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 globally, including 12 large biopharma companies.

• Ended 2024 with $300 million in cash, cash equivalents, and investments, and repurchased 6.5 million shares, reducing outstanding shares by 10%.

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

• Saw strong customer validation with 23 new peer-reviewed publications in 2024 and growing adoption of the Proteograph Product Suite.

• Expanded commercial infrastructure, including doubling North American sales team and adding new global channel partners.

Financial highlights

• Q4 2024 revenue was $4 million, down 10% year-over-year; 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 in 2024.

• Q4 gross margin was 51%; full-year gross margin was 50%.

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

• Free cash flow loss for 2024 was $49.4 million, improved from $66.4 million in 2023.

Outlook and guidance

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

• Expect 2025 gross margin in the range of 50–53%; long-term target remains 70–75%.

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

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