Seer Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Outlook
Rhea-AI Summary
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.
Positive
- 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
Negative
- 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
News Market Reaction – SEER
In the trading session that priced this news, SEER declined 4.55%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 | ||||
