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- **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.


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