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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SEER

SEER fundamentals

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