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10x Genomics, Inc. (NASDAQ:TXG) shares dropped more than 12% after-hours following the company’s preliminary Q2 results, with revenue expected to be approximately $114.5 million (down 1% year-over-year), missing the Street estimate of $127.7 million.
“Our second quarter results fell short of our expectations,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “We continue to have strong confidence in our longer-term opportunity, technology leadership and the underlying strength of our markets. We are more excited than ever to deliver on the full potential of single cell and spatial biology.”
