10X Genomics Inc (NASDAQ: TXG) has experienced exponential growth since it went public in September. The stock went public at $39 a share and as of yesterday’s close, it was trading at $63.55. All through November, the stock was up after announcing strong Q3 results.
The company recorded revenues of $61.2 million in Q3 of 2019. This was a 67% increase compared to a similar quarter in 2018. The company also recorded a gross margin of 75% in the quarter, slightly lower than the 86% that it recorded in a similar quarter in 2018. It attributed the decline to higher royalties to a case that is ongoing. The company’s operating expenses increased as well to hit $54.8 million, up from $46.3 million in the same quarter in the last financial year.
However, the net loss declined from $15.3 million in the 2018 fiscal year to hit $9.6 million in Q3 of 2019. The company also offered full-year guidance, stating that, it expects revenues of between $238 million and $242 million in the year. That’s a 63% – 65% increase in revenues compared to a similar period in 2018.
Recently, on the 26th of November, the company announced that it had started shipping its Visium Spatial Gene Expression solution. This is the first product to come out after the company bought Swedish Spatial Transcriptomics, a leader in the upcoming field of spatial genomics.
The company stated that, this solution was the first among others that are coming up for its Visium platform. It added that there was strong demand and that there was a high number of pre-orders from pharma and biotech companies.
Looking at the charts, TXG was trading between $65.69 and $63.21 and closed the day at $63.55 in Wednesday’s trading session. Volumes in the day stood at 91.21k.
About 10X Genomics Inc
10X Genomics Inc is a life sciences company. It is headquartered in Pleasanton, California.