It's always reassuring when your audience loves your product. And for investors in 10x Genomics (NASDAQ: TXG) , that rings especially true. While Wall Street has been busy punishing the stock , which is down over 50% year to date, the total number of publications has skyrocketed. The number of papers using the company's toolset has more than tripled since the start of 2020 and is up more than 50% over the last four quarters.
Maker of biotech instruments and associated consumables, 10x Genomics allows scientists to evaluate what is going on within a single cell. The level of resolution at a cellular level, coupled with the scale to routinely run a million single-cell experiments at a time, was unheard of before the introduction of the company's Chromium X instrument. And every quarter, management provides us with a key metric that gives us insight into customer sentiment -- the number of published academic papers that utilize its products. I like to use this number as an indirect measure of how frequently end users are utilizing its product as well as customer satisfaction . It's mind-blowing that this number has not stagnated despite a pandemic shutting down most labs worldwide for large portions of time since early 2020. And yet, there are over four times the number of publications using this innovator's toolset today than there were just two years ago.
Data source: Earnings transcripts. Chart by author.
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This Chart Is Why I'm Holding This Stock for the Next Decade