Seer(US:SEER)2025-11-06 22:30Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $4.1 million, representing a 2% increase compared to $4 million in Q3 2024, primarily due to higher product and service revenue [22][24] - Gross profit for Q3 2025 was $2.1 million, with a gross margin of 51%, compared to $1.9 million and 48% in Q3 2024 [24] - Net loss for Q3 2025 was $18.2 million, an improvement from a net loss of $21.3 million in Q3 2024 [25] - The company ended the quarter with approximately $251 million in cash, cash equivalents, and investments, sufficient to reach cash flow breakeven [27] Business Line Data and Key Metrics Changes - Product revenue for Q3 2025 was $2.8 million, consisting of sales of Proteograph instruments and consumable kits [23] - Service revenue was $1.2 million for Q3 2025, including $300,000 of related party revenue, primarily from STACC service projects [23] - More than two-thirds of instrument shipments in Q3 were acquired by customers who had previously accessed STACC, indicating strong customer interest [24][19] Market Data and Key Metrics Changes - The company shipped just under three times as many instruments in the first nine months of 2025 compared to all of 2024, reflecting strong demand for the Proteograph [5][18] - The company continues to face headwinds from budget constraints and uncertainty around government funding, particularly related to NIH [28][39] Company Strategy and Development Direction - The company is focused on advancing the reach and impact of the Proteograph platform, with a strong emphasis on product innovation and enabling large cohort studies [4][6] - The Proteograph One assay represents a significant advancement, allowing for over 1,000 samples per week and improving precision [8] - The company is actively pursuing partnerships, such as with Thermo Fisher Scientific, to enhance market presence and drive adoption of the Proteograph [20][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the value proposition of the Proteograph despite challenges from government shutdowns and funding uncertainties [5][14] - The company anticipates full-year revenue to be in the range of $17-$18 million for 2025, representing growth of 24% at the midpoint over 2024 [28] - Management highlighted the increasing momentum in customer publications and large-scale studies, indicating a positive trend for future growth [29][38] Other Important Information - The company has repurchased approximately $22 million of Class A common shares, reducing net total shares outstanding by approximately 14% [5][26] - The 2025 Seer Insights Grant Program received 88 applications, more than double from the previous year, indicating strong interest in proteomics research [21] Q&A Session Summary Question: Update on the partnership with Thermo Fisher Scientific - The partnership is progressing well, with two joint opportunities closed in the quarter and a pipeline of opportunities being pursued [31][32] Question: Potential for more large-scale studies in the future - The introduction of the Proteograph Product Suite has enabled large-scale studies that were previously not feasible, with ongoing discussions for even larger studies [34][35] Question: Trends among academic customers and spending outlook - Despite challenges from government shutdowns, there is increasing interest from academic customers, with 40% of revenue year-to-date coming from academic and government customers [39][40]