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Seer Q4 Revenue Down 4 Percent but Beats Wall Street Estimate

NEW YORK – Proteomic analysis tech firm Seer reported after the close of the market Thursday that its fourth quarter revenues were down 4 percent year over year.

The Redwood City, California-based firm reported revenues of $4.4 million for the three months ended Dec. 31, 2023, compared to revenues of $4.6 million for Q4 2022. The result surpassed analysts’ average estimate of $4.1 million.

Seer's product revenues were up year over year to $2.7 million from $1.4 million, and service revenue inched up to $944,000 from $708,000, but these were offset by declines in related-party revenue of $567,000 versus $1.7 million in the prior year and a drop in grant and other revenue to $258,000 from $745,000.

The firm's net loss declined to $17.8 million, or $.28 per share, from $22.5 million, or $.36 per share, for Q4 2022 and beat the consensus Wall Street estimate for a loss per share of $.37.

Seer's R&D spending dipped 11 percent to $11.2 million from $12.6 million, while its SG&A costs fell 10 percent to $13.1 million from $14.6 million year over year. The company noted that decreased expenses were the result of lower development costs related to its Proteograph Product Suite.

For full-year 2023, Seer reported revenues of $16.7 million versus $15.5 million for 2022, driven by a gain in service and grant and other revenue. The company shipped 23 of its Proteograph instruments in 2023, bringing cumulative shipments to 62 as of the end of the year.

Seer posted an annual net loss of $86.3 million, or $1.35 per share, versus a net loss of $93.0 million, or $1.49 per share, in 2022.

It finished the year with cash and cash equivalents of $32.5 million and short-term investments of $283.7 million.

Seer anticipates reporting full-year 2024 revenue in the range of $18 million to $20 million, which would represent growth of 14 percent at the midpoint over full-year 2023 sales.