizing that potential depends on generating vastly more of the right kinds of data. The key bottleneck for AI-driven progress in biology is the same bottleneck we identified when we started the company. Biology is incredibly complex. We understand only a tiny fraction of it, and solving that complexity requires measuring biological systems at massive scale and high resolution. We built single-cell and spatial technologies for precisely that purpose, which is why they're now being deployed by so many of our customers to train AI models. In fact, AI, as an influencer of demand, is now becoming pervasive across our customer base. Today, most significant biological data generation efforts are conceived, at least in part, with the goal of training AI models. On the academic side, there are multiple well-known pioneering efforts, such as those led by CZI and the Arc Institute, dedicated to building virtual biology models. We're also seeing a wider shift where more of basic scientific research entails training AI models. This shift is driven bottom up by decisions of individual scientists as well as top-down by philanthropic and government funding priorities, such as those outlined in recent proposals from the White House. A similar shift is also starting to happen biopharma with a rapid growth in AI-focused investments. Initially, much of the AI work in drug development has focused on the chemistry side of the process, on creating molecular interventions once a target is known. Going forward, we expect increasing investments to be made in modeling biology at the cell and tissue level to unlock new targets and to predict drug response in patients. We believe this is where the biggest bottlenecks are and where there are the greatest opportunities to transform drug development. This work is also precisely what our tools enable and why we anticipate a very large opportunity for our technologies over time. Most pharma companies now have strategic mandates to leverage AI to speed up drug development and increase the probability of success. At the same time, there's a rapidly growing number of biotech companies that seek to transform drug development using AI. More and more of them are focused on building sophisticated virtual models of human biology. The vast majority of the companies building such models are using 10x single-cell and spatial technologies. Customers overwhelmingly choose our products because they deliver the highest data quality, the largest scale, the widest biological context, and the most powerful multi-omics capabilities. It has become increasingly clear in the field that all of these considerations are critical for building high-quality, generalizable, and useful models. It should be noted that building better models is only a part of the AI story. For years, one of the biggest barriers to broader adoption of single-cell and spatial biology has been the bioinformatics expertise required to analyze increasingly rich data sets. Advances in agentic AI are beginning to remove that bottleneck. Researchers who previously required dedicated computational experts are starting to analyze complex data sets through natural language interactions with AI agents. We believe that will make single-cell and spatial analysis accessible to a much broader community of scientists while increasing the value of the underlying data. Together, these trends reinforce our conviction that single-cell and spatial biology are foundational to the future of basic science and drug discovery research. AI is increasing both the demand for high-quality biological data and the ability of researchers to extract insights from that data. We believe those two forces will reinforce one another over the coming years. As we have discussed previously, we envision a significant opportunity to extend our technologies into clinical diagnostics in the future. Realizing that opportunity requires generating robust clinical evidence on large patient cohorts. We're continuing to make progress on our internal efforts to generate such evidence in oncology and in autoimmunity. This quarter, we announced new partnerships with the Cleveland Clinic and with the Lausanne University Hospital to identify biomarkers of response to therapy across multiple oncology indications. Taken together, this quarter demonstrates the strength of our strategy and continued execution across our business. We advanced a game-changing new platform, sustained strong momentum in our core consumables business, and deepened our engagement with customers through high-impact partnerships. We continue to build a stronger company operationally and financially, giving us the flexibility to invest for the long term. Our technologies are at the nexus of some of the most powerful trends transforming biology and medicine. The upcoming years are going to be profoundly exciting, and we're uniquely well-positioned for the opportunity ahead. With that, I will turn the call over to Adam. Adam Taich: Thanks, Serge. Unless otherwise noted, all growth rates referenced reflect YoY comparisons. Revenue for the second quarter was $151 million. As Serge mentioned, when excluding the $1.6 million allocated to license and royalty revenue, our second quarter revenue was $149.4 million. This represents 3% growth over Q2 2025 when excluding the non-recurring settlement revenue in both periods. These results reflect continued momentum in the key drivers of our business. Total consumables revenue was up 7%, with growth in both single-cell and spatial. Single-cell consumables revenue grew 3%, supported by double-digit growth in reaction volumes given accelerating momentum for Flex Apex. Spatial consumables continued to perform well in the quarter, with revenue up 16%. We saw sequential consumables revenue growth for both Xenium and Visium, though Xenium continues to be the primary driver of spatial consumables growth. Total instrument revenue declined 47%, with Chromium instrument revenue down 46% and spatial instrument revenue down 48%, both primarily driven by a lower number of units sold. As anticipated, the decline in spatial instruments reflects customers moderating purchases of our current spatial products in anticipation of a tariff. Looking at revenue by geography, excluding the impact of non-recurring license and royalty revenue in both periods, Americas revenue was up 6%. EMEA grew 15%. APAC revenue was down 19%. As a reminder, APAC benefited from approximately $4 million of temporary pull forward in purchasing activity in China in the prior year period as customers accelerated orders ahead of potential tariff changes. Turning to the rest of the P&L. Gross margin increased to 74% from 72% the prior year. The increase in gross margin was primarily driven by lower manufacturing costs, which included $2.6 million of tariff refunds, as well as lower inventory write-downs, partially offset by a decrease in non-recurring license and royalty revenue. Excluding the impact of non-recurring settlement revenue in both periods, gross margins increased to 74% from 67% the prior year. Total operating expenses were $132.1 million for the quarter as compared to $95 million in the prior year period. The second quarters of 2026 and 2025 included gains on settlements related to patent litigation of $3.4 million and $40.7 million, respectively. Excluding these gains in both periods, operating expenses were approximately flat YoY. We ended the quarter with $552 million in cash equivalents, and marketable securities, up $105 million YoY and up $12 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 $610 million-$630 million. Excluding non-recurring revenue related to patent litigation settlements in both 2026 and 2025, this represents 2%-5% growth over the full year 2025. The increase to our outlook reflects our performance in the first half, together with the benefit of the $1.6 million of settlement revenue recognized during the quarter. As Serge mentioned, order volume for Atera has been very strong. We previously communicated that we expect to sell approximately 40 Atera instruments this year, weighted mostly toward the fourth quarter. As of the end of the second quarter, booked orders already greatly exceeded that full year number. That said, our shipment outlook of approximately 40 units for the year remains unchanged as we continue ramping production. Looking at our quarterly cadence, Atera demand is driving the transition dynamics we expected as customers are moderating purchases of existing spatial products in anticipation of Atera. We expect this spatial transition dynamics to continue into the third quarter, resulting in a modest sequential step down for our total revenue from Q2. We expect a significant step up in the fourth quarter as Atera shipments ramp and begin to contribute more meaningfully to revenue. Atera alone accounts for the large majority of the Q4 sequential increase implied by the midpoint of our full year guidance, with normal seasonal Q4 strength across the rest of the portfolio closing the remainder of the difference. As we look to the second half, our priorities are unchanged, delivering for our customers, executing with discipline, and strengthening our operating profile. That foundation allows us to keep investing across the portfolio. The early enthusiasm we are seeing for Atera reinforces our conviction in that strategy. With that, I'll turn the call back to Serge. Serge Saxonov: Thanks, Adam. Before we open it up for questions, I want to thank the entire 10x team. This has been another good quarter of progress across the business. None of it is ever an accident. The value we create in the business and the progress we make toward our mission is entirely a function of the hard work and commitment to excellence you demonstrate every day. I'm incredibly proud of what we have accomplished and even more excited about what we're building for the future. Thank you to everyone at 10x for making the impossible possible. With that, we will now open it up for questions. Operator? Operator: We will now begin the 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. We ask that you pick up your handset when asking a question to allow for optimal 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 is from the line of Kyle Mikson from Canaccord. Your line is now open. Please go ahead. Kyle Mikson: Hey, guys. Thanks for the questions. Congrats on the quarter. Multi-part question. First on instruments. On Atera, great to hear all the demand and the interest and all that, but maybe why remain conservative with that expectation for the second half there. Is that primarily just the manufacturing capacity constraints in the near term? Or maybe just dive into that, and then thinking about a run rate for quarterly placements, is whatever you do in Q4, is that a good way to think about the jumping off point into 2027, like Q1 and so forth? Secondly, just quickly, Serge, on AI, getting a lot of questions on your differentiation. You obviously have a lot of strong push there, but what really sets you apart, 10x apart, the revenue benefit from that and can you talk about any tangible revenue that you've recognized so far? Thanks. Serge Saxonov: Thanks, Kyle. Just to your first question on Atera. As we talked about in our prepared remarks, the demand has been extraordinary and that's not the constraint here, right? The constraint is actually shifting the manufacturing capacity to ship the units in the second half of the year. We continue to expect to be able to ship 40, which is what we said in the last call, that still continues to be the case going forward. Operator: Your next question is from the line of Luke Sergott from Barclays. Your line is now open. Please go ahead. Luke Sergott: Great. Thanks for the question, guys. Just on the Q3 updated guide, you previously thought that Q3 would be roughly flat. Now you're talking about a little step down here. Just wanted to know what got pushed out or what changed there. Secondly, as you think about the Atera launch and also in conjunction with the Flex Apex, you got a lot of things going on. Talk about the drivers here outside of Atera instrumentation launch for Q4. You talked about half of that coming from the Atera launch, but is that going to come from the Flex Apex on single-cell Chromium? Adam Taich: Yeah. Let me take the first sort of pieces of that, Luke. I wouldn't say that things have changed. In fact, I would just remind you that the Q3 that we're talking about here is consistent with what we said in our Q1 call. We've always known that Q3, from a transition dynamic perspective in spatial, would be the peak transition dynamics. That's exactly what we're seeing. In part, it's a function of the enthusiasm that we've seen around Atera. We'd originally said back when we gave the original guide, Q1, then it'd be a step down, and then Q2 and Q3 would look similar from a dollars perspective. Now what we're saying is Q3 will look the same as what we'd articulated back on the Q1 call. We're still anticipating a modest couple million-dollar step down from Q2 to Q3. That really is just a function of what's happening both on spatial instruments, but also a bit of spatial consumables as people are ramping up and getting prepared to receive their Ateras. One thing I would just clarify in your question as it relates to Q4, if you think about the 40 units that we've committed to get out the door into the hands of customers in revenue recognition here, and we've talked about sort of where list pricing is. Atera instruments alone get you most of the way, almost entirely of the way from Q3 to Q4, and it doesn't factor in Atera consumables. If you sprinkle in a little bit of seasonal, what we would normally have anticipated, I'm not talking about some expectation of a big budget flush, I'm just saying if you think about our normal Q3, Q4 industry dynamics, that coupled with, most of it coming from the Atera launch with a little bit of that step up from Q3 to Q4, I think you'll find it's a fairly reasonable step up from Q3 to Q4. Operator: Your next question is from the line of Tycho Peterson from Jefferies. Your line is now open. Please go ahead. Tycho Peterson: Hey, thanks. Serge, what are you willing to say on manufacturing capacity for next year for Atera? That's a pretty common question. Obviously 40 systems this year, but how quickly can you scale up manufacturing? Maybe just the next two to three years. How are you thinking about kind of initial pull-through from some of the early adopters? How quickly can they get up to full utilization? I've got a follow-up. Thanks. Serge Saxonov: Yeah. Thanks, Tycho. The team is working really hard to get to the official launch of the platform to start shipping. Like we said, yes, we have 40 that we're planning for this quarter, for Q4, for the second half of the year. As we are kind of moving into next year, we certainly expect to keep building out our capacity. We're building Atera on the backs of a lot of investments we made over the years into the operational infrastructure and supply chain expertise. All of that will be brought to bear as we scale up and move into next year and beyond. We feel really good about being able to scale up capacity over time to meet the demand as appropriate. As far as pull-through is concerned, feel really good about the interest in the platform. It's way too early to talk about precise estimates before we even get instruments out there and people actually start running them. That said, of course, we are focused on kind of engaging customers that are in particular eager to use the platform and particularly eager to ramp up sooner rather than later. Yeah, we feel good about the potential of utilization here, just for kind of calibration. Mass utilization of Atera is somewhere between, depending on the kinds of assays you run, between $1.5 million and $2 million-$3 million or so, depending on the assays, is about 2X that of Xenium. There's plenty of room for people to make use of these instruments. Again, a little too early to give precise numbers, but feeling quite optimistic about the trajectory at this stage. Tycho Peterson: Okay, follow up on single-cell. Just thinking, next year the Street's got 4% growth in Chromium consumables. Pricing stabilized. These are big Perturb-seq studies getting underway. Why couldn't it be double digits? Can you just talk a little bit about how you're thinking about the next couple of years for Chromium? Serge Saxonov: Yeah, look, a little too early to talk about the next couple of years. We're in the middle of a fairly material transition year right now because of this Flex Apex dynamic. Apex has had a good momentum so far since launch toward the end of Q4 last year. It's been having a really nice growth so far this year. Based on the funnel, we expect the Apex to be an even higher percentage of reactions as we go into the second half. Kind of our expectation as we proceed through this year is, by the end of the year, the large majority of people who would convert to Flex from our kind of existing other products will have converted, which should put us in a good spot for subsequent quarters and years going forward. Operator: Your next question comes from the line of Dan Arias from Stifel. Your line is now open. Please go ahead. Dan Arias: Yeah, hi, guys. Thanks for the questions here. Serge, maybe a bit of a technical question on Atera. When you guys do your assessments of the platform sensitivity, what portion of the time are you finding that sensitivity is higher than Xenium? I'm not trying to geek out here, but I am curious about just the degree to which potential customers are able to appreciate an advantage on performance just in order to get them over the hump on a purchase decision. It seems like it varies depending on where in the transcriptome you look. I guess I'm just curious about what the overall view would be when you compare the two platforms, and then how that translates to sales messaging. Serge Saxonov: There's a lot of nuance, obviously, to these kinds of comparisons, but the high-level picture is unambiguously, with sort of not real data, the Atera sensitivity is substantially higher than Xenium's. Now, it's important to be comparing apples to apples when it comes to various assays, and certainly for the very targeted panels, if you care about specific genes, you can really boost your sensitivity on genes. You can do that on Atera as well. If you're comparing kind of wider use assays, for example, whole transcriptome on Atera, you're able to get to single-cell sensitivity, which with large Flex kinds of panels on Xenium, is you can't really do that. Very high sensitivity, and remember, with Atera, you can also augment it with additional custom content if you need to boost any genes further. Overall, yes, we feel really strong about this platform. There's going to be some comparisons, maybe this is our kind of early days on the platform. We specifically released some early datasets out there to give people a flavor of what the platform is able to accomplish. There is still work that's going on in R&D to keep improving the specs of the platform. By and large, even based on the datasets that we have released so far, the feedback from the community has been overwhelmingly positive. It bodes really well for the trajectory of the platform. Dan Arias: Okay. Thank you. Serge Saxonov: Yeah. Operator: Your next question comes from the line of Subbu Nambi from Guggenheim Securities. Your line is now open. Please go ahead. Thomas: Hi, guys. This is Thomas on for Subbu. Thanks for taking our question. Given there's normally hiccups with the first iteration of any product launch, what feedback are you hearing from customers who might still be on the sidelines? How are you thinking about the roadmap for the rest of this year after the first placements to make this transition smooth for those customers? Thanks. Serge Saxonov: Yeah. Look, obviously, like I said earlier, a lot of demand for the platform. This has been really great to see from the reactions from customers. Lots of interest, lots of eagerness. Very few conversations these days that when I engage with a customer, someone is not trying to lobby to get units earlier rather than later. From demand perspective, not really an issue. In terms of product performance once it's out there in the field, really important question, something we take incredibly seriously. Obviously, we have had a lot of experience with product development and with delivering game-changing platforms that work really well to the field. Atera in particular, something that we have been working on for a very long time. I talked about that in the last call, been talking about that since then. We do a lot of testing, a lot of buttoning up of all the different elements, before we ship our products, and particularly true of Atera. The team has been making tremendous progress. We feel really good about where things are headed, about the product and based on what we're seeing internally as well. In many ways, we expect it to be very similar to our previous successful launches. Again, it's not better given all the experience that we have, all the work that has gone in, all the investment that has gone into Atera specifically. On the roadmap, we talked about many elements of that, making big investments going forward as well. There's going to be a lot more coming on the software side, more content, more panels. There's going to be additional capability around automation, proteomics, multi-omics, base-by-base sequencing. Yes, there is a lot to be said for the platform right out of the gate, as we're seeing by the reactions, and there's going to be a lot more to be said over the coming quarters and years as we deliver more capabilities. Operator: Your next question comes from the line of Michael Ryskin from Bank of America. Your line is now open. Please go ahead. Michael Ryskin: Hey, thanks, guys. I want to go back to Chromium and the single-cell platform. Chromium consumables are kind of flat, effectively QoQ, just sequentially throughout the year. Instruments were a little bit on the lighter side. I understand a lot of focus on spatial and maybe Xenium, just want to dug into more into what you're seeing there. You've got things like the Billion Cell Atlas ongoing. You've got things like Quartzy ongoing. You've been talking about AI-driven drug discovery, which I think should tap into single-cell a lot. Just sort of why are you seeing a little bit stronger numbers in Chromium? Is it all really tied to Flex or is there anything else going on? Maybe if you could just quantify what you're seeing, give us any tangible metric that we could sort of latch onto for AI-driven demand, just so we can sort of figure out how big it is for you right now in Q2. Thanks. Serge Saxonov: Yeah. Mike, thanks for the question. On single cell, I would say the first order dynamic by far is that sort of transition that I talked about earlier, the rise of Flex Apex and the transition of some of the other products to that assay. Again, it's had a really nice pickup, a really nice momentum. We expect that to continue. As a result of that, the volume growth has been quite consistent and very robust and very encouraging. A lot of that growth is in fact being driven by kind of the emergence of AI applications and also more larger scale experiments that involve larger cohorts and kind of distributed sample collection that Flex is particularly great for. That also has a bit of an influence, in fact, on instruments in a sense that because of the capability enabled by Flex of having the distributed sample collection and then centralization of processing, that naturally leads to more centralization to resource providers, to core labs, to big labs which kind of reduces the necessity to be placing instruments at every single lab. At this point, we do have a lot of Chromium instruments out there, so accessibility is generally not an issue at all. Yeah. Overall, the dynamics around single cell are very similar to what we've been describing for the last couple of quarters, and we expect that to continue over the rest of the year. I do expect, like I said earlier, all the people or large majority of the people who intend to transition to Apex will have largely done so by the end of the year. That should put us in a good position to keep driving that sort of robust reaction growth, but also having it be translated into more top line impact as well. As far as the AI question is concerned, there's a lot of layers to that, and I think it's really important to set context here, which is what I did earlier as well with my prepared remarks. Like I said earlier, and I think there's a wide sort of recognition about that, AI is now a major structural tailwind for us, and because what these big AI models need is precisely what we have built over the years. AI at this point, in one shape or form, is becoming pervasive across just about all of our customer segments. At this point, there isn't really a large project out there where AI isn't either a big driver or at least an important influencer. Even small scale projects, I think in many instances are performed with an eye toward feeding the data into AI models. In some cases, AI is a driver of demand. In some cases, it's an influencer and sometimes an accelerator. What that means, one issue here is that AI can mean a lot of different things. The landscape is changing quite fast. That's why I went specifically in a bit more detail in explaining how AI, for example, is used potentially in the context of drug development for the parts specifically to measure biology. If you think about drug development, the three kind of high stages of drug development, target ID to understand the biology of what targets to go after, the chemistry, the middle part, actually making the drug, the molecule, and then figuring out which patients to give the drug to. The middle part is chemistry, where a lot of current AI sort of investment up to now have been focused. The big opportunity is really around the biology, the target ID and patient selection. That's where our tools are really compelling, and are becoming increasingly important. There are some parts of our revenue where unambiguously, AI revenue is coming from those, like tech bio companies, some large academic projects. There's also others where there is a mix. Big pharma companies that we know are developing these AI models of biology, but also using our products for other goals and same thing in academia. There's a mix. Right now at this stage, I'd say still very early, but the opportunity is massive and our products and technologies are particularly well-positioned for this opportunity. As we go forward and as these categories grow, we'll provide more granular color on them and how to think about numbers around them. Adam Taich: Serge, the only thing I think I'll just add just to the point you're making around centralization for Chromium instruments. Obviously, we're focused on driving every part of our business, I think that distinguishing between demand for instruments versus demand for the platform and driving the volume and the activity that we're doing for Chromium consumables, again, just for context, if you remember that Chromium instruments is about 2% of sales, which is important context as we're thinking about the total business. Operator: Your next question comes from the lines of Matt Larew from William Blair. Your line is now open. Please go ahead. Matt Larew: Hi, good afternoon. You referenced a number of the larger projects you're working on with respect to AI and also on the translational side. In some cases, customers adopting or increasing use of multiple platforms. I'm curious, as you're having these discussions about larger projects, multi-year projects, how important the suite of products that you have and software and analysis tools where there's perhaps some integration or at least familiarity how that kind of ecosystem might be having an effect as customers think about even longer-term projects versus the merits of the platforms on their own. Serge Saxonov: Yeah. A really interesting question. The first order answer I would say is that the platforms by themselves, whether you look at single-cell and spatial, have really strong merits just to stand on their own. I would say, and certainly is really appealing in many ways to our customers. If you think about, for example, Flex Apex, really high sensitivity, incredible scalability, huge robustness. This is actually really important for AI in particular, several points where it works across many different tissue types, many different cell types, many different contexts, and increasingly is becoming critical. If you want to build AI models that are useful, that generalize, you really need to be able to measure lots of different contexts. You can't be measuring the same cell line over and over again, for example. Flex is incredibly great for that. Also, another sort of emerging trend is, and maybe it's a little bit of your question, too, here, is multi-omics, being able to measure other modalities. Again, we have unmatched strength along that dimension. Yeah, certainly there is an attractiveness to be able to do training models from a spatial perspective as well as from single-cell. We certainly provide these kinds of solutions to our customers. Also, yes, on the software side, something we haven't talked that much about, but of course, we have invested in software fairly materially from the beginning of the company. In particular, it's becoming important here because the datasets with ETA and with Atera are getting to be very large, especially for training AI models. We have made quite a number of advances specifically to enable people to run larger scale experiments in a straightforward kind of ergonomic manner. All of these pieces together do kind of tie out to provide really compelling solutions for our customers. Certainly much more compelling than any other potential alternatives on the market. Operator: Your next question is from the line of Casey Woodring from J.P. Morgan. Your line is now open. Please go ahead. Jayden: Hi, this is Jayden on for Casey. Thank you so much for taking my question. I had one just on the broader market trends. Can you unpack what you're seeing across your academic end market? We've been hearing that some academic customers are beginning to receive grant approvals, but that funding has not yet fully flowed through to purchasing activity. Is that consistent with what you're seeing? How much of that are you thinking about the timing for potential improvement in that end market for the rest of the year, and would that be upside to the guide? Thanks. Serge Saxonov: Yeah. Good question, too. It's kind of interesting. Almost feels like Groundhog Day a little bit, because we've been in this kind of a tenuous environment for a while now where people are hoping and expecting that things will improve. To some extent, the sentiment has been, in expectation, has been getting somewhat better. I think the story is largely the same as it was last quarter. Improvement in sentiment, the environment, again, is still tenuous, and the dollars are still not flowing out, at least as far as the spending decisions are concerned. I would say, still seeing various issues that have been at play for a while, where even if you see at the very highest level, the dollars are appearing there in terms of funding, they don't actually impact purchasing because of how these dollars are allocated, for example, because of multi-year funding or there's increased oversight of the review process that puts some sand in the gears and just general shortage of staffing and things like that for grant reviews and order processing that we're hearing from our customers. I would say the environment is roughly similar to what it has been before. Adam Taich: Yeah. I would just add to that, in the context of the guide, we're not anticipating things get any better, right? To the extent that there's some improvement. That's just a broader macro comment I would make, is that we're anticipating in the guide that we've raised, that the macro sort of stays the same with what we've been seeing. It's been fairly consistent, and that's the way that we're thinking about our guidance. Operator: Your next question is from the line of David Westenberg from Piper Sandler. Your line is now open. Please go ahead. Skye: Hi, this is Skye on for Dave. Thanks for taking the question. Could you talk a little bit more about the commercial landscape of Atera and what it might look like going forward? Is it being sold by the existing sales force, or is there a specialized team, and do you anticipate needing to expand the sales count there? Also, are there any incentives in place to kind of steer Xenium or Visium customer prospects toward Atera? Sorry. Thanks. Serge Saxonov: Yeah. Good question. Commercially, if you remember two years ago now, almost two years ago now, we did a major restructuring of our sales force, and we specifically created a team focused on CapEx sales. That has actually put us in a really good position now with the arrival of Atera to have a team that's specifically focused on Atera instruments, to introduce them to the market and to drive sales. We are also leveraging the rest of our team to reach out to customers much more broadly and have the teams kind of work in concert to drive Atera into the market. I think your other question was any special incentives to drive customers to Atera? No. I mean, look, first of all, our focus is always to make sure that customers that we satisfy the applications needs that they have and provide them with the right solution, in every case. The sales team has been selling all of our solutions. Certainly the amount of excitement around Atera is there, but it's driven fundamentally by customer demand. Operator: Your next question is from the line of Puneet Souda from Leerink. Your line is now open. Please go ahead. Puneet Souda: Yeah. Hi, Serge and team. Thanks for taking my questions here. If I could ask on, again, Atera, obviously, a really powerful instrument, but just wanted to get a sense of how are you incentivizing the broader labs beyond the top labs and institutes that are already interested in Atera and likely in the first 40 that are likely going to get it? Are you incentivizing them with any discounts? Are there any discounts for the broader labs on Xenium? Just wanted to get that or any change in pricing that you're expecting here in the near term. The funding of the capital equipment remains challenging in the current environment. On the AI side, it does appear that the biology foundation models or the virtual cell models would require funding in the scale of $100 million or something closer in order to build the data for those models. Can you maybe just elaborate on what are the line of sight to the major large grants or funding sources right now that you see and the timing for those to land into 10x revenue? Thank you. Serge Saxonov: Yeah. Thanks, Puneet. First of all, there's a bunch in those questions. First of all, on the Atera. You look, obviously early days, but the demand has been really, really strong across the board. Not just sort of your early technology people, but much wider than that. That's really encouraging. For example, biopharma is, again, early days, but like a disproportionate customer here with Atera. We feel quite good at this stage about the amount of demand there beyond just the early customers. We haven't had to incentivize customers in any way to get them here and to put in their orders. Very encouraging signs. I would say, on the other side of the business, certainly, like I said in the answer to the previous question, we have the sales team that's selling all of our products right now and very focused on that, especially given that Atera is not yet shipping. Again, we'll always run some programs in different territories, in different regions where our salespeople work with customers to give them the right deals for their budgets and their applications. We're going to continue to do that, but nothing particularly out of the extraordinary last quarter or this quarter or going forward. We feel good about the trajectory, no question around that. As far as AI and funding is concerned, I think there's a lot of work at the highest levels happening where I spoke to that, where there's a general reprioritization of funding flows. I think it'll impact a lot of large scale projects. Anything that has to do with larger scale science is now having AI as a driver. If you think about it, the fundamental mental model, if you want to understand biology using AI, you have to use single-cell and spatial because these are the only scale, they are the scale technologies to modern biology. Whether that's the biopharma world or the world of academia or various consortia, that's sort of the case. As people put in their priorities, whether it's from governments or from various philanthropic organizations, we anticipate that will ultimately translate into more deployment of single-cell and spatial and ultimately more revenue to us. Operator: Your next question is from the line of Dan Brennan from TD Cowen. Your line is now open. Please go ahead. Dan Brennan: Awesome. Hey, guys. Thank you. Thanks for the questions. Maybe just starting, just on Atera, good to hear the order is already exceeding the 40. Is there any way just to help think about the placement opportunity? I know you get asked this, but I'm just trying to frame it, what it is the next few years and how purely additive to the business is it versus what might take away. Obviously, Xenium going to stop shipping, but I'm just wondering on your other products as well. Serge Saxonov: Yeah, look, I think fundamentally, we talked about Xenium. We've been quiet over the past quite some amount of time. We've seen really nice growth in Xenium and actually still continue to see it. Xenium has been growing the spatial market quite really robustly and has been really exciting. As we look forward to Atera, we expect it to amplify and accelerate that trend. Those are the early signals we're getting. Now, it is true that, of course, it's going to impact sales of Xenium and certainly starting to moderate that somewhat already and more so going forward, and Visium as well. Our expectation is that Atera demand will more than make up for any diminution in the other platforms. Adam Taich: I would just add to that, Serge, even after the post Atera launch, both on the consumable side, both Visium and Xenium grew sequentially, grew from the prior quarter. There's a really good momentum happening there, in spatial with the existing products. Operator: Your next question comes from the line of Justin Bowers at Deutsche Bank. Your line is now open. Please go ahead. Justin Bowers: Hi, good afternoon. Just want to continue in the spirit of the last couple of questions. Can you talk about how you're segmenting the market for Atera versus Xenium and some of the lessons learned from the Xenium launch and, really, how does this new product cycle expand the TAM for spatial? Serge Saxonov: Yeah. Look, we're seeing demand, like I mentioned, from across the board for Atera, really a lot of diversity, both in terms of the kinds of customers, whether it's universities, academic medical centers, biopharma companies, and also from the applications perspective, really broad. We started out with a focus, obviously, on oncology care, also tons of interest in neuroscience, autoimmune, cardiometabolic, kidney. I mentioned this earlier in my prepared remarks, just every kind of biological system or therapeutic area. Also the kinds of experiments that people are looking to run, they're also really huge for us. You have your sort of foundational tissue atlasing. You have all these mechanistic studies of disease response to drugs like immunotherapy, cell therapies, and all this biomarker translational work as well. Really strong early signs of what's just really material market expansion. We're even at this stage where we have no focus at all. We're already seeing some new customers coming out and expressing really strong interest in Atera. Our view is ultimately, over time, Atera is the future. Obviously, the instrument has not even shipped yet. Xenium is the best spatial platform right now and will keep being used. As Adam just mentioned, it really continues to show really strong growth. As we go forward, we do expect that Atera will take up more and more of the spatial market and also drive material expansion of the market. Operator: Your next question is from the line of Kallum Titchmarsh from Morgan Stanley. Your line is now open. Please go ahead. Jason: Hi, this is Jason on for Kallum. Thank you for taking my question. Appreciate the prior guidance on expectations for Atera instrument placements in the back half. I was wondering if you could provide some guidance on how we should think about Atera consumables revenue for 2026. Would similar consumables pull-through per instrument as Xenium be a good jumping-off point? Thank you. Adam Taich: I can start, maybe. I think it's very hard to articulate. I mean, we don't have any units out in the field as of yet. We know what max pull-through could be, and it's 2x from a maximum perspective as compared to Xenium. I think I would also just add, as Serge noted, our intent for a wide variety of reasons is to get the first 40 instruments in the hands because demand is so high, to get the first 40 instruments in the hands of folks that do intend to be running those. In many cases, our service providers that can provide access to those that either don't have the CapEx or weren't one of the first lucky 40 to get their hands on one. I would say that certainly our intent, I don't think anyone wants to get an instrument of that sort of caliber and cost without the consumables to run through them. We are starting to take orders on the consumables side, but it's not something we'll quantify at this time. It is embedded into that Q3 to Q4 step-up. Again, just to articulate that, we've been talking about spatial consumables and the momentum there. I just want folks to understand logically, we are still anticipating that we'll have good growth YoY from a consumable standpoint in Q3, but there will be a sequential step-down because as we're starting to have conversations with customers about when they will receive their Atera, some of those are very large Xenium users. Some of them are already planning ahead and won't be running projects, and won't be placing an order toward the end of Q3 that they would normally place. We're accounting for that in the guidance that we've given you. As you think about that step-up from Q3 to Q4, most of that, as mentioned, is covered by Atera instruments alone. If you think about it, we've said we'll get 40 out the door and the vast majority of those will actually happen in Q4. You've got that. Couple that with consumables that come through and just normal year-end sort of dynamics. Again, it doesn't take a big sort of year-end flush as we've seen in certain years actually, to bridge yourself from that Q3 number to the Q4 number, if you think about it at the midpoint of our guide. Operator: There are no further questions at this time. We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in 10x Genomics, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and 10x Genomics wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends 10x Genomics. The Motley Fool has a disclosure policy. 10x Genomics (TXG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the quarter's performance to extraordinary customer enthusiasm for the new Atera platform, which has seen booked orders already greatly exceed the full-year shipment target of 40 units. The company is observing a structural shift in biological research where AI is becoming a pervasive driver of demand, as researchers require the massive scale and high-resolution data provided by 10x technologies to train virtual biology models. Single-cell performance was driven by robust growth in reaction volumes, particularly for Flex Apex, which is becoming the standard for large-scale perturbation experiments in biopharma target identification. Spatial biology growth was led by Xenium utilization, though management noted customers are beginning to moderate purchases of existing spatial instruments in anticipation of Atera's commercial availability. The acquisition of Proteintech Genomics was framed as a strategic move to integrate high-plex protein multi-omics into the Atera roadmap, expanding the biological questions the platform can address. Management highlighted that AI is not only driving data generation demand but also lowering adoption barriers through natural language AI agents that simplify complex bioinformatics analysis for non-experts. The full-year 2026 revenue guidance was raised to $610 million-$630 million, reflecting first-half performance and the inclusion of a $1.6 million patent settlement. Management expects a modest sequential revenue step-down in Q3 due to 'peak transition dynamics' as customers pause existing spatial purchases ahead of Atera shipments. A significant revenue step-up is projected for Q4, primarily driven by the ramp-up of Atera instrument shipments, which are expected to reach approximately 40 units by year-end. The shipment outlook for Atera remains capped at 40 units for 2026 due to manufacturing capacity constraints rather than demand limitations, with plans to scale production further in 2027. Future growth in single-cell consumables is expected to stabilize as the majority of customers complete their transition to the Flex Apex assay by the end of the year. Gross margins improved to 74%, aided by lower manufacturing costs and $2.6 million in tariff refunds, though partially offset by lower non-recurring license revenue. Operating expenses remained approximately flat year-over-year when excluding patent litigation gains, reflecting continued fiscal discipline during a major product launch cycle. The company announced new clinical partnerships with Cleveland Clinic and Lausanne University Hospital to identify oncology biomarkers, signaling a long-term strategic intent to enter the diagnostics market. Management noted that while academic sentiment is improving, the funding environment remains 'tenuous' due to administrative delays in grant processing and oversight. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the 40-unit shipment target for 2026 is strictly a manufacturing capacity constraint, not a demand issue, as orders already exceed this number. The company plans to leverage existing operational infrastructure and supply chain expertise to scale capacity significantly heading into 2027. The projected Q3 decline is attributed to customers delaying spatial instrument and consumable purchases to prepare for Atera integration. The Q4 step-up is almost entirely covered by Atera instrument revenue, with additional contributions from normal seasonal strength and Atera consumables. Serge Saxonov stated that Atera's sensitivity is 'substantially higher' than Xenium's, particularly for whole transcriptome profiling at single-cell resolution. Management expects Atera to eventually become the dominant spatial platform, though Xenium continues to show sequential consumable growth in the interim. The rise of Flex Apex and AI-driven centralization is leading to more sample processing in core labs and large facilities rather than individual lab instrument placements. Despite lower instrument sales, reaction volumes remain robust as researchers prioritize data quality and scale for AI model training.

10x Genomics TXG reported a second-quarter 2026 loss of 14 cents per share against earnings of 28 cents in the year-ago quarter, representing a 150% year-over-year decline. Still, the figure beat the Zacks Consensus Estimate of a loss of 23 cents by 38.1%. Revenues of $151 million declined 12.6% year over year but surpassed the Zacks Consensus Estimate of $146.9 million by 2.8%. Excluding non-recurring patent litigation settlement revenues in both periods, revenues increased 3%. Shares of TXG lost 5% in yesterday’s after-market trading. The company’s shares have surged 194% in the year-to-date period against the industry’s decrease of 6.5%. However, the broader S&P 500 Index has increased 12.4% in the same time frame. Image Source: Zacks Investment Research Products and services revenues totaled $149.1 million, up 2.7% year over year. Total consumables revenues were $130.8 million, with Single Cell consumables increasing 3.1% year over year to $88.5 million and Spatial consumables rising 16.2% to $42.3 million. Total instrument revenues declined 47.2% year over year to $7.7 million. Single Cell instrument revenues fell 46.1% year over year to $3.1 million, while Spatial instrument revenues dropped 47.8% to $4.6 million. Management noted that the decline in Spatial instruments reflected customers moderating purchases of existing products ahead of the Atera launch. Services revenues increased 26% year over year to $10.7 million. Total Americas revenues were $85 million, down 19.9% from the prior-year quarter. However, excluding non-recurring license and royalty revenues in both periods, Americas revenues increased 6% year over year, indicating better underlying performance than the reported comparison suggests. EMEA revenues rose 15.1% year over year to $39.9 million. Asia-Pacific revenues declined 18.7% year over year to $26 million. Management noted that the prior-year Asia-Pacific results benefited from roughly $4 million of purchasing activity pulled forward in China ahead of potential tariff changes. In the quarter under review, TXG’s gross profit declined 10.1% year over year to $112.5 million. However, the gross margin expanded 200 basis points (bps) to 74%, primarily driven by lower manufacturing costs, including $2.6 million of tariff refunds and lower inventory write-downs. Selling, general and administrative expenses increased 5.7% year over year to $78.7 million. Research and development expenses declined 7.2% year over year to $56.8 million. Total operating expenses of $132.1 million increased 39.1% year over year, mainly due to a lower gain on settlement compared with the prior-year quarter. Excluding settlement gains, operating expenses were approximately flat year over year. Total operating loss was $19.6 million against an operating income of $30.1 million in the year-ago quarter. TXG exited the second quarter of 2026 with cash, cash equivalents and marketable securities of $552 million, up from $539.8 million at the end of the first quarter of 2026. Importantly, the company ended the quarter with no debt on its balance sheet, underscoring a solid solvency position. The company raised its 2026 revenue guidance to $610 million-$630 million from the prior range of $600 million-$625 million. Excluding non-recurring patent litigation settlement revenues in both 2026 and 2025, the updated outlook represents growth of 2% to 5% over 2025. Management attributed the increase to first-half performance and the $1.6 million of settlement revenue recognized during the second quarter. The outlook assumes that the broader academic funding environment remains roughly consistent with recent conditions, leaving potential improvement in funding outside the company's current guidance assumptions. 10x Genomics price-consensus-eps-surprise-chart | 10x Genomics Quote 10x Genomics exited the second quarter of 2026 with better-than-expected results, as both earnings and revenues beat the Zacks Consensus Estimate. Reported revenues declined year over year due to lower non-recurring license and royalty revenues. However, the underlying business remained resilient. Products and Services revenues increased, supported by growth in Single Cell and Spatial consumables and higher services revenues. Gross margin expansion was another positive, although the company swung to an operating loss from year-ago operating income. Atera remained the key development in the quarter. Customer response was strong, with booked orders at the end of the second quarter already well above the roughly 40 instruments previously expected for 2026. TXG continues to expect shipments of around 40 units this year as manufacturing capacity ramps. The company expects Atera-related transition dynamics to weigh on third-quarter revenues as customers moderate purchases of existing Spatial products. A significant sequential revenue increase is expected in the fourth quarter as Atera shipments begin contributing more meaningfully. TXG also strengthened its multiomics and diagnostics strategy during the quarter. The company acquired Proteintech Genomics, adding advanced protein-detection capabilities to its Single Cell and Spatial platforms. It also announced multi-year research collaborations with Cleveland Clinic and Lausanne University Hospital to advance diagnostic applications in cancer care. Meanwhile, TXG ended the quarter with $552 million in cash, cash equivalents and marketable securities, providing financial flexibility to support product development and commercialization efforts. TXG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the broader medical space are McKesson MCK, Phibro Animal Health PAHC and Cardinal Health CAH. McKesson carries a Zacks Rank #2 (Buy) at present and has an estimated long-term growth rate of 13.7%. MCK’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.09%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. McKesson shares have gained 8.8% against the industry’s 12.7% decline in the year-to-date period. Phibro Animal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 21.5%. PAHC’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 16.25%. Phibro Animal Health stock has climbed 44.2% against the industry’s 17.1% decline in the year-to-date period. Cardinal Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 10.27%. Cardinal Health’s shares have lost 2.6% compared with the industry’s 3.1% decline in the year-to-date period. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 10x Genomics (TXG) : Free Stock Analysis Report Cardinal Health, Inc. (CAH) : Free Stock Analysis Report McKesson Corporation (MCK) : Free Stock Analysis Report Phibro Animal Health Corporation (PAHC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in 10x Genomics? Here are five stocks we like better. Atera demand is strong ahead of launch: Booked orders by the end of Q2 exceeded the approximately 40 systems 10x Genomics expects to ship in 2026, with production capacity—not demand—currently limiting shipments. Most deliveries are expected in Q4. Revenue growth was mixed: Q2 revenue rose 3% year over year to $149.4 million excluding settlement revenue, as consumables increased 7% while instrument revenue fell 47% amid customer caution ahead of Atera’s launch. The company raised its 2026 outlook: 10x Genomics now expects revenue of $610 million to $630 million, supported by first-half performance and anticipated Atera sales, while continuing to invest in multi-omics, AI-enabled biology and oncology partnerships. Strategic Buy Lights Up This Biotech Stock: Time to Invest? 10x Genomics (NASDAQ:TXG) reported second-quarter revenue of $151 million, including $1.6 million in license and royalty revenue tied to its settlement with Takara. Excluding non-recurring settlement revenue in both periods, revenue was $149.4 million, up 3% from a year earlier. Chief Executive Officer and Co-founder Serge Saxonov said the quarter was marked by customer response to Atera, the company’s newly launched spatial biology platform. While Atera shipments have not yet begun, Saxonov said early orders have been “strikingly” strong and that booked orders by the end of the second quarter had already exceeded the company’s expected full-year shipment volume of approximately 40 systems. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth 10x Genomics maintained its expectation to ship about 40 Atera instruments during 2026, with most shipments weighted toward the fourth quarter. Chief Financial Officer Adam Taich said the constraint is production capacity rather than demand as the company ramps manufacturing for the launch. “The demand has been extraordinary and that’s not the constraint here,” Saxonov said during the question-and-answer session. “The constraint is actually shifting the manufacturing capacity to ship the units in the second half of the year.” → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Atera is designed to provide spatial whole-transcriptome profiling with single-cell sensitivity at scale. The company said customer interest has come from universities, academic medical centers and biopharmaceutical companies pursuing work in oncology, neuroscience, autoimmune and inflammatory disease, cardiometabolic conditions, kidney biology and transplant research. Management also cited demand for its Catalyst Research Services program, through which customers can submit samples for processing on Atera at 10x Genomics’ laboratory. The company expects sample processing to begin alongside commercial availability of the platform. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Saxonov said Atera’s maximum annual consumable utilization could range from roughly $1.5 million to $3 million, depending on assay mix, or about twice that of Xenium. However, management said it was too early to provide detailed estimates because instruments have not yet been installed in customer labs. Total consumables revenue increased 7% year over year, with growth in both single-cell and spatial products. Single-cell consumables revenue rose 3%, supported by double-digit growth in reaction volumes, while spatial consumables revenue increased 16%. Xenium remained the primary contributor to spatial consumables growth, though both Xenium and Visium consumables grew sequentially during the quarter, according to Taich. Instrument revenue, however, declined 47%, including a 46% decrease in Chromium instrument revenue and a 48% decline in spatial instrument revenue. Taich attributed the reductions primarily to lower unit sales. He said customers have moderated purchases of current spatial products while awaiting Atera. The company expects those transition dynamics to persist into the third quarter. Management forecast a modest sequential decline in total revenue from the second quarter, followed by a substantial increase in the fourth quarter as Atera shipments begin contributing more meaningfully to revenue. Taich said Atera instrument sales alone are expected to account for the large majority of the implied sequential increase from the third to fourth quarter at the midpoint of the company’s full-year outlook. Atera consumables and typical seasonal fourth-quarter strength across the rest of the business are expected to contribute as well. 10x Genomics raised its 2026 revenue outlook to a range of $610 million to $630 million. Excluding non-recurring patent-litigation settlement revenue in 2026 and 2025, the outlook represents annual growth of 2% to 5%. The higher outlook reflects first-half performance and the $1.6 million in settlement revenue recognized in the second quarter, Taich said. Management’s guidance assumes that current macroeconomic conditions remain broadly unchanged, including a still-tenuous environment for academic customers. By region, excluding non-recurring license and royalty revenue, Americas revenue rose 6% and EMEA revenue increased 15%. APAC revenue fell 19%, partly because the prior-year period included about $4 million in China purchasing that had been pulled forward ahead of potential tariff changes. Gross margin rose to 74% from 72% a year earlier. The company said lower manufacturing costs, including $2.6 million of tariff refunds, and lower inventory write-downs contributed to the increase. Excluding non-recurring settlement revenue in both periods, gross margin improved to 74% from 67%. Operating expenses were $132.1 million, compared with $95 million in the prior-year quarter. The periods included patent-litigation settlement gains of $3.4 million in 2026 and $40.7 million in 2025; excluding those gains, operating expenses were approximately flat year over year. The company ended the quarter with $552 million in cash equivalents and marketable securities, up $12 million sequentially. The company highlighted continued momentum for Flex Apex, its single-cell assay for large-scale perturbation studies. Saxonov said Flex Apex has seen particularly strong adoption among biopharmaceutical customers conducting target-identification work and expects the product to represent a larger share of reactions in the second half of the year. 10x Genomics also introduced a GEM-X version of its Multiome product during the prior quarter, aimed at measuring epigenetics and gene expression from the same cell. During the second quarter, the company acquired Proteintech Genomics, which management said adds protein measurement technologies and expands its multi-omics offering. Saxonov described artificial intelligence as a structural demand tailwind, arguing that AI models for biology require high-resolution data from single-cell and spatial technologies. He said AI is becoming an increasingly common component of significant biological data-generation projects, although the company did not quantify AI-related revenue. The company also announced partnerships with Cleveland Clinic and Lausanne University Hospital to identify therapy-response biomarkers across multiple oncology indications, part of its longer-term effort to build clinical evidence in oncology and autoimmunity. 10x Genomics, Inc is a biotechnology company specializing in advanced genomic analysis solutions that enable researchers to explore biology at unprecedented resolution. The company develops and manufactures integrated hardware, consumables and software products for single-cell sequencing and spatial genomics. Its flagship Chromium product line supports applications in single-cell RNA sequencing, immune profiling and genome assembly, while the Visium and Xenium platforms offer spatial transcriptomics and in situ analysis, respectively. Founded in 2012 and headquartered in Pleasanton, California, 10x Genomics serves a global customer base that includes academic institutions, pharmaceutical and biotechnology companies, and government research organizations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "10x Genomics Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

PLEASANTON, Calif., Aug. 6, 2026 /PRNewswire/ -- 10x Genomics, Inc. (Nasdaq: TXG), the life science technology leader focused on accelerating science and advancing human health, today reported financial results for the second quarter ended June 30, 2026. Recent Updates Revenue was $151.0 million for the second quarter of 2026. Excluding $1.6 million related to a patent litigation settlement, revenue was $149.4 million. Revenue increased 3% over the corresponding period of 2025 when excluding non-recurring settlement revenue in both the current and prior-year periods. Acquired Proteintech Genomics, a division within Proteintech Group, strengthening the company's multiomics strategy by adding advanced protein detection capabilities to its single cell and spatial platforms. Announced multi-year research collaborations with Cleveland Clinic and Lausanne University Hospital to advance research in diagnostic applications of single cell and spatial technologies for cancer care, furthering the company's diagnostics strategy. "The story of the quarter was the extraordinary customer response to Atera. We are highly encouraged by the engagement across the research ecosystem and the very strong early order flow," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Combined with the continued momentum across the rest of the business and our strong operating foundation, we are uniquely well-positioned for the opportunities ahead." Second Quarter 2026 Financial Results Revenue was $151.0 million for the second quarter of 2026, as compared to $172.9 million for the corresponding period of 2025. Excluding $1.6 million and $27.3 million of non-recurring revenue related to patent litigation settlements in the second quarter of 2026 and 2025, respectively, revenue increased 3% over the corresponding period of 2025. Gross margin was 74% for the second quarter of 2026, as compared to 72% for the corresponding prior year period. The increase in gross margin was primarily due to lower manufacturing costs, which included $2.6 million of tariff refunds, as well as lower inventory write-downs, partially offset by a decrease in non-recurring license and royalty revenue. Operating expenses were $132.1 million for the second quarter of 2026, a 39% increase from $95.0 million for the corresponding prior year period. The increase was primarily due to a lower gain on settlement of $3.4 million recognized in the second quarter of 2026, as compared to a $40.7 million gain on settlement recognized in the second quarter of 2025. Excluding impacts from settlements, operating expenses were approximately flat year-over-year. Operating loss was $19.6 million for the second quarter of 2026, as compared to operating income of $30.1 million for the corresponding prior year period. Net loss was $17.9 million for the second quarter of 2026, as compared to net income of $34.5 million for the corresponding prior year period. Cash and cash equivalents and marketable securities were $552.0 million as of June 30, 2026. 2026 Financial Guidance 10x Genomics is raising its full year 2026 revenue guidance and now expects revenue in the range of $610 million to $630 million, versus the previous range of $600 million to $625 million. Excluding the non-recurring license and royalty revenue related to patent litigation settlements in both 2026 and 2025, this represents 2% to 5% growth over full year 2025. Webcast and Conference Call Information 10x Genomics will host a conference call to discuss the second quarter 2026 financial results, business developments and outlook after market close on Thursday, August 6, 2026 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event. About 10x Genomics 10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world's understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "expect," "plan," "outlook," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "see," "estimate," "predict," "potential," "would," "likely," "seek" or "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.'s products, services, business strategy, collaborations and opportunities and 10x Genomics, Inc.'s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management's current expectations, forecasts, beliefs, estimates, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics' expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.'s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recently-filed 10-K for the fiscal year ended December 31, 2025 filed on February 12, 2026 and the company's quarterly report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the U.S. Securities and Exchange Commission ("SEC"), and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time. Disclosure Information 10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Contacts Investors: [email protected] Media: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/10x-genomics-reports-second-quarter-2026-financial-results-302845409.html

10x Genomics (TXG) reported $151.04 million in revenue for the quarter ended June 2026, representing a year-over-year decline of 12.7%. EPS of -$0.14 for the same period compares to $0.28 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $146.96 million, representing a surprise of +2.77%. The company delivered an EPS surprise of +39.13%, with the consensus EPS estimate being -$0.23. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how 10x Genomics performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Consumables: $130.75 million compared to the $127.63 million average estimate based on three analysts. The reported number represents a change of +7% year over year. Revenues- Instruments: $7.66 million compared to the $11.32 million average estimate based on three analysts. The reported number represents a change of -47.2% year over year. Revenues- Instruments- Single Cell: $3.09 million compared to the $4.99 million average estimate based on three analysts. The reported number represents a change of -46.1% year over year. Revenues- Services: $10.68 million versus the three-analyst average estimate of $7.97 million. The reported number represents a year-over-year change of +26%. Revenues- Consumables- Single Cell: $88.45 million compared to the $87.71 million average estimate based on three analysts. The reported number represents a change of +3.1% year over year. Revenues- Consumables- Spatial: $42.3 million versus the three-analyst average estimate of $39.92 million. The reported number represents a year-over-year change of +16.2%. Revenues- Instruments- Spatial: $4.57 million compared to the $6.33 million average estimate based on three analysts. The reported number represents a change of -47.8% year over year. View all Key Company Metrics for 10x Genomics here>>> Shares of 10x Genomics have returned +26.7% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 10x Genomics (TXG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year decline in earnings on lower revenues when 10x Genomics (TXG) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 6. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This life science technology company is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of -182.1%. Revenues are expected to be $146.96 million, down 15% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.73% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For 10x Genomics, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +10.93%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination indicates that 10x Genomics will most likely beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that 10x Genomics would post a loss of$0.29 per share when it actually produced a loss of -$0.10, delivering a surprise of +65.52%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. 10x Genomics appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Carlsmed, Inc. (CARL), another stock in the Zacks Medical Info Systems industry, is expected to report loss per share of $0.4 for the quarter ended June 2026. This estimate points to a year-over-year change of +72.8%. Revenues for the quarter are expected to be $18.52 million, up 53.3% from the year-ago quarter. The consensus EPS estimate for Carlsmed, Inc. has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -18.99%. When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Carlsmed, Inc. will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report 10x Genomics (TXG) : Free Stock Analysis Report Carlsmed, Inc. (CARL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. 10x Genomics (TXG) has been drawing fresh attention after quarterly results topped analyst revenue and EPS forecasts, even as the company was removed from several Russell value benchmarks in late June. For you as an investor, that mix of index-related technical pressure and better than expected fundamentals creates an interesting setup to reassess what is actually driving 10x Genomics stock right now. See our latest analysis for 10x Genomics. Since earnings, 10x Genomics has seen a 30 day share price return of 28.41% and a 90 day share price return of 62.91%, while the 1 year total shareholder return of 209.67% contrasts with a 3 year total shareholder return that is down 37.07% and a 5 year total shareholder return that is down 77.83%. This pattern suggests strong recent momentum following earlier weakness. If you are watching how sentiment in genomics and related tools is shifting, it can be useful to compare 10x Genomics with other companies benefiting from AI linked themes using the 40 healthcare AI stocks 10x Genomics just delivered better than expected numbers and a sharp share price move, yet it still sits on mixed longer term returns and an annual loss. Is this a strong business now priced too richly, or not richly enough? The most followed 10x Genomics narrative puts fair value at $20.14 using a 7.84% discount rate, compared with the latest close of $37.47. This frames today’s price as demanding. Read the complete narrative. Want to see what has to happen for that gap to close? The narrative leans on steady revenue gains, margin repair, and a punchy future earnings multiple. The exact mix of growth, profitability and share count assumptions may surprise you. Result: Fair Value of $20.14 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the 10x Genomics story still hinges on sensitive academic funding trends and pressure on instrument pricing, both of which could quickly challenge today’s positive assumptions. Find out about the key risks to this 10x Genomics narrative. Given the mix of cautious and optimistic views around 10x Genomics, it is worth acting now to review the underlying data and decide what matters most to you, then weigh the 1 key reward and 2 important warning signs highlighted in the 1 key reward and 2 important warning signs If 10x Genomics has sharpened your interest, do not stop here; broad, well chosen watchlists often start with comparing a few very different opportunity sets. Scan for companies that combine quality and potentially attractive pricing by checking out the 44 high quality undervalued stocks. Strengthen the defensive side of your portfolio by reviewing the 72 resilient stocks with low risk scores before the next round of market headlines hits. Get ahead of the crowd by searching through the screener containing 19 high quality undiscovered gems that most investors may not be watching yet. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TXG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]