What guidance did Seer's management provide for the next earnings period?

What does Seer do and what are its main business segments?

What factors drove the changes in Seer's revenue and profit?

What is Seer's latest dividend and current dividend yield?

What is the market's earnings forecast for Seer next quarter?

What is Seer's gross profit margin?

Did Seer beat or miss consensus estimates last quarter?

What were the key takeaways from Seer’s earnings call?

- **Revenue resilience**: 17% YoY growth to $16.6 million despite NIH funding delays, driven by 69% kit volume growth.
- **Strategic momentum**: 82 instruments installed (67% YoY), PrognomIQ LDT launch validates clinical utility, $241M cash balance provides runway.
- **2026 outlook**: Conservative $16-18M guidance reflects macro uncertainty, but 70 publications and 20,000-sample studies position for upside.
- **Shareholder returns**: $25M new repurchase authorization adds to existing $25M program (13% shares retired to date).

**【CEO Summary Section】**
- Q4 2025 revenue: $4.2 million (17% YoY growth to $16.6 million full year). Growth driven by 69% increase in consumable kit volume and 67% expansion of installed base to 82 instruments.
- Key challenges: Delays in NIH funding caused $0.3 million revenue shortfall in Q4. Academic customers remain cautious on CapEx spending.
- Strategic initiatives: 
  - Launched Proteograph ONE assay and SP200 automation instrument, enabling 10x sample throughput increase.
  - PrognomIQ launched first LDT for early lung cancer detection using Seer's technology (Seer owns 20% stake).
  - Announced $25 million share repurchase program (total $22 million utilized since 2024).
  - Balance sheet: $241 million cash, targeting cash flow breakeven.

**【CFO Financial Commentary】**
- Q4 2025 financials: 
  - Gross margin: 52% (up from 51% YoY)
  - Operating expenses: $19.6 million (23% YoY decline)
  - Net loss: $16 million (21% YoY improvement)
  - Free cash flow loss: $45.6 million (16% YoY improvement)
- Full year 2025: 
  - Excluding related-party revenue, core revenue grew 33%
  - R&D expenses: $43.9 million (13% YoY decline)
  - SG&A expenses: $42.6 million (25% YoY decline)
- 2026 guidance: Revenue $16-18 million (3% midpoint growth), reflecting cautious customer spending.

**【Q&A Key Highlights】**
- **Revenue timing risk**: $0.3 million Q4 revenue delayed due to NIH funding uncertainty, now expected in 2026.
- **Installed base utilization**: 82 instruments installed (60% via SIPP program), pull-through per instrument $113,000 (impacted by new installs).
- **Growth catalysts**: 
  - 70 cumulative publications (up from 36 in 2024)
  - 20,000-sample Korea University study and 10,000-sample Discovery Life Sciences partnership
  - AI-powered data analysis tools launching in 2026
- **Share repurchase update**: $25 million new authorization added to existing $25 million program (13% share reduction achieved to date)

Seer, Inc.(SEER)-20260227-2025 Q4 Earnings call transcript

- **Revenue resilience**: $4.1 million Q3 revenue (2% YoY growth) despite macro challenges, with 3x 2024 instrument shipments.
- **Publication momentum**: 13 Q3 customer publications, including breakthroughs in protein isoform biomarkers for disease.
- **Financial discipline**: 18% YoY expense reduction, narrowing net loss to $18.2 million.
- **Strategic partnerships**: Thermo Fisher joint sales and NIH-backed multi-omics studies drive long-term growth potential.
- **Risk factors**: NIH shutdown delays academic spending, but 40% YTD revenue from academia/government underscores tailwind.

**【CEO Opening Remarks】**
- Q3 2025 revenue: $4.1 million (2% YoY growth), driven by instrument shipments and service revenue.
- Instrument shipments: 3x 2024 levels, with 2/3 of Q3 shipments to STAC users.
- Record 13 customer publications in Q3, including high-impact studies on protein isoforms and genetic knockouts.
- Government shutdown and NIH funding uncertainty impacting academic spending, but tailwinds from technology adoption remain strong.

**【CFO Financial Commentary】**
- Product revenue: $2.8 million (instruments, consumables), up 2% YoY.
- Service revenue: $1.2 million (STAC projects), 51% gross margin.
- Operating expenses: $21.5 million (down 18% YoY), with R&D and SG&A both down 17-20%.
- Net loss: $18.2 million (narrowed 14% YoY).
- Cash position: $251 million, with $22 million spent on share buybacks (14% reduction in outstanding shares).
- Guidance: Full-year revenue $17-18 million (24% YoY growth at midpoint), with potential downside from government shutdown.

**【Q&A Highlights】**
- **Thermo Fisher Partnership**: 2 joint sales in Q3, targeting biobank projects and individual accounts. First large-scale study in progress.
- **Large-Scale Studies**: 20,000-sample Korea University study and 10,000-sample Discovery Life Sciences project highlight Proteograph's scalability. 100,000-sample studies expected in 2026.
- **Academic Spending**: 40% of YTD revenue from academia/government, but NIH shutdown delaying grants and elongating sales cycles.
- **Multi-Omics NIH Grant**: Proteograph selected for a multi-institutional consortium with multi-million NIH funding, despite broader funding uncertainty.

Seer, Inc.(SEER)-20251107-2025 Q3 Earnings call transcript

- **Revenue Growth**: Q2 2025 revenue up 32% YoY to $4.1M, with full-year guidance reaffirmed at $17-18M (24% YoY growth). 
- **Product Innovation**: Proteograph ONE doubles throughput to 1,000+ samples/week, enabling 20,000-sample cancer study with Korea University. 
- **STAC Success**: 50%+ of Q2 instrument sales from STAC users, with STAC handling >1,500 samples/month. 
- **Financial Health**: $263M cash on hand, guiding to $40-45M free cash flow loss for 2025. 
- **Share Buybacks**: $20M repurchased, reducing shares outstanding by 13%.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue of $4.1 million, up 32% YoY, driven by product and service revenue. Full-year guidance remains $17-18 million (24% YoY growth). 
- **Product Launches**: Launched Proteograph ONE assay and SP200 automation instrument, doubling throughput to 1,000+ samples/week and reducing run time to 4.5 hours. Proteograph DIRECT assay enables cell/tissue sample analysis with 60-minute prep time.
- **Large-Scale Studies**: Announced 20,000-sample study with Korea University (15,000 cancer patients, 5,000 healthy controls) and 10,000-sample study with Discovery Life Sciences. 
- **STAC Momentum**: Over 50% of Q2 instrument shipments came from STAC users. STAC now handles >1,500 samples/month with expanded capacity.
- **Share Repurchases**: $20M repurchased under $25M program, reducing shares outstanding by 13%.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Product ($2.7M), Service ($1.2M), Other ($0.1M). Gross margin 52% (down 4ppt vs. Q2 2024 due to instrument installation costs).
- **Cost Management**: Operating expenses down 21% YoY to $22.6M (R&D: $12M, SG&A: $10.7M). Free cash flow loss $27.3M (6M period), guiding to $40-45M annual loss.
- **Cash Position**: $263M in cash, sufficient for current operations and expected to reach cash flow breakeven.

**【Q&A Highlights】**
- **Proteograph ONE Uptake**: Early access customers report 10x more proteins detected vs. traditional methods. Korea University study will use Proteograph ONE for early cancer detection.
- **STAC-to-Instrument Conversion**: 50%+ of Q2 instrument sales came from STAC users. STAC pipeline growing with >100 active projects.
- **Thermo Fisher Partnership**: Co-marketing efforts beginning to yield opportunities, with first revenue expected in Q3. Focus on population-scale studies leveraging Orbitrap Astral mass spectrometers.
- **Competitive Positioning**: Unique ability to enable unbiased, deep proteomics at scale (10,000+ samples) vs. targeted approaches like SomaScan/Olink. 52 customer publications validate platform performance.

Seer, Inc. (SEER) Q2 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q1 2025 revenue up 37% YoY to $4.2 million, driven by instrument shipments and STAC adoption.
- **Margin Expansion**: Gross margin improved to 49%, with long-term target of 70-75% at scale.
- **Major Project Launch**: 10,000-sample study with Discovery Life Sciences to generate first population-scale proteomics dataset.
- **Cash Discipline**: $285 million cash balance supports R&D, share buybacks, and macro resilience.
- **Academic Risk**: 30% of revenue exposed to NIH funding uncertainty, but Q1 trends stable.

**【CEO Business Update】**
- Q1 2025 revenue reached $4.2 million, up 37% YoY, driven by instrument shipments and STAC service growth.
- Instrument shipments in Q1 matched total 2024 volume, with half of Q1 instruments sold to STAC users.
- Launched 10,000-sample study with Discovery Life Sciences, marking first population-scale proteomics project.
- Reaffirmed FY2025 revenue guidance of $17-18 million (24% YoY growth), despite macroeconomic headwinds.
- Maintained strong cash position of $285 million, with disciplined R&D investment and $352K share buybacks.

**【CFO Financial Highlights】**
- Q1 2025 gross margin improved to 49% (vs. 44% Q1 2024), driven by higher service revenue mix.
- Operating expenses decreased 14% YoY to $22.8 million, with R&D/Sales G&A down 7%/20%.
- Net loss narrowed to $19.9 million (vs. $20.7 million Q1 2024), with free cash flow loss of $12.1 million.
- FY2025 free cash flow loss expected in $40-45 million range.
- Long-term gross margin target remains 70-75% at scale.

**【Q&A Key Takeaways】**
- 10,000-sample study expected to take 12-18 months, with results to be published in coming months.
- Academic/government customers (30% of revenue) face funding uncertainty, but Q1 trends were stable.
- Biopharma customers unaffected by tariffs, but U.S.-China trade dynamics remain uncertain.
- Share buybacks continue as management sees significant stock price dislocation.

Seer, Inc. (SEER) Q1 2025 Earnings Call Transcript

- **Revenue resilience**: $14.2 million annual revenue with $300M cash, despite 15% YoY decline, supported by $25M share buyback.
- **Customer expansion**: 135+ customers, 25% STAC repeat usage, and 33 publications validate Proteograph's unique value in deep proteomics.
- **2025 growth drivers**: $17-18M revenue target (+24% YoY) fueled by instrument placements and consumable pull-through, despite macro challenges.
- **Strategic partnerships**: Thermo Fisher co-marketing and European STAC expansion accelerate access to population-scale proteomics.
- **Risk awareness**: 12% revenue exposure to NIH funding uncertainty, but no direct impact on researcher spending.


**【CEO Summary Section】**
- Seer reported $4 million in Q4 2024 revenue, down 10% YoY, with full-year revenue of $14.2 million (-15% YoY). Despite macro challenges, the company repurchased 6.5 million shares (10% reduction) and ended with $300 million in cash.
- Customer growth accelerated: 135+ customers across 20 countries, including 12 large biopharma companies. STAC projects saw 25% repeat usage, with 1/3 involving model organisms.
- Technology validation: 33 customer publications in 2024, including a head-to-head study showing Proteograph outperforms competitors in low-abundance protein detection and noise levels.
- Strategic initiatives: Expanded Thermo Fisher partnership to co-market Proteograph with Orbitrap Astral, opened European STAC, and launched Proteograph XT for cell lysate proteomics.
- 2025 outlook: $17-18 million revenue guidance (+24% YoY midpoint), driven by instrument placements and consumable pull-through. Focus on four growth drivers: expanding access, large cohort studies, product innovation, and biological insights.

**【CFO Financial Commentary】**
- Q4 2024: $4 million revenue (-10% YoY), 51% gross margin (vs. 45% Q4 2023). Full-year 2024: $14.2 million revenue (-15% YoY), 50% gross margin. Free cash flow loss of $49.4 million (-26% YoY).
- 2025 guidance: Free cash flow loss of $40-45 million. Consumable pull-through per instrument at $174,000 in 2024, with long-term target of 70-75% gross margin.
- Share repurchase program: $25 million authorized, with $13.2 million remaining as of Q4 2024.

**【Q&A Highlights】**
- **Instrument placements**: Expect higher velocity in 2025 due to growing customer validation, despite macro constraints. 2024 placements tilted to H2, with pipeline improving in Q1/Q2 2025.
- **STAC trends**: Service revenue growth driven by larger projects and repeat customers. STAC capacity remains stable, with no immediate plans for new centers.
- **NIH risks**: 12% of revenue tied to government entities; guidance factors in funding uncertainty, but no direct impact on researcher spending.
- **Thermo Fisher partnership**: Training sales force for Q2 2025 launch. Non-exclusive agreement leaves flexibility for other collaborations.
- **Consumable pull-through**: $174,000 per instrument in 2024, with potential for growth in large cohort studies.


Actual	-0.54	-0.27	-0.27	-0.3	-0.32	-0.38	-0.37	-0.38	-0.36	-0.38	-0.37	-0.33	-0.28	-0.32	-0.35	-0.35	-0.37	-0.34	-0.33	-0.32	-0.29
Forecast	-0.2033	-0.2025	-0.2775	-0.2846	-0.3238	-0.3874	-0.3908	-0.3885	-0.4265	-0.3825	-0.3958	-0.4	-0.371	-0.3	-0.36	-0.3084	-0.3867	-0.3618	-0.3721	-0.3	-0.32
Surprise	-165.62%	-33.33%	+2.70%	-5.41%	+1.17%	+1.91%	+5.32%	+2.19%	+15.59%	+0.65%	+6.52%	+17.50%	+24.53%	-6.67%	+2.78%	-13.49%	+4.32%	+6.03%	+11.31%	-6.67%	+9.38%

SEER

SEER fundamentals

SEER Q4 2025 Earnings

Earnings Call

You can ask Aime

SEER

SEER fundamentals

SEER Q4 2025 Earnings

Earnings Call

SEER Earnings Call Summary for Q4/20254:30 PM on Feb 26, 2026

SEER Earnings Call Summary for Q3/20254:30 PM on Nov 6, 2025

SEER Earnings Call Summary for Q2/20254:30 PM on Aug 6, 2025

SEER Earnings Call Summary for Q1/20254:30 PM on May 13, 2025

SEER Earnings Call Summary for Q4/20244:30 PM on Feb 27, 2025

You can ask Aime