Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $4.2 million, a 37% increase from $3.1 million in Q1 2024, primarily driven by higher instrument consumable and service revenue [23] - Gross profit for Q1 2025 was $2.1 million, representing a gross margin of 49%, compared to $1.4 million and 44% in Q1 2024 [25] - Net loss for Q1 2025 was $19.9 million, compared to $20.7 million in Q1 2024 [27] - Free cash flow loss was approximately $12.1 million for Q1 2025, with expectations of a full-year loss in the range of $40 million to $45 million [27][28] Business Line Data and Key Metrics Changes - Product revenue for Q1 2025 was $2.9 million, including $5,000 from related party revenue, consisting of sales of proteograph instruments and consumable kits [23] - Service revenue for Q1 2025 was $1.2 million, primarily from STACK service projects, indicating strong customer interest [24] - Other revenue was $60,000 for Q1 2025, consisting of lease and shipping revenue [25] Market Data and Key Metrics Changes - Approximately 30% of total revenue comes from academic and government entities, with expectations of weakening in these segments for 2025 [30][42] - The company has not seen direct effects on its supply chain from recent tariffs, as key suppliers manufacture products in the U.S. [31] Company Strategy and Development Direction - The company aims to focus on four key growth drivers in 2025: expanding the user base, driving larger cohort studies, continuing product innovation, and enabling customers to generate actionable biological insights [34] - The partnership with Thermo Fisher Scientific to co-market the Proteograph product suite alongside their Orbitrap Astro Mass Spectrometer is expected to enhance commercial reach [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term vision despite near-term macroeconomic volatility, including tariffs and government funding challenges [6][7] - The company reiterated its full-year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint [7][29] - Management noted that while there is cautious optimism, the macroeconomic environment remains uncertain, particularly regarding NIH funding and potential tariffs affecting customers [30][45] Other Important Information - The company ended Q1 2025 with approximately $285 million in cash, cash equivalents, and investments, which is seen as a key differentiator in the current environment [8][28] - The company continues its share repurchase program, believing there is a significant dislocation between its core value proposition and stock price [8][27] Q&A Session Summary Question: Can you walk us through the magnitude of the Discovery Life Sciences project? - The project involves a 10,000 sample study aimed at understanding potential biomarker signatures, expected to take 12 to 18 months [36][38] Question: What are the updated expectations for U.S. academic and government customers? - Academic and government customers represent about 30% of revenue, with expectations of weakening in 2025, but Q1 showed stability in revenue and instrument placement [42][44]

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]