NEW YORK – Seer reported after the close of market on Thursday that its Q2 revenues declined 23 percent year over year.
For the three months ended June 30, the Redwood City, California-based proteomics firm posted revenues of $3.1 million, down from $4.0 million in the year-ago period.
Product revenue was $1.8 million, up 7 percent from $1.6 million in Q2 2023. Service revenue was $682,000, up 46 percent from $467,000 in the year-ago period. Related party revenue was $583,000, down 57 percent from $1.4 million in Q2 2023. 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. Grant and other revenue was $46,000, down 91 percent from $538,000.
In a statement accompanying the Q2 results, Seer President and CEO Omid Farokhzad said that the company remains "focused on reducing barriers to access for our differentiated technology in the face of ongoing macroeconomic headwinds," adding that Seer significantly expanded its commercial team during the quarter.
Seer's net loss in the second quarter was $22.9 million, or $.35 per share, compared to $23.4 million, or $.37 per share, in Q2 2023.
The company's R&D expenses in Q2 2024 were $12.7 million, down 10 percent from $14.1 million in Q2 2023. SG&A costs were flat at $16.1 million.
Seer lowered its full-year 2024 revenue guidance to a range of $13 million to $15 million, down from its previous guidance of $16 million to $18 million.
The firm ended the quarter with $31.9 million in cash and cash equivalents and $251.5 million in short-term investments.