Abstract
10x Genomics, Inc. will report its quarterly results on August 06, 2026 Post Market; consensus points to revenue of 146.79 million US dollars, up 5.28% year over year, with adjusted EPS near -0.24 and continued loss reduction, while investors watch margin stability and the ramp of recently launched platforms for incremental demand signals.
Market Forecast
The market currently expects 10x Genomics, Inc. to deliver revenue of 146.79 million US dollars for the current quarter, a 5.28% year-over-year increase, and adjusted EPS of approximately -0.24, implying a 34.45% year-over-year improvement; there is no explicit company or consensus guidance for gross margin or net margin this quarter. The company’s own outlook (reflected in forecasts) also implies EBIT of about -35.27 million US dollars, an improvement of 26.60% year over year.
The main business remains anchored by products and services, with last quarter’s mix led by consumables and sustained instrument and services contribution; management and investors are focused on how newer platforms translate into order momentum and consumables pull‑through this quarter. The most promising revenue line in the near term is the combined products and services category at 149.90 million US dollars last quarter, which grew 9.00% year over year and stands to benefit most directly from the expanding installed base and new application launches.
Last Quarter Review
In the first quarter of 2026, 10x Genomics, Inc. reported revenue of 150.84 million US dollars (-2.61% YoY), a gross profit margin of 70.39%, GAAP net loss attributable to the company of 13.47 million US dollars with a net margin of -8.93%, and adjusted EPS of -0.10 (a 72.22% year-over-year improvement).
A key financial highlight was expense discipline: operating expenses declined, contributing to a narrower operating loss and a better-than-expected adjusted EPS. In the business mix, products and services revenue totaled 149.90 million US dollars, up 9.00% year over year, while license and royalty revenue declined to 0.95 million US dollars, down 94.00% year over year; within the mix, last quarter’s segment contributions were consumables at 129.80 million US dollars, instruments at 11.26 million US dollars, services at 8.83 million US dollars, and license and royalties at 0.95 million US dollars.
Current Quarter Outlook
Main business: Products and services momentum and pull‑through
The core revenue engine for 10x Genomics, Inc. remains products and services, which totaled 149.90 million US dollars in the prior quarter and expanded 9.00% year over year. The near-term setup revolves around how new placements and existing installed base usage convert to consumables demand, reinforcing revenue durability despite variability in capital budgets. With last quarter’s gross margin at 70.39%, mix balance between instruments (which seed future pull‑through) and consumables (which monetize the installed base) is a central determinant of margin cadence this quarter.
Management commentary and recent disclosures indicate that operating efficiency is improving, and investors will be gauging whether that operating leverage shows further progress as revenue scales this quarter. If consumables orders accelerate alongside steady instrument shipments, the model tends to exhibit higher incremental margins and less volatility. By contrast, a quarter heavy on instrument placements could depress margins temporarily while setting up subsequent consumables growth; the magnitude of this swing is therefore a focal point for investors evaluating gross margin stability into the back half of the year.
Most promising business: Spatial and multimodal expansion
The most compelling near-term growth vector is the spatial and multimodal portfolio, which is expected to contribute to both instrument demand and consumables intensity over time. The company introduced new capabilities recently and advanced collaborations in clinical research settings, which are designed to broaden use cases and increase utilization across complex biological analyses. Investors will monitor whether these new platforms and partnerships translate into a measurable uplift in bookings and backlog conversion, particularly in categories that complement the single-cell footprint.
The acquisition of proteomics assets (Proteintech Genomics) is aimed at enabling more comprehensive multimodal readouts across platforms; while not expected to significantly impact near-term results, it strategically broadens the addressable application set and may improve cross-sell opportunities and average order values over time. As these offerings gain traction, they can create a structural boost to consumables demand, potentially enhancing revenue visibility and smoothing quarter-to-quarter variability. This quarter’s revenue forecast, implying 5.28% year-over-year growth, embeds a modest contribution from these initiatives; positive deviations would likely come from an earlier-than-anticipated ramp in spatial placements and increased consumables utilization tied to new use cases.
Key stock drivers this quarter: Revenue trajectory, margin durability, and operating discipline
The first stock driver is whether revenue lands near the 146.79 million US dollars consensus with constructive intra-quarter demand signals, as a clean top-line beat or miss can significantly influence investor sentiment given recent share price volatility. Within revenue, the mix between instruments and consumables matters because it shapes both near-term margin and forward consumables visibility; investors will likely parse qualitative color on instrument order timing, lead times, and funnel quality. The second driver is gross margin durability around the mid- to high-60s to low-70s band implied by recent prints; limited discounting, stable logistics, and favorable product mix would support resilience, while an instrument-heavy quarter or transitional launch costs could pressure margins.
The third driver is operating expense discipline and its impact on adjusted EPS, where consensus is currently -0.24 with a 34.45% year-over-year improvement implied. Last quarter’s narrower loss reflected effective expense controls, and any incremental optimization in R&D and SG&A, without compromising roadmap cadence, would reinforce the path to loss reduction. Finally, qualitative updates on licensing and royalties—after last quarter’s steep year-over-year decline—and commentary on the cadence of newer initiatives may affect how investors extrapolate second-half seasonality and full‑year trajectories.
Analyst Opinions
Bullish vs. Bearish ratio among directional calls collected for the current quarter: 1:0. A prominent bullish stance came from BofA Securities, which raised its price target for 10x Genomics, Inc. to 46 US dollars from 30 US dollars in mid-July, framing improving execution, upside from newly launched platforms, and a clearer path to loss reduction as key supports. The firm highlighted that adjusted EPS and revenue in the first quarter topped expectations, tightening the dispersion around near-term forecasts and bolstering confidence in the forward setup.
This bullish view aligns with consensus estimates that point to revenue of 146.79 million US dollars for this quarter, up 5.28% year over year, and adjusted EPS of roughly -0.24, reflecting a 34.45% year-over-year improvement. The constructive stance emphasizes a few concrete pillars that are likely to be front and center on the print and call. First, the products and services engine showed robust momentum last quarter with 9.00% year-over-year growth, while expense management helped narrow losses; combined, these elements offer a tangible framework for further improvement even if instrument order timing introduces quarter-to-quarter noise. Second, new platform introductions and research collaborations are broadening the application scope, which can fuel incremental placement opportunities and expand consumables pull-through, an effect that tends to compound as the installed base grows.
Third, the margin narrative is seen as stabilizing: a prior-quarter gross margin of 70.39% sets a reference point, and bulls expect that balanced mix and disciplined pricing can keep margins within a healthy range despite launch and commercialization costs associated with newer offerings. On the bottom line, a -0.24 adjusted EPS forecast paired with a 34.45% year-over-year improvement underscores the view that operating leverage is beginning to translate into tangible P&L progress; incremental beats on either opex or gross profit could accelerate the trajectory. Finally, although license and royalty revenue fell sharply last quarter, bulls tend to treat this line as a small and volatile contributor; the anchor thesis remains centered on products and services, where the pipeline and installed base dynamics are more predictive and central to valuation.
From a market-implied perspective, supportive price action through early July and the upward revision from a major broker have changed the tenor of expectations, putting more weight on execution indicators such as order growth, conversion to shipments, and qualitative guidance for the second half. Bulls will be looking for confirmation that demand for new platforms is translating into a steadier flow of instrument placements and improved consumables intensity, both of which would validate the projected 5.28% top-line growth and justify a constructive stance into year-end. In this framework, upside risk to the print would most likely come from better-than-modeled consumables volumes and a relatively balanced mix, while downside risk would stem from instrument shipment timing or a temporary margin dip due to launch costs—both of which could be transient if order fundamentals remain intact.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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