PLEASANTON, CA – 10x Genomics, Inc. (NASDAQ:TXG), a company specializing in laboratory analytical instruments, announced the appointment of Alan V. Mateo to its Board of Directors, effective immediately. The announcement came following a recommendation from the Nominating and Corporate Governance Committee. Mateo will serve as a Class II director with a term expiring at the company’s 2027 annual meeting of stockholders.
Mateo brings a wealth of experience to 10x Genomics, having served as Executive Vice President, Global Sales at Veeva Systems (NYSE:VEEV) Inc. from April 2015 to April 2024. His career spans over two decades in the life sciences sector, including executive roles at Medidata Solutions, Inc. and PeopleSoft.
10x Genomics cited Mateo's extensive commercial leadership experience and senior management expertise in the life science industry as qualifications for his board membership. Mateo's background includes positions in sales operations, product line sales, and the integration of JD (NASDAQ:JD) Edwards into PeopleSoft’s global sales organization. He holds a Bachelor of Science in Computer Science and Marketing from Juniata College.
Under the company’s Non–Employee Director Compensation Policy, Mateo will receive an annual cash retainer of $55,000 for his board service. Additionally, he is slated to receive a one-time grant of restricted stock units valued at $400,000 on July 31, 2024, and an annual grant of restricted stock units worth $215,000. These stock units will vest over a period subject to his continued service.
Mateo will also be eligible for additional annual cash retainers if he serves as a member or chair of any board committees. In line with the company’s standard practice, he has entered into an indemnification agreement with 10x Genomics.
In other recent news, 10x Genomics has commenced shipping its latest product, the Xenium Prime 5K Pan-Tissue and Pathways panel. The new assay is designed to significantly enhance gene analysis, offering improvements in sensitivity, specificity, and spatial fidelity. The high plex panel can profile 5,000 genes and is customizable, allowing the addition of up to 100 extra genes. In corporate matters, shareholders elected Kimberly J. Popovits as a Class II director and ratified Ernst & Young LLP as the independent auditor for the fiscal year ending December 31, 2024.
A proposal granting the board the power to amend the company's bylaws without stockholder approval did not pass. ARK ETFs, managed by Cathie Wood, acquired a substantial number of 10x Genomics shares, indicating continued confidence in the company. Jefferies initiated coverage on the company with a Hold rating. These recent developments highlight the company's commitment to innovation and the positive outlook among market analysts.
InvestingPro Insights
As 10x Genomics welcomes Alan V. Mateo to its Board of Directors, it's important for investors to consider the company's financial health and market performance. According to real-time data from InvestingPro, 10x Genomics holds a market capitalization of approximately $2.38 billion. Despite the challenges indicated by a negative P/E ratio of -8.88, the company's revenue growth remains positive, with a 16.64% increase over the last twelve months as of Q1 2024.
An InvestingPro Tip suggests that 10x Genomics' stock is currently in oversold territory, indicating potential for a rebound. Additionally, the company's liquid assets exceed its short-term obligations, which could provide financial stability in the near term. However, analysts have revised their earnings expectations downwards for the upcoming period, and the stock has been trading near its 52-week low, reflecting a period of significant price decline over the past months.
Investors interested in a deeper analysis of 10x Genomics can find additional InvestingPro Tips, which could provide further insights into the company's performance and potential investment opportunities. Don't forget to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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