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01/11 03:36
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call indicates mixed signals: revenue and gross profit have increased, and expenses have decreased, which are positive signs. However, significant uncertainties remain due to macroeconomic volatility, regulatory issues, and competitive pressures. The Q&A reveals management's lack of clarity on certain projects and market trends, adding to the uncertainty. Despite a share repurchase program, the overall sentiment is neutral due to the balance of positive financial performance against ongoing risks and uncertainties.
Total Revenue $4,200,000 (up 37% from $3,100,000 in Q1 2024) due to higher instrument consumable and service revenue.
Product Revenue $2,900,000 (including $5,000 from related parties) primarily from sales of proteograph instruments and consumable kits.
Service Revenue $1,200,000 (including $47,000 from related parties) mainly from STACK service projects.
Total Gross Profit $2,100,000 with a gross margin of 49% (up from $1,400,000 and 44% in Q1 2024) driven by a higher mix of service revenue.
Total Operating Expenses $22,800,000 (down 14% from $26,600,000 in Q1 2024) including $4,500,000 of stock-based compensation.
Research and Development Expenses $11,400,000 (down 7% from $12,300,000 in Q1 2024) due to decreases in stock-based compensation and laboratory expenses.
Selling, General and Administrative Expenses $11,400,000 (down 20% from $14,300,000 in Q1 2024) primarily due to a decrease in stock-based compensation.
Net Loss $19,900,000 (compared to $20,700,000 in Q1 2024) showing a slight improvement.
Free Cash Flow Loss Approximately $12,100,000 for the quarter.
Share Repurchase 352,000 Class A common shares repurchased at an average price of $1.91 per share.
Cash, Cash Equivalents and Investments Approximately $285,000,000 at the end of the quarter.
Revenue from Portugraft Product Suite: SEER delivered $4,200,000 in revenue for Q1 2025, driven by increasing demand for the Portugraft product suite.
New Product Launch: Launched Cell Lysate application on the ProteoGraft XT, expanding capabilities beyond plasma and tissue analysis.
Instrument Shipments: Shipped as many instruments in Q1 2025 as in all of 2024.
Customer Publications: 42 customer publications showcasing the capabilities of the platform.
Market Expansion: Secured a significant contract for a 10,000 sample study with Discovery Life Sciences.
Partnership with Thermo Fisher Scientific: Expanded partnership to co-market and sell the PolioGraph product suite alongside Orbitrap Astro Mass Spectrometer.
Operational Efficiencies: Working with suppliers to ensure price stability at pre-tariff levels and evaluating cost structure to improve margins.
Share Repurchase Program: Continued share repurchase activities, buying back 352,000 shares at an average price of $1.91.
Strategic Focus: Focused on expanding user base, driving larger cohort studies, product innovation, and enabling actionable biological insights.
Revenue Guidance: Reiterated full year 2025 revenue guidance of $17,000,000 to $18,000,000, representing 24% growth at midpoint.
Macroeconomic Volatility: Near-term macroeconomic volatility, including recently introduced tariffs and ongoing government funding challenges, is expected to persist and limit visibility for the balance of the year.
Regulatory Issues: The NIH and government funding environment remains extremely uncertain and dynamic, with potential fluctuations impacting academic and government customers, which represent approximately 30% of overall revenue.
Supply Chain Challenges: While there have been no direct effects on the supply chain from recent tariff implementations, the company is actively monitoring the situation and evaluating its cost structure to improve margins.
Competitive Pressures: The company faces competitive pressures as customers are cautious with spending due to economic uncertainties, including tariffs and drug pricing control proposals.
Revenue Variability: The size and timing of large-scale projects may lead to quarterly revenue variability, particularly as customers pause spending amid uncertainty.
Cash Flow Loss: The company expects a free cash flow loss in the range of $40 million to $45 million for the year, indicating ongoing financial challenges.
Market Exposure: Approximately 25% of total revenue is derived from international sales, with potential implications from tariffs imposed by other countries, particularly China.
Revenue Guidance: Reiterating full year 2025 revenue guidance of $17,000,000 to $18,000,000, representing 24% year-over-year growth at the midpoint.
R&D Investments: Making concentrated investments in R&D to execute on product roadmap.
Share Repurchase Program: Continuing share repurchase program to benefit shareholders.
Strategic Instrument Placement Program (SIPP): Loaning instruments to customers with upfront purchase of consumable kits to remove barriers for capital-constrained customers.
Partnership with Thermo Fisher Scientific: Expanded partnership to co-market and sell the Proteograph product suite alongside their Orbitrap Astro Mass Spectrometer.
Customer Engagement: Increasing customer engagement through webinars and training to enhance access to the Proteograph product suite.
Revenue Expectations: Expecting revenue for 2025 to be in the range of $17,000,000 to $18,000,000.
Free Cash Flow Loss: Expecting free cash flow loss to be in the range of $40,000,000 to $45,000,000 for the year.
Long-term Gross Margins: Long-term gross margins expected to be in the range of 70% to 75%.
Operational Efficiency: Identifying operational efficiencies to expand capacity of SEER Technology Access Center (SAC).
Share Repurchase Program: In the first quarter, SEER repurchased 352,000 Class A common shares at an average price of $1.91 per share.
The earnings call presents a mixed outlook. The partnership with Thermo Fisher and new product launches are positive, but macroeconomic headwinds and uncertainties in government funding pose risks. The financial performance shows modest revenue growth and a reduced net loss, but free cash flow loss remains significant. The share repurchase program is a positive signal, but concerns about academic spending persist. Overall, the sentiment is neutral due to balanced positive and negative factors, with no decisive catalyst to drive strong stock movement.
The earnings call summary and Q&A highlight positive aspects such as strong revenue growth, successful product launches, and a strategic partnership with Thermo Fisher. Despite modest current revenue from the partnership, expectations are positive for future growth. The share repurchase program reflects confidence in the company's value. While there are concerns about gross margin decreases and free cash flow losses, the overall sentiment is positive, especially with optimistic guidance and strategic initiatives like STAC. Considering these factors, the stock price is likely to see a positive movement in the short term.
The earnings call indicates mixed signals: revenue and gross profit have increased, and expenses have decreased, which are positive signs. However, significant uncertainties remain due to macroeconomic volatility, regulatory issues, and competitive pressures. The Q&A reveals management's lack of clarity on certain projects and market trends, adding to the uncertainty. Despite a share repurchase program, the overall sentiment is neutral due to the balance of positive financial performance against ongoing risks and uncertainties.
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