Seer, Inc. Q1 FY2025 earnings call

Technology Vision - Believes its technology will redefine proteomics despite near-term macroeconomic volatility like tariffs and government funding challenges. - Long-term vision remains unchanged. ### Revenue Performance - Delivered $4.2 million in Q1 2025 revenue, driven by increasing demand for the Proteograph product suite. Shipped as many instruments in Q1 2025 as in all of 2024. ### STAC Progress - Half of instrument shipments in Q1 were from customers who previously accessed STAC, and nearly half of STAC customers in Q1 were new. ### Partnership with Thermo Fisher - Co-marketing Proteograph with Orbitrap Astral mass spectrometer; trained Thermo Fisher U.S. sales force, with European sales force training upcoming. Hosted a webinar highlighting the impact of the combination. ### Product Capabilities - Over 10 Proteograph protocols available for diverse sample types, with plans to expand platform capabilities throughout the year.

In the first quarter of 2025, Seer generated total revenue of $4.2 million. Product revenue was $2.9 million, including $5,000 of related party revenue, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $1.2 million, including $47,000 of related party revenue, primarily from STAC service projects. Other revenue was $60,000, from lease and shipping revenue. Product revenue contributed approximately 69% of the total revenue, service revenue around 28.6%, and other revenue about 1.4%.

Revenue Guidance - Reiterated 2025 revenue guidance of $17 to $18 million, representing 24% year-over-year growth at the midpoint. ### Factors Affecting Guidance - Guidance assumes customers face budget pressures, government funding uncertainty, and macroeconomic volatility related to tariffs. NIH and government funding environment is uncertain. Some customers paused spending due to macroeconomic uncertainty but guidance is reaffirmed. ### Financial Position - Ended Q1 2025 with approximately $285 million in cash, cash equivalents, and investments, with sufficient capital to reach cash flow breakeven.

Macro-economic Risks - Near-term macroeconomic volatility, including tariffs and ongoing government funding challenges persist. ### Funding Uncertainty - Uncertainty in NIH and government funding may impact academic and government customers, which accounted for ~30% of 2024 revenue. ### Tariff Impact - Potential impact of new tariffs on commercial customers, though no direct supply chain effects seen yet but monitored closely.

Q: Can you walk through the magnitude of the Discovery Life Sciences 10,000-sample project and how long it's expected to last?

A: It's a first-of-its-kind 10,000-sample study. A press release is likely coming out in the next month or so. It will take over the course of the next 12 to 18 months, depending on how quickly they bring together the cohort.

Q: What are the updated expectations for U.S. academic and government customers and trends in March/April?

A: Academic and government together are about 30% of revenue, breaking down to ~18% academic and 12% government. Stabilized but a moving target; seeing more weakness in Q2 vs Q1 due to general trends like tariffs and funding uncertainty