Seer (SEER) Q4 2024 earnings summary

Executive summary

• Achieved $14.2 million in total revenue for 2024, with $4 million in Q4, serving over 135 customers across 20 countries, including 12 large biopharma companies.

• Shipped 10 instruments in 2024, with cumulative shipments reaching 72 by year-end.

• Expanded commercial infrastructure, doubled North American sales team, and opened a second STAC in Germany to meet growing demand.

• Repurchased 6.5 million shares (~10% reduction in outstanding shares) at an average price of $1.82, ending the year with $300 million in cash, cash equivalents, and investments.

• Launched Proteograph XT workflow for cell lysis proteomics and expanded partnership with Thermo Fisher Scientific.

Financial highlights

• Q4 2024 revenue was $4 million, down 10% year-over-year, primarily due to lower instrument sales and no grant revenue, offset by higher consumable and service revenue.

• Full-year 2024 revenue decreased 15% to $14.2 million; product and service revenue (excluding related party and grant) grew 11% to $11.7 million.

• Gross margin for Q4 2024 was 51% (up from 45% in Q4 2023); full-year gross margin was 50%.

• Net loss for Q4 2024 was $21.7 million; full-year net loss was $86.6 million, nearly flat year-over-year.

• Q4 2024 operating expenses were $25.5 million (up 5% YoY); full year operating expenses were $107.2 million (down 4% YoY).

Outlook and guidance

• 2025 revenue guidance is $17–18 million, representing 24% growth at the midpoint.

• Gross margin for 2025 expected in the 50–53% range; long-term target remains 70–75%.

• Free cash flow loss for 2025 expected to be $40–45 million.

• Guidance reflects continued macroeconomic uncertainty and NIH/government funding volatility.