10x Genomics Cuts 2024 Revenue Outlook as Q2 Sales Miss Estimates

10x Genomics (NASDAQ:TXG), which makes gene sequencing and analysis systems, said second-quarter revenue rose 4%, which was short of management’s forecast. At the same time, the company trimmed its full-year revenue expectations.

Revenue rose to $153.1 million from $146.8 million, well below management’s 2024 estimate of 8% to 12% growth, according to an Aug. 6 news release. The company now expects full-year revenue of $640 million to $660 million, or about 4% below past projections. Operating expense fell 10%, leading to a net loss of $37.9 million, down from from $62.4 million in the same quarter last year.

10x Genomics platforms like Chromium, Visium, and Xenium aid in single-cell and spatial genomic research.

Recently, 10x Genomics rolled out new products like the Xenium Prime 5K for cell and tissue analysis. It aims to drive success through consistent technological advancements and by capturing a larger share of the global life sciences research tools market.

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