On Wednesday, 10x Genomics Inc (NASDAQ:TXG) reported a fourth-quarter EPS loss of $(0.40), missing the consensus estimate of $(0.30).
The single-cell and spatial biology company reported quarterly sales of $165.02 million, down 10% year over year, beating the consensus of $159.39 million.
Gross margin was 67% for the fourth quarter of 2024 compared to 63% a year ago, primarily due to product mix changes.
10x Genomics' instruments sales fell to $24.35 million from $38.4 million a year ago. This included $10.93 million from Chromium instruments and $13.43 million from Spatial instruments.
Consumables sales decreased from $140.31 million to $133.53 million. Of this, Chromium consumables accounted for $97.74 million, and Spatial consumables generated $35.79 million.
Additionally, services revenue experienced a growth from $5.27 million to $7.14 million.
Guidance: 10x Genomics forecasts fiscal year 2025 sales of $610 million-$630 million, lower than the consensus of $631.14 million. At the midpoint, this guidance implies double-digit growth for both Chromium reactions and overall spatial revenue.
William Blair says the management noted that its guidance does not anticipate any improvements in the macro environment and contemplates a roughly $7 million impact from NIH funding uncertainties.
Analyst Reaction:
Price Action: TXG stock is down 6% at $11.28 at the last check on Thursday.
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