Seer Reports Third Quarter 2024 Financial Results
Seer (NASDAQ: SEER) reported Q3 2024 financial results with revenue of $4.0 million, a 3% decrease from the prior year. Product revenue was $3.1 million, while service revenue reached $847 thousand. The company posted a gross margin of 48% and a net loss of $21.3 million. Operating expenses decreased 6% to $26.3 million. Key developments include a co-marketing agreement with Thermo Fisher Scientific, multiple research presentations at HUPO World Congress, and a $10.0 million investment in PrognomiQ. The company maintains its 2024 revenue guidance of $13-15 million and ended the quarter with $312 million in cash and investments.
Seer (NASDAQ: SEER) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 4,0 milioni di dollari, registrando una diminuzione del 3% rispetto all'anno precedente. Il fatturato da prodotto ha raggiunto i 3,1 milioni di dollari, mentre il fatturato da servizi è stato di 847 mila dollari. L'azienda ha registrato un margine lordo del 48% e una perdita netta di 21,3 milioni di dollari. Le spese operative sono diminuite del 6% a 26,3 milioni di dollari. Tra gli sviluppi principali ci sono un accordo di co-marketing con Thermo Fisher Scientific, numerose presentazioni di ricerca al Congresso Mondiale HUPO e un investimento di 10,0 milioni di dollari in PrognomiQ. L'azienda mantiene la sua previsione di fatturato per il 2024 di 13-15 milioni di dollari e ha concluso il trimestre con 312 milioni di dollari in contante e investimenti.
Seer (NASDAQ: SEER) informó los resultados financieros del tercer trimestre de 2024 con ingresos de 4,0 millones de dólares, una disminución del 3% respecto al año anterior. Los ingresos por productos fueron de 3,1 millones de dólares, mientras que los ingresos por servicios alcanzaron los 847 mil dólares. La empresa reportó un margen bruto del 48% y una pérdida neta de 21,3 millones de dólares. Los gastos operativos disminuyeron un 6% a 26,3 millones de dólares. Los desarrollos clave incluyen un acuerdo de co-marketing con Thermo Fisher Scientific, múltiples presentaciones de investigación en el Congreso Mundial de HUPO y una inversión de 10,0 millones de dólares en PrognomiQ. La empresa mantiene su guía de ingresos para 2024 de 13 a 15 millones de dólares y terminó el trimestre con 312 millones de dólares en efectivo e inversiones.
시어(나스닥: SEER)는 2024년 3분기 재무 결과를 보고하며 수익이 400만 달러에 달하고, 이는 작년 대비 3% 감소한 수치입니다. 제품 수익은 310만 달러, 서비스 수익은 84만 7천 달러에 달했습니다. 회사는 48%의 총 마진과 2130만 달러의 순손실을 기록했습니다. 운영 비용은 6% 감소하여 2630만 달러에 이릅니다. 주요 발전 사항으로는 Thermo Fisher Scientific과의 공동 마케팅 계약, HUPO 세계 총회에서의 다수 연구 발표, PrognomiQ에 대한 1000만 달러 투자 등이 있습니다. 회사는 2024년 매출 가이드를 1300만~1500만 달러로 유지하며, 분기를 3억1200만 달러의 현금 및 투자로 마감했습니다.
Seer (NASDAQ: SEER) a publié les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 4,0 millions de dollars, soit une diminution de 3 % par rapport à l'année précédente. Le chiffre d'affaires produit a atteint 3,1 millions de dollars, tandis que le chiffre d'affaires services a atteint 847 000 dollars. L'entreprise a affiché une marge brute de 48% et une perte nette de 21,3 millions de dollars. Les dépenses d'exploitation ont diminué de 6 % pour atteindre 26,3 millions de dollars. Parmi les développements clés figurent un accord de co-marketing avec Thermo Fisher Scientific, plusieurs présentations de recherche lors du Congrès Mondial HUPO et un investissement de 10,0 millions de dollars dans PrognomiQ. L'entreprise maintient ses prévisions de chiffre d'affaires pour 2024 entre 13 et 15 millions de dollars et a clôturé le trimestre avec 312 millions de dollars en liquide et investissements.
Seer (NASDAQ: SEER) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 4,0 Millionen Dollar, was einem Rückgang von 3% im Vergleich zum Vorjahr entspricht. Der Produktumsatz betrug 3,1 Millionen Dollar, während der Dienstleistungsumsatz 847 Tausend Dollar erreichte. Das Unternehmen verzeichnete eine Bruttomarge von 48% und einen Nettoverlust von 21,3 Millionen Dollar. Die Betriebskosten sanken um 6% auf 26,3 Millionen Dollar. Wichtige Entwicklungen umfassen eine Co-Marketing-Vereinbarung mit Thermo Fisher Scientific, mehrere Forschungspräsentationen beim HUPO-Weltkongress und eine Investition von 10,0 Millionen Dollar in PrognomiQ. Das Unternehmen hält an seiner Umsatzprognose für 2024 von 13 bis 15 Millionen Dollar fest und beendete das Quartal mit 312 Millionen Dollar in Bar und Investitionen.
- Strong cash position of $312 million
- Strategic partnership with Thermo Fisher Scientific for global market expansion
- Operating expenses decreased 6% year-over-year
- 48% gross margin achievement
- 3% year-over-year revenue decline to $4.0 million
- Net loss of $21.3 million
- Related party and grant revenue decreased
Insights
The Q3 results reveal concerning trends for Seer.
The partnership with Thermo Fisher Scientific could potentially expand market reach, but current revenue guidance of
Growing enthusiasm for Proteograph Product Suite with multiple larger orders from government agencies and continued strong interest in STAC
REDWOOD CITY, Calif., Nov. 06, 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 third quarter ended September 30, 2024.
Recent Highlights
- Achieved revenue of
$4.0 million for the third quarter of 2024 - Entered into a co-marketing and sales agreement with Thermo Fisher Scientific to further enhance access and expand global reach to deep, unbiased proteomics at scale
- Presented multiple posters and featured in several presentations at the HUPO World Congress showcasing the use of the Proteograph Product Suite in Alzheimer’s, population health, xenotransplantation, and other model organisms
- Invested
$10.0 million in PrognomiQ’s Series D preferred stock financing during the third quarter alongside other existing investors and a new strategic investor - Repurchased approximately 3.7 million shares of Seer Class A common stock at an average cost of
$1.78 per share during the third quarter, bringing the total share repurchase to 5.7 million shares as of the end of the third quarter 2024 - Ended the quarter with approximately
$312 million of cash, cash equivalents and investments
“We are continuing to drive adoption of the Proteograph Product Suite and to enhance access to large scale, deep, unbiased proteomics” said Omid Farokhzad, Chair and CEO of Seer. “We are excited to establish a partnership with Thermo Fisher Scientific to co-market and sell the Proteograph Product Suite alongside their leading Orbitrap Astral mass spectrometers. We believe the powerful combination of these technologies will enable researchers to generate unprecedented and meaningful results that will impact human health and disease. I am incredibly bullish on the long-term value of our differentiated technology and its potential to transform our understanding of the proteome and biology.”
Third Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and investments were approximately
2024 Guidance
Seer continues to expect full year 2024 revenue to be in the range of
Webcast Information
Seer will host a conference call to discuss the third quarter 2024 financial results on Wednesday, November 6, 2024 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 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 2,915 | $ | 1,849 | $ | 6,344 | $ | 5,837 | |||||||
| Service | 661 | 536 | 1,751 | 1,072 | |||||||||||
| Related party | 366 | 1,429 | 1,903 | 4,093 | |||||||||||
| Grant and other | 90 | 348 | 172 | 1,221 | |||||||||||
| Total revenue | 4,032 | 4,162 | 10,170 | 12,223 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Product | 1,510 | 1,181 | 3,202 | 3,735 | |||||||||||
| Service | 268 | 95 | 899 | 295 | |||||||||||
| Related party | 183 | 396 | 651 | 1,226 | |||||||||||
| Grant and other | 133 | 334 | 388 | 462 | |||||||||||
| Total cost of revenue | 2,094 | 2,006 | 5,140 | 5,718 | |||||||||||
| Gross profit | 1,938 | 2,156 | 5,030 | 6,505 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 12,967 | 13,232 | 37,966 | 41,854 | |||||||||||
| Selling, general and administrative | 13,296 | 14,769 | 43,677 | 45,882 | |||||||||||
| Total operating expenses | 26,263 | 28,001 | 81,643 | 87,736 | |||||||||||
| Loss from operations | (24,325 | ) | (25,845 | ) | (76,613 | ) | (81,231 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 4,082 | 4,767 | 13,101 | 13,044 | |||||||||||
| Loss on equity method investment | (861 | ) | — | (861 | ) | — | |||||||||
| Other expense | (224 | ) | (10 | ) | (484 | ) | (291 | ) | |||||||
| Total other income | 2,997 | 4,757 | 11,756 | 12,753 | |||||||||||
| Net loss | $ | (21,328 | ) | $ | (21,088 | ) | $ | (64,857 | ) | $ | (68,478 | ) | |||
| Other comprehensive loss: | |||||||||||||||
| Unrealized gain (loss) on available-for-sale securities | 1,415 | 236 | 981 | (45 | ) | ||||||||||
| Comprehensive loss | $ | (19,913 | ) | $ | (20,852 | ) | $ | (63,876 | ) | $ | (68,523 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.35 | ) | $ | (0.33 | ) | $ | (1.02 | ) | $ | (1.07 | ) | |||
| Weighted-average common shares outstanding, basic and diluted | 61,186,324 | 63,929,743 | 63,441,333 | 63,747,155 | |||||||||||
| SEER, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share amounts) | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 37,622 | $ | 32,499 | ||||
| Short-term investments | 209,978 | 283,725 | ||||||
| Accounts receivable, net | 4,446 | 4,831 | ||||||
| Related party receivables | 554 | 559 | ||||||
| Other receivables | 1,450 | 1,326 | ||||||
| Inventory | 6,935 | 4,491 | ||||||
| Prepaid expenses and other current assets | 3,117 | 3,082 | ||||||
| Total current assets | 264,102 | 330,513 | ||||||
| Long-term investments | 64,894 | 56,858 | ||||||
| Operating lease right-of-use assets | 23,345 | 25,177 | ||||||
| Property and equipment, net | 20,677 | 22,193 | ||||||
| Restricted cash | 524 | 524 | ||||||
| Other assets | 9,882 | 1,004 | ||||||
| Total assets | $ | 383,424 | $ | 436,269 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 736 | $ | 1,370 | ||||
| Accrued expenses | 10,899 | 9,212 | ||||||
| Deferred revenue | 354 | 206 | ||||||
| Operating lease liabilities, current | 2,249 | 2,295 | ||||||
| Other current liabilities | 145 | 139 | ||||||
| Total current liabilities | 14,383 | 13,222 | ||||||
| Operating lease liabilities, net of current portion | 24,250 | 25,964 | ||||||
| Other noncurrent liabilities | 64 | 179 | ||||||
| Total liabilities | 38,697 | 39,365 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, September 30, 2024 and December 31, 2023; zero shares issued and outstanding as of September 30, 2024 and December 31, 2023 | — | — | ||||||
| Class A common stock, as of September 30, 2024 and December 31, 2023; 55,539,884 and 60,253,707 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 1 | 1 | ||||||
| Class B common stock, as of September 30, 2024 and December 31, 2023; 4,044,969 shares issued and outstanding as of September 30, 2024 and December 31, 2023 | — | — | ||||||
| Additional paid-in capital | 714,567 | 702,868 | ||||||
| Accumulated other comprehensive gain (loss) | 789 | (192 | ) | |||||
| Accumulated deficit | (370,630 | ) | (305,773 | ) | ||||
| Total stockholders’ equity | 344,727 | 396,904 | ||||||
| Total liabilities and stockholders’ equity | $ | 383,424 | $ | 436,269 | ||||
FAQ
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