On February 16, 10x Genomics Inc. (TXG) posted results for its fourth quarter and full-year 2021. Missed earnings and revenue caused the stock to plunge further in the after-hours session on Wednesday.
After moving between a high of $95.50 and a low of $91.16, TXG closed the regular session at $94.98. Thus, the stock suffered a mild loss of 0.34% at a volume of 1.46 million in the regular trading session. Following the announcement, the stock plunged down by a huge 26.30% to lose $24.98 at 260.74K shares volume. Hence, TXG was trading at a value of $70.00 per share in the after-hours on Wednesday.
The life science technology company, 10x Genomics Inc. develops products for interrogating, understanding, and mastering biology. Founded in 2012, its 91.59 million outstanding shares trade at a market capitalization of $10.65 billion.
TXG’s Q4 2021 Highlights
In Q4 2021, the company had revenue of $143.5 million with an increase of 28% YOY. This compares to $112.2 million in the year-ago quarter.
Moreover, TXG incurred a net loss of $18.4 million in the quarter against $415.6 million in the year-ago period.
The gross margin decreased to 81% from 83% in the prior-year quarter.
Full Year 2021
For fiscal 2021, the company reported revenue of $490.5 million against $298.8 million in the previous year. This marks an increase of 64% YOY.
Furthermore, the company had a net loss of $58.2 million in fiscal 2021 against $542.7 million in the previous year.
The gross margin increased to 85% in fiscal 2021 from 80% in fiscal 2020.
On December 31, 2021, TXG had cash and cash equivalents of $587.4 million.
TXG’s 2022 Outlook
The company expects revenue between $600 and $630 million for fiscal 2022 with an increase of 22%-28% YOY.
10x CSP Network Expansion
On January 21, the company announced the expansion of its 10x Certified Service Provider (CSP) Network. TXG had added three leading clinical research organizations (CROs) to its 10x CSP Network. These new CROs are Q2 Solutions, Azenta Life Science, and CellCarta.
Q2 Solutions is a leading global clinical trial laboratory services organization while Azenta Life Sciences provides life science solutions worldwide. And CellCarta provides specialized precision medicine laboratory services to biopharma.
TXG’s Recent Participation
Recently, the company participated in the 40th Annual JP Morgan Healthcare Conference. The company’s management presented at the conference on Monday, January 10, 2022.
