Seer(SEER) - 2025 Q1 - Quarterly Results

Financial & Operational Highlights 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] - The company shipped as many instruments in Q1 2025 as in all of 2024, indicating accelerating adoption[2] - A significant contract was secured with a new customer for a 10,000-sample study, in collaboration with Discovery Life Sciences[6] Key Q1 2025 Metrics | Metric | Value | | :--- | :--- | | Q1 2025 Revenue | $4.2 million | | Cash, cash equivalents and investments | ~$285 million | First Quarter 2025 Financial Results 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] Full Year 2025 Guidance 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] - This guidance represents a 24% growth at the midpoint over full-year 2024 revenue[7] Financial Statements This section presents unaudited Consolidated Statements of Operations and Balance Sheets for Q1 2025, detailing financial performance and position Consolidated Statements of Operations 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 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][15]