Seer, Inc. Reports Strong Q1 2025 Earnings

Seer, Inc. ((SEER)) has held its Q1 earnings call. Read on for the main highlights of the call.

Seer, Inc. recently held its earnings call, showcasing a blend of optimism and caution. The company reported robust revenue growth and significant achievements, such as securing a major contract and expanding partnerships. However, these positives were balanced by ongoing macroeconomic challenges, budget pressures, and uncertainties in government funding. Despite these concerns, Seer remains confident in its growth prospects.

Strong Start to 2025 with Revenue Growth

Seer kicked off 2025 with impressive revenue growth, reporting $4.2 million for the first quarter, a 37% increase from the $3.1 million recorded in the same period last year. This growth underscores Seer’s strong market position and demand for its innovative solutions.

Significant Contract Secured for Large-Scale Study

In a landmark achievement, Seer, in collaboration with Discovery Life Sciences, secured a contract for a 10,000-sample study using the Proteograph product suite. This contract marks a significant milestone in the proteomics market and highlights Seer’s leadership in the field.

High Customer Engagement with STAC

Seer reported high customer engagement with its STAC program, with half of the instrument shipments in Q1 coming from customers who had previously accessed STAC. This represents the highest number of STAC-to-instrument conversions in a single quarter, reflecting strong customer satisfaction and product effectiveness.

Partnership with Thermo Fisher Scientific

Seer expanded its partnership with Thermo Fisher Scientific to co-market and sell the Proteograph product suite alongside the Orbitrap Astral mass spectrometer. This collaboration is expected to enhance Seer’s commercial reach and drive further growth.

Reduced Operating Expenses

The company successfully reduced its operating expenses by 14% to $22.8 million in Q1 2025, down from $26.6 million in Q1 2024. This reduction was driven by decreases in stock-based compensation and laboratory expenses, contributing to improved financial efficiency.

Macroeconomic Volatility and Tariff Impact

Seer acknowledged the ongoing macroeconomic challenges, including tariffs and government funding issues, which are expected to persist throughout the year. These factors are likely to affect the company’s visibility and planning.

Pressure on CapEx Budgets and Elongated Sales Cycles

Despite positive Q1 results, Seer observed continued pressure on CapEx budgets and elongated sales cycles for purchasing new instruments. These challenges could impact future sales and revenue growth.

Reduced NIH and Government Funding

The uncertain NIH and government funding environment remains a concern for Seer, particularly as the academic and government segments account for 30% of its overall revenue. This uncertainty could affect future financial performance.

Net Loss for the Quarter

Seer reported a net loss of $19.9 million for Q1 2025, a slight improvement from the $20.7 million loss in Q1 2024. While the loss remains substantial, the reduction indicates progress in managing expenses and improving financial health.

Forward-Looking Guidance

Seer reiterated its full-year revenue guidance of $17 to $18 million, anticipating a 24% year-over-year growth at the midpoint. The company started the year strong with $4.2 million in revenue for the first quarter, driven by high demand for the Proteograph product suite. Despite macroeconomic pressures, Seer maintains a robust balance sheet with approximately $285 million in cash, cash equivalents, and investments, allowing for continued strategic investments in R&D and share repurchase programs.

In summary, Seer, Inc.’s earnings call highlighted a mix of robust growth and cautious optimism. The company achieved significant milestones and maintained strong financial health despite macroeconomic challenges. With a solid start to the year and strategic partnerships in place, Seer is well-positioned for future growth, although it remains vigilant of external pressures that could impact its trajectory.