Seer (SEER) 6 Nov 24 2024 Q3 Earnings call transcript
In an earnings call that underscored the resilience and strategic prowess of Seer, Inc., the company's top executives provided an insightful overview of its third-quarter performance and future outlook. Amidst the backdrop of a challenging macro environment, Seer showcased its ability to navigate complex market dynamics and maintain a steady growth trajectory, thanks to its innovative Proteograph Product Suite and strategic partnerships.
Growing Market Enthusiasm for Proteograph
Seer's third quarter was marked by growing enthusiasm for its Proteograph Product Suite, despite the ongoing macroeconomic pressures. The company reported a revenue of $4 million, with approximately $312 million in cash, cash equivalents, and investments. This was driven by multiple large orders from government agencies and continued strong interest in Seer's STAC, which provides access to large-scale, deep unbiased proteomics. Seer's leadership emphasized that the company is starting to see the flywheel effect of increasing customer publications and preprints, positioning it well for long-term growth.
Strategic Partnership with Thermo Fisher Scientific
One of the most significant developments during the quarter was Seer's partnership with Thermo Fisher Scientific, the leading mass spectrometry provider. Under this non-exclusive agreement, Thermo Fisher will sell Seer's Proteograph Product Suite alongside their Orbitrap Astral mass spectrometers. This collaboration is expected to enhance the accessibility of Seer's innovative technology to life science researchers worldwide, driving breakthroughs in understanding human biology and disease. With Thermo Fisher's robust sales force and global reach, Seer is poised to expand its market reach and customer base, potentially leading to significant top-line growth.
STAC: A Strategic Asset for Seer
Seer's Technology Access Center (STAC) continues to be a strategic asset, offering customers access to large-scale deep unbiased proteomics. Despite the challenging funding environment, Seer has seen strong demand for STAC and a robust pipeline heading into the end of the year. This service has been instrumental in enhancing access to the Proteograph and bringing the power of unbiased proteomics data to a growing number of researchers, ultimately driving broader adoption of Seer's technology.
Future Outlook: Continued Investment and Growth
Looking ahead, Seer remains committed to its core strategies of driving evidence and publications, enhancing access to the Proteograph, innovating with its products, and expanding applications. The company's expectations for revenue in 2024 are in the range of $13 million to $15 million, indicating a continued focus on growth and strategic investments. Seer's executive team is optimistic about the future, citing the increasing evidence and publications as catalysts for growth in 2025 and beyond.
Navigating the Challenges Ahead
Despite the challenges posed by the macro environment and capital purchasing pressures, Seer's leadership expressed confidence in the company's ability to navigate these obstacles and maintain a strong growth trajectory. The company's strategic partnerships, innovative technology, and commitment to customer service have positioned it well for success in the evolving proteomics market. With a solid foundation in place and a clear vision for the future, Seer, Inc. is poised to continue driving breakthroughs in human health and disease research.