Seer, Inc. Earnings Call Transcripts
Fiscal Year 2026
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Significant growth in instrument placements, consumable sales, and customer publications marked 2025, driven by innovative programs and workflow improvements. New detector technology and strong partnerships position the company for future expansion, despite ongoing macroeconomic headwinds.
Fiscal Year 2025
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Revenue grew 17% year-over-year to $16.6M in 2025, with strong gains in installed base and consumable kit volume, but results were impacted by delayed NIH funding and cautious customer spending. 2026 guidance is $16–18M, reflecting ongoing funding uncertainty and potential upside from new large-scale studies.
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Proteograph ONE and SP200 have enabled unprecedented scale and depth in proteomic studies, leading to major NIH selection, rapid customer adoption, and accelerating scientific publications. Strategic programs and partnerships are driving platform adoption, with strong financial discipline and innovation positioning for future growth.
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Q3 2025 saw record instrument shipments, 2% revenue growth, and improved gross margin, despite macroeconomic and government funding headwinds. The Proteograph platform gained traction in large-scale studies and was selected for a major NIH-funded project.
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Significant advances in proteomics technology have enabled large-scale, unbiased studies with improved speed, cost, and automation. Customer adoption is accelerating, driven by robust, reproducible data and workflow efficiency, while financial discipline supports ongoing innovation and share repurchases.
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Seer’s latest conference highlighted rapid advances in unbiased, large-scale proteomics enabled by the Proteograph suite, with population-scale studies now possible and a strong financial position supporting continued innovation. Revenue is shifting toward consumables, and partnerships with service providers are expanding.
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Q2 2025 saw 32% revenue growth, major product launches, and strong validation through large-scale studies and publications. Despite macro headwinds, full-year guidance is reaffirmed, with robust cash reserves and continued share repurchases.
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Q1 2025 revenue rose 37% year-over-year to $4.2 million, driven by strong demand for Proteograph and STAC services. Guidance for 2025 revenue is reaffirmed at $17–$18 million despite macroeconomic and funding uncertainties. Cash reserves remain robust at $285 million.
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Medicaid policy changes are not expected to materially impact operations, as the business is insulated by its low-cost model and patient demographics. Financial outlook is positive, with growth from rate increases, Gentiva integration, ongoing M&A in Texas, and technology initiatives enhancing value for payers and workforce efficiency.
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Significant progress was made in deep, unbiased proteomics, with expanding customer adoption, strong financial management, and accelerating scientific validation. Strategic partnerships and product innovation position the company for robust growth and leadership in 2025.
Fiscal Year 2024
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2024 revenue declined 15% to $14.2M, but product and service revenue (excluding related party and grant) grew 11%. Gross margin improved to 50%. 2025 revenue is guided to $17–18M, with continued macro and NIH funding uncertainty factored in.
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Proteograph technology is driving rapid adoption in proteomics, enabling large-scale, unbiased studies and novel biological insights. Strategic partnerships, especially with Thermo Fisher, are expanding global reach, while strong financials and capital allocation support continued growth and shareholder value.
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Q3 2024 revenue was $4 million, down 3% year-over-year, with product sales growth offset by lower related party and grant revenue. A new global partnership with Thermo Fisher and expanded STAC operations are expected to drive future growth, despite ongoing budget pressures.
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Proteograph's untargeted, scalable proteomics platform is driving adoption through innovative programs and robust performance, enabling novel biomarker discovery and scientific validation. Rapidly increasing publications and expanding customer segments position it for growth, especially as mass spectrometry advances.
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Q2 was marked by strong scientific validation and a surge in high-impact publications, despite flat revenue and ongoing macroeconomic headwinds. The platform's unique capabilities are driving adoption, with expectations for population-scale studies and increased academic engagement in 2025.
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Q2 2024 revenue declined 23% year-over-year to $3.1 million amid elongated sales cycles and macro headwinds. Guidance for 2024 revenue was lowered to $13–$15 million, but management expects a second-half ramp driven by a strong pipeline and increased academic interest.