Shares of 10x Genomics, Inc. (TXG) plummeted over 7% in pre-market trading on Monday after the life science technology company reported disappointing third-quarter results and slashed its full-year revenue guidance.

For the quarter ended September 30, 2024, 10x Genomics posted revenue of $151.7 million, a 1% decrease from the same period last year. This missed Wall Street's expectations, as analysts were forecasting revenue of around $158.6 million. The company's Q3 operating loss came in at $41.5 million, wider than analysts' estimates of around $43.9 million.

Citing greater-than-anticipated disruption from a sales restructuring implemented in the quarter and cautious customer spending due to macroeconomic conditions, CEO Serge Saxonov acknowledged, "Our results this quarter fell short of our expectations." The company also pointed to the "difficult macro backdrop" as a factor behind the disappointing performance.

Looking ahead, 10x Genomics lowered its full-year 2024 revenue guidance to a range of $595 million to $605 million, down from its previous expectations of $640 million to $660 million. At the midpoint, this implies a 3% year-over-year revenue decline.

Despite the challenges, Saxonov expressed confidence that the steps being taken, including new product launches aimed at lowering costs for researchers, will enable the company to reach more customers and drive the broad democratization of its technologies to reach the full potential of the large opportunity ahead.