Seer Inc (SEER) Reports Modest Revenue Growth Amidst Economic Headwinds
Seer Inc (NASDAQ:SEER) reports a 5% year-over-year revenue increase to $4.2 million in Q3 2023.
Gross margin stands at 52%, with a net loss of $21.1 million, marking an improvement from the previous year.
Company ends quarter with a strong cash position of $380.8 million.
Seer anticipates year-end revenue to be at the lower half of the $16 million to $18 million guidance range.
On November 7, 2023, Seer Inc (NASDAQ:SEER), a pioneering life sciences company, announced its financial results for the third quarter ending September 30, 2023. Despite ongoing macroeconomic challenges, the company achieved a 5% increase in revenue, reaching $4.2 million, compared to $4.0 million in the same period last year. This growth is attributed to heightened instrument sales, services, and grant and other revenues, although offset by a decline in consumables sales.
Financial Performance Overview
Seer Inc (NASDAQ:SEER) reported a gross profit of $2.2 million with a gross margin of 52% for the third quarter of 2023. Operating expenses saw a slight uptick to $28.0 million, a 4% increase from the previous year, primarily due to intensified product development efforts for the Proteograph Product Suite. The net loss for the quarter was $21.1 million, an improvement from a net loss of $24.0 million in the third quarter of 2022.
Balance Sheet and Cash Flow
The company's balance sheet remains robust, ending the quarter with $380.8 million in cash, cash equivalents, and investments. This strong cash position supports Seer's continued investment in innovation and expansion efforts.
Operational Highlights and Future Outlook
Seer Inc (NASDAQ:SEER) has expanded access to its Proteograph Product Suite through new partnerships and the addition of Panome Bio to its Centers of Excellence program. The company's technology has been validated by increased customer publications, and it has achieved ISO 27001 and ISO 13485 certifications, enhancing its information security and quality management standards.
CEO and President Omid Farokhzad expressed confidence in the increasing adoption of Seer's technology, stating,
Our team made progress during the third quarter to drive adoption of the Proteograph Product Suite despite the ongoing macroeconomic headwinds impacting our customers. It is encouraging to see more customer manuscripts move through the peer-review process. I am confident that as more third-party data and publications demonstrate the power of our differentiated technology, we will see increasing adoption of our technology."
Looking ahead, Seer anticipates its full-year revenue to be at the lower end of its previously stated $16 million to $18 million range, reflecting the current economic environment's impact on performance.
For more detailed information, investors and analysts are encouraged to visit the webcast of Seer's financial results discussion and to explore the company's filings with the Securities and Exchange Commission.
Seer Inc (NASDAQ:SEER) remains committed to advancing its mission of unlocking the proteome and enhancing life sciences research, despite the headwinds faced in the current economic landscape.
Explore the complete 8-K earnings release (here) from Seer Inc for further details.
This article first appeared on GuruFocus.
