Seer, Inc.'s Q1 2025: Navigating Contradictions in Academic Revenue, STAC Growth, and Macroeconomic Pressures

Academic and government customer uncertainty, STAC revenue trajectory, impact of macroeconomic challenges, academic and government customer revenue trends, and impact of tariffs and funding uncertainty are the key contradictions discussed in Seer, Inc.'s latest 2025Q1 earnings call.



Revenue Growth and Instrument Shipments:
- Seer, Inc. reported $4.2 million in revenue for the first quarter of 2025, representing a 37% increase compared to the same period in 2024.
- The growth was driven by increasing demand for the Proteograph product suite and the shipment of as many instruments in the first quarter of 2025 as were shipped in all of 2024.

STAC Demand and Conversions:
- Seer's Strategic Instrument Placement Program (SIPP) and Seer Technology Access Center (STAC) continue to be strategic assets, with half of instrument shipments in Q1 acquired by customers who had previously accessed STAC.
- This demand is driven by the lower barrier of adoption and the ability for customers to experience the power of the Proteograph product suite and generate proteomics data.

Gross Margin Improvement:
- Seer's gross profit for the first quarter of 2025 was $2.1 million, representing a gross margin of 49%, compared to 44% in the same period of 2024.
- The improvement in gross margin was primarily due to a higher mix of service revenue in Q1 2025, reflecting the increased traction with STAC and customer interest in running projects through the service.

Investment in R&D and Share Repurchase:
- Seer maintained its strong balance sheet with approximately $285 million in cash, cash equivalents, and investments, using it for R&D investments and share repurchase programs.
- This strategy is aimed at executing on the product roadmap to drive innovation and benefiting shareholders by leveraging the dislocation between the core value proposition and the stock price.