Seer (SEER) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $16.6 million, up 17% year-over-year, with Q4 revenue at $4.2 million and a 67% increase in installed base to 82 instruments.

• Consumable kit volume rose 69% year-over-year, and cumulative publications nearly doubled, reflecting strong scientific validation.

• Launched ProVue Lung, a proteomics-based LDT for early lung cancer detection, and enabled the first diagnostic test on the platform.

• Ended 2025 with $241 million in cash, cash equivalents, and investments, maintaining disciplined expense management and no debt.

• Results were impacted by delayed NIH funding, budgetary pressures, and cautious customer spending.

Financial highlights

• Q4 2025 revenue was $4.2 million, up 5% year-over-year; full year revenue was $16.6 million, up from $14.2 million in 2024.

• Gross margin for Q4 2025 was 52%, and for the full year was 51%.

• Operating expenses for 2025 were $86.5 million, down 19% year-over-year.

• Net loss for 2025 was $73.6 million, improved from $86.6 million in 2024.

• Free cash flow loss improved to $45.6 million from $49.4 million in 2024.

Outlook and guidance

• 2026 revenue guidance is $16–18 million, representing approximately 3% growth at the midpoint.

• Guidance reflects ongoing pressure on instrument placements and project funding due to uncertain NIH funding.

• Growth catalysts include new product innovation, expanded installed base utilization, and leadership in AI-driven proteomics.

• Potential upside exists if additional population-scale studies are secured in 2026.