Seer Reports Third Quarter 2022 Financial Results
Seer, Inc. (Nasdaq: SEER) reported Q3 2022 revenue of $4.0 million, up from $2.2 million in Q3 2021, mainly due to increased sales of the Proteograph Product Suite. The gross profit was $1.9 million with a gross margin of 49%. Operating expenses rose to $27.0 million, leading to a net loss of $24.0 million, compared to a loss of $18.4 million in the previous year. Seer maintains a full-year revenue guidance of $14.0 million to $16.0 million.
- Revenue increased by 82% YoY to $4.0 million.
- Gross margin improved to 49%.
- Increased utilization of Proteograph by pharma and academic sectors.
- Net loss widened to $24.0 million from $18.4 million.
- Operating expenses increased to $27.0 million, mainly driven by higher employee compensation and stock-based compensation.
Proteograph utility is demonstrated as market interest continues to build with multiple studies underway
REDWOOD CITY, Calif., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the third quarter ended September 30, 2022.
“During the third quarter, we continued to see growing enthusiasm from our customers across a variety of applications, including discovery, translational and clinical research. We are seeing a growing commitment to the technology as customers around the world adopt the Proteograph Product Suite and conduct first-of-their kind studies that explore the proteome at a depth, resolution and scale that was not possible previously,” said Omid Farokhzad, Chief Executive Officer, President and Chair. “As we move ahead, we are excited about our opportunity, focused on our goals, and committed to enabling our customers' success.”
Recent Highlights
- Revenue of
$4.0 million for the third quarter 2022 - Published results in Advanced Materials highlighting how the combination of proteomic methods, nanoengineering and machine learning enables the capture of thousands of proteins
- Demonstrated utility of the technology to address different sample types, input volumes and species through customer proof-of-principle studies and presentations
- Increased utilization by pharma and academic users, who are accessing Seer’s technology through new projects with our Centers of Excellence partners
- Continued software and computation innovations with Seer’s latest deep peptide libraries, enabling up to a
50% increase in proteome depth and allowing for the identification of novel proteoforms
Third Quarter 2022 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and investments were approximately
2022 Guidance
Seer continues to expect full year 2022 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the third quarter financial results on Tuesday, November 8, 2022 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://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, that reflect the Company’s current views with respect to certain current and future events and financial performance. Words such as “expects,” “anticipates,” “projects,” “intends,” “plans,” “believes,” “estimates,” variations of such words, and similar expressions are also intended to identify such forward-looking statements. Such forward-looking statements are based on the Company’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 the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to statements regarding the Company’s outlook for fiscal year 2022. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Quarterly Report on Form 10-Q, to be filed with the SEC, and other documents the Company subsequently files with the SEC from time to time. Except to the extent required by law, the Company 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:
Karen Possemato
pr@seer.bio
Seer, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product | $ | 2,571 | $ | 858 | $ | 7,126 | $ | 1,695 | ||||||||
| Service | 68 | 500 | 204 | 500 | ||||||||||||
| Related party | 1,316 | 787 | 3,494 | 1,167 | ||||||||||||
| Grant and other | — | 10 | 64 | 189 | ||||||||||||
| Total revenue | 3,955 | 2,155 | 10,888 | 3,551 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Product | 1,371 | 574 | 4,674 | 1,078 | ||||||||||||
| Service | 21 | 42 | 50 | 42 | ||||||||||||
| Related party | 618 | 370 | 1,366 | 452 | ||||||||||||
| Total cost of revenue | 2,010 | 986 | 6,090 | 1,572 | ||||||||||||
| Gross profit | 1,945 | 1,169 | 4,798 | 1,979 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 11,564 | 7,745 | 33,167 | 20,906 | ||||||||||||
| Selling, general and administrative | 15,447 | 11,855 | 43,917 | 32,672 | ||||||||||||
| Total operating expenses | 27,011 | 19,600 | 77,084 | 53,578 | ||||||||||||
| Loss from operations | (25,066 | ) | (18,431 | ) | (72,286 | ) | (51,599 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 1,285 | 46 | 2,105 | 169 | ||||||||||||
| Other expense | (199 | ) | — | (260 | ) | — | ||||||||||
| Total other income | 1,086 | 46 | 1,845 | 169 | ||||||||||||
| Net loss | $ | (23,980 | ) | $ | (18,385 | ) | $ | (70,441 | ) | $ | (51,430 | ) | ||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized gain (loss) on available-for-sale securities | 420 | 26 | (2,157 | ) | (62 | ) | ||||||||||
| Comprehensive loss | $ | (23,560 | ) | $ | (18,359 | ) | $ | (72,598 | ) | $ | (51,492 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.38 | ) | $ | (0.30 | ) | $ | (1.13 | ) | $ | (0.85 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 62,538,983 | 61,133,518 | 62,308,314 | 60,625,601 | ||||||||||||
Seer, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| September 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 68,069 | $ | 232,813 | ||||
| Short-term investments | 367,995 | 167,261 | ||||||
| Accounts receivable, net | 4,537 | 2,495 | ||||||
| Related party receivables | 829 | 1,283 | ||||||
| Other receivables | 1,012 | 366 | ||||||
| Inventory | 5,916 | 4,145 | ||||||
| Prepaid expenses and other current assets | 2,113 | 3,336 | ||||||
| Total current assets | 450,471 | 411,699 | ||||||
| Long-term investments | 4,873 | 93,186 | ||||||
| Operating lease right-of-use assets | 27,465 | 20,142 | ||||||
| Property and equipment, net | 16,084 | 13,087 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 795 | 501 | ||||||
| Total assets | $ | 500,212 | $ | 539,139 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,975 | $ | 3,789 | ||||
| Accrued expenses | 7,821 | 8,394 | ||||||
| Deferred revenue | 325 | 376 | ||||||
| Operating lease liabilities, current | 1,314 | 864 | ||||||
| Other current liabilities | 181 | — | ||||||
| Total current liabilities | 13,616 | 13,423 | ||||||
| Operating lease liabilities, net of current portion | 28,509 | 22,459 | ||||||
| Other noncurrent liabilities | 319 | 341 | ||||||
| Total liabilities | 42,444 | 36,223 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Class A common stock, | 1 | 1 | ||||||
| Class B common stock, | — | — | ||||||
| Additional paid-in capital | 657,431 | 629,981 | ||||||
| Accumulated other comprehensive loss | (2,693 | ) | (536 | ) | ||||
| Accumulated deficit | (196,971 | ) | (126,530 | ) | ||||
| Total stockholders’ equity | 457,768 | 502,916 | ||||||
| Total liabilities and stockholders’ equity | $ | 500,212 | $ | 539,139 | ||||
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