Model and PT Updates: TXG and ILMN: USA | Life Science Tools & Diagnostics

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Model and PT Updates: TXG and ILMN: USA | Life Science Tools & Diagnostics

USA | Life Science Tools & Diagnostics EquityJuneResearch17, 2026

KEY STOCKS FEATURED INCLUDE:Model and PT Updates: TXG and ILMN

For TXG, with the Atera product cycle and growing spatial demand, we are TICKER RATING PRICE TARGET

raising out-year revenue and profitability estimates, with consumables growth ILMN HOLD $150.00

of +22% in ’27 and +25% in ’28 (vs. +14%/+13% prior). Reiterate Buy, $40 PT TXG BUY $40.00

(6.6x EV/’27 sales). For ILMN, clinical consumables growth, multi-omics and

an easing pricing overhang (vs. last few years) drive higher out-year revenue/

margin estimates. Reiterate Hold; $150 PT (5.2x ’26 sales). KEY CHANGES INCLUDE:

TICKER RATING PRICE TARGET

TXG (Buy, $40 PT). Given recent company progress, an emerging new product cycle, and growing ILMN HOLD $150.00 ($125.00)

end markets from our latest channel checks (here and here), we are raising estimates for out-

TXG BUY $40.00 ($26.00)

year revenues and profitability. We view the Atera launch (here) as a key inflection driver for

growth, designed to shift spatial biology from a specialized niche into a high-throughput engine

expanding both customer breadth (clinical and biopharma) and wallet share. While the company

has faced near-term headwinds from a constrained A&G environment, recent financial performance

(here) highlights a meaningful pivot toward a higher-margin, more predictable model driven by DD

+ consumables growth. Against this backdrop, and in anticipation of a 2027+ acceleration in Atera

placements (with management ramping production capacity, including a new Singapore facility,

and targeting a cumulative installed base exceeding the 550+ Xenium systems placed), we are