Business
10x Genomics Provides COVID-19 Business Impact Update and Response
Provides Preliminary Revenue Range for the First Quarter 2020 Withdraws Prior 2020 Annual Revenue Guidance PLEASANTON, Calif., April 09, 2020 (GLOBE NEWSWIRE)
About this update from 10x Genomics, Inc.
[{"type":"text","content":"Provides Preliminary Revenue Range for the First Quarter 2020\n Withdraws Prior 2020 Annual Revenue Guidance PLEASANTON, Calif., April 09, 2020 (GLOBE NEWSWIRE) -- 10x Genomics (Nasdaq: TXG), today provided an update on the actions it is taking to focus its business operations to support critical research in response to the coronavirus (COVID-19) pandemic as well as the financial impact. Supporting COVID-19 Research. During this pandemic, we moved quickly to place instruments and to provide reagents to clinicians and researchers around the world working on understanding COVID-19 and developing cures for the disease. 10x’s products are a critical tool for infectious disease research because they allow the detailed understanding of how the virus impacts infected people, how the immune system is mobilized, which immune cells react to pathogens and many other aspects of the disease and potential therapies. Many researchers have moved our Chromium Controller instruments into a Biosafety Level 3 (BSL3) facility, where they can be as close as possible to the front lines of this battle against COVID-19.Protecting Our Employees. 10x has been designated an essential business that can continue necessary operations during the COVID-19 outbreak. In early March, we promptly instituted protocols to have many personnel work remotely. At the same time, we have employees who are continuing to support essential operations to provide critical products to researchers and who are continuing important research and development functions. For those employees, we have implemented strict social distancing and other protective measures in order to ensure their health and safety. We have also restricted business travel and have closed our campus and other facilities to outside visitors.Product Supply and Customer Support. Our production, shipping and customer service functions remain operational to ensure we maintain a continuous supply of products to our customers. We are communicating regularly with our suppliers so that our supply chain remains intact and we have not yet experienced any supply issues. Our customer service teams around the world are operating remotely and remain available to assist our customers and partners as needed.Reviewing Operating Expenses. In light of the current situation, we are actively reviewing and managing all costs to navig...