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Seer Q1 Revenues Down 24 Percent

NEW YORK – Seer reported first quarter revenues of $3.1 million after the close of market on Wednesday, down 24 percent from $4.1 million in the year-ago period.

For the three months ended March 31, the Redwood City, California-based proteomics technology firm posted $1.7 million in product revenue, down 26 percent from $2.3 million a year ago. It recorded $954,000 in related-party revenue from sales to diagnostics firm PrognomiQ, in which Seer owns a minority stake, down 27 percent from $1.3 million a year ago. Meanwhile, service revenue totaled $408,000 compared to $69,000 in Q1 2023, and grant and other revenue were $36,000, down from $335,000 a year ago.

"We are committed to reducing barriers to the commercial adoption of our differentiated technology, despite experiencing continued headwinds in the quarter," Seer Chair and CEO Omid Farokhzad said in a statement accompany the release of the financial results. "We are taking every action to increase accessibility to the Proteograph by focusing our resources on our commercial reach while preserving our balance sheet."

Seer's net loss in the first quarter was $20.7 million, or $.32 per share, compared to a net loss of $24.0 million, or $.38 per share, in Q1 2023.

R&D expenses in the quarter were $12.3 million, down 18 percent from $14.5 million in Q1 2023. SG&A costs were $14.3 million, down 5 percent from $15.0 million in the year-ago period.

The company lowered its full-year 2024 revenue guidance to a range of $16 million to $18 million, from a previous range of $18 million to $20 million, in line with full-year 2023 revenue.

The firm's board of directors has authorized an open-market share repurchase program of up to $25 million, under which shares may be repurchased from time to time in open market transactions at prevailing market prices.

Seer also announced that it is expanding its Seer Technology Access Center program to Europe, allowing researchers there to more easily use the company's technology through its service offering.

Seer ended the quarter with $54.9 million in cash, cash equivalents, and restricted cash and $254.2 million in short-term investments.