Seer, Inc. posted third‑quarter 2025 results on November 6, 2025, reporting revenue of $4.1 million, a 2 % year‑over‑year increase. Product revenue reached $2.8 million and service revenue was $1.2 million, while gross profit climbed to $2.1 million, giving a gross margin of 51 %—up from 48 % in the same quarter a year earlier. Operating expenses totaled $21.5 million, a decline from $26.3 million in Q3 2024, and the company posted a net loss of $18.2 million. Cash, cash equivalents and investments stood at $251.2 million as of September 30, 2025.
Revenue growth was driven largely by a surge in instrument shipments, with the Proteograph ONE workflow accounting for a large portion of the $2.8 million in product sales. The company shipped nearly three times as many instruments in the first nine months of 2025 as it did in all of 2024, a milestone that underscores accelerating adoption. Third‑party publications validating the platform also increased, adding credibility and supporting future recurring revenue from consumables and services.
The 3‑percentage‑point margin expansion reflects a shift toward higher‑margin instrument sales and tighter cost control. Lower stock‑based compensation and reduced business expenses contributed to the $4.8 million reduction in operating costs, while the mix shift toward instruments—generally higher‑margin than consumables—helped lift gross profit.
Operating expenses fell to $21.5 million from $26.3 million in Q3 2024, yet the company remains loss‑making, reporting a net loss of $18.2 million. The loss margin is driven by the high cost of research and development and the continued investment in commercial expansion, which outweigh the gains from cost discipline.
Seer reiterated its full‑year 2025 revenue guidance of $17 million to $18 million, a 24 % increase at the midpoint over 2024. Management indicated it expects results toward the lower end of that range, citing government funding headwinds, CapEx budget pressure and elongated sales cycles for new instrument purchases. The robust cash position of $251.2 million provides a runway to fund R&D, commercial initiatives and to reach cash‑flow breakeven.
The market reaction was muted, with investors weighing the modest revenue beat of $0.02 million and the slight EPS miss of $0.01 against the company’s strong cash position and accelerating instrument shipments. Headwinds such as government funding uncertainty and sales cycle delays tempered enthusiasm, while tailwinds from the Proteograph ONE platform and third‑party validation reinforced confidence in the company’s long‑term trajectory.
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