Seer (SEER) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Business performance and market trends

• Q2 saw significant external validation of the platform through increased customer publications, though revenue remained flat quarter-over-quarter and declined year-over-year due to macroeconomic headwinds.

• PrognomiQ, a related party, contributed less revenue as it shifted focus from research to clinical test development, but growth continued outside this relationship.

• The sales cycle has lengthened due to persistent CapEx constraints, leading to cautious guidance for the remainder of the year.

• The STAC service program is seeing good demand, providing a tailwind, but the primary goal remains instrument and consumable sales.

Scientific validation and publication momentum

• A surge in high-impact customer publications is driving credibility and adoption, with studies now being published at a rapid pace.

• Recent studies, such as those from Cornell and Nature, demonstrate the unique capabilities of the platform in large-scale, deep proteomics.

• Publications are both high in quality and frequency, with many appearing in top-tier journals, which is expected to further accelerate adoption.

Technology and industry positioning

• The platform enables deep, unbiased proteomics at scale, overcoming previous limitations of targeted approaches and mass spectrometry.

• Mass spectrometry improvements, such as the Orbitrap Astral, are complementary, with the platform enhancing their performance, especially in plasma studies.

• A large installed base of mass spectrometers exists, but the key adoption driver is customer validation through publications, not instrument availability.

• The technology is positioned as complementary to both targeted and unbiased approaches, with future detectors expected to face similar challenges that the platform addresses.