Seer, Inc. Q4 FY2024 earnings call

• Pioneered deep unbiased proteomics at scale, with 33 customer publications, preprints, and reviews in 2024. - Expanded commercial infrastructure in 2024, doubling North American sales team, and opened STAC facilities in US and Germany. - Upgraded Proteograph Analysis Suite, launched new product application for cell lysate proteomics. - Repurchased ~6.5 million shares in 2024, reducing shares outstanding by ~10%. - Board authorized $25M share repurchase program, with $13.2M remaining as of Dec 31, 2024.

For the fourth quarter of 2024, total revenue was $4 million, a 10% decrease from Q4 2023. Product revenue was $2.4 million, service revenue was $1.6 million. Gross profit was $2 million, gross margin 51%. For the full-year 2024, total revenue was $14.2 million, a 15% decrease from 2023. Product revenue was $10.2 million, service revenue was $3.8 million. Gross profit was $7.1 million, gross margin 50%. Consumable pull through per instrument in 2024 was approximately $174,000.

• Expect 2025 revenue to be in range of $17M to $18M (24% midpoint growth over 2024). - Free cash flow loss expected to be $40M to $45M in 2025. - Anticipate 2025 gross margins to be 50% to 53%, long-term target 70% to 75%.

• Macro environment challenges impacting customer budgets. - Uncertainty around NIH and government funding affecting ~30% of revenue (12% government, 18% academic).

Q: Regarding 2025 guidance, split between instruments and consumables and 1H/2H pacing?

A: Omid mentioned 2024 instrument placement was tilted to back half, 2025 pipeline looks different with stronger tailwind from technology validation. David added product revenue was ~72% of overall revenue in 2024, service ~27%, breakdown likely similar in 2025.

Q: STAC pipeline, backlog, and trajectory of STAC revenue?

A: Omid said STAC capacity built in US and Europe will be consistent, STAC revenue will increase as technology validation progresses, with some projects moving to centers of excellence. David noted good demand from large pharma and academic customers, including model organism projects.

Q: NIH risks and January/February trends with academic customers?

A: Omid said ~30% of revenue from government/academic, uncertainty around indirect funding causing pause, but optimistic science will prevail. David added early 2025 has uncertainty with some customers pausing due to funding concerns, others moving forward after clarity.

Q: 2025 publication pipeline and exciting projects?

A: Omid stated 2024 had robust publications, expecting continued velocity in 2025 with STAC aiding data access. Mentioned HUPO conference with many presentations and a nature-level paper accepted by a government customer researcher.

Q: Thermo Fisher collaboration in 2025 and future partnerships?

A: David said training of Thermo sales force ongoing, expected operationalized in Q2, guidance is modest. Omid noted Thermo partnership is non-exclusive, and they continue to dialogue with other mass spec providers to enhance Proteograph access.