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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