Seer Reports First Quarter 2023 Financial Results
09 Maio 2023 - 5:05PM
Seer, Inc. (Nasdaq: SEER), a life sciences company commercializing
a disruptive new platform for proteomics, today reported financial
results for the first quarter ended March 31, 2023.
“We started the year off strong with continued
growth in our installed base and progress against our strategic
objectives. It is exciting to see the Proteograph enable
breakthrough science, with increasing data demonstrating its power,
extensibility, and catalyzation of new applications,” said Omid
Farokhzad, CEO and President. “We are seeing more data being
generated by our customers, the initiation of larger studies, and
the first customer publications make their way through the
peer-review process. We expect this momentum to continue throughout
the year as more customers adopt the technology and scale their use
of the platform.”
Recent Highlights
- Achieved revenue
of $4.1 million for the first quarter of 2023, an increase of 22%
over the prior year period
- Announced the
first protein quantitative trait loci, or pQTL, customer
manuscript, demonstrating the association of genetic variants with
protein variants at peptide-level resolution in healthy and
diabetic patients, now available as a pre-print on BioRxiv
- Announced a
peer-reviewed article published in PLOS ONE, which shows the
advantage of multiple peptide measurements per protein over single
protein measurements, using them to identify examples of previously
unknown differential protein isoform abundance in lung cancer vs.
healthy controls
- Presented ten
posters at the US Human Proteome Organization conference
highlighting the Proteograph Product Suite, including customer data
on COVID-19 vaccine response and a robust, high-throughput method
for deep plasma proteomics
First Quarter 2023 Financial
Results
Revenue was $4.1 million for the three months
ended March 31, 2023, a 22% increase from $3.3 million for the
three months ended March 31, 2022. The increase was primarily due
to increased sales of consumable kits related to the Proteograph
Product Suite. Product-related revenue for the first quarter of
2023 was $3.6 million, including $1.3 million of related party
revenue, and consisted of sales of SP100 instruments, consumable
kits and platform evaluations. Service revenue was $0.1
million and grant and other revenue was $0.3 million.
Gross profit, inclusive of grant and other
revenue, was $2.1 million and gross margin was 51% for the first
quarter of 2023.
Operating expenses were $29.5 million for the
first quarter of 2023, including $8.7 million of stock-based
compensation, an increase of 18%, as compared to $25.0 million,
including $8.1 million of stock-based compensation, for the
corresponding prior year period. The increase in expenses was
driven by increased employee compensation and other related
expenses, including stock-based compensation, product development
efforts related to the Proteograph Product Suite, and expenses
associated with build-out of expansion facilities.
Net loss was $24.0 million for the first quarter
of 2023, as compared to $23.6 million for the corresponding prior
year period.
Cash, cash equivalents and investments were
$410.5 million as of March 31, 2023.
2023 Guidance
Seer continues to expect full year 2023 revenue to be in the
range of $23 million to $25 million, representing growth of 48% -
61% over full year 2022.
Webcast Information
Seer will host a conference call to discuss the
first quarter 2023 financial results on Tuesday, May 9, 2023 at
1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the
conference call can be accessed at http://investor.seer.bio. The
webcast will be archived and available for replay for at least 90
days after the event.
About Seer
Seer™ is a life sciences company developing transformative
products that open a new gateway to the proteome. Seer’s
Proteograph™ Product Suite is an integrated solution that includes
proprietary engineered nanoparticles, consumables, automation
instrumentation and software to perform deep, unbiased proteomic
analysis at scale in a matter of hours. Seer designed the
Proteograph workflow to be efficient and easy to use, leveraging
widely adopted laboratory instrumentation to provide a
decentralized solution that can be incorporated by nearly any lab.
Seer’s Proteograph Product Suite is for research use only and is
not intended for diagnostic procedures. For more information,
please visit www.seer.bio.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, that reflect the Company’s current views with
respect to certain current and future events and financial
performance. Words such as “expects,” “anticipates,” “projects,”
“intends,” “plans,” “believes,” “estimates,” variations of such
words, and similar expressions are also intended to identify such
forward-looking statements. Such forward-looking statements are
based on the Company’s beliefs and assumptions and on information
currently available to it on the date of this press release.
Forward-looking statements may involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, performance or achievements to be materially different
from those expressed or implied by the forward-looking statements,
including but not limited to statements regarding the Company’s
outlook for fiscal year 2023. These and other risks are described
more fully in the Company’s filings with the Securities and
Exchange Commission (“SEC”), including the Company’s Quarterly
Report on Form 10-Q, to be filed with the SEC, and other documents
the Company subsequently files with the SEC from time to time.
Except to the extent required by law, the Company undertakes no
obligation to update such statements to reflect events that occur
or circumstances that exist after the date on which they were
made.
Investor Contact:Carrie
Mendivilinvestor@seer.bio
Media Contact:Karen Possematopr@seer.bio
Seer, Inc. |
UNAUDITED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except share and per share
amounts) |
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Revenue: |
|
|
|
|
Product |
$ |
2,343 |
|
|
$ |
2,149 |
|
|
Service |
|
69 |
|
|
|
79 |
|
|
Related party |
|
1,306 |
|
|
|
1,070 |
|
|
Grant and other |
|
335 |
|
|
|
14 |
|
|
Total revenue |
|
4,053 |
|
|
|
3,312 |
|
|
Cost of revenue: |
|
|
|
|
Product |
|
1,436 |
|
|
|
1,660 |
|
|
Service |
|
7 |
|
|
|
14 |
|
|
Related party |
|
478 |
|
|
|
394 |
|
|
Grant and other |
|
64 |
|
|
|
— |
|
|
Total cost of revenue |
|
1,985 |
|
|
|
2,068 |
|
|
Gross profit |
|
2,068 |
|
|
|
1,244 |
|
|
Operating expenses: |
|
|
|
|
Research and development |
|
14,474 |
|
|
|
10,732 |
|
|
Selling, general and administrative |
|
15,039 |
|
|
|
14,298 |
|
|
Total operating expenses |
|
29,513 |
|
|
|
25,030 |
|
|
Loss from operations |
|
(27,445 |
) |
|
|
(23,786 |
) |
|
Other income (expense): |
|
|
|
|
Interest income |
|
3,717 |
|
|
|
144 |
|
|
Other expense |
|
(231 |
) |
|
|
(4 |
) |
|
Total other income |
|
3,486 |
|
|
|
140 |
|
|
Net loss |
$ |
(23,959 |
) |
|
$ |
(23,646 |
) |
|
Other comprehensive loss: |
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
1,158 |
|
|
|
(1,691 |
) |
|
Comprehensive loss |
$ |
(22,801 |
) |
|
$ |
(25,337 |
) |
|
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(0.38 |
) |
|
$ |
(0.38 |
) |
|
Weighted-average common shares
outstanding, basic and diluted |
|
63,543,094 |
|
|
|
62,003,504 |
|
|
|
|
|
|
|
|
|
|
|
Seer, Inc. |
CONSOLIDATED BALANCE SHEETS |
(In thousands, except share and per share
amounts) |
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
2022 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
48,386 |
|
|
$ |
53,208 |
|
|
Short-term investments |
|
303,708 |
|
|
|
368,031 |
|
|
Accounts receivable, net |
|
4,735 |
|
|
|
4,315 |
|
|
Related party receivables |
|
1,383 |
|
|
|
1,804 |
|
|
Other receivables |
|
1,065 |
|
|
|
899 |
|
|
Inventory |
|
3,718 |
|
|
|
4,627 |
|
|
Prepaid expenses and other current assets |
|
4,380 |
|
|
|
2,098 |
|
|
Total current assets |
|
367,375 |
|
|
|
434,982 |
|
|
Long-term investments |
|
58,416 |
|
|
|
5,157 |
|
|
Operating lease right-of-use
assets |
|
26,944 |
|
|
|
27,003 |
|
|
Property and equipment,
net |
|
18,675 |
|
|
|
19,408 |
|
|
Restricted cash |
|
524 |
|
|
|
524 |
|
|
Other assets |
|
853 |
|
|
|
855 |
|
|
Total assets |
$ |
472,787 |
|
|
$ |
487,929 |
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
1,956 |
|
|
$ |
2,104 |
|
|
Accrued expenses |
|
7,175 |
|
|
|
8,298 |
|
|
Deferred revenue |
|
263 |
|
|
|
133 |
|
|
Operating lease liabilities, current |
|
2,188 |
|
|
|
1,842 |
|
|
Other current liabilities |
|
172 |
|
|
|
207 |
|
|
Total current liabilities |
|
11,754 |
|
|
|
12,584 |
|
|
Operating lease liabilities,
net of current portion |
|
27,684 |
|
|
|
28,032 |
|
|
Other noncurrent
liabilities |
|
360 |
|
|
|
320 |
|
|
Total liabilities |
|
39,798 |
|
|
|
40,936 |
|
|
Commitments and
contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as
of March 31, 2023 and December 31, 2022; zero shares
issued and outstanding as of March 31, 2023 and
December 31, 2022 |
|
— |
|
|
|
— |
|
|
Class A common stock, $0.00001 par value; 94,000,000 shares
authorized as of March 31, 2023 and December 31, 2022;
59,694,350 and 59,366,077 shares issued and outstanding as of
March 31, 2023 and December 31, 2022, respectively |
|
1 |
|
|
|
1 |
|
|
Class B common stock, $0.00001 par value; 6,000,000 shares
authorized as of March 31, 2023 and December 31, 2022;
4,044,969 and 4,044,969 shares issued and outstanding as of
March 31, 2023 and December 31, 2022, respectively |
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
676,536 |
|
|
|
667,739 |
|
|
Accumulated other comprehensive loss |
|
(93 |
) |
|
|
(1,251 |
) |
|
Accumulated deficit |
|
(243,455 |
) |
|
|
(219,496 |
) |
|
Total stockholders’ equity |
|
432,989 |
|
|
|
446,993 |
|
|
Total liabilities and stockholders’ equity |
$ |
472,787 |
|
|
$ |
487,929 |
|
|
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