Seer (SEER -2.83%), a life sciences technology firm specializing in advanced proteomics, released its second quarter results for fiscal 2025 on August 6, 2025. Seer reported GAAP revenue of $4.1 million, topping consensus estimates of $3.75 million by $0.35 million and marking a 32% increase from the prior-year period. Operating expenses dropped 21% year-over-year, and the GAAP net loss per share was $(0.33). The period showed continued advancement in commercial execution and technology rollout amid ongoing macroeconomic pressures, but the company remains unprofitable overall (GAAP net loss).
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.33) | $(0.37) | $(0.35) | -5.7 % |
| Revenue | $4.1 million | $3.75 million | $3.1 million | 32 % |
| Gross Profit | $2.1 million | $1.7 million | 23.5 % | |
| Operating Expenses | $22.6 million | $28.8 million | -21.5 % | |
| Cash, Cash Equivalents and Investments | $263.3 million | N/A |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Focus Areas
Seer designs and sells advanced proteomics research solutions. Its flagship Proteograph Product Suite relies on proprietary nanoparticles to help researchers study a wide array of proteins across complex biological samples. This platform powers large-scale protein analysis that can lead to discoveries in disease mechanisms, diagnostics, and precision medicine.
Recent years have seen Seer sharpen its focus on key drivers: innovation in nanoparticle-based assays and automation, gaining market share through strategic partnerships, expanding its intellectual property portfolio, and making its platform globally accessible. Success depends on broadening adoption, continual product advancement, deepening existing partnerships, and keeping costs in check to drive growth.
Quarter Highlights and Key Developments
Seer delivered strong year-over-year GAAP revenue growth of 32%. Product sales, led by the Proteograph assays and SP200 automation instrument, were major contributors. The automation instrument further enhances lab productivity by allowing more samples to be processed efficiently -- a critical capability as more customers demand large-scale proteomic analysis.
The company saw important progress in customer expansion and partnerships. Seer entered a collaboration with Korea University to run a 20,000-sample population-scale cancer study using the Proteograph assay for AI-driven diagnostics. Additionally, Seer’s ongoing partnership with Thermo Fisher Scientific, a major provider of life sciences products, continued to expand the company's commercial reach and platform adoption. These collaborations help validate the relevance of Seer’s technology and support further market penetration.
On the financial side, operating expenses fell sharply, driven in part by a reduction in stock-based compensation -- down to $3.7 million from $7.3 million last year. Gross profit (GAAP) increased and gross margin (GAAP) was 52%, compared to about 56% for Q2 2024. Research and development spending totaled $11.985 million, reflecting Seer’s continued investment in innovation. The company's net loss (GAAP) narrowed to $19.4 million from $22.9 million in Q2 2024.
No significant one-time events, major regulatory changes, or adjustments to the company’s service model were recorded. Products remain classified as 'research use only' and are not subject to U.S. Food and Drug Administration oversight. In 2024, revenue from academic and government entities accounted for approximately 30% of Seer's overall revenue. Shifts in government or academic funding -- such as any potential decreases in the National Institutes of Health (NIH) budget -- could further impact growth momentum.
Looking Ahead: Guidance and Key Watchpoints
Management reaffirmed full-year 2025 revenue guidance of $17 to $18 million, representing projected growth of 24% at the midpoint compared to 2024. The company continues to point to macroeconomic pressures, especially those weighing on academic and government customers, as potential risks that could affect near-term results.
Investors should keep an eye on Seer’s pace of customer expansion, successful conversion of service customers to platform users, and progress with new partnerships and studies. Other important signposts include gross margin trends (which Seer targets at 70–75 % long term), the balance between R&D investment and revenue growth, and how the company manages its cash burn. SEER does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
