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01/11 03:34
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Revenue $4.1 million, representing 32% year-over-year growth. The increase was primarily due to higher product and service revenue.
Product Revenue $2.7 million, consisting of sales of Proteograph instruments and consumable kits. Despite continued pressure on CapEx budgets and elongated sales cycles, there was traction in instrument shipments and consumable kit purchases.
Service Revenue $1.2 million, including $409,000 of related party revenue. This primarily consisted of revenue related to STAC service projects. Sample volumes increased year-over-year.
Other Revenue $119,000, consisting of leasing and shipping revenue.
Gross Profit $2.1 million, representing a gross margin of 52%, compared to $1.7 million and a gross margin of 56% in Q2 2024. The decrease in gross margin was due to higher instrument installation and training costs.
Operating Expenses $22.6 million, including $3.7 million of stock-based compensation, a decrease of 21% compared to $28.8 million in Q2 2024. The decrease was due to lower stock-based compensation and professional services expenses.
Research and Development Expenses $12 million, a decrease of 6% compared to $12.7 million in Q2 2024. The decrease was primarily due to lower stock-based compensation and allocated costs.
Selling, General and Administrative Expenses $10.7 million, a decrease of 34% compared to $16.1 million in Q2 2024. The decrease was primarily due to lower stock-based compensation and professional services expenses.
Net Loss $19.4 million, compared to $22.9 million in Q2 2024.
Free Cash Flow Loss Approximately $27.3 million for the quarter ended June 30, 2025.
Cash, Cash Equivalents, and Investments Approximately $263.3 million as of June 30, 2025.
Launch of Proteograph ONE workflow: Introduced a high-throughput assay and SP200 automation instrument, doubling throughput to over 1,000 samples per week and reducing run time by 30%.
Launch of Proteograph DIRECT assay: Enabled customers to run cell and tissue samples on SP200 instrument, reducing manual processing time to 60 minutes.
Collaboration with Korea University: Announced a 20,000 sample population-scale study for early cancer detection, leveraging Proteograph ONE and AI-driven analytics.
Partnership with Thermo Fisher Scientific: Expanded co-marketing and sales of Proteograph Product Suite with Orbitrap Astral mass spectrometer, enhancing commercial reach.
Revenue growth: Achieved $4.1 million in Q2 2025 revenue, a 32% year-over-year increase.
Gross margin: Reported a gross margin of 52%, driven by higher consumable and service revenue.
Share repurchase program: Repurchased $20 million of Class A common shares, reducing net total shares outstanding by 13%.
Focus on population-scale studies: Positioned as a leader in deep unbiased proteomics, enabling large-scale studies for novel biomarker discovery.
Expansion of STAC and SIP programs: Increased adoption of Proteograph Product Suite through strategic instrument placement and service offerings.
Macroeconomic pressures: The company is facing near-term macro pressures, including evolving tariff implementation and continued uncertainty around government funding, which are likely to weigh on market visibility through year-end.
Customer budget constraints: Customers are facing headwinds from budget constraints, ongoing uncertainty around government funding, particularly related to the NIH, and broader macroeconomic volatility, including potential tariffs. This has led to elongated sales cycles and delayed purchases.
Dependence on academic and government funding: Approximately 30% of the company's revenue comes from academic and government entities. Any changes in their funding may impact their ability to make purchases in 2025.
Tariff and pricing uncertainties: Tariff and most favored nation pricing proposals, which would affect pharmaceutical companies, have introduced uncertainty for commercial customers, with the full impact yet to be determined.
Free cash flow loss: The company reported a free cash flow loss of approximately $27.3 million for the quarter and expects a total free cash flow loss of $40 million to $45 million for the year.
Stock price dislocation: The company perceives a significant dislocation between its core value proposition and its stock price, which has led to share repurchase activities.
Revenue Guidance for 2025: Seer expects revenue to be in the range of $17 million to $18 million for 2025, representing 24% year-over-year growth at the midpoint.
Macroeconomic and Policy Headwinds: The company anticipates continued headwinds from budget constraints, uncertainty around government funding (particularly related to the NIH), and broader macroeconomic volatility, including potential tariffs.
Customer Base Exposure: Seer expects approximately 30% of its revenue in 2025 to come from academic and government entities, with the majority of academic and government revenue in the first half of 2025 coming from academic customers.
Free Cash Flow Loss: The company expects free cash flow loss to be in the range of $40 million to $45 million for the year.
Cash Flow Breakeven: Seer believes it has sufficient capital to reach cash flow breakeven with its current cash, cash equivalents, and investments.
Product Launch Impact: The launch of the Proteograph ONE workflow and SP200 automation instrument is expected to drive increased throughput, reduce costs per sample, and enable larger cohort studies, which are anticipated to be catalysts for revenue growth.
Population Scale Studies: Seer expects a growing number of population scale studies in the near term, leveraging its Proteograph platform for large-scale proteomics research.
Partnership with Thermo Fisher: The expanded partnership with Thermo Fisher Scientific is expected to drive adoption of the Proteograph Product Suite and enable population scale deep unbiased proteomics.
Share Repurchase Program: Seer, Inc. continued its share repurchase program, authorized in May 2024, with a total allocation of $25 million. As of June 30, 2025, the company has repurchased approximately $20 million worth of Class A common shares, reducing net total shares outstanding by approximately 13%. In the second quarter of 2025, the company repurchased approximately 3.9 million Class A common shares at an average price of $1.92 per share. The program reflects the company's belief in a significant dislocation between its core value proposition and its stock price.
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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