Q3 2024 Seer Inc Earnings Call Transcript
Key Points
- Seer Inc (SEER) reported $4 million in revenue for the third quarter, with approximately $312 million in cash, cash equivalents, and investments.
- The company has seen multiple large orders from government agencies and strong interest in their proteograph product suite.
- Seer Inc (SEER) announced a partnership with Thermo Fisher Scientific to co-market and sell the proteograph product suite, enhancing accessibility to life science researchers worldwide.
- The company has expanded its geographic reach with a new stack lab in Germany, meeting increasing demand from European researchers.
- Seer Inc (SEER) has a strong pipeline heading into the end of the year, with strategic initiatives expected to drive growth in 2025 and beyond.
- Total revenue for the third quarter of 2024 decreased by 3% compared to the same period in 2023, primarily due to a decrease in related party and grant revenue.
- The company continues to face a challenging capital purchasing environment, impacting sales cycles for new instrumentation.
- Gross profit for the third quarter of 2024 was $1.9 million, representing a gross margin of 48%, down from 52% in the third quarter of 2023.
- Net loss for the third quarter of 2024 was $21.3 million, slightly higher than the $21.1 million loss in the third quarter of 2023.
- Seer Inc (SEER) continues to navigate a challenging funding environment, impacting the adoption of new technology and overall financial performance.
Good day. And thank you for standing by. Welcome to the Seer Inc third quarter, 2024 earnings conference call. (operator Instructions)
I would now like to hand the conference over to your first speaker today. Carrie Mindville Investor Relations. Please go ahead.
Thank you earlier today. Seer released financial results for the quarter ended September 30th 2024. If you've not received this news release or if you'd like to be added to the company's distribution list, please send an email to investor at Seer dot bio. Joining me today from Seer is Omid Farakka, Chief Executive Officer and chair and David Horn, Chief Financial Officer and President.
Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated.
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