04:26 PM EDT, 10/09/2024 (MT Newswires) -- 10x Genomics Inc ( TXG ) said late Wednesday that preliminary results showed a revenue decline of about 1% year-over-year to roughly $151.7 million for Q3 that ended Sept. 30.

Analysts polled by Capital IQ expect $162.3 million.

CEO Serge Saxonov said Q3 sales fell short of the company's expectations.

"The previously announced modifications we made to our commercial processes and organization to increase effectiveness represented a significant change in how we engage with customers," Saxonov said. "The transition was more disruptive than anticipated, especially in the Americas."

Shares of the company sank 25% in after-hours activity.

Price: 15.60, Change: -5.21, Percent Change: -25.04