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].

Core Insights - Seer, Inc. reported a 10% decrease in revenue for Q4 2024, totaling $4.0 million compared to $4.4 million in Q4 2023, primarily due to lower instrument sales and no grant revenue recognized [4][7] - The company experienced a 15% decrease in total revenue for the full year 2024, amounting to $14.2 million, down from $16.7 million in 2023, attributed to lower product sales and lack of grant revenue [7][9] - Seer anticipates revenue growth for 2025, projecting full-year revenue between $17 million and $18 million, representing a 24% increase at the midpoint compared to 2024 [10] Financial Performance - Q4 2024 product revenue was $2.4 million, including $36 thousand from related party revenue, while service revenue was $1.6 million, with $353 thousand from related parties [4][5] - The gross profit for Q4 2024 was $2.0 million, resulting in a gross margin of 51% [5] - The net loss for Q4 2024 was $21.7 million, an increase from a net loss of $17.8 million in Q4 2023 [6] Annual Overview - For the full year 2024, product revenue was $10.2 million, including $1.5 million from related parties, while service revenue totaled $3.8 million, with $828 thousand from related parties [7][9] - The gross profit for the full year 2024 was $7.1 million, yielding a gross margin of 50% [8] - The total operating expenses for 2024 were $107.2 million, a decrease of 4% from $112.0 million in 2023 [8] Operational Highlights - Seer shipped 10 instruments in 2024, bringing the cumulative total to 72 as of December 31, 2024 [8] - The company 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 about 10% [8] - Seer ended 2024 with approximately $300 million in cash, cash equivalents, and investments [9]

Core Insights - Seer, Inc. is participating in the TD Cowen 45th Annual Healthcare Conference in Boston, MA, highlighting its position in the life sciences sector [1] - The company will engage in a fireside chat on March 4, 2025, providing an opportunity for investors to gain insights into its operations and future plans [2] Company Overview - Seer is a life sciences company focused on developing transformative products for proteomics, specifically through its Proteograph™ Product Suite [3] - The Proteograph Product Suite includes engineered nanoparticles, consumables, automation instrumentation, and software designed for deep, unbiased proteomic analysis at scale [3] - The workflow is designed to be efficient and user-friendly, allowing integration into various laboratory settings, although it is intended for research use only and not for diagnostic procedures [3]

Core Insights - Seer, Inc. will present new findings at the 21st Annual US Human Proteome Organization (HUPO) Conference, showcasing advancements in scalable deep cellular proteomics using the Proteograph™ Product Suite [1][2] - The seminar will feature a groundbreaking study on a co-delivery therapeutic platform targeting cancer vulnerabilities, utilizing both siRNA and mRNA therapeutics [1][5] - The study aims to simultaneously inactivate tumorigenic drivers and activate lost tumor suppressors, establishing a new strategy for treating a wide range of cancers [1][5] Company Overview - Seer, Inc. is a life sciences company focused on developing transformative products for proteomics, specifically through its Proteograph™ Product Suite, which integrates engineered nanoparticles, consumables, automation instrumentation, and software for deep proteomic analysis [10] - The Proteograph workflow is designed to be efficient and user-friendly, allowing for decentralized implementation in various laboratory settings [10] Event Details - The seminar titled "Transforming Cancer Research with Deep Cellular Proteomics" will be presented by Dr. Jinjun Shi from Brigham and Women's Hospital and Harvard Medical School on February 25, 2025 [4] - Additional presentations at the conference will highlight the role of the Proteograph Product Suite in various proteomic studies, including tissue biology and cardiometabolic dysfunction [2][6]

Core Viewpoint - Seer, Inc. is set to report its financial results for Q4 and full year 2024 on February 27, 2025, with a conference call scheduled for 1:30 p.m. Pacific Time [1] Company Overview - Seer, Inc. is a life sciences company focused on developing transformative products for proteomics, specifically through its Proteograph™ Product Suite [3] - The Proteograph Product Suite includes engineered nanoparticles, consumables, automation instrumentation, and software for deep, unbiased proteomic analysis [3] - The workflow is designed to be efficient and user-friendly, allowing integration into various laboratory settings [3] - The Proteograph Product Suite is intended for research use only and is not meant for diagnostic procedures [3]

Company Participation - Seer, Inc. will participate in the J.P. Morgan 43rd Annual Healthcare Conference in San Francisco, CA [1] - The management is scheduled to present and engage in a Q&A session on January 15 at 3:00 p.m. Pacific Time [2] Product Overview - Seer is a life sciences company focused on developing transformative products for proteomics [3] - The Proteograph Product Suite includes engineered nanoparticles, consumables, automation instrumentation, and software for deep proteomic analysis [3] - The Proteograph workflow is designed to be efficient and user-friendly, allowing integration into various laboratory settings [3]