Seer Inc - Ordinary Shares (SEER) 8 Aug 24 2024 Q2 Earnings call transcript

In Seer Incorporated's recent earnings call, the company shared updates on its financial performance and strategic initiatives, providing insights into its efforts to navigate a challenging macroeconomic environment and capitalize on the potential of its Proteograph Product Suite. The call, led by CEO Omid Farokhzad and CFO David Horn, highlighted a focus on enhancing access to the Proteograph, driving evidence and publications, and expanding into new markets.

Enhancing Access and Driving Evidence

Seer's second quarter revenue came in at $3.1 million, a 23% decrease compared to the previous year, primarily due to a decrease in related party and grant revenue. However, the company has continued to see pressure on capital expenditure budgets and elongated sales cycles for outright purchases of new instrumentation. Despite these challenges, Seer remains committed to enhancing access to its Proteograph Product Suite and assisting customers in generating novel data. The company has expanded its sales and marketing team and opened a STAC lab in Germany, aiming to unlock biological insights for European researchers.

Strategic Investments and Market Opportunities

Seer's strategic initiatives include the Strategic Instrument Placement Program (SIPP) and the Seer Insights grant program, which have been instrumental in driving innovation and accelerating the adoption of the Proteograph Product Suite. The Seer Insights grant program, which supports researchers in advancing scientific discovery, has seen great interest and has already facilitated novel insights across oncology, cardiometabolic, and neurology fields. The company expects these studies to be presented and published, further reinforcing the differentiated value proposition of its technology.

Financial Performance and Outlook

Despite the challenges, Seer maintains a positive outlook for the remainder of 2024. The company expects revenue to be in the range of $13 million to $15 million for the year, a slight decrease from previous guidance. This revision reflects the elongated sales cycles and funding challenges, but Seer remains optimistic about the second half of the year, citing a pipeline of opportunities and increased interest from both academic and commercial customers.

Conclusion

Seer Incorporated's earnings call provides a comprehensive overview of the company's financial performance and strategic initiatives, highlighting its resilience in navigating a challenging macroenvironment. With a focus on enhancing access to its Proteograph Product Suite and driving evidence and publications, Seer is well-positioned to capitalize on the potential of its technology and unlock new opportunities in the proteomics field. The company's strategic investments and market expansion efforts, coupled with its commitment to customer-centric innovation, position Seer for continued growth and success in the coming quarters.