On February 27, 2025, Seer Inc (SEER, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year ending December 31, 2024. Seer Inc, a biotechnology company, is known for its transformative products that enable researchers to access deep, unbiased biological information through its Proteograph Product Suite.
Performance Overview and Challenges
Seer Inc reported a revenue of $4.0 million for the fourth quarter of 2024, surpassing the analyst estimate of $3.95 million. However, this represents a 10% decline from the $4.4 million reported in the same period the previous year, primarily due to decreased instrument sales and the absence of grant revenue. The company's net loss for the quarter was $21.7 million, compared to a net loss of $17.8 million in the prior year period. This increase in net loss highlights ongoing challenges in managing operational costs amidst a challenging macroeconomic environment.
Financial Achievements and Industry Impact
Despite the challenges, Seer Inc achieved significant milestones in 2024, including the shipment of 10 instruments, bringing the total to 72 by year-end. The company also launched a new product application for the Proteograph XT workflow, enhancing its capabilities in cell lysis proteomics. These achievements are crucial for maintaining Seer Inc's competitive edge in the biotechnology industry, where innovation and product development are key drivers of success.
Key Financial Metrics
For the full year 2024, Seer Inc reported a revenue of $14.2 million, slightly above the analyst estimate of $14.12 million, but a 15% decrease from $16.7 million in 2023. The gross profit for the year was $7.1 million, with a gross margin of 50%. Operating expenses decreased by 4% to $107.2 million, reflecting efforts to optimize costs. The company's cash, cash equivalents, and investments totaled approximately $300 million at year-end, providing a solid financial foundation for future growth.
“Our customers have made important progress in validating the differentiated value of deep, unbiased proteomics at scale throughout the year, and I’m thrilled that the momentum is growing despite the challenging macroeconomic environment,” said Omid Farokhzad, Chair and CEO of Seer.
Income Statement Highlights
| Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Total Revenue | $4.0 million | $4.4 million | $14.2 million | $16.7 million |
| Gross Profit | $2.0 million | $2.0 million | $7.1 million | $8.5 million |
| Net Loss | $(21.7) million | $(17.8) million | $(86.6) million | $(86.3) million |
Analysis and Outlook
Seer Inc's performance in 2024 reflects both the challenges and opportunities within the biotechnology sector. The company's ability to exceed revenue estimates and maintain a strong cash position is indicative of its strategic focus on innovation and market expansion. Looking ahead, Seer Inc anticipates revenue growth in 2025, with expectations set between $17 million and $18 million, representing a 24% increase at the midpoint over 2024. This optimistic outlook underscores the company's confidence in its platform and the growing demand for its proteomics solutions.
Explore the complete 8-K earnings release (here) from Seer Inc for further details.
