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10x Genomics Preliminary Q2 Revenues Down 1 Percent

NEW YORK – 10x Genomics said on Thursday after the close of the market that its preliminary second quarter revenues were down 1 percent year over year.

As a result, in Friday morning trading on the Nasdaq, shares of 10x were down 22 percent at $34.15.

For the quarter ended June 30, the Pleasanton, California-based single-cell and spatial technologies firm expects revenues of $114.5 million, compared to revenues of $115.8 million a year ago, which would miss the consensus Wall Street estimate of $127.7 million.

"Our second quarter results fell short of our expectations," 10x CEO and Cofounder Serge Saxonov said in a statement. "We continue to have strong confidence in our longer-term opportunity, technology leadership, and the underlying strength of our markets. We are more excited than ever to deliver on the full potential of single-cell and spatial biology."

Revenues from the Americas were $70.9 million, up 8 percent year over year; revenues from Europe, the Middle East, and Africa were $25.6 million, down 11 percent year over year; and revenues from the Asia-Pacific region totaled $18.1 million, down 15 percent year over year.

"The Q2 shortfall itself is not shocking, given the recent trends and number of issues TXG is facing, though the magnitude was larger than expected," Cowen Analyst Dan Brennan wrote in a note to investors.

According to Brennan and JP Morgan Analyst Julia Qin, 10x attributed the miss to COVID-19 lockdowns in China, residual issues related to European cold chain logistics seen in Q1, and foreign exchange conversion.