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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

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