Seer Inc Reports Financial Results for Q2 2024
Intellectia.AI Updated: 1970-01-01
Seer, Inc. Reports Financial Results for Q2 2024
Seer, Inc. announced its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 (Actual) | Q1 2024 (Actual) | Y/Y Change | Q/Q Change | Consensus Estimates (Wall Street) |
|---|---|---|---|---|---|
| Total Revenue | USD $3.0M | USD $2.90M | -23% | 3.45% | USD $3.2M |
| Earnings Per Share (EPS) | USD -$0.23 | USD -$0.34 | N/A | 32.35% | USD -$0.36 |
The actual Q2 2024 revenue of USD $3.0M fell short of the Wall Street consensus estimate of USD $3.2M. The EPS of USD -$0.23 outperformed the consensus estimate of USD -$0.36, indicating better-than-expected cost management and financial performance. Year-over-year, revenue declined by 23%, reflecting decreased product sales and the absence of grant revenue.
Revenue Performance Across Major Segments
| Segment | Q2 2024 (Actual) | Q2 2023 (Actual) | Y/Y Change |
|---|---|---|---|
| Product Sales | USD $2.2M | USD $2.7M | -18.52% |
| Service Revenue | USD $0.8M | USD $1.2M | -33.33% |
In Q2 2024, product sales decreased by 18.52% year-over-year, due to fewer instrument sales, which typically carry higher costs. Service revenue fell by 33.33% year-over-year, reflecting decreased consumable kit sales to a related party and the absence of recognized grant revenue.
Comments from Company's Officers
CEO Dr. Omid Farokhzad commented, “The cost controls implemented have shown positive results on our bottom line, improving our EPS. However, we will focus on ramping up sales efforts and enhancing product offerings.”
Dividends or Share Repurchase Program
| Program | Announced Amount | Utilized Amount (Q2 2024) | Remaining |
|---|---|---|---|
| Share Repurchase Program (May 2024) | $25.0M | $3.7M | $21.3M |
Seer announced a share repurchase program of up to $25.0 million in May 2024. As of Q2 2024, the company had repurchased $3.7 million worth of Class A common stock.
Forward Guidance
The company did not provide any forward guidance for the upcoming quarters.
Stock Price Movement
Post-earnings, the stock price saw a slight increase of approximately 0.58%.
In summary, while Seer faced revenue challenges in Q2 2024, its improved EPS and active share repurchase program suggest a focus on shareholder value and effective cost management.
