Seer, Inc. (SEER) Q3 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call presents a mixed outlook. The partnership with Thermo Fisher and new product launches are positive, but macroeconomic headwinds and uncertainties in government funding pose risks. The financial performance shows modest revenue growth and a reduced net loss, but free cash flow loss remains significant. The share repurchase program is a positive signal, but concerns about academic spending persist. Overall, the sentiment is neutral due to balanced positive and negative factors, with no decisive catalyst to drive strong stock movement.
Key Financial Performance
Revenue $4.1 million, representing 2% year-over-year growth. The increase was primarily due to higher product and service revenue.
Product Revenue $2.8 million, consisting of sales of Proteograph instruments and consumable kits. Despite continued pressure on CapEx budgets and elongated sales cycles, there was continued traction in instrument shipments and consumable kit purchases.
Service Revenue $1.2 million, including $300,000 of related party revenue. This primarily consisted of revenue related to STAC service projects. More than 2/3 of instrument shipments in the quarter were acquired by customers who had previously accessed STAC.
Other Revenue $152,000, consisting of lease and shipping revenue.
Gross Profit $2.1 million, representing a gross margin of 51%, compared to $1.9 million and a gross margin of 48% in the third quarter of 2024. The increase was driven by higher consumable and service revenue.
Operating Expenses $21.5 million, including $3.5 million of stock-based compensation, a decrease of 18% compared to $26.3 million, including $6.1 million of stock-based compensation in the third quarter of 2024. The decrease was primarily due to reductions in stock-based compensation and allocated costs.
Research and Development Expenses $10.8 million, a decrease of 17% compared to $13 million in the third quarter of 2024. The decrease was primarily due to reductions in stock-based compensation and allocated costs.
Selling, General and Administrative Expenses $10.7 million, a decrease of 20% compared to $13.3 million in the third quarter of 2024. The decrease was primarily due to reductions in stock-based compensation and business expenses.
Net Loss $18.2 million, compared to $21.3 million in the third quarter of 2024.
Free Cash Flow Loss Approximately $35.1 million for the 9 months ended September 30, 2025.
Share Repurchase Approximately 1 million Class A common shares repurchased in the third quarter of 2025 at an average price of $1.99 per share. Since May 2024, approximately 11.7 million Class A common shares have been repurchased at a VWAP of $1.87 per share, utilizing approximately $21.9 million of the $25 million share repurchase program authorization. This reduced net total shares outstanding by approximately 14%.
Cash, Cash Equivalents, and Investments Approximately $251 million as of September 30, 2025.
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Operating Highlights
Proteograph ONE Assay and SP200 Automation Instrument: Launched in June, it doubled throughput to over 1,000 samples per week, improved precision, and reduced run time by 30%. Strong demand and utilization observed, with 2/3 of instruments shipped this year being SP200s.
Large-scale studies: Multiple customers initiated large-scale studies, including a 20,000 sample population study with Korea University and a 10,000 sample project with Discovery Life Sciences. Proteograph was also selected for a large NIH-funded multiomic study.
Partnership with Thermo Fisher Scientific: Expanded partnership led to the first joint sale in Q3, aiming to drive adoption of the Proteograph Product Suite.
Instrument shipments: Shipped nearly 3x as many instruments in the first 9 months of 2025 compared to all of 2024. Over half of these were through the Strategic Instrument Placement Program (SIPP).
Seer Technology Access Center (STAC): More than 2/3 of Q3 instrument shipments were acquired by customers who had previously accessed STAC, reflecting its role in driving adoption.
Share repurchase program: Repurchased approximately $22 million of Class A common shares, reducing net total shares outstanding by 14%.
Seer Insights Grant Program: Received 88 applications in 2025, more than double the previous year. Launched an additional program focused on translational researchers.
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Risk or Challenges
Shifting government policies around tariffs and research funding: Uncertainty and capital spending constraints on customers due to changing government policies and tariffs, as well as research funding challenges.
Government shutdown: Escalating uncertainty around budgets and availability of funding for customers, particularly affecting NIH funding.
Pressure on CapEx budgets and elongated sales cycles: Customers face budget constraints and longer decision-making processes for purchasing new instruments, impacting sales.
Macroeconomic environment: General economic conditions are creating challenges for capital expenditure and customer spending.
NIH budget uncertainty: Ongoing uncertainty in NIH funding, which is critical for research and customer projects, poses risks to revenue and operations.
Dependence on large-scale studies and partnerships: Reliance on large-scale studies and partnerships for revenue growth, which may be impacted by external factors like funding and economic conditions.
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Guidance & Outlook
Revenue Guidance: Seer expects revenue for 2025 to be in the range of $17 million to $18 million, representing a 24% growth at the midpoint over 2024. However, the company anticipates revenue to likely be in the lower half of this range due to ongoing macroeconomic pressures, including budget constraints and uncertainty around government funding, particularly related to the NIH.
Impact of Government Shutdown: The company has not factored in additional impacts from the government shutdown. If the shutdown continues for an extended period, it may delay grant funding and potentially impact instrument and consumable shipments in Q4 2025.
Gross Margin Outlook: Seer expects long-term gross margins to be in the range of 70% to 75%, though variability is anticipated on a quarter-by-quarter basis due to fluctuations in the proportion of instrument, consumable, and service revenue.
Cash Flow Breakeven: The company believes it has sufficient capital to reach cash flow breakeven with its current cash, cash equivalents, and investments of approximately $251 million as of September 30, 2025.
Market Trends and Adoption: Seer is seeing increased adoption of its Proteograph technology, with strong demand for the Proteograph ONE Assay and SP200 Automation Instrument launched in June 2025. The company expects these products to drive future revenue growth, supported by large-scale studies and partnerships.
Strategic Partnerships: The expanded partnership with Thermo Fisher Scientific is progressing well, with the first joint sale completed in Q3 2025. This partnership is expected to drive additional adoption of the Proteograph Product Suite over time.
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Shareholder Return Plan
Share Repurchase Program: Seer has repurchased approximately $22 million of its Class A common shares under a $25 million share repurchase program authorized in May 2024. This has reduced the net total shares outstanding by approximately 14%. In the third quarter of 2025, Seer repurchased approximately 1 million Class A common shares at an average price of $1.99 per share. Since the program's inception, approximately 11.7 million Class A common shares have been repurchased at a VWAP of $1.87 per share, utilizing $21.9 million of the authorized amount.
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Key Q&A
Q:Can you provide an update on the partnership with Thermo and its potential as a material revenue driver next year?
A:The Thermo partnership is progressing well. Two joint opportunities were closed during the quarter, and there is a pipeline of opportunities being pursued jointly. Thermo is targeting accounts interested in high-throughput proteomics, where Seer plays a role. The partnership also involves pursuing large biobank opportunities, with expectations of positive outcomes moving into 2026.
Q:What is the potential for more large studies using the Proteograph platform, and what are the barriers to larger sample size projects?
A:The Proteograph platform enables large-scale studies, processing tens of thousands to hundreds of thousands of samples with deep proteomics. Barriers like scalability and workflow complexity have been addressed with innovations like Proteograph ONE and SP200 Automation Instrument. Customers now have options for large-scale studies, and the first 100,000-sample study using mass spec is anticipated by 2026.
Q:What trends are you seeing among academic customers, and how has spending been affected?
A:Academic and government customers accounted for 40% of revenue year-to-date, a higher percentage than last year. However, uncertainties in biopharma, CapEx spending, and government grants, exacerbated by the government shutdown, have created challenges. Despite this, customer publications and interest from academics are increasing, and Seer was selected for a large NIH-funded multiomic study.
Q:Review of Unclear Management Responses
A:Management avoided directly addressing the specific impact of the government shutdown on future revenue and provided limited details on how they plan to mitigate the uncertainties in academic and government spending.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Dr
Grant Program
IPF survival
Insights Grant
Product Suite
Program researcher
Proteograph Product
Proteograph technology
SIPP
STAC
Slide
University
adoption Proteograph
application
chance
disease biology
gene
government shutdown
health disease
individual
initiative
instrument shipment
isoform biomarkers
loss function
month instrument
patient sample
period
potential
precision medicine
protein isoforms
protein knockout
resolution
variant
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The earnings call presents a mixed outlook. The partnership with Thermo Fisher and new product launches are positive, but macroeconomic headwinds and uncertainties in government funding pose risks. The financial performance shows modest revenue growth and a reduced net loss, but free cash flow loss remains significant. The share repurchase program is a positive signal, but concerns about academic spending persist. Overall, the sentiment is neutral due to balanced positive and negative factors, with no decisive catalyst to drive strong stock movement.
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