Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - Motorsport Games Inc. (MSGM) has seen a substantial increase of 122%, trading at $4.88 [3] - Globus Medical, Inc. (GMED) is up 27%, currently priced at $78.75 [3] - JFrog Ltd. (FROG) has risen by 26%, trading at $59.60 [3] - FIGS, Inc. (FIGS) is up 19%, with a trading price of $8.97 [3] - Organogenesis Holdings Inc. (ORGO) has increased by 18%, trading at $4.59 [3] - PureCycle Technologies, Inc. (PCT) is up 17%, currently priced at $11.31 [3] - Expedia Group, Inc. (EXPE) has risen by 16%, trading at $255.10 [3] - 10x Genomics, Inc. (TXG) is up 13%, currently priced at $14.72 [3] - Abacus Global Management, Inc. (ABL) has increased by 12%, trading at $5.95 [3] - GigaCloud Technology Inc. (GCT) is up 9%, currently priced at $27.80 [3] Premarket Losers - Davis Commodities Limited (DTCK) has experienced a significant decline of 65%, trading at $2.23 [4] - Eledon Pharmaceuticals, Inc. (ELDN) is down 46%, currently priced at $2.19 [4] - Treace Medical Concepts, Inc. (TMCI) has decreased by 35%, trading at $4.00 [4] - Energys Group Limited (ENGS) is down 30%, currently priced at $2.77 [4] - Intellia Therapeutics, Inc. (NTLA) has seen a decline of 27%, trading at $8.89 [4] - Fox Factory Holding Corp. (FOXF) is down 24%, currently priced at $16.60 [4] - Opendoor Technologies Inc. (OPEN) has decreased by 24%, trading at $4.94 [4] - AirSculpt Technologies, Inc. (AIRS) is down 21%, currently priced at $8.27 [4] - Power Solutions International, Inc. (PSIX) has seen a decline of 20%, trading at $64.25 [4] - ClearPoint Neuro, Inc. (CLPT) is down 17%, currently priced at $15.00 [4]

Core Insights - 10x Genomics reported a revenue of $149 million for the quarter ended September 2025, reflecting a decrease of 1.8% year-over-year, while EPS improved to -$0.22 from -$0.30 in the previous year [1] - The revenue exceeded the Zacks Consensus Estimate of $142.39 million by 4.64%, and the EPS also surpassed the consensus estimate of -$0.27 by 18.52% [1] Revenue Breakdown - Services revenue was reported at $8.13 million, exceeding the average estimate of $7.86 million by analysts, marking a year-over-year increase of 27.1% [4] - Instruments revenue was $12 million, below the average estimate of $14.06 million, representing a significant decline of 37% year-over-year [4] - Chromium Instruments revenue was $4.93 million, slightly below the estimate of $5.36 million [4] - Consumables revenue from Chromium was reported at $92.52 million, surpassing the average estimate of $85.29 million [4] - Spatial Consumables revenue was $35.37 million, slightly above the average estimate of $35.06 million [4] - Total Consumables revenue reached $127.89 million, exceeding the average estimate of $120.35 million, with a year-over-year change of 1.3% [4] - Spatial Instruments revenue was reported at $7.07 million, below the average estimate of $8.71 million [4] Stock Performance - Over the past month, shares of 10x Genomics have returned +11.8%, significantly outperforming the Zacks S&P 500 composite, which saw a change of +1.3% [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

分组1 - 10x Genomics reported a quarterly loss of $0.22 per share, better than the Zacks Consensus Estimate of a loss of $0.27, and an improvement from a loss of $0.30 per share a year ago, resulting in an earnings surprise of +18.52% [1] - The company achieved revenues of $149 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 4.64%, although this represents a decline from year-ago revenues of $151.65 million [2] - Over the last four quarters, 10x Genomics has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 6.1% since the beginning of the year, while the S&P 500 has gained 15.6% [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates of -$0.23 for the coming quarter and -$0.52 for the current fiscal year, alongside revenues of $151.08 million and $620.66 million respectively [7] - The Medical Info Systems industry, to which 10x Genomics belongs, is currently ranked in the top 26% of over 250 Zacks industries, indicating a favorable industry outlook [8]

Financial Performance - Total revenue for Q3 2025 was $149.002 million, a decrease of 1.1% compared to $151.654 million in Q3 2024[20] - Products and services revenue for Q3 2025 was $148.019 million, down 2.5% from $151.559 million in Q3 2024[20] - Gross profit for Q3 2025 was $100.307 million, compared to $106.393 million in Q3 2024, reflecting a gross margin of 67.3%[20] - Net loss for Q3 2025 was $27.472 million, an improvement from a net loss of $35.753 million in Q3 2024[20] - Total revenue for the nine months ended September 30, 2025, was $476.793 million, compared to $445.764 million for the same period in 2024, representing a year-over-year increase of approximately 7%[66] - The company incurred net losses of $27.5 million and $27.3 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $1.5 billion as of September 30, 2025[102] Operating Expenses - Operating expenses for Q3 2025 totaled $132.549 million, down from $147.878 million in Q3 2024, primarily due to reduced research and development costs[20] - Total operating expenses decreased by $15.3 million, or 10%, to $132.5 million for the three months ended September 30, 2025, compared to the same period in 2024[114] - Research and development expenses decreased by $9.0 million, or 14%, to $57.2 million for the three months ended September 30, 2025, compared to the same period in 2024[116] - Selling, general and administrative expenses decreased by $6.3 million, or 8%, to $75.4 million for the three months ended September 30, 2025, compared to the same period in 2024[118] Cash and Liquidity - Cash and cash equivalents increased to $432.508 million as of September 30, 2025, up from $344.067 million at the end of 2024[18] - The company reported a cash balance of $432.709 million at the end of the period, up from $398.159 million at the end of September 2024[27] - The net cash provided by operating activities was $95.3 million for the nine months ended September 30, 2025, despite a net loss of $27.3 million[136] - The company anticipates making capital expenditures of between $15 million and $20 million over the next 12 months[129] - The company expects to continue incurring operating losses for the foreseeable future but believes existing cash will meet anticipated cash needs for at least the next 12 months[133] Assets and Liabilities - Total assets reached $1.027 billion as of September 30, 2025, compared to $918.636 million at the end of 2024[18] - Total liabilities increased to $242.241 million as of September 30, 2025, from $208.502 million at the end of 2024[18] - Stockholders' equity rose to $785.120 million as of September 30, 2025, compared to $710.134 million at the end of 2024[18] - As of September 30, 2025, total available-for-sale securities amounted to $448.832 million, an increase from $371.347 million as of December 31, 2024[53] Acquisitions and Investments - The company completed an asset acquisition of Scale Biosciences, Inc. for a total consideration of $22.4 million, including $9.2 million in cash and $13.5 million in stock[46][47] - The Company recorded developed technology of $51.6 million and assembled workforce of $0.7 million in connection with the Scale acquisition during Q3 2025[59] - The company expects to pay an additional $20 million in connection with technology transfer and may pay up to $30 million in contingent consideration based on future milestones[46] - The contingent consideration related to the acquisition was recorded at a fair value of $22.4 million as of the acquisition date[146] - The acquisition of Scale Biosciences, Inc. was completed on August 11, 2025, involving the unregistered issuance of 1,099,992 shares of Class A common stock valued at $13.5 million[154] Revenue Breakdown - Revenue from instruments in Q3 2025 was $11.999 million, down from $19.056 million in Q3 2024, while consumables revenue increased to $127.892 million from $126.204 million in the same period[66] - The Company recognized $4.134 million in deferred revenue for the three months ended September 30, 2025, compared to $2.713 million for the same period in 2024[66] - The Company received an upfront payment of $26.0 million from Vizgen, which included a $9.2 million gain on settlement and $16.8 million of license and royalty revenue[67] - The Company entered into a settlement agreement with Bruker Corporation, receiving a total of $68.0 million in four quarterly installment payments starting Q3 2025, with $40.7 million recorded as a gain on settlement and $27.3 million as license and royalty revenue[70] Legal and Compliance - The company has ongoing litigation with Parse Biosciences, Inc. and Illumina, Inc., with no case schedules set as of October 2025[81] - The company is regularly subject to various legal proceedings, including intellectual property disputes, which may impact its operations[151] - There have been no material changes to the company's risk factors since the last Annual Report[153] - The company’s exposure to market risk related to interest rates and foreign currency exchange rates has not changed materially since December 31, 2024[147] Stock and Equity - The company reported a weighted-average share count of 125,502,291 for Q3 2025, compared to 120,733,030 for Q3 2024[20] - As of September 30, 2025, the number of shares of Class A common stock issued and outstanding was 116,460,674[82] - The Company issued 446,766 shares of Class A common stock under the Employee Stock Purchase Plan during the nine months ended September 30, 2025[95] - As of September 30, 2025, the Company had 8,466,033 outstanding restricted stock units with a weighted-average grant date fair value of $21.00 per share[86] - The Company granted 561,603 performance stock units in March 2025, with 50% of the target PSUs based on revenue CAGR and 50% based on relative Total Shareholder Return over specified performance periods[88] Miscellaneous - The company recognized $83.899 million in stock-based compensation expense for the nine months ended September 30, 2025, compared to $108.209 million in the prior year[27] - The total stock-based compensation expense for the nine months ended September 30, 2025, was $83.585 million, compared to $108.209 million for the same period in 2024[85] - The company’s cash paid for taxes was $1.935 million for the nine months ended September 30, 2025, down from $4.863 million in the prior year[27] - The company’s investing activities resulted in a net cash outflow of $11.633 million, compared to a net cash inflow of $18.961 million in the same period of 2024[27] - The Company recorded restructuring charges of $6.0 million in Q2 2025, primarily for severance-related costs, with total restructuring costs of $6.021 million for the nine months ended September 30, 2025[50] - The Company recorded a $1.1 million loss due to changes in the fair value of contingent consideration for the three and nine months ended September 30, 2025[72] - The company expects revenues to moderately increase sequentially in the fourth quarter of 2025[109] - The company expects to pay $20.0 million in connection with the technology transfer related to the Scale acquisition in the first quarter of 2026[130] - There were no material changes in internal control over financial reporting during the three months ended September 30, 2025[149] - The Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2025[148] - The contingent consideration will be remeasured each reporting period, with changes recognized within "other income" in the consolidated statement of operations[146]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $149 million, down 2% year-over-year but up 2% sequentially, excluding one-time license and royalty revenue from Q2 [4][16] - Total consumables revenue was $127.9 million, up 1%, while Chromium consumables revenue was $92.5 million, down 4% due to lower average selling prices [16] - Gross profit for Q3 was $100.3 million, with a gross margin decrease to 67% from 70% the prior year, primarily due to changes in product mix and higher inventory write-downs [18] - Operating loss for Q3 was $32.2 million, an improvement from a loss of $41.5 million in the same period last year [18] - The company ended the quarter with $482 million in cash, cash equivalents, and marketable securities, reflecting a $35 million increase from the prior quarter [19] Business Line Data and Key Metrics Changes - Spatial consumables revenue was $35.4 million, up 19%, driven by strong demand for Xenium consumables [16] - Total instrument revenue was $12 million, down 37%, with Chromium instrument revenue at $4.9 million, down 36% [16] - Services revenue increased by 29% to $8.1 million, primarily due to an increase in Xenium service plans [17] Market Data and Key Metrics Changes - Americas revenue was $79.9 million, down 9% year-over-year, while AMEA revenue was $41.6 million, up 10% [17] - APAC revenue was $27.5 million, up 6% year-over-year but down 14% sequentially due to a customer-driven pull forward in Q2 [17] Company Strategy and Development Direction - The company is focused on advancing its innovation roadmap and driving greater adoption of its products, with recent product launches and partnerships aimed at addressing data analysis bottlenecks [6][11] - The introduction of the next generation of Chromium Flex is expected to enhance scalability and support AI-driven initiatives [8] - The company sees a growing opportunity in translational research and clinical applications, as evidenced by collaborations with institutions like CLI-SEQ and the Weizmann Institute [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing funding pressures and policy uncertainty but expressed confidence in the company's ability to navigate these challenges and invest in long-term growth [6][19] - The outlook for Q4 anticipates revenue in the range of $154 million to $158 million, reflecting a 5% growth compared to Q3 at the midpoint [19] - Management emphasized the importance of maintaining flexibility in customer engagements amid cautious spending behavior [6][19] Other Important Information - The company is experiencing strong customer enthusiasm for its products, particularly Xenium, which is becoming the preferred solution for spatial biology needs [10] - The partnership with Anthropic aims to make data analysis more accessible through integration with Claude for life sciences [11] Q&A Session Summary Question: Can you walk through how much of the expected 5% sequential pickup in Q4 is anticipated from instruments versus consumables? - Management indicated a potential uptick on the instrument side in Q4, factoring in the government shutdown's impact on guidance [25][26] Question: What are the contributions from Xenium and Visium in spatial consumables? - Management noted a consistent increase in usage of the Xenium platform, with a trend towards more runs and price per run [37][39] Question: Can you elaborate on early adoption trends for Xenium Protein? - Initial feedback on Xenium Protein has been positive, with customers excited about the capability to measure both proteins and RNA from the same sample [51][52] Question: What impact is the transition from NextGen to GEM-X expected to have? - Management stated that the bulk of the effects on P&L from this transition have already been realized, with remaining impacts being marginal [70] Question: How is the company addressing the macroeconomic challenges in the pharma segment? - Management acknowledged challenges in the pharma segment but noted positive trends in large-scale experiments and translational applications [60][61]

Core Insights - 10x Genomics reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with sales of $149 million, reflecting a 1.7% year-on-year decline [1][7] - The company provided a positive revenue guidance for Q4 CY2025 at $156 million, which is 3.5% above analyst expectations [1][7] - The GAAP loss per share was $0.22, which was 22.3% better than analysts' consensus estimates of $0.28 [1][7] Company Overview - Founded in 2012, 10x Genomics develops instruments, consumables, and software for analyzing biological systems at single-cell resolution and spatial context [4] Revenue Growth - Over the last five years, 10x Genomics achieved a compounded annual growth rate of 19.6% in sales, outperforming the average healthcare company [5] - However, the company's annualized revenue growth over the last two years was only 4.2%, indicating a slowdown compared to its five-year trend [6] Quarterly Performance - The revenue for Q3 CY2025 was $149 million, surpassing analyst estimates of $142.4 million by 4.6% [7] - The operating margin improved to -21.6%, up from -27.4% in the same quarter last year [7] - The company anticipates a 5.5% year-on-year decline in sales for the next quarter [9] Segment Analysis - The Consumables segment, which represents recurring orders, has shown flat revenue growth over the last two years, lagging behind the overall sales performance of the company [8]

Financial Performance - Revenue for Q3 2025 was $149.0 million, a 2% decrease from Q3 2024, primarily due to a decline in instrument revenue [4]. - Gross margin decreased to 67% in Q3 2025 from 70% in Q3 2024, attributed to changes in product mix and higher inventory write-downs [5]. - Operating expenses were $132.5 million, a 10% decrease from $147.9 million in Q3 2024, mainly due to lower personnel and legal expenses [6]. - Net loss for Q3 2025 was $27.5 million, compared to a net loss of $35.8 million in Q3 2024 [7]. - Q4 2025 revenue guidance is projected to be between $154 million and $158 million, indicating a 6% decline year-over-year but a 5% sequential growth at the midpoint [9]. - Instruments revenue for Q3 2025 was $12.0 million, down from $19.1 million in Q3 2024, while consumables revenue increased to $127.9 million [18]. - Total revenue for the nine months ended September 30, 2025, was $476.8 million, compared to $445.8 million for the same period in 2024 [18]. Cash and Assets - Cash and cash equivalents and marketable securities totaled $482.1 million as of September 30, 2025, reflecting a $35 million increase from the previous quarter [8]. - Total assets increased to $1,027,361 million as of September 30, 2025, up from $918,636 million on December 31, 2024, representing an increase of approximately 11.9% [21]. - Total current assets rose to $659,827 million, compared to $584,387 million at the end of 2024, reflecting a growth of about 12.9% [21]. - Cash and cash equivalents increased to $432,508 million, up from $344,067 million, marking a significant rise of approximately 25.7% [21]. - Accounts receivable decreased to $43,779 million from $87,862 million, a decline of about 50.1% [21]. - Inventory decreased to $61,956 million from $83,107 million, representing a reduction of approximately 25.5% [21]. Liabilities and Equity - Total liabilities grew to $242,241 million, up from $208,502 million, indicating an increase of around 16.2% [21]. - Total stockholders' equity reached $785,120 million, compared to $710,134 million, showing an increase of approximately 10.5% [21]. - Accrued expenses and other current liabilities decreased to $35,766 million from $41,165 million, a decrease of about 13.1% [21]. - Deferred revenue increased to $22,139 million from $20,658 million, reflecting a growth of approximately 7.1% [21]. - Operating lease right-of-use assets increased to $63,650 million from $57,290 million, indicating a rise of about 11.5% [21]. Product Development - The company launched the next-generation Chromium Flex and Xenium Protein, enhancing capabilities in single cell analysis and spatial multiomics [10]. Regional Performance - The Americas accounted for $79.9 million of total revenue in Q3 2025, with the United States contributing $77.2 million [18].

Core Insights - 10x Genomics reported a revenue of $149.0 million for Q3 2025, reflecting a 2% decrease compared to Q3 2024, primarily due to a decline in instrument revenue [3][12] - The company experienced a gross margin of 67% in Q3 2025, down from 70% in the same period last year, attributed to changes in product mix and higher inventory write-downs [4] - Operating expenses decreased by 10% to $132.5 million in Q3 2025, driven by lower personnel and legal expenses, resulting in an operating loss of $32.2 million [5] - The net loss for Q3 2025 was $27.5 million, an improvement from a net loss of $35.8 million in Q3 2024 [6] - Cash and cash equivalents, along with marketable securities, totaled $482.1 million as of September 30, 2025, marking a $35 million increase from the previous quarter [12] Financial Performance - Revenue breakdown: - Products and services revenue was $148.0 million, with consumables contributing $127.9 million and instruments $11.9 million [14] - License and royalty revenue was $983,000 [14] - Sequential revenue comparison: Q3 2025 revenue was $149.0 million, compared to $172.9 million in Q2 2025, which included $27.3 million from one-time license and royalty revenue [12] - Operating loss improved from $41.5 million in Q3 2024 to $32.2 million in Q3 2025 [5] Future Guidance - For Q4 2025, 10x Genomics anticipates revenue between $154 million and $158 million, indicating a 6% decline year-over-year but a 5% growth sequentially at the midpoint [7] Product Developments - The company launched the next-generation Chromium Flex, aimed at cost-effective, scalable single-cell analysis [12] - The introduction of Xenium Protein, a fully-integrated spatial multiomic workflow, allows simultaneous RNA and protein detection on the same tissue section [12] Market Position - 10x Genomics is recognized as a leader in single-cell and spatial biology, providing integrated research solutions that support advancements in various fields, including oncology and immunology [9]

Core Insights - Torex Gold Resources Inc. reported strong operational results for Q3 2025, returning to positive free cash flow of $113 million, indicating the potential value generation of the Morelos project [2][3][4] - The company achieved payable production of 119,034 gold equivalent ounces, on track to meet its annual guidance of 400,000 to 450,000 ounces [4][9] - An inaugural quarterly dividend of C$0.15 per share was announced, alongside a share buyback program, reflecting the company's commitment to returning capital to shareholders [3][10] Financial Performance - Revenue for Q3 2025 was $416.4 million, a significant increase from $253.9 million in the previous quarter [13] - Net income for the quarter was reported at $114.4 million, translating to earnings of $1.33 per share [13][19] - The average realized gold price reached a record of $3,548 per ounce, contributing to a quarterly all-in sustaining cost margin of 53% [9][22] Operational Highlights - The company recorded no lost-time injuries during the quarter, maintaining a lost-time injury frequency of 0.42 per million hours worked [8][13] - All-in sustaining costs for the quarter were $1,658 per ounce sold, down from $2,103 in the previous quarter [13][19] - The Media Luna project is ramping up successfully, with non-sustaining capital expenditures of $26.2 million incurred during the quarter [10][20] Strategic Initiatives - Torex completed the acquisition of Reyna Silver Corp. for $27.4 million, enhancing its exploration portfolio in Mexico [10] - The acquisition of Prime Mining Corp. was finalized, providing Torex with a 100% interest in the Los Reyes Project, valued at approximately $426.5 million [10] - The company aims to maintain production above 450,000 ounces of gold equivalent per year beyond 2030 through ongoing exploration and drilling activities [10][14]

Core Viewpoint - Torex Gold Resources Inc. has announced an initial return of capital program, which includes a quarterly dividend and share repurchases, reflecting strong cash flow generation following the successful completion of the Media Luna project [1][2]. Return of Capital Program - The return of capital program will feature a quarterly dividend of C$0.15 per common share and discretionary share repurchases through the normal course issuer bid (NCIB) [1]. - The inaugural quarterly dividend is set to be paid on December 4, 2025, to shareholders of record as of November 20, 2025, with a total expected payout of approximately C$14.4 million ($10.2 million) based on 96.1 million shares outstanding [5][7]. Financial Performance and Strategy - The company reported a return to positive free cash flow in June 2025, with a modest level of debt, making it an opportune time to return capital to shareholders [2]. - Year-to-date, the company has returned C$10.0 million ($7.2 million) through share repurchases in Q3 2025, repurchasing 239,204 shares at an average price of C$41.79 per share [10]. Future Plans - The return of capital plan is expected to evolve through 2026 as the company's balance sheet strengthens, with plans to pay down debt and maintain a minimum cash balance of $200 million [3]. - The company anticipates robust free cash flow generation, allowing for capital returns without compromising funding for future projects, including extending the mine life at Morelos and advancing the Los Reyes project [4]. Share Repurchase Program - The current NCIB commenced on November 21, 2024, and will expire on November 20, 2025, with intentions to seek approval for renewal on similar terms [8]. - Future share repurchases will depend on the underlying share price, long-term metal prices, and market conditions [9].