This story has been corrected to reflect that Seer's Q3 revenues beat the consensus Wall Street estimate.
NEW YORK – Seer reported after the close of the market on Tuesday that its Q3 revenues were up 81 percent year over year.
For the three months ended Sept. 30, the Redwood City, California-based proteomics firm posted revenues of $4.0 million, up from $2.2 million in the year-ago period and above the consensus Wall Street estimate of $3.5 million.
"We are seeing a growing commitment to the technology as customers around the world adopt the Proteograph product suite and conduct first-of-their kind studies that explore the proteome at a depth, resolution, and scale that was not possible previously," Seer President and CEO Omid Farokhzad said in a statement.
Product revenue was $2.6 million, up roughly threefold from $858,000 in Q3 2021. Service revenue was $68,000, down 86 percent from $500,000 in Q3 2021. Related party revenue was $1.3 million, up 65 percent from $787,000 in the year-ago period. Related party revenue consisted of sales to diagnostics firm PrognomiQ, in which Seer owns a roughly 15 percent stake. Seer posted no grant revenue during the quarter after posting $10,000 in grant revenue in Q3 2021.
Seer's net loss in the third quarter was $24.0 million, or $.38 per share, compared to a net loss of $18.4 million, or $.30 per share, in Q3 2021, in line with the average Wall Street estimate.
The company's R&D expenses in Q3 were $11.6 million, up 51 percent from $7.7 million in Q3 2021. SG&A costs were up 30 percent to $15.4 million from $11.9 million in the year-ago period.
Seer ended the quarter with $68.1 million in cash and cash equivalents, $368.0 million in short-term investments, and $524,000 in restricted cash.
In Wednesday morning trading on the Nasdaq, Seer shares were up 17 percent to $7.51.