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10x Genomics' Share Price Tumbles as Preliminary Q3 Revenues Show 1 Percent Drop

NEW YORK – Shares of 10x Genomics were down 26 percent at $15.50 in Thursday morning trading on the Nasdaq following the release of preliminary third quarter results that showed a 1 percent decrease in revenue year over year.

For the three months ended Sept. 30, 10x reported approximately $151.7 million in total revenue, which was short of the firm's expectations, CEO and Cofounder Serge Saxonov said in a statement. Revenues also missed the consensus Wall Street estimate of $162.2 million. "The previously announced modifications we made to our commercial processes and organization to increase effectiveness represented a significant change in how we engage with customers," he said. "The transition was more disruptive than we anticipated, especially in the Americas. At the same time, our customers continue to be cautious with their spending, particularly around capital purchases, which notably impacted instrument sales during the quarter."

Instrument revenue was approximately $19.1 million, down 46 percent year over year. Chromium instrument revenues were $7.6 million and spatial instrument revenues were $11.4 million.

Consumables revenues were approximately $126.2 million, up 10 percent year over year. Chromium consumables revenues were $96.5 million while spatial consumables revenues were $29.7 million.

Services revenues were $6.4 million, up 48 percent year over year.

Americas revenues were approximately $87.8 million, down 11 percent year over year. Europe, Middle East, and Africa revenues were approximately $37.9 million, up 18 percent year over year. Asia-Pacific revenues were approximately $26.0 million, up 15 percent year over year.

"With the miss, we expect another [guidance] cut, and the question will be … how steep," Barclays analyst Luke Sergott wrote in a note to investors. 

The firm ended the quarter with approximately $398 million in cash and cash equivalents.