Seer Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Outlook
Seer (Nasdaq: SEER) reported Q4 and full year 2024 financial results. Q4 revenue was $4.0M, down 10% YoY, while full-year revenue reached $14.2M, a 15% decrease from 2023. The company shipped 10 instruments in 2024, bringing total installations to 72.
Q4 gross profit was $2.0M with 51% margin, while operating expenses increased 5% to $25.5M. Net loss widened to $21.7M in Q4 2024 from $17.8M in Q4 2023. For the full year, net loss was $86.6M compared to $86.3M in 2023.
Notable developments include a new cell lysis proteomics application for the Proteograph XT workflow and a share repurchase of 6.5M shares at $1.82/share, reducing outstanding shares by 10%. The company ended 2024 with $300M in cash and investments. For 2025, Seer projects revenue of $17-18M, representing 24% growth at midpoint.
Seer (Nasdaq: SEER) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. I ricavi del quarto trimestre sono stati di 4,0 milioni di dollari, in calo del 10% rispetto all'anno precedente, mentre i ricavi annuali hanno raggiunto 14,2 milioni di dollari, con una diminuzione del 15% rispetto al 2023. L'azienda ha spedito 10 strumenti nel 2024, portando il totale delle installazioni a 72.
Il profitto lordo del quarto trimestre è stato di 2,0 milioni di dollari con un margine del 51%, mentre le spese operative sono aumentate del 5% a 25,5 milioni di dollari. La perdita netta è aumentata a 21,7 milioni di dollari nel quarto trimestre del 2024 rispetto ai 17,8 milioni di dollari nel quarto trimestre del 2023. Per l'intero anno, la perdita netta è stata di 86,6 milioni di dollari rispetto a 86,3 milioni di dollari nel 2023.
Tra i principali sviluppi si segnala una nuova applicazione di proteomica per la lisi cellulare per il flusso di lavoro Proteograph XT e un riacquisto di azioni di 6,5 milioni di azioni a 1,82 dollari/azione, riducendo le azioni in circolazione del 10%. L'azienda ha chiuso il 2024 con 300 milioni di dollari in liquidità e investimenti. Per il 2025, Seer prevede ricavi tra 17 e 18 milioni di dollari, rappresentando una crescita del 24% rispetto al punto medio.
Seer (Nasdaq: SEER) informó sobre los resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos del cuarto trimestre fueron de 4,0 millones de dólares, una disminución del 10% interanual, mientras que los ingresos anuales alcanzaron los 14,2 millones de dólares, una disminución del 15% en comparación con 2023. La empresa envió 10 instrumentos en 2024, llevando el total de instalaciones a 72.
El beneficio bruto del cuarto trimestre fue de 2,0 millones de dólares con un margen del 51%, mientras que los gastos operativos aumentaron un 5% a 25,5 millones de dólares. La pérdida neta se amplió a 21,7 millones de dólares en el cuarto trimestre de 2024 desde los 17,8 millones de dólares en el cuarto trimestre de 2023. Para el año completo, la pérdida neta fue de 86,6 millones de dólares en comparación con 86,3 millones de dólares en 2023.
Entre los desarrollos notables se incluye una nueva aplicación de proteómica para la lisis celular para el flujo de trabajo Proteograph XT y una recompra de 6,5 millones de acciones a 1,82 dólares/acción, reduciendo las acciones en circulación en un 10%. La empresa terminó 2024 con 300 millones de dólares en efectivo e inversiones. Para 2025, Seer proyecta ingresos de entre 17 y 18 millones de dólares, lo que representa un crecimiento del 24% en el punto medio.
Seer (Nasdaq: SEER)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 매출은 400만 달러로 전년 대비 10% 감소했으며, 연간 매출은 1420만 달러로 2023년 대비 15% 감소했습니다. 회사는 2024년에 10개의 기기를 배송하여 총 설치 수를 72대로 늘렸습니다.
4분기 총 이익은 200만 달러로 51%의 마진을 기록했으며, 운영 비용은 5% 증가하여 2550만 달러에 달했습니다. 2024년 4분기 순손실은 1780만 달러에서 2170만 달러로 확대되었습니다. 연간 순손실은 2023년의 8630만 달러에 비해 8660만 달러로 증가했습니다.
주요 개발 사항으로는 세포 용해 단백질체 응용 프로그램이 Proteograph XT 워크플로우를 위해 새롭게 추가되었으며, 1.82달러/주로 650만 주를 재매입하여 유통 주식을 10% 줄였습니다. 회사는 2024년을 3억 달러의 현금 및 투자로 마감했습니다. 2025년을 위해 Seer는 중간값 기준으로 1700만 달러에서 1800만 달러의 수익을 예상하며, 이는 24% 성장에 해당합니다.
Seer (Nasdaq: SEER) a publié les résultats financiers du quatrième trimestre et de l'année complète 2024. Les revenus du quatrième trimestre étaient de 4,0 millions de dollars, en baisse de 10 % par rapport à l'année précédente, tandis que les revenus annuels ont atteint 14,2 millions de dollars, soit une diminution de 15 % par rapport à 2023. L'entreprise a expédié 10 instruments en 2024, portant le total des installations à 72.
Le bénéfice brut du quatrième trimestre s'élevait à 2,0 millions de dollars avec une marge de 51 %, tandis que les frais d'exploitation ont augmenté de 5 % pour atteindre 25,5 millions de dollars. La perte nette s'est creusée à 21,7 millions de dollars au quatrième trimestre 2024, contre 17,8 millions de dollars au quatrième trimestre 2023. Pour l'année complète, la perte nette était de 86,6 millions de dollars par rapport à 86,3 millions de dollars en 2023.
Parmi les développements notables, on trouve une nouvelle application de protéomique pour la lyse cellulaire pour le flux de travail Proteograph XT et un rachat de 6,5 millions d'actions à 1,82 dollar/action, réduisant le nombre d'actions en circulation de 10 %. L'entreprise a terminé 2024 avec 300 millions de dollars en liquidités et investissements. Pour 2025, Seer prévoit un chiffre d'affaires de 17 à 18 millions de dollars, représentant une croissance de 24 % au point médian.
Seer (Nasdaq: SEER) hat die finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Die Einnahmen im vierten Quartal betrugen 4,0 Millionen Dollar, was einem Rückgang von 10 % im Vergleich zum Vorjahr entspricht, während die Gesamteinnahmen des Jahres 14,2 Millionen Dollar erreichten, ein Rückgang von 15 % im Vergleich zu 2023. Das Unternehmen hat 2024 10 Instrumente versendet, wodurch die Gesamtzahl der Installationen auf 72 gestiegen ist.
Der Bruttogewinn im vierten Quartal betrug 2,0 Millionen Dollar mit einer Marge von 51 %, während die Betriebskosten um 5 % auf 25,5 Millionen Dollar gestiegen sind. Der Nettoverlust weitete sich im vierten Quartal 2024 auf 21,7 Millionen Dollar aus, verglichen mit 17,8 Millionen Dollar im vierten Quartal 2023. Für das Gesamtjahr betrug der Nettoverlust 86,6 Millionen Dollar im Vergleich zu 86,3 Millionen Dollar im Jahr 2023.
Zu den bemerkenswerten Entwicklungen gehört eine neue Anwendung der Zelllyse-Proteomik für den Proteograph XT-Workflow und ein Aktienrückkauf von 6,5 Millionen Aktien zu 1,82 Dollar/Aktie, wodurch die ausstehenden Aktien um 10 % reduziert wurden. Das Unternehmen schloss 2024 mit 300 Millionen Dollar in bar und Investitionen ab. Für 2025 prognostiziert Seer Einnahmen von 17 bis 18 Millionen Dollar, was einem Wachstum von 24 % im Mittelwert entspricht.
- Strong cash position of $300M
- 24% projected revenue growth for 2025
- 10% share count reduction through buyback
- 51% gross margin in Q4 2024
- Launch of new cell lysis proteomics application
- 15% revenue decline in 2024 to $14.2M
- Q4 revenue down 10% YoY to $4.0M
- Net loss increased to $21.7M in Q4
- Lower instrument sales in Q4
- Operating expenses up 5% in Q4
Insights
Seer's Q4 and full-year 2024 results reveal a company in transition during challenging market conditions. Q4 revenue declined
The company's gross margin of approximately 50% remains relatively stable but falls below ideal levels for a high-tech instrument provider, reflecting the challenges of scaling in the specialized proteomics market. Annual operating expenses decreased
Importantly, Seer maintains a strong balance sheet with
The 2025 revenue guidance of
For investors, Seer represents a high-risk, potentially high-reward opportunity in the emerging proteomics space. The company's substantial cash reserves provide time to achieve commercial traction, but meaningful revenue acceleration will be critical in 2025 to validate the platform's market potential.
Seer's 2024 results reveal important scientific and commercial progress despite financial headwinds. The surge in customer publications represents a important inflection point in the technology adoption curve for life sciences tools. These peer-reviewed validations typically precede broader market adoption by establishing credibility and demonstrating real-world applications of novel technologies.
The company's new cell lysis proteomics application addresses a significant technical challenge in the field. Intracellular proteomics has traditionally been by sample preparation complexities and protein dynamic range issues. Seer's approach potentially enables researchers to examine cellular signaling pathways, protein-protein interactions, and post-translational modifications with unprecedented depth - critical capabilities for drug discovery and disease mechanism research.
The growing demand for Seer's Technology Access Center (STAC) services represents an intelligent commercial strategy. This "try before you buy" approach reduces adoption barriers for a capital-intensive platform, allowing researchers to validate the technology's utility for their specific applications before committing to instrument purchases. This service revenue stream also provides operational insights that can inform product development.
Seer's expanded partnership with Thermo Fisher Scientific is particularly strategic given the proteomics market dynamics. Thermo's established sales channels, customer relationships, and complementary mass spectrometry expertise can significantly accelerate Seer's market penetration. The partnership likely enhances workflow integration between Seer's sample preparation technology and Thermo's downstream analysis platforms.
The proteomics market is at an earlier adoption stage than genomics, with technological hurdles around reproducibility, throughput, and data analysis complexity. Seer's progress in addressing these challenges through its nanoparticle-based approach positions it uniquely in a competitive landscape that includes affinity-based technologies (Olink, SomaLogic) and spectral approaches (Quantum-Si).
Validated technology with exceptional growth of customer publications and enhanced access to the Proteograph Product Suite with growing demand for Seer Technology Access Center (STAC)
REDWOOD CITY, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the fourth quarter and full year ended December 31, 2024.
Recent Highlights
- Achieved revenue of
$4.0 million for the fourth quarter of 2024 and$14.2 million for the full year 2024 - Shipped 10 instruments during 2024, bringing cumulative instruments shipped to 72 as of December 31, 2024
- Launched a new product application for the Proteograph XT workflow, specifically designed for cell lysis proteomics, unlocking unprecedented depth in intracellular proteomics
- Showcased new findings and advancements in cancer and RNA therapy research utilizing the Proteograph Product Suite at the US Human Proteome Organization Conference
- Repurchased approximately 6.5 million shares of Seer Class A common stock at an average cost of
$1.82 per share during the full year 2024, reducing shares outstanding by approximately10% - Ended the year with approximately
$300 million of cash, cash equivalents and investments
“Our customers have made important progress in validating the differentiated value of deep, unbiased proteomics at scale throughout the year, and I’m thrilled that the momentum is growing despite the challenging macroeconomic environment” said Omid Farokhzad, Chair and CEO of Seer. “We saw a surge in customer publications, strong demand for STAC, and we expanded upon our partnership with Thermo Fisher Scientific to accelerate adoption of our Proteograph Product Suite. I believe we are well-positioned for a stronger year in 2025 and my confidence in our platform, our value proposition, and the immense opportunity ahead has never been greater.”
Fourth Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Full Year 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and investments were approximately
2025 Guidance
Seer expects full year 2025 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the fourth quarter and full year 2024 financial results on Thursday, February 27, 2025 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investor.seer.bio. The webcast will be archived and available for replay for at least 90 days after the event.
About Seer
Seer is a life sciences company developing transformative products that open a new gateway to the proteome. Seer’s Proteograph™ Product Suite is an integrated solution that includes proprietary engineered nanoparticles, consumables, automation instrumentation and software to perform deep, unbiased proteomic analysis at scale in a matter of hours. Seer designed the Proteograph workflow to be efficient and easy to use, leveraging widely adopted laboratory instrumentation to provide a decentralized solution that can be incorporated by nearly any lab. Seer’s Proteograph Product Suite is for research use only and is not intended for diagnostic procedures. For more information, please visit www.seer.bio.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on Seer’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause Seer’s actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding Seer’s expectations for future results of operations and its financial position, business strategy, partnerships, adoption of our products and outlook for fiscal year 2025. These and other risks are described more fully in Seer’s filings with the Securities and Exchange Commission (SEC) and other documents that Seer subsequently files with the SEC from time to time. Except to the extent required by law, Seer undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Investor Contact:
Carrie Mendivil
investor@seer.bio
Media Contact:
Patrick Schmidt
pr@seer.bio
| SEER, INC. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 2,351 | $ | 2,669 | $ | 8,695 | $ | 8,506 | |||||||
| Service | 1,209 | 944 | 2,960 | 2,016 | |||||||||||
| Related party | 389 | 567 | 2,292 | 4,660 | |||||||||||
| Grant and other | 51 | 258 | 223 | 1,479 | |||||||||||
| Total revenue | 4,000 | 4,438 | 14,170 | 16,661 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Product | 1,200 | 1,663 | 4,402 | 5,398 | |||||||||||
| Service | 566 | 390 | 1,465 | 685 | |||||||||||
| Related party | 61 | 204 | 712 | 1,430 | |||||||||||
| Grant and other | 148 | 180 | 536 | 642 | |||||||||||
| Total cost of revenue | 1,975 | 2,437 | 7,115 | 8,155 | |||||||||||
| Gross profit | 2,025 | 2,001 | 7,055 | 8,506 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 12,619 | 11,165 | 50,585 | 53,019 | |||||||||||
| Selling, general and administrative | 12,894 | 13,068 | 56,571 | 58,950 | |||||||||||
| Total operating expenses | 25,513 | 24,233 | 107,156 | 111,969 | |||||||||||
| Loss from operations | (23,488 | ) | (22,232 | ) | (100,101 | ) | (103,463 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 3,565 | 4,720 | 16,666 | 17,764 | |||||||||||
| Loss on equity method investment | (1,788 | ) | — | (2,649 | ) | — | |||||||||
| Other income (expense) | 67 | (287 | ) | (417 | ) | (578 | ) | ||||||||
| Total other income | 1,844 | 4,433 | 13,600 | 17,186 | |||||||||||
| Loss before provision for income taxes | (21,644 | ) | (17,799 | ) | (86,501 | ) | (86,277 | ) | |||||||
| Provision for income taxes | 98 | — | 98 | — | |||||||||||
| Net loss | $ | (21,742 | ) | $ | (17,799 | ) | $ | (86,599 | ) | $ | (86,277 | ) | |||
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.37 | ) | $ | (0.28 | ) | $ | (1.39 | ) | $ | (1.35 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 59,091,817 | 64,157,125 | 62,348,012 | 63,850,490 | |||||||||||
| SEER, INC. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 40,753 | $ | 32,499 | ||||
| Short-term investments | 195,657 | 283,725 | ||||||
| Accounts receivable, net | 3,997 | 4,831 | ||||||
| Related party receivables | 379 | 559 | ||||||
| Other receivables | 1,853 | 1,326 | ||||||
| Inventory | 7,436 | 4,491 | ||||||
| Prepaid expenses and other current assets | 3,248 | 3,082 | ||||||
| Total current assets | 253,323 | 330,513 | ||||||
| Long-term investments | 63,103 | 56,858 | ||||||
| Operating lease right-of-use assets | 22,791 | 25,177 | ||||||
| Property and equipment, net | 18,575 | 22,193 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 8,281 | 1,004 | ||||||
| Total assets | $ | 366,597 | $ | 436,269 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,621 | $ | 1,370 | ||||
| Accrued expenses | 7,937 | 9,212 | ||||||
| Deferred revenue | 408 | 206 | ||||||
| Operating lease liabilities, current | 2,312 | 2,295 | ||||||
| Other current liabilities | 50 | 139 | ||||||
| Total current liabilities | 15,328 | 13,222 | ||||||
| Operating lease liabilities, net of current portion | 23,652 | 25,964 | ||||||
| Other noncurrent liabilities | 48 | 179 | ||||||
| Total liabilities | 39,028 | 39,365 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, December 31, 2024 and 2023; zero shares issued and outstanding as of December 31, 2024 and 2023 | — | — | ||||||
| Class A common stock, as of December 31, 2024 and 2023; 55,083,123 and 60,253,707 shares issued and outstanding as of December 31, 2024 and 2023, respectively | 1 | 1 | ||||||
| Class B common stock, as of December 31, 2024 and 2023; 4,044,969 shares issued and outstanding as of December 31, 2024 and 2023 | — | — | ||||||
| Additional paid-in capital | 719,804 | 702,868 | ||||||
| Accumulated other comprehensive gain (loss) | 136 | (192 | ) | |||||
| Accumulated deficit | (392,372 | ) | (305,773 | ) | ||||
| Total stockholders’ equity | 327,569 | 396,904 | ||||||
| Total liabilities and stockholders’ equity | $ | 366,597 | $ | 436,269 | ||||
FAQ
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