Skip to main content
Premium Trial:

Request an Annual Quote

Seer Q1 Revenues Grow 22 Percent

NEW YORK – Seer reported first quarter revenues of $4.1 million after the close of market on Tuesday, up 22 percent from $3.3 million in the year-ago period and beating the consensus Wall Street estimate of $3.9 million.

For the three months ended March 31, the Redwood City, California-based proteomics technology firm posted $3.6 million in product-related revenue, up from $3.2 million a year ago, with $1.3 million of that being related party revenue from sales to diagnostics firm PrognomiQ, in which Seer owns a minority stake, compared to $1.1 million a year ago. Seer also reported $69,000 in service revenue, compared to $79,000 in Q1 2022, and $335,000 in grant and other revenue, up from $14,000 a year ago.

"We started the year off strong with continued growth in our installed base and progress against our strategic objectives. It is exciting to see the Proteograph enable breakthrough science, with increasing data demonstrating its power, extensibility, and catalyzation of new applications," Seer CEO Omid Farokhzad said in a statement. "We are seeing more data being generated by our customers, the initiation of larger studies, and the first customer publications make their way through the peer review process. We expect this momentum to continue throughout the year as more customers adopt the technology and scale their use of the platform."

Seer's net loss in the fourth quarter was $24.0 million, or $.38 per share, compared to a net loss of $23.6 million, or $.38 per share, in Q1 2022, in line with the consensus Wall Street estimate of a $.38 loss per share.

Seer's R&D expenses in the quarter were $14.5 million, up 35 percent from $10.7 million in Q1 2022. SG&A costs were $15.0 million, up 5 percent from $14.3 million in the year-ago period.

The increase in expenses was driven by increased employee compensation and other related costs, including stock-based compensation, product development efforts related to the Proteograph product suite, and expenses associated with build-out of expansion facilities, the firm said in a statement.

Seer ended the quarter with $48.4 million in cash and cash equivalents and $303.7 million in short-term investments.

In morning trading on the Nasdaq, Seer's shares were up a fraction of a percent, at $3.66.

The Scan

Machine Learning Helps ID Molecular Mechanisms of Pancreatic Islet Beta Cell Subtypes in Type 2 Diabetes

The approach helps overcome limitations of previous studies that had investigated the molecular mechanisms of pancreatic islet beta cells, the authors write in their Nature Genetics paper.

Culture-Based Methods, Shotgun Sequencing Reveal Transmission of Bifidobacterium Strains From Mothers to Infants

In a Nature Communications study, culture-based approaches along with shotgun sequencing give a better picture of the microbial strains transmitted from mothers to infants.

Microbial Communities Can Help Trees Adapt to Changing Climates

Tree seedlings that were inoculated with microbes from dry, warm, or cold sites could better survive drought, heat, and cold stress, according to a study in Science.

A Combination of Genetics and Environment Causes Cleft Lip

In a study published in Nature Communications, researchers investigate what combination of genetic and environmental factors come into play to cause cleft lip/palate.