Seer(SEER) Globenewswire·2025-02-27 21:05Core 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]