Seer, Inc. Earnings Call: Achievements Amid Challenges

Seer, Inc. ((SEER)) has held its Q3 earnings call. Read on for the main highlights of the call.

The recent earnings call of Seer, Inc. painted a picture of both achievements and hurdles. The company showcased strong demand for its Proteograph platform, a record number of publications, and strategic partnerships. However, the growth was modest, and challenges arose from the government shutdown and market uncertainties affecting customer budgets and sales cycles.

Record Number of Publications

The company achieved a milestone with a record number of third-party publications, underscoring the value of the Proteograph. This achievement further validates the platform’s performance across a variety of applications, enhancing its credibility and market position.

Increased Instrument Shipments

Seer reported a significant increase in instrument shipments, nearly tripling the number shipped in the first nine months of 2025 compared to all of 2024. This surge reflects the strong demand for the Proteograph, highlighting its growing adoption in the market.

Large-Scale Study with Korea University

Seer has embarked on a large-scale study with Korea University, involving 20,000 samples, alongside a 10,000-sample project with Discovery Life Sciences. These initiatives demonstrate the platform’s capability to handle extensive research projects, potentially leading to significant scientific advancements.

High Customer Engagement

The Proteograph ONE Assay and SP200 Automation Instrument have received overwhelmingly positive feedback from customers. The strong demand and utilization observed in the initial months post-launch indicate a successful market entry and customer satisfaction.

First Joint Sale with Thermo Fisher

The company marked progress in its collaboration with Thermo Fisher by securing the first joint sale. This development signifies a promising start to the partnership, potentially opening new avenues for growth and innovation.

Share Repurchase Program

Seer has actively engaged in a share repurchase program, buying back approximately $22 million of Class A common shares. This move has reduced the net total shares outstanding by about 14%, reflecting the company’s confidence in its financial health and future prospects.

Minimal Revenue Growth

Despite the achievements, Seer reported minimal revenue growth, with a 2% year-over-year increase to $4.1 million. This modest growth highlights the challenges faced in the current economic climate, particularly due to external factors like government policies.

Challenges Due to Government Shutdown

The government shutdown has posed significant challenges, contributing to uncertainty around budgets and funding availability. This situation has impacted the company’s operations and financial performance, necessitating strategic adjustments.

Elongated Sales Cycles

Seer is experiencing elongated sales cycles, primarily due to pressure on CapEx budgets and the impact of the government shutdown on NIH funding. This has added complexity to the sales process, affecting revenue realization timelines.

Ongoing Market Uncertainty

The company anticipates revenue to be in the lower half of its guidance range due to ongoing market uncertainty. Government funding constraints and customer budget limitations continue to pose challenges, influencing financial projections.

Forward-Looking Guidance

Seer remains optimistic about its future, despite the hurdles. The company ended the quarter with a strong balance sheet, holding approximately $251 million in cash, cash equivalents, and investments. It expects full-year revenue to range between $17 million and $18 million, although government funding uncertainties and the potential impacts of the shutdown may affect these projections. The Proteograph platform continues to be a focal point, enabling large-scale studies and driving future growth.

In conclusion, Seer, Inc.’s earnings call highlighted a blend of accomplishments and challenges. While the company is making strides with its Proteograph platform and strategic partnerships, it faces hurdles from external economic factors. The forward-looking guidance reflects cautious optimism, with a focus on leveraging its strong financial position and innovative platform to navigate the uncertainties ahead.