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 [26] - Net loss for Q1 2025 was $19.9 million, compared to $20.7 million in Q1 2024 [28] - 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 [28][29] 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, including $47,000 from related party revenue, primarily from STACK service projects [25] - Other revenue was $60,000 for Q1 2025, consisting of lease and shipping revenue [26] 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 [31][44] - The company has seen a stabilization in revenue and instrument placement between academic, government, and biopharma sectors in Q1 2025 [44] 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 [35] - The company is making concentrated investments in R&D to execute its product roadmap while continuing its share repurchase program [9][30] 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][8] - The company reiterated its full-year 2025 revenue guidance of $17 million to $18 million, representing 24% year-over-year growth at the midpoint [8][30] - Management acknowledged potential impacts from tariffs and government funding uncertainties but remains optimistic about the demand for proteomics technology [31][32] 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 [9][29] - The company has initiated a Strategic Instrument Placement Program (SIPP) to help customers with capital constraints, allowing them to access instruments through upfront purchases of consumable kits [18] Q&A Session Summary Question: Can you walk us through the magnitude of the Discovery Life Sciences project? - Management confirmed it is a significant 10,000 sample study aimed at understanding potential biomarker signatures, expected to take 12 to 18 months [37][38] Question: What are the updated expectations for U.S. academic and government customers? - Management indicated that academic and government revenue is expected to decline, but Q1 showed stabilization in revenue and instrument placements [44][46]

Seer (SEER) Q1 2025 Earnings Call May 13, 2025 04:30 PM ET Speaker0 Good day, and thank you for standing by. Welcome to the SEER First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you'll need to press 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please pr ...