10x Genomics Posts Topline Growth Of 8%, Reaffirms FY22 Guidance

10x Genomics TXG reported Q1 sales of $114.5 million, up 8% Y/Y beating the average Wall Street estimate of $113.3 million

• The sales increase was driven by consumables revenues and sales of Chromium X series instruments.
• The company posted a Q1 EPS loss of $(0.38) compared to $(0.11) a year ago, missing the average Wall Street estimate of a $(0.31) loss per share.
• The gross margin was 78% compared to 84% a year ago. The decrease in gross margin was primarily due to changes in product mix, increased manufacturing and logistics costs, and higher accrued royalties.
• The installed base of Chromium systems grew to more than 3,500.
• As of March 31, 10x had $312.5 million in cash and cash equivalents and $226.8 million in marketable securities.
• Recently, the company showcased a product roadmap at Xperience 2022 for the Chromium and Visium platforms and provided the first look into Xenium, its forthcoming In Situ platform.
• 10x launched two new products for fixed RNA profiling and nuclei isolation, designed to improve sample preparation and broaden the adoption of Chromium, a platform for single-cell analysis.
• Guidance: 10x Genomics maintained its 2022 revenue guidance of $600 million to $630 million, versus the consensus of $614 million.
• Price Action: TXG shares closed at $52.49 on Wednesday.