The following is a summary of the Seer, Inc. (SEER) Q4 2023 Earnings Call Transcript:
Financial Performance:
Seer reported a Q4 2023 revenue of $4.4 million, a 4% decrease from Q4 2022, primarily due to a decrease in lease revenue related to SP100 instruments.
The company's gross margin in Q4 2023 was 45.1% compared to 49.8% in Q4 2022.
Q4 net loss was $17.8 million compared to $22.5 million in Q4 2022.
Despite the Q4 decrease, Seer's total revenue for FY 2023 increased by 8%, rising from $15.5 million in 2022 to $16.7 million.
The net loss for the year was $86.3 million, less than the $93 million loss in 2022.
The company reported approximately $373.1 million in cash, cash equivalents, and investments at the end of 2023.
Business Progress:
A major part of Seer's revenue increase in 2023 is attributed to service revenue related to its STAC (Seer Technology Access Center).
The company managed to ship 23 SP100 instruments in 2023, for a cumulative total of 62 instruments shipped till the end of the year.
Key growth strategies for 2024 include driving evidence and publication, improving access, and promoting product innovation and applications.
Operational enhancements in 2023 included launching the Proteograph XT Assay Kit and enhancing the Proteograph Analysis Suite.
The company made its Protein Discovery Catalog of over 10,000 detectable proteins available to customers.
Seer expanded its Centers of Excellence programs with the addition of Panome Bio and also brought on board four new international distributors and partners.
More details: Seer Inc IR
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