Why 10x Genomics Stock Is Sinking Today
Shares of 10x Genomics (NASDAQ: TXG) have sunk 13.9% as of 10:56 a.m. ET on Thursday. The big decline came after the life sciences company announced its 2021 fourth-quarter and full-year results following market close on Wednesday.
10x Genomics reported fourth-quarter revenue of $490.5 million, a 64% year-over-year increase. It posted a net loss in the quarter of $18.4 million, or $0.16 per share. Although the company's bottom line reflected improvement compared to the prior-year period, it didn't meet the consensus Wall Street estimate of a net loss of $0.09 per share.
Investors were most disappointed by 10x's guidance for full-year 2022. The company stated that it expects revenue this year will be between $600 million and $630 million. The midpoint of that range represents 24% year-over-year growth. However, it fell short of the average analysts' revenue projection of $679.9 million.
Source Fool.com
