Seer's Q2 2025 Earnings Call: Discrepancies in Revenue Sources, Margins, and Growth Trajectories

Instrument placement pipeline and revenue sources, gross margin expectations, revenue contribution from partnerships, STAC revenue trajectory, and revenue from collaborations are the key contradictions discussed in Seer's latest 2025Q2 earnings call.



Revenue Growth and Product Innovation:
- Seer, Inc. reported revenue of $4.1 million for Q2 2025, up 32% year-over-year.
- The growth was driven by the launch of new products, such as the Proteograph ONE assay and increased third-party validation through high-impact publications.

Large-Scale Studies and Population Health:
- Seer announced a 20,000-sample study with Korea University and a 10,000-sample study with Discovery Life Sciences.
- These large-scale studies were made possible by the enhanced throughput of the Proteograph ONE assay and the partnership with Thermo Fisher's Orbitrap Astral mass spectrometer.

Instrument Shipments and STAC Utilization:
- Over half of the instruments shipped in Q2 were to customers who had previously accessed the Seer Technology Access Center (STAC).
- This trend highlights the effectiveness of STAC as a pipeline for instrument placements, contributing to revenue growth.

Financial Health and Share Repurchase:
- Seer ended the quarter with approximately $263 million in cash, cash equivalents, and investments.
- The company has repurchased approximately $20 million of its Class A common shares under a $25 million share repurchase program, reflecting confidence in the company's value proposition.