10x Genomics (TXG) Sees Strong Early Orders for New Atera Platform

10x Genomics unveiled a new instrument platform named Atera in August. Initial bookings for Atera surpassed the company's planned shipments for 2026. Revenue for the quarter rose 3% year-over-year to $149.4 million, boosted by a $1.6 million Takara settlement. Existing consumables sales increased 7%, with spatial consumables up 16%.

The company acquired Proteintech Genomics, adding single-cell protein panels. Cash reserves grew to $552 million, and gross margin expanded to 74%. Management raised guidance for full-year revenue to $610 million to $630 million. However, overall instrument revenue fell 47% year-over-year, with spatial instruments down 48%. APAC revenue dropped 19%, likely due to China customers pre-purchasing before potential tariffs.

Operating expenses rose to $132.1 million from $95 million. Despite strong Atera orders, the company expects a slowdown in shipments, aiming for about 40 units in the fourth quarter. The stock's bearish sentiment, with short interest at 17.59% of the float, contrasts with the optimism around the new platform.