REDWOOD CITY, Calif., May 08, 2024 (GLOBE NEWSWIRE) — Seer, Inc. (Nasdaq: SEER), a leading life sciences company commercializing a disruptive new platform for proteomics, today reported financial results for the first quarter ended March 31, 2024.
Recent Highlights
- Achieved revenue of $3.1 million for the first quarter of 2024
- Announced the expansion of the Seer Technology Access Center (STAC) program to Europe, providing researchers with end-to-end services from sample to data
- Further validated the power of the Proteograph Product Suite with three peer-reviewed publications in leading journals since the beginning of the year, with additional manuscripts available on pre-print servers
- Launched the 2024 Seer Insights Grant Program to enable interesting studies and applications of the Proteograph Product Suite, further increasing the accessibility of deep, unbiased proteomic data at scale
- Authorized an open-market share repurchase program of up to $25 million
- Ended the quarter with $359.2 million of cash, cash equivalents and investments
“We are committed to reducing barriers to the commercial adoption of our differentiated technology, despite experiencing continued headwinds in the quarter. We are taking every action to increase accessibility to the Proteograph by focusing our resources on our commercial reach while preserving our balance sheet,” said Omid Farokhzad, Chair and CEO of Seer. “Following the successful launch of STAC in the US, we are excited to announce we are expanding into Europe providing end-to-end services from sample to data for researchers across the region. We remain incredibly bullish on the potential of our technology to transform our understanding of the proteome.”
First Quarter 2024 Financial Results
Revenue was $3.1 million for the first quarter of 2024, a 24% decrease from $4.1 million for the corresponding prior year period, primarily due to a decrease in product and related party revenue. Product revenue for the first quarter of 2024 was $2.5 million, including $828 thousand of related party revenue, and consisted of sales of SP100 instruments and consumable kits. Service revenue was $534 thousand for the first quarter of 2024, including $126 thousand of related party revenue, and primarily consisted of revenue related to the STAC program. Grant and other revenue was $36 thousand for the first quarter of 2024.
Gross profit, inclusive of grant and other revenue, was $1.4 million and gross margin was 44%…
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