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Seer Q2 Revenues Skyrocket; Firm Inks Chinese Distribution Deal

NEW YORK – Seer reported after the close of market on Thursday that its Q2 revenues grew more than tenfold year over year.

The company also announced on Thursday that it has signed an exclusive distribution agreement with Enlight Medical to manage sales, marketing, and customer service for Seer's Proteograph Product Suite in China.

For the three months ended June 30, the Redwood City, California-based proteomics firm posted revenues of $1.3 million, up from $71,000 in the year-ago period and above the consensus Wall Street estimate of $790,000.

During a conference call following release of the earnings results, Omid Farokhzad, Seer's chair and CEO, said the company has received strong interest for its Proteograph system and is "engaging with an increasing number of potential customers representing a wide range of end markets across a broad set of geographies."

He noted that during Q2 Seer reported its first revenue from sales of the Proteograph system and has now shipped and installed the platform at "multiple limited release sites," including the company's first international customer. He added that Seer is on track to have a "high single-digit" number of limited release customers by the end of 2021.

Omead Ostadan, Seer's president and chief operating officer, said on the call that several of these limited release customers have committed to undertaking large-scale studies using the system to demonstrate its ability to enable quicker analysis of large sample cohorts. He added that these limited release sites have also begun to serve as reference sites for other prospective customers.

Farokhzad said that the Enlight Medical deal is a reflection of the significant interest Seer has received internationally, particularly from the Asia-Pacific region and most notably China.

Product revenue was $837,000, while related party revenue was $380,000. The company posted no product or related party revenue in Q2 2020. Grant revenue was $117,000, up 65 percent from $71,000 in the year-ago period.

Seer's net loss in the second quarter was $16.6 million, or $.27 per share, compared to $6.1 million, or $.63 per share, in Q2 2020, beating the average Wall Street estimate of a loss per share of $.28. Seer used approximately 60.8 million weighted-average shares to calculate per-share loss in the recently completed quarter compared to about 9.7 million shares in the year-ago period. Seer went public in December 2020 in a $175 million IPO.

The company's R&D expenses in Q2 2021 were $6.9 million, up 53 percent from $4.5 million in Q2 2020. General and administrative costs were up fivefold to $10.5 million from $1.9 million in the year-ago period.

Seer ended the quarter with $370.7 million in cash and cash equivalents and $147.1 million in investments.

In Friday morning trading on Nasdaq, Seer shares were up 1 percent to $30.25.