Seer (SEER) TD Cowen 46th Annual Health Care Conference summary

Business performance and growth

• Achieved 67% growth in install base, ending 2025 with 82 instruments and 70% growth in consumable kit sales.

• Customer publications doubled to 70 by year-end 2025, now at 76, with high-impact journals featured.

• Three population-scale studies using deep unbiased proteomics were completed, including pilots with major biobanks.

• Proteograph ONE Assay launch in June enabled higher throughput and efficiency, reducing runtime and increasing sample capacity.

• Operating expenses decreased by 23% despite significant growth and innovation.

Market strategy and adoption drivers

• STAC and SIP programs lowered adoption barriers, with 50% of 2025 installs from STAC users and 60% SIP conversion.

• Programs allow customers to experience the platform and manage budgets, leading to increased placements.

• Addressed workflow bottlenecks with Proteograph, Analysis Suite, and ongoing detector development.

• Pull-through per instrument was around $113, with expectations for continued growth as studies scale.

Financial outlook and pricing

• Revenue guidance for 2026 is $16–18 million, assuming continued end-market challenges.

• Gross margin is in the low 50% range, driven by high-margin consumables; pricing is set to match targeted approaches.

• Willing to compete aggressively on price for population studies, with cost structure allowing flexibility.

• OpEx expected to decrease further in 2026 due to disciplined execution and focused innovation.