Seer Reports Second Quarter 2024 Financial Results
Seer Inc. (Nasdaq: SEER) reported its Q2 2024 financial results, highlighting a revenue of $3.1 million, a 23% decrease from the previous year. The company launched its Seer Technology Access Center (STAC) in Europe and published customer papers in Nature journals. Despite macroeconomic challenges, Seer expanded its commercial team and focused on reducing barriers to its proteomics technology. Key financials include:
- Gross profit: $1.7 million with a 56% margin
- Operating expenses: $28.8 million, down 5% year-over-year
- Net loss: $22.9 million
- Cash, equivalents, and investments: $344.6 million
Seer revised its 2024 revenue guidance to $13-$15 million, down from the previous $16-$18 million range.
Seer Inc. (Nasdaq: SEER) ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando un fatturato di 3,1 milioni di dollari, con una diminuzione del 23% rispetto all'anno precedente. L'azienda ha lanciato il suo Seer Technology Access Center (STAC) in Europa e ha pubblicato articoli per i clienti su riviste di Nature. Nonostante le sfide macroeconomiche, Seer ha ampliato il suo team commerciale e si è concentrata sulla riduzione degli ostacoli alla sua tecnologia di proteomica. I principali risultati finanziari includono:
- Profitto lordo: 1,7 milioni di dollari con un margine del 56%
- Spese operative: 28,8 milioni di dollari, in calo del 5% rispetto all'anno precedente
- Perdita netta: 22,9 milioni di dollari
- Liquidità, equivalenti e investimenti: 344,6 milioni di dollari
Seer ha rivisto le sue previsioni di fatturato per il 2024 a 13-15 milioni di dollari, in diminuzione rispetto al precedente intervallo di 16-18 milioni di dollari.
Seer Inc. (Nasdaq: SEER) reportó sus resultados financieros del segundo trimestre de 2024, destacando unos ingresos de 3.1 millones de dólares, lo que representa una disminución del 23% en comparación con el año anterior. La compañía lanzó su Seer Technology Access Center (STAC) en Europa y publicó documentos para clientes en revistas de Nature. A pesar de los desafíos macroeconómicos, Seer amplió su equipo comercial y se centró en reducir las barreras para su tecnología de proteómica. Los principales datos financieros incluyen:
- Ganancia bruta: 1.7 millones de dólares con un margen del 56%
- Gastos operativos: 28.8 millones de dólares, una disminución del 5% con respecto al año anterior
- Pérdida neta: 22.9 millones de dólares
- Efectivo, equivalentes e inversiones: 344.6 millones de dólares
Seer revisó su pronóstico de ingresos para 2024 a 13-15 millones de dólares, en comparación con el rango anterior de 16-18 millones de dólares.
Seer Inc. (Nasdaq: SEER)는 2024년 2분기 재무 결과를 보고하며, 수익이 310만 달러로 전년 대비 23% 감소했다고 밝혔습니다. 회사는 유럽에 Seer Technology Access Center (STAC)를 출시하였고, Nature 저널에 고객 관련 논문을 게재했습니다. 거시경제적 도전에도 불구하고 Seer는 상업 팀을 확장하고 단백질체 기술의 장벽을 줄이는 데 집중했습니다. 주요 재무 사항은 다음과 같습니다:
- 총 이익: 170만 달러, 마진 56%
- 운영 비용: 2880만 달러, 전년 대비 5% 감소
- 순손실: 2290만 달러
- 현금, 현금성 자산 및 투자: 3억4460만 달러
Seer는 2024년 매출 추정치를 1300만~1500만 달러로 수정했으며, 이는 이전의 1600만~1800만 달러 범위에서 하향 조정된 것입니다.
Seer Inc. (Nasdaq: SEER) a rapporté ses résultats financiers du deuxième trimestre 2024, mettant en avant un chiffre d'affaires de 3,1 millions de dollars, soit une diminution de 23 % par rapport à l'année précédente. L'entreprise a lancé son Seer Technology Access Center (STAC) en Europe et a publié des travaux de clients dans des revues de Nature. Malgré les défis macroéconomiques, Seer a élargi son équipe commerciale et s'est concentrée sur la réduction des barrières à sa technologie de protéomique. Les principaux résultats financiers incluent :
- Bénéfice brut : 1,7 million de dollars avec une marge de 56 %
- Dépenses d'exploitation : 28,8 millions de dollars, en baisse de 5 % par rapport à l'année précédente
- Perte nette : 22,9 millions de dollars
- Liquidités, équivalents et investissements : 344,6 millions de dollars
Seer a révisé ses prévisions de revenus pour 2024 entre 13 et 15 millions de dollars, contre une fourchette précédente de 16 à 18 millions de dollars.
Seer Inc. (Nasdaq: SEER) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und einen Umsatz von 3,1 Millionen US-Dollar gemeldet, was einem Rückgang von 23% im Vergleich zum Vorjahr entspricht. Das Unternehmen hat sein Seer Technology Access Center (STAC) in Europa eröffnet und Kundenarbeiten in Nature-Journalen veröffentlicht. Trotz makroökonomischer Herausforderungen hat Seer sein Vertriebsteam erweitert und sich darauf konzentriert, die Barrieren für seine Proteomik-Technologie abzubauen. Zu den wichtigsten Finanzzahlen gehören:
- Bruttogewinn: 1,7 Millionen US-Dollar mit einer Marge von 56%
- Betriebskosten: 28,8 Millionen US-Dollar, ein Rückgang um 5% im Jahresvergleich
- Nettoverlust: 22,9 Millionen US-Dollar
- Bargeld, Äquivalente und Investitionen: 344,6 Millionen US-Dollar
Seer hat seine Umsatzprognose für 2024 auf 13-15 Millionen US-Dollar gesenkt, im Vergleich zur vorherigen Spanne von 16-18 Millionen US-Dollar.
- Launched Seer Technology Access Center (STAC) in Europe, expanding service offerings
- Customer publications in Nature and Nature Communications, demonstrating technology capabilities
- Expanded commercial team to capture future opportunities in proteomics
- Maintained a strong cash position of $344.6 million
- Revenue decreased by 23% year-over-year to $3.1 million in Q2 2024
- Net loss of $22.9 million for the quarter
- Lowered full-year 2024 revenue guidance from $16-$18 million to $13-$15 million
- Facing ongoing macroeconomic headwinds affecting business performance
Insights
Seer's Q2 2024 results reveal concerning trends. Revenue of
The reduction in full-year 2024 revenue guidance from
Investors should closely monitor Seer's ability to accelerate revenue growth and control expenses in the coming quarters.
Seer's Q2 results highlight the ongoing challenges in the proteomics market. The launch of STAC in Europe and customer publications in prestigious journals like Nature are positive steps for market penetration. However, the revenue decline suggests slower-than-expected adoption of Seer's Proteograph Product Suite.
The company's focus on reducing access barriers and expanding its commercial team indicates a strategic pivot to address market challenges. The macroeconomic headwinds mentioned by the CEO are likely impacting capital expenditure decisions in the life sciences sector.
Investors should watch for signs of increased adoption, particularly through the STAC program and monitor the impact of the expanded commercial team on future revenue growth.
Seer's Proteograph Product Suite demonstrates promising technological capabilities, as evidenced by its use in spaceflight proteomics research published in high-impact journals. This suggests the platform's unique value proposition in uncovering novel proteomic insights.
However, the revenue decline indicates a gap between technological potential and market adoption. The launch of STAC in Europe is a strategic move to lower entry barriers and could accelerate adoption by allowing researchers to access the technology without upfront capital investment.
The company's focus on driving evidence, publications and product innovation is important for long-term success. Investors should monitor the rate of scientific publications and new applications developed, as these could be leading indicators of future market traction.
Launched STAC in Europe and additional customer papers published in leading journals
REDWOOD CITY, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the second quarter ended June 30, 2024.
Recent Highlights
- Achieved revenue of
$3.1 million for the second quarter of 2024 - Launched the Seer Technology Access Center (STAC) in Europe, providing researchers with end-to-end services from sample to data
- Demonstrated how the Proteograph Product Suite can uncover differentiated insights into plasma proteomic changes that occur during spaceflight through customer publications in Nature and Nature Communications
- Ended the quarter with
$344.6 million of cash, cash equivalents and investments
“We remain focused on reducing barriers to access for our differentiated technology in the face of ongoing macroeconomic headwinds. During the second quarter, we significantly expanded our commercial team and are excited about the talented individuals that have come on board to capture the opportunity ahead in proteomics,” said Omid Farokhzad, Chair and CEO of Seer. “Our customers are generating novel data that we believe is only possible with the Proteograph Product Suite, and we saw multiple manuscripts get submitted to and published in high-impact journals during the quarter. Looking ahead, we will continue to execute against our core strategies of driving evidence and publications, continuing to enhance access to the Proteograph, innovating with our products, and expanding our applications.”
Second Quarter 2024 Financial Results
Revenue was
Gross profit, inclusive of grant and other revenue, was
Operating expenses were
Net loss was
Cash, cash equivalents and investments were
2024 Guidance
Seer now expects full year 2024 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the second quarter 2024 financial results on Thursday, August 8, 2024. 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, customer publications and adoption and outlook for fiscal year 2024. 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. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 1,761 | $ | 1,645 | $ | 3,429 | $ | 3,988 | |||||||
| Service | 682 | 467 | 1,090 | 536 | |||||||||||
| Related party | 583 | 1,358 | 1,537 | 2,664 | |||||||||||
| Grant and other | 46 | 538 | 82 | 873 | |||||||||||
| Total revenue | 3,072 | 4,008 | 6,138 | 8,061 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Product | 701 | 1,118 | 1,692 | 2,554 | |||||||||||
| Service | 362 | 193 | 631 | 200 | |||||||||||
| Related party | 156 | 352 | 468 | 830 | |||||||||||
| Grant and other | 122 | 64 | 255 | 128 | |||||||||||
| Total cost of revenue | 1,341 | 1,727 | 3,046 | 3,712 | |||||||||||
| Gross profit | 1,731 | 2,281 | 3,092 | 4,349 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 12,734 | 14,148 | 24,999 | 28,622 | |||||||||||
| Selling, general and administrative | 16,093 | 16,074 | 30,381 | 31,113 | |||||||||||
| Total operating expenses | 28,827 | 30,222 | 55,380 | 59,735 | |||||||||||
| Loss from operations | (27,096 | ) | (27,941 | ) | (52,288 | ) | (55,386 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 4,433 | 4,560 | 9,019 | 8,277 | |||||||||||
| Other expense | (187 | ) | (50 | ) | (260 | ) | (281 | ) | |||||||
| Total other income | 4,246 | 4,510 | 8,759 | 7,996 | |||||||||||
| Net loss | $ | (22,850 | ) | $ | (23,431 | ) | $ | (43,529 | ) | $ | (47,390 | ) | |||
| Other comprehensive loss: | |||||||||||||||
| Unrealized loss on available-for-sale securities | (105 | ) | (1,439 | ) | (434 | ) | (281 | ) | |||||||
| Comprehensive loss | $ | (22,955 | ) | $ | (24,870 | ) | $ | (43,963 | ) | $ | (47,671 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.35 | ) | $ | (0.37 | ) | $ | (0.67 | ) | $ | (0.74 | ) | |||
| Weighted-average common shares outstanding, basic and diluted | 64,576,399 | 63,762,625 | 64,581,228 | 63,654,348 | |||||||||||
| SEER, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | ||||||||
| June 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 31,947 | $ | 32,499 | ||||
| Short-term investments | 251,506 | 283,725 | ||||||
| Accounts receivable, net | 3,145 | 4,831 | ||||||
| Related party receivables | 594 | 559 | ||||||
| Other receivables | 1,962 | 1,326 | ||||||
| Inventory | 7,581 | 4,491 | ||||||
| Prepaid expenses and other current assets | 2,954 | 3,082 | ||||||
| Total current assets | 299,689 | 330,513 | ||||||
| Long-term investments | 61,188 | 56,858 | ||||||
| Operating lease right-of-use assets | 23,956 | 25,177 | ||||||
| Property and equipment, net | 20,436 | 22,193 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 818 | 1,004 | ||||||
| Total assets | $ | 406,611 | $ | 436,269 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,628 | $ | 1,370 | ||||
| Accrued expenses | 9,815 | 9,212 | ||||||
| Deferred revenue | 189 | 206 | ||||||
| Operating lease liabilities, current | 2,265 | 2,295 | ||||||
| Other current liabilities | 140 | 139 | ||||||
| Total current liabilities | 17,037 | 13,222 | ||||||
| Operating lease liabilities, net of current portion | 24,831 | 25,964 | ||||||
| Other noncurrent liabilities | 44 | 179 | ||||||
| Total liabilities | 41,912 | 39,365 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Class A common stock, | 1 | 1 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 714,626 | 702,868 | ||||||
| Accumulated other comprehensive loss | (626 | ) | (192 | ) | ||||
| Accumulated deficit | (349,302 | ) | (305,773 | ) | ||||
| Total stockholders’ equity | 364,699 | 396,904 | ||||||
| Total liabilities and stockholders’ equity | $ | 406,611 | $ | 436,269 | ||||
FAQ
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