Biotech company 10x Genomics (NASDAQ: TXG) will be announcing earnings results this Thursday after market close. Here’s what to expect.
10x Genomics beat analysts’ revenue expectations last quarter, reporting revenues of $150.8 million, down 2.6% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates.
Is 10x Genomics a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting 10x Genomics’s revenue to decline 15.3% year on year, a reversal from the 12.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. 10x Genomics rarely misses Wall Street’s revenue estimates.
Looking at 10x Genomics’s peers in the life sciences tools & services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Illumina delivered year-on-year revenue growth of 9.4%, beating analysts’ expectations by 2.5%, and Azenta reported revenues up 12%, topping estimates by 8%. Illumina’s stock price was unchanged following the results.
Read our full analysis of Illumina’s results here and Azenta’s results here.
Investors in the life sciences tools & services segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. 10x Genomics is up 19.7% during the same time and is heading into earnings with an average analyst price target of $41.54 (compared to the current share price of $47.88).
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