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Seer Q3 Revenues up 5 Percent

NEW YORK – Seer reported after the close of the market on Tuesday that its Q3 revenues were up 5 percent year over year.

For the three months ended Sept. 30, the Redwood City, California-based proteomics firm posted revenues of $4.2 million, up from $4.0 million in the year-ago period.

"Our team made progress during the third quarter to drive adoption of the Proteograph Product Suite despite the ongoing macroeconomic headwinds impacting our customers," Seer President and CEO Omid Farokhzad said in a statement.

Product revenue was $1.8 million, down 31 percent from $2.6 million in Q3 2022. Service revenue was $536,000, up nearly eightfold from $68,000 in Q3 2022. Related party revenue was $1.4 million, up 8 percent from $1.3 million in the year-ago period. Related party revenue consisted of sales to diagnostics firm PrognomiQ, in which Seer owns a roughly 15 percent stake. Grant revenue was $348,000 during the quarter. Seer reported no grant revenue in Q3 2022.

Seer's net loss in the third quarter was $21.1 million, or $.33 per share, compared to a net loss of $24.0 million, or $.38 per share, in Q3 2022.

The company's R&D expenses in Q3 were $13.2 million, up 14 percent from $11.6 million in Q3 2022. SG&A costs were down 4 percent to $14.8 million from $15.4 million in the year-ago period.

Seer said that due to its performance year to date, as well as the challenges of the current macroeconomic environment, it expects to come in at the lower half of its revenue guidance range of $16 million to $18 million.

Seer ended the quarter with $36.4 million in cash and cash equivalents, $294.9 million in short-term investments, and $524,000 in restricted cash.