Benzinga | Nov 4, 2021 07:41AM EDT

10x Genomics Clocks 74% Jump In Q3 Revenues; Raises Top End Of Sales Guidance

* 10x Genomics Inc (NASDAQ:TXG) reported Q3 sales of $125.3 million, beating the consensus of $122.62 million.

* Sales increased 74% Y/Y, primarily due to increased consumables revenue driven by growth in the instrument installed base.

* The gross margin remained flat at 80% as the impact in shifting product mix offset lower accrued royalties related to the Bio-Rad litigation.

* The company's net loss for the quarter narrowed to $(17.2) million, or $(0.15) per share, compared to a net loss of $(65.8) million, beating the consensus Wall Street analyst estimate of $(0.20).

* 10x Genomics had $600.4 million in cash and cash equivalents at the end of Q3.

* Guidance: The Company revised its FY21 revenue guidance to $490 million and $500 million, higher than the prior guidance of $480 million - $500 million.

* Price Action: TXG shares closed at $164.16 on Wednesday.