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1. Company Snapshot

1.a. Company Description

10x Genomics, Inc., a life science technology company, develops and sells instruments, consumables, and software for analyzing biological systems in North America, Europe, the Middle East, Africa, China, and the Asia Pacific.The company provides chromium and chromium connect instruments, microfluidic chips, slides, reagents, and other consumables products.Its single cell solutions runs on its chromium instruments, which include single cell gene expression for measuring gene activity on a cell-by-cell basis; single cell immune profiling for measuring the activity of immune cells and their targets; single cell Assay for Transposase Accessible Chromati (ATAC) for measuring epigenetics comprising the physical organization of DNA; and single cell multiome ATAC + gene expression for measuring the genetic activity and epigenetic programming in the same cells across tens of thousands of cells in a single experiment.


The company also provides visium spatial gene expression solution for measuring spatial gene expression patterns across a single tissue sample or gene expression and protein co-detection when combined with immunofluorescence.It serves various academic, government, biopharmaceutical, biotechnology, and other institutions.The company was formerly known as 10X Technologies, Inc.


and changed its name to 10x Genomics, Inc.in November 2014.10x Genomics, Inc.


was incorporated in 2012 and is headquartered in Pleasanton, California.

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1.b. Last Insights on TXG

10x Genomics' recent performance was driven by strong Q2 earnings, with the company reporting $0.28 per share, beating the Zacks Consensus Estimate of a loss of $0.35 per share. The company's revenue and earnings beat estimates, reflecting growing optimism about its prospects, leading to an upgrade to a Zacks Rank #2 (Buy). Additionally, 10x Genomics announced the acquisition of Scale Biosciences, expanding its single-cell analysis capabilities. The company's presentation at the Morgan Stanley 23rd Annual Global Healthcare Conference also highlighted its growth potential.

1.c. Company Highlights

2. 10X Genomics' Q3 2025 Earnings: A Strong Performance Amidst Challenges

10X Genomics reported total revenue of $149 million for Q3 2025, exceeding the top end of their guidance range. The company's consumables revenue was $127.9 million, up 1% year-over-year, with spatial consumables revenue growing 19%. However, the company reported a net loss, with an EPS of -$0.22, wider than the estimated -$0.07. As CFO Adam Taich noted, "total revenue was down 2% year-over-year, but up 2% sequentially, excluding one-time license and royalty revenue." The company's gross margin was also affected, but specific figures were not disclosed.

Publication Date: Nov -25

📋 Highlights
  • Revenue Growth:: Total revenue reached $149M, surpassing guidance and up 2% sequentially (excluding one-time revenue).
  • Spatial Consumables Momentum:: Double-digit YoY growth driven by Xenium, with $127.9M in consumables revenue (19% spatial growth).
  • Balance Sheet Strength:: Ended Q3 with $482M cash, reflecting disciplined cost management and cash generation.
  • Pricing Strategy Impact:: Average reaction prices for Flex dropped 20-30%, offset by volume growth and new configurations.
  • Future Guidance:: Q4 revenue projected at $154–158M (5% sequential growth) despite macroeconomic uncertainties.

Segment Performance

The company's spatial business continued to show strong growth, with double-digit year-over-year revenue growth driven by demand for Xenium consumables. Chromium consumables revenue was down year-over-year, but the company saw double-digit growth in Chromium reaction revenue. Instrument revenue was down 37%, while services revenue grew 29%. The company's guidance for Q4 anticipates revenue to be in the range of $154 million to $158 million, representing 5% growth compared to Q3.

Product Developments and Innovation

10X Genomics launched the next generation of Chromium Flex, which improves sensitivity, robustness, and scalability. They also started shipping Xenium protein, a new addition to the Xenium platform. The company is focused on advancing its innovation roadmap and driving greater adoption of its products. The launch of GEM-X Flex v2 product is expected to drive revenue growth in the near to medium term, with a barcode oligo hybridization step expected to improve performance.

Valuation and Outlook

With a P/S Ratio of 3.87 and an EV/EBITDA of -34.08, the market is pricing in significant growth expectations. Analysts estimate next year's revenue growth at -3.5%. The company's ability to execute with discipline and agility as market conditions evolve will be crucial. The government shutdown has been factored into their Q4 guide, and they expect the first half of 2026 to look similar to the second half of 2025. The company's focus on innovation and cost management will be key to driving durable value for customers and shareholders.

Competitive Landscape and Trends

The company is seeing dynamic growth in the spatial field, with Xenium usage increasing on a per-instrument basis. The trend is shifting towards Xenium relative to Visium, with customers preferring Xenium due to its performance, data quality, and ease of use. The company is also seeing promising trends in multiomic workflows, with the Xenium protein product being well-received by customers. Pharma has been a challenging segment, but the company is seeing positive trends, including interest in running large-scale experiments for AI-driven applications.

3. NewsRoom

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New ASTRA Consortium Unites Asia-Pacific Scientists to Build Pan-Cancer Spatial Atlas Powered by 10x Genomics' Xenium

Nov -18

Source: prnewswire.com

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10x Genomics to Participate in the Wolfe Research Healthcare Conference 2025

Nov -11

Source: prnewswire.com

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10x Genomics, Inc. (TXG) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Compared to Estimates, 10x Genomics (TXG) Q3 Earnings: A Look at Key Metrics

Nov -07

Source: zacks.com

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10x Genomics (TXG) Reports Q3 Loss, Beats Revenue Estimates

Nov -06

Source: zacks.com

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10x Genomics Reports Third Quarter 2025 Financial Results

Nov -06

Source: prnewswire.com

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Torex Gold Resources Inc. (TXG:CA) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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10x Genomics (TXG) Expected to Announce Quarterly Earnings on Thursday

Oct -30

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.28%)

6. Segments

Consumables

Expected Growth: 10%

10x Genomics' Consumables segment growth is driven by increasing adoption of single-cell analysis in research and clinical applications, expansion into new markets, and growing demand for gene expression and immune profiling. Additionally, the company's innovative products, such as Chromium and Visium, are experiencing high demand, contributing to the segment's rapid growth.

Instruments

Expected Growth: 11%

10x Genomics' 11% growth driven by increasing adoption of single-cell genomics in research and clinical applications, expansion into new markets, and growing demand for spatial biology and in situ analysis. Strong sales of Chromium and Visium instruments, as well as growth in consumables and services, contribute to revenue growth.

Services

Expected Growth: 13%

10x Genomics' 13% growth is driven by increasing adoption of single-cell genomics in research and clinical applications, expansion into new markets, and growing demand for its Chromium and Visium platforms. Additionally, strategic partnerships, innovative product launches, and investments in sales and marketing efforts contribute to the company's rapid growth.

7. Detailed Products

Chromium

A single-cell gene expression solution that enables the analysis of thousands of cells in a single run

Chromium Single Cell ATAC

A single-cell epigenomics solution that enables the analysis of chromatin accessibility in thousands of cells

Chromium Single Cell Multiome

A single-cell multi-omics solution that enables the simultaneous analysis of gene expression and chromatin accessibility

Chromium Spatial Gene Expression

A spatial gene expression solution that enables the analysis of gene expression in the context of tissue architecture

Chromium Visium Spatial Gene Expression

A high-resolution spatial gene expression solution that enables the analysis of gene expression in the context of tissue architecture

Chromium Fixed RNA Profiling

A fixed RNA profiling solution that enables the analysis of gene expression in fixed tissue samples

8. 10x Genomics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for 10x Genomics is moderate due to the presence of alternative sequencing technologies and emerging technologies like Oxford Nanopore's portable sequencing devices.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of 10x Genomics' products and the lack of alternative suppliers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's ability to negotiate prices with suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for genomic sequencing and the potential for new companies to enter the market with innovative technologies.

Intensity Of Rivalry

The intensity of rivalry is moderate due to the presence of established competitors like Illumina and PacBio, but 10x Genomics' unique technology and strong market position mitigate the competitive pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.40%
Debt Cost 3.95%
Equity Weight 88.60%
Equity Cost 13.56%
WACC 12.46%
Leverage 12.87%

11. Quality Control: 10x Genomics, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Progyny

A-Score: 5.2/10

Value: 4.0

Growth: 8.1

Quality: 6.5

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Doximity

A-Score: 5.1/10

Value: 0.3

Growth: 8.9

Quality: 9.5

Yield: 0.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Certara

A-Score: 4.0/10

Value: 2.3

Growth: 5.9

Quality: 5.7

Yield: 0.0

Momentum: 7.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
GoodRx

A-Score: 3.5/10

Value: 5.2

Growth: 5.9

Quality: 5.9

Yield: 0.0

Momentum: 2.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
R1 RCM

A-Score: 3.3/10

Value: 3.4

Growth: 3.8

Quality: 2.3

Yield: 0.0

Momentum: 5.0

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
10x Genomics

A-Score: 2.9/10

Value: 5.9

Growth: 3.2

Quality: 3.8

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.77$

Current Price

17.77$

Potential

-0.00%

Expected Cash-Flows