Biotech company 10x Genomics (NASDAQ: TXG) will be reporting results this Thursday after market close. Here’s what to look for.
10x Genomics beat analysts’ revenue expectations last quarter, reporting revenues of $151 million, down 12.6% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and full-year revenue guidance slightly topping analysts’ expectations.
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 be flat year on year, improving from the 1.7% decrease 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 Q3 results, giving us a hint as to what we can expect. Illumina delivered year-on-year revenue growth of 7.6%, beating analysts’ expectations by 1.1%, and West Pharmaceutical Services reported revenues up 8.7%, topping estimates by 5.7%. Illumina traded down 18.6% following the results while West Pharmaceutical Services was up 2.2%.
Read our full analysis of Illumina’s results here and West Pharmaceutical Services’s results here.
There has been positive sentiment among investors in the life sciences tools & services segment, with share prices up 2.8% on average over the last month. 10x Genomics is down 32.8% during the same time and is heading into earnings with an average analyst price target of $77.50 (compared to the current share price of $65.70).
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