10x Genomics Undervalued Amid Consumables-Led Transition

Analyst sees opportunity in market's misinterpretation of past COVID-era revenue growth

Mar. 24, 2026 at 5:35am

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Jaden Mealy, an undergraduate finance and math student at Boston College, argues that 10x Genomics (NASDAQ:TXG) stock is undervalued as the market fails to properly integrate the company's current sector growth. Mealy believes 10x Genomics' transition to a consumables-led business model has been misinterpreted, presenting an investment opportunity.

Why it matters

10x Genomics is a leading provider of genomic analysis tools, and its performance is seen as a bellwether for the broader genomics industry. Mealy's analysis suggests the market may be underestimating the company's growth potential as it shifts its business model, which could have implications for investor sentiment and the stock price.

The details

Mealy argues that 10x Genomics' transition to a consumables-led business model, where recurring revenue from consumable products makes up a larger portion of sales, has been misinterpreted by the market. He believes the company's past COVID-era revenue growth has overshadowed its current sector growth, leading to an undervaluation of the stock.

  • Mealy will be joining Corning Inc. as an Automotive Finance Intern in the summer of 2026, where he will gain exposure to corporate and technological finance.
  • Mealy has passed his SIE, Series 65, and Series 63 exams, and is currently pursuing both the Series 3 License and CFA LL1 certification.

The players

Jaden Mealy

An undergraduate student at Boston College, studying Finance and Mathematics, who has been involved in the school's Investment Club and Sales and Trading Club, and manages a personal portfolio.

10x Genomics

A leading provider of genomic analysis tools, whose performance is seen as a bellwether for the broader genomics industry.

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What they’re saying

“I hope to provide readers with easy-to-read, truthful, and detailed analysis of stocks I truly enjoy learning about and valuing, while also improving my own modeling and investment skills in the meantime.”

— Jaden Mealy

The takeaway

Mealy's analysis suggests that the market may be underestimating 10x Genomics' growth potential as it transitions to a consumables-led business model, presenting a potential investment opportunity for those who can see past the company's past COVID-era revenue growth.