10X Genomics, Inc. - TXG STOCK NEWS

10x Genomics (Nasdaq: TXG) announced preliminary Q3 2024 results with revenue of approximately $151.7 million, a 1% decrease year-over-year. Consumables revenue grew 10% to $126.2 million, while instruments revenue declined 46% to $19.1 million. Services revenue increased 48% to $6.4 million.

Geographically, Americas revenue decreased 11%, while EMEA and APAC revenues increased 18% and 15%, respectively. The company ended the quarter with approximately $398 million in cash and cash equivalents.

CEO Serge Saxonov acknowledged that revenue fell short of expectations, citing disruptions from commercial process changes and cautious customer spending, particularly impacting instrument sales. The company will provide full year 2024 guidance during its earnings call on October 29, 2024.

At the Human Cell Atlas General Meeting in Milan, 10x Genomics (Nasdaq: TXG) announced plans to deliver 'single cell for a single cent'. The company aims to launch new products and configurations this quarter, enabling mega-scale single cell analysis at a cost as low as $0.01 per cell. These launches will allow for 2.5 million cells per run and 5 million cells per kit, making them the most cost-effective single cell products for high-throughput applications.

10x Genomics also plans to introduce cost-effective products for smaller-scale experiments, with single cell experiments starting at approximately $560 per sample. The company's strategy includes recent launches like the Chromium GEM-X Technology and Chromium Xo instrument, aimed at reducing customer costs and increasing accessibility to single cell analysis.

Researchers from the University of Lausanne and Ludwig Institute for Cancer Research used 10x Genomics' Chromium and Xenium platforms to study glioblastoma (GBM) recurrence mechanisms. The study, published in Cancer Cell, revealed that fibrotic scars in the brain contain dormant tumor cells, potentially seeding GBM recurrence. By combining single-cell and spatial transcriptomics, researchers identified pericyte-derived fibroblast-like cells as key players in scar formation.

The team developed a three-drug treatment regimen targeting CSF-1R and inhibiting scar formation, which significantly improved survival in preclinical mouse trials. Only 1 in 18 mice experienced tumor recurrence, marking a substantial improvement over conventional treatments. This research highlights the potential of combining 10x Genomics' technologies to develop novel therapeutic approaches for aggressive cancers like GBM.

10x Genomics has launched Chromium Xo, a new low-cost single cell instrument priced at $25,000, aimed at expanding access to high-performance single cell research. This addition to the Chromium fleet is designed for researchers with budgets, offering high-quality data and superior reproducibility.

Key features of Chromium Xo include:

• Compatibility with the GEM-X 3' assay, providing up to 80% cell capture and 40% higher gene sensitivity
• Potential for 50% savings on sequencing costs compared to non-10x methods
• Automation for partitioning hundreds of thousands of cells in minutes
• Intuitive push-button interface for efficient cell processing

The instrument aims to democratize single cell analysis and drive towards the goal of enabling high-performance analysis for $100 per sample.

10x Genomics (Nasdaq: TXG), a leader in single cell and spatial biology, has announced its participation in the Morgan Stanley 22nd Annual Global Healthcare Conference. The company's management team will engage in a fireside chat on Wednesday, September 4, at 10:45 a.m. Eastern Time.

Interested parties can access a live webcast of the fireside chat through the "Investors" section of 10x Genomics' website at https://investors.10xgenomics.com/. The webcast will remain archived and available for replay for at least 45 days following the event, providing an opportunity for those unable to attend live to catch up on the discussion.

10x Genomics (NASDAQ: TXG) has announced significant changes to its executive team on August 8, 2024. Mennah Moustafa has been appointed as Chief Commercial Officer effective August 1, 2024. She will oversee commercial strategy, sales, support, and marketing. Justin McAnear, the current CFO, will resign on August 30 to join a private company. Adam Taich will take over as CFO on August 12, 2024, leading the company's financial team and strategy.

CEO Serge Saxonov highlighted the company's ongoing evolution aimed at driving growth and innovation. The leadership changes are part of the broader strategy to strengthen commercial functions and financial management, aided by the recent Board additions of Alan Mateo and Sarah Teichmann.

Moustafa, having proven herself as interim CCO, brings over 20 years of experience in biotechnology and life sciences. Taich, with a strong background in finance and life sciences, joins from Standard BioTools. The company aims for continued growth and leadership in single cell and spatial biology.

10x Genomics (Nasdaq: TXG) reported Q2 2024 financial results with revenue of $153.1 million, a 4% increase year-over-year. The company began shipping Xenium Prime 5K, featuring enhanced chemistry and integrated multimodal cell segmentation. Gross margin remained flat at 68%, while operating expenses decreased by 10% to $146.0 million. The operating loss narrowed to $41.7 million from $63.4 million in the prior year period. Net loss improved to $37.9 million compared to $62.4 million last year. Cash and equivalents stood at $380.1 million as of June 30, 2024. 10x Genomics updated its full-year 2024 revenue guidance to $640-$660 million, representing 3-7% growth over 2023.

10x Genomics (Nasdaq: TXG) is supporting the TenK10K project, a large-scale study led by the Garvan Institute of Medical Research. The project aims to map 50 million human cells from 10,000 people to identify unique genomic fingerprints of autoimmune diseases, heart diseases, and cancer. The Garvan Institute has selected 10x Genomics' Chromium GEM-X products for single cell data generation, which offers increased sensitivity, throughput, data quality, and sample recovery.

The TenK10K project builds on the success of the Garvan Institute's OneK1K study and aims to develop commercial tests for various autoimmune diseases, early trials of RNA therapies, and potential treatments for cancers and long COVID. This collaboration showcases the potential of single cell analysis at a massive scale to impact disease understanding, diagnosis, treatment, and cure.

10x Genomics (Nasdaq: TXG) announced that it will release its Q2 2024 financial results on August 8, 2024, after market close. The company will hold a conference call and live webcast for investors and analysts at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results, business developments, and future outlook. The financial results will be accessible on the company's website before the call. The live webcast will be available on the 'Investors' section of the website and will be archived for replay for at least 45 days.