[Financial & Operational Highlights](index=1&type=section&id=Recent%20Highlights) Seer reported strong Q1 2025 results with 37% revenue growth to $4.2 million, driven by accelerated Proteograph Product Suite adoption - CEO Omid Farokhzad highlighted strong Q1 performance despite macroeconomic headwinds, noting continued momentum for the Proteograph Product Suite[2](index=2&type=chunk) - The company shipped as many instruments in Q1 2025 as in all of 2024, indicating **accelerating adoption**[2](index=2&type=chunk) - A significant contract was secured with a new customer for a **10,000-sample study**, in collaboration with Discovery Life Sciences[6](index=6&type=chunk) Key Q1 2025 Metrics | Metric | Value | | :--- | :--- | | Q1 2025 Revenue | $4.2 million | | Cash, cash equivalents and investments | ~$285 million | [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Seer's Q1 2025 revenue grew 37% to $4.2 million, with improved gross margin and reduced operating expenses, narrowing the net loss Q1 2025 vs Q1 2024 Financial Performance | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Revenue | $4.2 million | $3.1 million | +37% | | Gross Profit | $2.1 million | $1.4 million | +51% | | Gross Margin | 49% | 44.4% | +4.6 p.p. | | Operating Expenses | $22.8 million | $26.6 million | -14% | | Net Loss | ($19.9 million) | ($20.7 million) | +3.9% | Q1 2025 Revenue Breakdown | Revenue Source | Amount | | :--- | :--- | | Product Revenue | $2.9 million | | Service Revenue | $1.2 million | | Other Revenue | $60 thousand | - The **14% decrease in operating expenses** was primarily driven by reduced stock-based compensation (from **$7.2 million to $4.5 million**) and lower laboratory expenses[4](index=4&type=chunk) [Full Year 2025 Guidance](index=2&type=section&id=2025%20Guidance) Seer reiterated its full-year 2025 financial outlook, signaling confidence in its continued growth trajectory - The company expects full-year 2025 revenue to be in the range of **$17 million to $18 million**[7](index=7&type=chunk) - This guidance represents a **24% growth** at the midpoint over full-year 2024 revenue[7](index=7&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents unaudited Consolidated Statements of Operations and Balance Sheets for Q1 2025, detailing financial performance and position [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues reached $4.2 million (up 37%), gross profit rose to $2.1 million, and reduced operating expenses led to a $19.9 million net loss Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total revenue** | **$4,205** | **$3,066** | | Total cost of revenue | 2,144 | 1,705 | | **Gross profit** | **2,061** | **1,361** | | Research and development | 11,350 | 12,265 | | Selling, general and administrative | 11,442 | 14,288 | | **Total operating expenses** | **22,792** | **26,553** | | **Loss from operations** | **(20,731)** | **(25,192)** | | Total other income | 884 | 4,513 | | **Net loss** | **$(19,948)** | **$(20,679)** | | **Net loss per share, basic and diluted** | **$(0.34)** | **$(0.32)** | [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, Seer reported total assets of $347.3 million, with $285 million in cash and investments, and total stockholders' equity of $311.0 million Consolidated Balance Sheet Highlights (Unaudited, in thousands) | | **March 31, 2025** | **December 31, 2024** | | :--- | :--- | :--- | | Cash and cash equivalents | $52,445 | $40,753 | | Total investments | $232,859 | $258,760 | | **Total assets** | **$347,261** | **$366,597** | | Total current liabilities | $13,196 | $15,328 | | **Total liabilities** | **$36,255** | **$39,028** | | **Total stockholders' equity** | **$311,006** | **$327,569** | - The company's total cash, cash equivalents, and investments stood at approximately **$285.3 million** as of March 31, 2025[5](index=5&type=chunk)[15](index=15&type=chunk)

Core Insights - Seer, Inc. reported a revenue growth of 37% in Q1 2025, reaching $4.2 million compared to $3.1 million in the same period last year, driven by increased product sales and service revenue [4][6] - The company shipped as many Proteograph instruments in Q1 2025 as it did in all of 2024, indicating strong momentum in product demand [3][9] - Seer expects full-year 2025 revenue to be between $17 million and $18 million, representing a 24% growth at the midpoint compared to 2024 [7] Financial Performance - Product revenue for Q1 2025 was $2.9 million, while service revenue was $1.2 million, contributing to the overall revenue increase [4][13] - Gross profit for the quarter was $2.1 million, with a gross margin of 49% [5][13] - Operating expenses decreased by 14% to $22.8 million, primarily due to lower stock-based compensation and laboratory expenses [5][13] Net Loss and Cash Position - The net loss for Q1 2025 was $19.9 million, slightly improved from a net loss of $20.7 million in the same period last year [6][14] - As of March 31, 2025, the company had approximately $285 million in cash, cash equivalents, and investments [6][9] Strategic Developments - Seer secured a significant contract with a new customer for a 10,000-sample study in collaboration with Discovery Life Sciences [9] - The company is accelerating third-party validation of its platform through an increasing number of customer publications and webinars [9] Market Context - The CEO highlighted the ongoing macroeconomic headwinds affecting the life sciences industry but maintained a long-term vision for the company [3]

Company Overview - Seer, Inc. is a leading life sciences company focused on commercializing a new platform for proteomics [1][3] - The company has developed the Proteograph™ Product Suite, which includes engineered nanoparticles, consumables, automation instrumentation, and software for deep proteomic analysis [3] Financial Announcement - Seer, Inc. will report its financial results for the first quarter of 2025 on May 13, 2025 [1] - A conference call will be webcasted starting at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time [1][2] Product Details - The Proteograph Product Suite is designed for efficient and easy use, allowing for unbiased proteomic analysis at scale within hours [3] - The product is intended for research use only and is not meant for diagnostic procedures [3]

Seer, Inc. (SEER) has been beaten down lately with too much selling pressure. While the stock has lost 16.6% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator tha ...

A downtrend has been apparent in Seer, Inc. (SEER) lately with too much selling pressure. The stock has declined 16.8% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spot ...

Core Viewpoint - Seer, Inc. (SEER) has experienced a significant downtrend, with a 10.5% decline in stock price over the past four weeks, but it is now in oversold territory, suggesting a potential turnaround due to improved earnings expectations from analysts [1]. Group 1: Stock Performance and Technical Indicators - The stock is currently oversold, indicated by an RSI reading of 26.76, which is below the typical threshold of 30 [5]. - The heavy selling pressure on SEER shares appears to be exhausting, indicating a possible reversal in the stock's trend [5]. Group 2: Earnings Estimates and Analyst Consensus - Over the last 30 days, the consensus EPS estimate for SEER has increased by 10.8%, reflecting strong agreement among analysts regarding improved earnings [6]. - SEER holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [7].

Financial Performance - The company incurred net losses of $86.6 million and $86.3 million in 2024 and 2023, respectively, with an accumulated deficit of $392.4 million as of December 31, 2024[203]. - The company has a limited operating history, making it difficult to predict future performance and viability[204]. - Fluctuations in operating results may occur due to factors such as demand for products, sales cycle length, and competition[208]. - The company may need to raise additional capital to fund commercialization plans for the Proteograph Product Suite[281]. - The company believes its current cash, cash equivalents, and investments will be sufficient for at least twelve months from the date of the Annual Report[281]. - The company may consider raising additional capital for expanding sales and marketing efforts for the Proteograph Product Suite[282]. Product Development and Commercialization - The company is in the early stages of commercialization of the Proteograph Product Suite, which may not be successfully executed as planned due to various challenges[216]. - The company expects to continue to devote substantially all resources towards the development and commercialization of the Proteograph Product Suite and related products and services[203]. - The success of the Proteograph Product Suite depends on broad scientific and market acceptance, which may take longer than anticipated[218]. - The commercialization success of the Proteograph Product Suite is contingent upon establishing capabilities and value propositions with key opinion leaders and customers[218]. - Future revenue growth will depend on the successful enhancement and introduction of new products and services related to the Proteograph[228]. - The company anticipates that the Proteograph Product Suite will increase study sizes for customers, which is crucial for consumable sales and associated revenue[242]. Market Risks and Competition - The market for the Proteograph Product Suite may be smaller than estimated, and new market opportunities may not develop as quickly as expected, limiting sales potential[214]. - The company faces significant competition in the life sciences technology market from companies like Agilent Technologies and Thermo Fisher Scientific[277]. - Economic downturns and reduced research funding could adversely affect demand for the Proteograph Product Suite and overall business operations[232][245]. - The company faces risks in successfully commercializing the Proteograph Product Suite due to limited experience in sales and marketing, which may impact market acceptance[225]. Operational Challenges - The company faces risks related to recruiting and retaining qualified employees, which may impact operations[206]. - The ability to maintain effective internal controls is crucial for accurate financial reporting, affecting investor confidence[206]. - The company must enhance operational functions, including customer support and quality assurance, to support the commercialization of the Proteograph Product Suite[258]. - The company relies on external suppliers and service providers, which adds complexity and risk to the management of development projects[229]. - The company relies on a single contract manufacturer, Hamilton Company, for the production of its instruments, which poses risks if Hamilton fails to meet demand or quality standards[250]. - There is a risk of supply chain disruptions due to reliance on limited suppliers for critical components, which could hinder production capabilities[253]. Regulatory and Compliance Issues - The company faces potential risks related to compliance with international regulations, including the European Union's GDPR, which could increase operational costs and affect revenue[270]. - The company’s products are currently labeled as research use only (RUO) and are not intended for diagnostic procedures, which may require FDA approval if marketed as medical devices[299]. - The FDA's new Quality Management System Regulation (QMSR) will be enforced starting February 2, 2026, replacing the previous Quality System Regulations (QSR)[300]. - Regulatory compliance costs may increase due to new FDA regulations and potential litigation regarding the regulation of laboratory developed tests (LDTs)[308]. - The company faces risks related to compliance with foreign regulatory requirements, which can vary significantly and impact the commercialization of products outside the U.S.[304]. Intellectual Property Risks - The company relies on patent protection for its products, and failure to maintain adequate intellectual property protection could impair its competitive position[312]. - The patent application process is costly and time-consuming, and there is uncertainty regarding the issuance and enforceability of patents[316]. - Changes in patent laws or interpretations may diminish the value of the company's intellectual property, leading to increased competition[317]. - The company may face claims regarding the wrongful use or disclosure of confidential information, which could lead to litigation and increased competition[354]. - The company relies on licenses from third parties, including BWH, for critical technologies, and losing these licenses could significantly harm its ability to develop and commercialize products[358]. Stock and Market Considerations - The company has a share repurchase program authorized for up to $25.0 million of its Class A common stock[388]. - The market price of the company's Class A common stock has been volatile, influenced by factors such as product commercialization and operating results[378]. - The company may not successfully maintain compliance with Nasdaq listing requirements, which could impair liquidity and market price[377]. - The company does not anticipate paying any dividends in the foreseeable future, focusing instead on retaining earnings for operations and R&D[393].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $4 million, a decrease of 10% compared to $4.4 million in Q4 2023, primarily due to lower instrument sales and no grant revenue recognized in the quarter [34] - Full-year 2024 total revenue was $14.2 million, representing a decrease of 15% compared to $16.7 million in 2023 [39] - Net loss for Q4 2024 was $21.7 million compared to $17.8 million in Q4 2023, while the full-year net loss was $86.6 million compared to $86.3 million in 2023 [39][46] - Gross profit for Q4 2024 was $2 million with a gross margin of 51%, compared to $2 million and a gross margin of 45% in Q4 2023 [37] Business Line Data and Key Metrics Changes - Product revenue for Q4 2024 was $2.4 million, including $36,000 of related party revenue, consisting of sales of SP100 instruments and consumable kits [34] - Service revenue for Q4 2024 was $1.6 million, primarily related to STAC service projects [36] - Full-year product revenue was $10.2 million, including $1.5 million of related party revenue, while service revenue was $3.8 million for the full year [41] Market Data and Key Metrics Changes - The company served over 135 customers across 20 countries, with significant demand from large biopharma companies [10][22] - Approximately 12% of total revenue in 2024 came from government entities, with an additional 18% from academic groups [80] Company Strategy and Development Direction - The company aims to transition from a pioneer of deep unbiased proteomics to a trusted partner for discovery and translational studies [11] - Strategic initiatives include validating the platform, enhancing access to the Proteograph product suite, and driving innovation through technology enhancements [12] - The company plans to continue investing in direct sales and support throughout 2025 to capitalize on increasing demand [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in future growth despite ongoing macroeconomic challenges, expecting revenue in the range of $17 million to $18 million for 2025, representing a 24% growth at the midpoint over 2024 [51] - The NIH and government funding environment remains uncertain, which may impact revenue from government and academic customers [52][84] Other Important Information - The company repurchased approximately 6.5 million shares during 2024, reducing total shares outstanding by approximately 10% [47] - Free cash flow loss was approximately $49.4 million for 2024, significantly less than the loss of $66.4 million in 2023 [49] Q&A Session Summary Question: Guidance for 2025 and instrument placement - Management indicated that instrument placements in 2025 are expected to be significantly different from 2024, with a stronger pipeline anticipated [58][60] Question: STAC program performance and revenue trajectory - Management noted that STAC revenue is expected to increase as technology validation improves, but capacity will remain consistent [66][68] Question: NIH funding risks and customer hesitance - Management acknowledged uncertainty among customers regarding NIH funding, but expressed optimism that science and innovation will prevail [84][86] Question: Publication pipeline for 2025 - Management expects the pace of publications to continue accelerating in 2025, driven by successful customer projects [90][92] Question: Co-marketing agreement with Thermo Fisher - Management is modest in expectations for the Thermo Fisher collaboration in 2025 but remains excited about its potential [101][102]

Company Performance - Seer, Inc. reported a quarterly loss of $0.34 per share, which was better than the Zacks Consensus Estimate of a loss of $0.40, but worse than the loss of $0.28 per share from a year ago, indicating a 21.4% increase in loss year-over-year [1] - The company posted revenues of $4 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.25%, but down from $4.44 million in the same quarter last year [2] - Over the last four quarters, Seer has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Market Comparison - Seer shares have lost approximately 1.3% since the beginning of the year, while the S&P 500 has gained 1.3%, indicating underperformance relative to the broader market [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.38 on revenues of $3.89 million, and for the current fiscal year, it is -$1.66 on revenues of $20.03 million [7] - The estimate revisions trend for Seer is mixed, resulting in a Zacks Rank 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Seer belongs, is currently in the top 28% of over 250 Zacks industries, indicating a favorable industry outlook [8]

Revenue Performance - Revenue for Q4 2024 was $4.0 million, a 10% decrease from $4.4 million in Q4 2023, primarily due to lower instrument sales and no grant revenue recognized[4]. - Full year 2024 revenue was $14.2 million, a 15% decrease from $16.7 million in 2023, attributed to lower product sales and no grant revenue recognized[8]. - Seer expects full year 2025 revenue to be in the range of $17 million to $18 million, representing a growth of 24% at the midpoint over full year 2024[11]. Profitability - Gross profit for Q4 2024 was $2.0 million with a gross margin of 51%[5]. - Gross profit for the full year 2024 was $7.1 million with a gross margin of 50%[9]. Expenses and Losses - Operating expenses for Q4 2024 were $25.5 million, a 5% increase from $24.2 million in Q4 2023, driven by higher laboratory expenses[5]. - Net loss for Q4 2024 was $21.7 million, compared to a net loss of $17.8 million in Q4 2023[7]. Instrument Shipments and Stock Repurchase - The company shipped 10 instruments in 2024, bringing cumulative instruments shipped to 72 as of December 31, 2024[6]. - Seer repurchased approximately 6.5 million shares of Class A common stock at an average cost of $1.82 per share during 2024, reducing shares outstanding by approximately 10%[6]. Cash Position - Cash, cash equivalents, and investments were approximately $300 million as of December 31, 2024[10].