Seer (SEER) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $3.1 million, down 23% year-over-year, mainly due to lower related party and grant revenue, reflecting a challenging macro environment and elongated sales cycles for novel technology adoption.

• Net loss for Q2 2024 was $22.9 million, a slight improvement from $23.4 million in Q2 2023.

• Ended Q2 2024 with $344.6 million in cash, cash equivalents, and investments, with management expecting sufficient liquidity for at least the next twelve months.

• Expanded sales and marketing teams, launched a new STAC lab in Germany, and saw multiple customer publications in high-impact journals, driving increased customer interest and lead generation.

• Ongoing investments in R&D and commercialization infrastructure are expected to continue, with net losses anticipated as the business scales.

Financial highlights

• Q2 2024 revenue: $3.1 million, primarily from instrument, consumable kit, and service sales; product revenue was $2.2 million, service revenue $845,000, and related party revenue $583,000.

• Gross profit was $1.7 million (56% margin), down from $2.3 million (57% margin) in Q2 2023, due to revenue mix.

• Operating expenses were $28.8 million, down 5% year-over-year, with R&D expenses decreasing 10% to $12.7 million.

• Net loss per share was $0.35 for Q2 2024, compared to $0.37 in Q2 2023.

• Cash used in operations for the first half of 2024 was $20.5 million, an improvement from $34.5 million in the prior year period.

Outlook and guidance

• 2024 revenue guidance lowered to $13–$15 million from previous $16–$18 million, reflecting slower recovery and continued macroeconomic headwinds.

• Management expects a second-half revenue ramp, supported by a strong pipeline, increased customer interest, and ongoing STAC performance.

• Continued significant expenses and operating losses are expected as investments in commercialization and R&D persist.