The following is a summary of the Seer, Inc. (SEER) Q1 2024 Earnings Call Transcript:
Financial Performance:
Seer, Inc. reported Q1 2024 revenues of $3.1 million, a decrease due to slower adoption and utilization of the Proteograph platform, elongated sales cycles, and ongoing macro-challenges.
The company expects 2024 revenue to be in the range of $16 million to $18 million.
A reduction in operating expenses and approximately a 10% reduction in force outside of its commercial organization has been implemented for financial stability.
An open market share repurchase program for up to $25 million has been established due to its strong financial position and a perceived difference between its long-term value and current share price.
Business Progress:
The company remains focused on the potential of its Proteograph technology and is investing resources in its commercial organization.
Seer, Inc. is launching an additional Technology Access Center in Europe and expanding its commercial team.
The company continues to promote the Proteograph suite and innovate with their products, driving evidence and publications for the rest of 2024.
The 2024 Seer insights grant program to support innovative and collaborative researchers in oncology, cardiometabolic, and neurology fields has been launched.
Seer's protein discovery catalog has been expanded to over 36,000 proteins, and new publications about their platform are expected in late Q2 to early Q3.
While the company is experiencing issues with elongated sales cycles, it still has a conservative outlook and no plans to pivot to a service business. Rather, they aim to facilitate the adoption of their core product.
More details: Seer Inc IR
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