10x Genomics Shares Plunge On Disappointing Q4 Earnings, FY22 Outlook

10x Genomics Inc TXG reported Q4 sales of $143.5 million, missing the consensus of $148.53 million.

  • Sales increased 28% Y/Y, primarily due to increased consumables revenue driven by growth in cumulative instruments sold.
  • The gross margin was 81% for the fourth quarter of 2021 compared to 83% a year ago. The decrease in gross margin was primarily due to the impact of shifting product mix, partially offset by decreased costs related to ramping the company's second manufacturing facility.
  • The installed base of Chromium systems grew to more than 3,500.
  • The firm's net loss was $(0.16) per share, compared to a loss of $(3.87) in Q4 2020 and missing the average Wall Street estimate of a $(0.09) loss per share. 
  • Operating loss was $(15.8) million versus $(409.6) million last year, which included $406.9 million of in-process research and development expense related to the acquisition of ReadCoor.
  • 10x Genomics held $587.4 million in cash and equivalents at the end of Q4.
  • Guidance: 10x Genomics expects FY22 revenue of $600 million - $630 million, representing Y/Y growth of 22% - 28%, lower than the consensus of $679.87 million.
  • Price Action: TXG shares traded 22.09% lower at $74.00 during pre-market trading on Thursday.

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