Abstract
10x Genomics, Inc. will report quarterly results on February 12, 2026 Post Market, with investors focused on revenue stability versus margin pressure; consensus points to flattish revenue year over year, negative EBIT, and a modestly negative EPS, while attention centers on consumables resilience and progress in spatial and single-cell platforms.
Market Forecast
Market expectations suggest that 10x Genomics, Inc. will deliver current-quarter revenue of $159.27 million, down 0.07% year over year, with EBIT at -$17.76 million and EPS at -$0.21. Prior company benchmarks indicate gross margin structurally anchored near the high-60% range, and the net margin likely negative, implying another quarter of adjusted EPS in the red on a year-over-year basis. The company’s main business is anchored by consumables, which continue to exhibit resilient demand and recurring revenue characteristics; instruments and services are expected to contribute incrementally with a focus on installed base expansion. The most promising segment remains consumables at $127.89 million last quarter, supported by the expanding instrument base and adoption of newer chemistries that underpin medium-term growth despite near-term macro and funding headwinds.
Last Quarter Review
In the previous quarter, 10x Genomics, Inc. reported revenue of $149.00 million, a gross profit margin of 67.32%, GAAP net loss attributable to the parent company of $27.47 million, a net profit margin of -18.44%, and adjusted EPS of -$0.22, with revenue down 1.75% year over year. A notable financial highlight was that revenue exceeded prior consensus despite continued operating losses, reflecting disciplined cost control alongside stable gross margins near the high-60% range. By business line, consumables generated $127.89 million, instruments $11.99 million, services $8.13 million, and licenses/royalties $0.98 million, with consumables demonstrating the largest absolute revenue contribution and underpinning overall stability.
Current Quarter Outlook (with major analytical insights)
Main business: Consumables recurring profile and chemistry upgrades
Consumables remain the core revenue engine, tied to sample processing volume across single‑cell and spatial applications. The latest quarter’s mix shows consumables contributing the dominant share at $127.89 million, underpinned by recurring usage from an expanding installed base. For this quarter, stability in lab activity and continued usage of core consumables should support a revenue profile close to flat year over year, consistent with the forecasted total revenue of $159.27 million. The central question is whether chemistry upgrades and workflow improvements translate into higher per-run value and retention. Continued adoption of newer kits and protocols can support pricing and volume, while the normalization of academic and biopharma lab utilization could mitigate volatility in order timing. However, budget timing at academic and government customers, together with biopharma capital discipline, could cap near-term upside and keep growth modest. We expect consumables to remain the ballast for top line, with margins supported by scale and manufacturing efficiency.
Most promising business: Installed base expansion and ecosystem pull-through
Instruments at $11.99 million and services at $8.13 million last quarter signal a steady enlargement of the installed base and customer engagement, which are precursors to higher consumables pull-through. The near-term growth lever is turning new placements into predictable consumables demand, especially where newer instruments support higher throughput or improved data quality. As life sciences funding patterns unevenly stabilize, labs prioritize platforms with proven data quality and application breadth, which should favor upgrades and add-on modules that enhance workflow efficiency. Spatial and single‑cell integrations that reduce run time and increase throughput could lift per‑instrument consumables usage over time. While hardware revenue itself is smaller in absolute terms, every incremental placement is a long‑term annuity for consumables. This dynamic is the crux of the medium-term growth narrative, even as the current quarter may still reflect cautious capital spending. A measured rebound in biopharma project initiations and grant disbursements could gradually improve the cadence of orders across 2026, reinforcing the pull-through cycle.
Key stock price drivers this quarter: Margins, operating leverage, and visibility on funding
Gross margin durability near 67.32% is a pivotal support for valuation. Investors will evaluate whether product mix and manufacturing efficiencies can keep gross margins in the high-60% range despite flattish revenue. EBIT guidance implied at -$17.76 million and EPS at -$0.21 reflect continued investment and limited operating leverage at current volumes; any incremental efficiency or opex discipline could improve the trajectory. Visibility into customer funding—across academic grants and biopharma budgets—remains a swing factor for both instruments and consumables. Commentary on the cadence of orders, replenishment trends, and adoption of new chemistries will influence expectations for the first half of 2026. Finally, qualitative updates on product pipeline execution and competitive dynamics in spatial and single‑cell could sway sentiment, especially if they point to accelerated pull-through or improved workflow adoption.
Analyst Opinions
A majority of recent institutional commentaries lean cautious, citing a flat revenue trajectory, negative EBIT, and pressure on EPS as reasons to temper near‑term expectations. Analysts emphasize that while consumables resilience underpins revenue stability, operating leverage remains constrained until volume growth re-accelerates, and funding visibility improves. Several well-known sell-side voices note that consensus implies revenue of $159.27 million with an EPS of -$0.21 and EBIT of -$17.76 million, leaving limited room for upside surprises absent stronger instrumentation momentum or higher consumables run rates. The prevailing view is that risk‑reward skews neutral to slightly negative into the print, with attention focused on gross margin steadiness, operating expense trajectory, and any color on early‑2026 demand signals across academic and biopharma end markets. Should management articulate clearer timelines for platform enhancements and demonstrate improving conversion from installed base to consumables, sentiment could brighten, yet the majority stance entering this report remains guarded.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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