Seer (SEER) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $4.0 million, down 3% year-over-year, mainly due to lower related party and grant revenue, with product revenue growth offsetting some declines.

• Ended Q3 with $312–$312.5 million in cash, cash equivalents, and investments.

• Net loss for Q3 2024 was $21.3 million, slightly higher than $21.1 million in Q3 2023.

• Announced a non-exclusive global co-marketing and sales partnership with Thermo Fisher Scientific, launching in early 2025.

• Strong demand and pipeline for the Seer Technology Access Center (STAC), with expanded operations in the U.S. and Germany.

Financial highlights

• Product revenue was $3.1 million, service revenue $847,000, and grant/other revenue $90,000 in Q3 2024.

• Gross profit was $1.9 million (48% margin), down from $2.2 million (52% margin) in Q3 2023.

• Operating expenses were $26.3 million, down 6% year-over-year, with R&D at $13 million and SG&A at $13.3 million.

• Net loss per share was $0.35, with 61.2 million weighted-average shares outstanding.

• Interest income for the quarter was $4.1 million.

Outlook and guidance

• 2024 revenue expected in the range of $13–$15 million.

• Guidance reflects timing uncertainty in deal closures and continued budget pressures; no budget flush assumed for Q4.

• Benefits from expanded sales and marketing team expected to materialize in late 2024 and into 2025.

• Management expects continued operating losses and significant expenses as investments in commercialization and R&D persist.

• Current liquidity is expected to be sufficient for at least the next twelve months; additional capital may be raised if needed.