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.