Seer, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 was $4,032,000, a decrease of 3% from $4,162,000 in Q3 2023. However, product revenue increased significantly to $2,915,000, up 58% from $1,849,000, while service revenue also rose by 23% to $661,000 from $536,000 in the prior year. For the nine months ended September 30, 2024, total revenue was $10,170,000, down 17% from $12,223,000 in the same period of 2023.
Despite the revenue decline, Seer reported a gross profit of $1,938,000 for Q3 2024, compared to $2,156,000 in Q3 2023. Total operating expenses decreased to $26,263,000 from $28,001,000, contributing to a net loss of $(21,328,000), slightly higher than the $(21,088,000) loss reported in Q3 2023. For the nine-month period, the net loss improved to $(64,857,000) from $(68,478,000) in 2023, with net loss per share decreasing to $(1.02) from $(1.07).
On the balance sheet, Seer reported total assets of $383,424,000 as of September 30, 2024, down from $436,269,000 at the end of 2023. Total current assets also decreased to $264,102,000 from $330,513,000. Cash and cash equivalents increased to $37,622,000 from $32,499,000, while total stockholders’ equity fell to $344,727,000 from $396,904,000.
Strategically, Seer has been focusing on the commercialization of its Proteograph Product Suite, which includes instruments and consumables for proteomic analysis. The company is building its sales and marketing infrastructure in key markets, including the U.S., EU, UK, and Asia-Pacific regions. In May 2024, Seer approved a $25 million share repurchase program, reflecting its commitment to returning value to shareholders despite ongoing losses.
The company continues to face challenges, including significant operating losses and negative cash flows, primarily funded through equity sales. Management anticipates continued losses in the near term while investing in growth initiatives. As of September 30, 2024, Seer had an accumulated deficit of $370.6 million and expects to incur substantial expenses as it scales operations.
About Seer, Inc.
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