10x Genomics, Inc. (NASDAQ:TXG) reported a loss for the third quarter on Tuesday.
The company posted a quarterly loss of 30 cents per share, compared to market expectations for a loss of 34 cents per share. The company reported quarterly sales of $151.654 million which missed the analyst consensus estimate of $158.632 million.
"Our results this quarter fell short of our expectations given greater-than-anticipated disruption from the sales restructuring we implemented in the quarter and cautious customer spending. As these dynamics persist, especially under a difficult macro backdrop, our revenue growth this year will be lower than our previous expectations," said Serge Saxonov, Co-founder and CEO of 10x Genomics. "Despite these challenges, I am confident that the steps we are taking will enable us to reach more customers, execute consistently across the portfolio and drive the broad democratization of our technologies to reach the full potential of the large opportunity ahead."
10x Genomics slashed its FY24 revenue guidance from $640 million-$5660 million to $595 million-$605 million.
10x Genomics shares gained 6.3% to trade at $16.79 on Wednesday.
These analysts made changes to their price targets on 10x Genomics following earnings announcement.
- UBS analyst Dan Leonard maintained 10x Genomics with a Neutral and lowered the price target from $25 to $20.
- JP Morgan analyst Rachel Vatnsdal maintained the stock with a Neutral and lowered the price target from $20 to $14.
- Goldman Sachs analyst Matthew Sykes maintained 10x Genomics with a Sell and cut the price target from $16 to $14.
- Citigroup analyst Patrick Donnelly maintained 10x Genomics with a Buy and cut the price target from $35 to $23.
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