Seer(SEER)2025-02-28 03:09Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was 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 16.7 million in 2023 [39] - Net loss for Q4 2024 was 17.8 million in Q4 2023, while the full-year net loss was 86.3 million in 2023 [39][46] - Gross profit for Q4 2024 was 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 36,000 of related party revenue, consisting of sales of SP100 instruments and consumable kits [34] - Service revenue for Q4 2024 was 10.2 million, including 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 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 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]