10x Genomics (TXG) Soars to New Record High on Lower Net Loss, Revenue Beat

We recently published 10 Stocks Beating the Market with Eye-Popping Gains. 10x Genomics Inc. (NASDAQ:TXG) is one of the best-performing stocks on Monday.

Shares of 10x Genomics propelled to a new 52-week high after narrowing its net loss and beating its revenue guidance for the third quarter of the year.

At intra-day trading, the stock jumped to its highest price of $17.28 before paring gains to end the day just up by 12 percent at $17.08 apiece.

In an updated report, 10x Genomics Inc. (NASDAQ:TXG) said it narrowed its net loss in the third quarter by 23 percent to $27.47 million from $35.75 million in the same period last year.

Revenues, on the other hand, declined by 1.7 percent to $149 million from $151.6 million in the same comparable period, primarily due to a decrease in instrument revenue. However, the figure beat the company’s earlier guidance of $140 million to $144 million.

Looking ahead, 10x Genomics Inc. (NASDAQ:TXG) expects the fourth quarter of the year to be in the range of $154 million to $158 million, or an expected decline of 6 percent year-on-year, but a growth of 5 percent at the midpoint on a quarter-on-quarter basis.

“This outlook reflects the continuation of the key positive drivers of performance that we’ve seen throughout this year. We do not anticipate a material change in customer purchasing behavior and do not anticipate the year-end budget acceleration we have previously experienced in the fourth quarter,” said 10x Genomics Inc. (NASDAQ:TXG) CEO Serge Saxonov.

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Disclosure: None. This article is originally published at Insider Monkey.