PLEASANTON, CA—Benjamin J. Hindson, President and Chief Scientific Officer of 10x Genomics, Inc. (NASDAQ:TXG), has sold shares worth $79,485, according to a recent SEC filing. The transaction, which took place on November 22, involved the sale of 5,807 shares of Class A common stock at an average price of $13.6878 per share.
The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. Following this transaction, Hindson retains ownership of 339,897 shares in the company.
10x Genomics, headquartered in Pleasanton, California, is known for its innovative solutions in the field of laboratory analytical instruments.
In other recent news, life sciences technology firm 10x Genomics has reported a 1% year-over-year revenue dip in the third quarter of 2024. This decline is attributed to disruptions from sales restructuring and cautious customer spending in a challenging macroeconomic environment. Despite these challenges, 10x Genomics launched new products, such as GEM-X Flex (NASDAQ:FLEX) and Chromium Xo, aimed at making single-cell analysis more accessible. These new launches have contributed to a 10% increase in the company's consumables revenue.
The company is currently undergoing commercial restructuring to improve its organizational effectiveness by mid-2024. CEO Serge Saxonov expressed confidence in the sales team's ability to execute strategies effectively by this timeline during a Q&A with Matt Sykes of Goldman Sachs. Despite a projected full-year revenue drop of 3%, 10x Genomics anticipates a return to favorable revenue growth in the second half of 2024, given macroeconomic conditions stabilize.
Instrument revenue, however, saw a significant decline, with Q4 guidance reflecting a 50% decrease. Management remains optimistic about the long-term potential of their technologies, particularly in oncology and biopharma applications, and expects continued growth in consumables into Q4. These are recent developments in the company's financial and operational activities.
InvestingPro Insights
To provide additional context to Benjamin J. Hindson's recent stock sale, it's worth examining some key financial metrics and insights from InvestingPro for 10x Genomics (NASDAQ:TXG).
According to InvestingPro data, 10x Genomics currently has a market capitalization of $1.85 billion. The company's revenue for the last twelve months as of Q3 2023 stood at $629.74 million, with a revenue growth of 6.56% over the same period. However, it's important to note that the company is not currently profitable, with an operating income of -$171.62 million for the last twelve months.
Two relevant InvestingPro Tips shed light on the company's financial position and recent performance. Firstly, 10x Genomics "holds more cash than debt on its balance sheet," which suggests a relatively strong liquidity position. This could provide some reassurance to investors concerned about the company's ability to fund its operations and growth initiatives.
Secondly, the stock has seen a "significant return over the last week," with a 1-week price total return of 8.57%. This recent uptick is noteworthy, especially considering the stock's overall performance year-to-date, which shows a total return of -74.43%.
These insights offer a broader perspective on 10x Genomics' financial health and stock performance, complementing the information about the insider transaction. For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for 10x Genomics, providing a deeper understanding of the company's prospects and challenges.
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