SEER — Seer, Inc.

SEER Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics:

• Q4 Revenue: $4.2 million, a 5% increase year-over-year from $4 million in Q4 2024. Excluding related party revenue, total revenue grew 16%.
• Full Year Revenue: $16.6 million, up 17% from $14.2 million in 2024. Excluding related party revenue, growth was approximately 33%.
• Gross Profit: Q4 gross profit was $2.2 million (52% margin), compared to $2 million (51% margin) in Q4 2024. Full year gross profit was $8.5 million (51% margin).
• Net Loss: Q4 net loss was $16 million, improved from $21.7 million in Q4 2024. Full year net loss was $73.6 million, down from $86.6 million in 2024.
• Cash Position: Ended Q4 with approximately $241 million in cash and equivalents.
• Share Repurchase: Repurchased 5.3 million shares in 2025, totaling 11.7 million shares since the program's inception.

2. Strategic Updates and Business Highlights:

• Installed Base Growth: Increased to 82 instruments, a 67% rise from 49 at the end of 2024.
• Consumable Kit Volume: Grew by approximately 69% year-over-year.
• Product Innovation: Launched third-generation assay, Proteograph ONE, and second-generation automation instrument, SP200, enhancing throughput and scalability.
• Partnerships: Expanded collaboration with Thermo Fisher Scientific to co-market the Proteograph Product Suite.
• Publications: Cumulative publications nearly doubled from 36 to 70, indicating growing validation of the technology.

3. Forward Guidance and Outlook:

• 2026 Revenue Guidance: Expected to be between $16 million and $18 million, reflecting cautious customer spending amid ongoing NIH funding uncertainties.
• Potential Upside: Guidance does not include contributions from additional population-scale studies that could enhance revenue.

4. Challenges and Points of Concern:

• Funding Environment: Ongoing budgetary pressures and uncertainty around NIH funding have led to delayed customer purchases, impacting revenue.
• Sales Cycle: Elongated sales cycles are observed, particularly in academic sectors, as customers remain hesitant to commit to new expenditures.
• Market Competition: Customers face a choice between established targeted approaches and Seer’s untargeted proteomics, which may slow adoption despite growing evidence of Seer’s value.

5. Notable Q&A Insights:

• Delayed Purchases: A significant factor for Q4 revenue shortfall was delayed NIH funding, which pushed some customer purchases into 2026.
• Cautious Growth Expectations: Management expressed caution in revenue projections due to the uncertain funding environment, despite a strong installed base and growing demand.
• Customer Feedback: Positive feedback on the biological insights gained from untargeted proteomics, but a need for more evidence to shift customer preferences from traditional methods.
• Future Growth Potential: Management believes that once the value of Seer’s technology is fully recognized, revenue growth could significantly accelerate beyond current projections.

Overall, while SEER demonstrated solid growth in 2025, challenges related to funding and customer adoption remain critical areas to monitor as the company navigates its path forward.