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Seer Q2 Revenues up 11 Percent; Firm Cuts 2023 Guidance by Roughly a Third

NEW YORK – Seer reported after the close of market on Tuesday that its Q2 revenues grew 11 percent year over year.

For the three months ended June 30, the Redwood City, California-based proteomics firm posted revenues of $4.0 million, up from $3.6 million in the year-ago period and below the consensus Wall Street estimate of $5.1 million.

Product revenue was $1.6 million, down 33 percent from $2.4 million in Q2 2022. Service revenue was $467,000, up more than eightfold from $57,000 in the year-ago period. Grant revenue was $538,000, up more than tenfold from $50,000 in Q2 2022. Related party revenue was $1.4 million, up 27 percent from $1.1 million in Q2 2022. This revenue came from sales to Seer spinout PrognomIQ, which is using the company's technology for diagnostics development. Seer holds a roughly 19 percent stake in PrognomIQ.

In a statement accompanying release of the Q2 results, Seer President and CEO Omid Farokhzad said that the company "faced significant headwinds in the quarter" but is "encouraged by the strong interest we have received" on recent launches including the company's new Proteograph XT Assay Kit and its Seer Technology Access Center, which provides mass spec services using its technology.

"We are taking actions to lower barriers to adoption and navigate headwinds," he added.

Seer's net loss in the second quarter was $23.4 million, or $.37 per share, compared to $22.8 million, or $.37 per share, in Q2 2022, beating the average Wall Street estimate of a loss per share of $.39.

The company's R&D expenses in Q2 2023 were $14.1 million, up 29 percent from $10.9 million in Q2 2022. General and administrative costs were up 13 percent to $16.1 million from $14.2 million in the year-ago period.

Seer revised its full-year 2023 revenue guidance to a range of $16 million to $18 million, down from its previous guidance of $23 million to $25 million.

Seer ended the quarter with $56.4 million in cash and cash equivalents and $263.8 million in short-term investments.