10x Genomics, Inc. (NASDAQ: TXG) saw its stock price surge 6.90% on October 30, 2024, following the company's third-quarter earnings report and the introduction of new products aimed at lowering the cost of single-cell analysis.

The company reported third-quarter revenue of $151.7 million, down 1% year-over-year, missing analysts' expectations. However, the company's strategic focus on reducing pricing barriers through new product launches buoyed investor confidence.

During the quarter, 10x Genomics launched two significant products: GEM-X Flex and GEM-X Universal Multiplex. GEM-X Flex enables researchers to run millions of cells for less than $0.01 per cell, representing a fivefold reduction compared to previous offerings. GEM-X Universal Multiplex allows researchers to batch and run four independent samples up to 5,000 cells for approximately $560 per sample, addressing the price-per-sample bottleneck.

Serge Saxonov, CEO of 10x Genomics, emphasized the company's commitment to driving down costs and expanding access to single-cell analysis. "We're setting a new standard for price per cell," he said. "These new products have comparable gross margins to our current consumables, and we believe we're now the leader in both technology and cost."

While the company faced challenges related to its commercial restructuring and cautious customer spending, it remains confident in its long-term opportunity. Saxonov stated, "We firmly believe there is a vast opportunity ahead, and we're the best company to deliver on it."