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Seer Q4 Revenues Grow Nearly Tenfold

NEW YORK – Seer reported after the close of market Monday that its Q4 revenues grew nearly tenfold year over year.

For the three months ended Dec. 31, 2021, the Redwood City, California-based proteomics firm posted revenues of $3.1 million, up from $336,000 in the year-ago period and beating the consensus Wall Street estimate of $2.2 million.

Product revenue from sales of the company's Proteograph Product Suite was $1.9 million compared to no product revenue in Q4 2020. Related party revenue was $1.2 million in Q4 2021 compared to none in Q4 2020. Grant and other revenue was $34,000 in Q4 2021, down 90 percent from $336,000 in Q4 2020.

During a conference call following release of the company's Q4 results, Omid Farokhzad, Seer's chairman and CEO, said that since it officially launched the system earlier this year, it had seen a "strong pipeline of prospective customers" across applications including biomarker development and drug development and in market areas including reproductive health, aging, direct-to-consumer, and population-scale research initiatives.

He said Seer expected most of its 2022 Proteograph sales to come from US-based customers, though he added that the company plans to launch a direct commercial operation in Europe. Seer has also signed an exclusive distribution agreement with Enlight Medical to manage sales, marketing, and customer service in China. He said that Seer ended 2021 with 17 Proteograph instruments shipped.

David Horn, the company's CFO, said that the $1.2 million in related party revenue notched during the quarter represented sales to Seer spinout PrognomIQ, which is using the company's technology for diagnostics development. Seer holds a roughly 19 percent stake in PrognomIQ.

Seer's net loss in the fourth quarter was $19.7 million, or $.32 per share, compared to $12.9 million, or $.54 per share, in Q4 2020 and matching the consensus Wall Street estimate.

The company's R&D expenses in Q4 2021 were $8.2 million, up 52 percent from $5.4 million in Q4 2020. General and administrative costs were $13.1 million, up 65 percent from $8.0 million in the year-ago period.

For full-year 2021, Seer posted revenues of $6.6 million, up nearly tenfold from $656,000 in 2020 and beating Wall Street's estimate of $5.6 million.

Product revenue for full year 2021 was $3.6 million, while related party revenue was $2.3 million, and service revenue was $500,000. Seer posted no product, related party, or service revenue in 2020. Grant and other revenue was $223,000 in full year 2021, down 66 percent from $656,000 in 2020.

The company's net loss for full-year 2021 was $71.2 million, or $1.17 per share, compared to $32.8 million, or $2.48 per share, in 2020. This beat the Wall Street estimate of $1.19 per share.

The company's R&D expenses in full-year 2021 were $29.1 million, up 54 percent from $18.9 million in 2020. General and administrative costs were up nearly threefold to $45.8 million from $15.4 million in 2020.

Seer ended the quarter with $232.8 million in cash and cash equivalents and $167.3 million in short-term investments.

Horn said Seer expects full-year 2022 revenues to be in the range of $14 million to $16 million, consisting primarily of sales of the Proteograph system.

In Tuesday morning trading on the Nasdaq, Seer shares were up less than 1 percent to $15.40.

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