Inve US ▾
SESEER

Seer (SEER) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 11, 2026

Source: earnings call transcript

Executive summary

Seer, Inc. Q2 FY26 — Scientific Validation Progresses Amidst Commercial Headwinds

Seer, Inc. continues to advance its Proteograph technology with significant scientific validation and a strong cash position, despite facing revenue challenges from macroeconomic headwinds and elongated sales cycles. The company is focusing on commercial optimization under new leadership and expects a ramp in revenue growth in the second half of the year, driven by scientific data and strategic partnerships.

Highlights

5

  • Ended the quarter with $209.5 million in cash, cash equivalents, and investments, providing sufficient capital to reach cash flow break-even.

  • Repurchased 1.4 million Class A common shares at an average price of $1.68 per share in Q2, reducing net total common shares outstanding by approximately 15% over the program's life.

  • Achieved 49% gross margin in Q2 FY26, a 1,300 basis point sequential improvement.

  • Increased scientific validation with over 95 publications, preprints, and reviews, an 80% increase in the last 12 months.

  • Secured a new collaboration with the Mayo Clinic in translational research, further validating academic interest.

Concerns

4

  • Total revenue for Q2 FY26 was $3.1 million, a decrease from $4.1 million in Q2 FY25.

  • Experienced ongoing macroeconomic headwinds in academic and government funding, impacting customer behavior.

  • Continued elongation of sales cycles in some commercial accounts related to extended customer evaluations.

  • Gross margin declined to 49% in Q2 FY26 from 52% in Q2 FY25 due to lower product sales.

Guidance & targets

CategoryTargetConfidence
Full-year revenue
$16 million to $18 million
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Product Revenue
Consisted of sales of Proteograph instruments and consumable kits.
$2.3 million———
Service Revenue
Steady customer interest in running projects through STAC, viewed as an important leading indicator of future instrument placements.
$0.7 million———
Other Revenue
Consisted of lease and shipping revenue.
$0.1 million———

Deals & partnerships

Mayo Clinic Collaboration in translational research to access the Proteograph Product Suite through the Insight Program.

This collaboration further validates academic interest in Seer's platform.

Risks & headwinds

Macroeconomic headwinds in academic and government funding Ongoing through 2026

Total revenue decreased from $4.1 million in Q2 FY25 to $3.1 million in Q2 FY26.

Mitigation:Focusing commercial efforts on large accounts, leveraging scientific validation and population scale studies.

Elongation of sales cycles in some commercial accounts Ongoing

Contributed to lower product and service revenue.

Mitigation:New commercial leadership focusing on large opportunities and advancing conversations with top customers.

Grant funding delays for academic customers Not expected to end in H2 2026

Creates a significant amount of caution and hesitancy among academic customers.

Mitigation:Seeking out other opportunities, focusing on biopharma and biobanks.

What to watch in Q3 FY26

PRECISE SG100K data presentation

September
Current 10,000 samples run, data analysis underway
Target Preliminary data presented at HUPO

Why it matters

Expected to be a key proof point to drive large-scale sample commitments and unlock market adoption.

The PRECISE team is currently analyzing the data and is scheduled to present preliminary data during the breakfast symposium at HUPO in September. We believe the data coming out of PRECISE will be the kind of proof point that drives 100,000-plus sample buyback commitments.

Find out whether SEER delivers this. Inve re-checks your case every morning.

Q&A highlights

Clarification on the shift in instrument placement mix from STAC and SIP customers, specifically if SIP customers are maturing into direct purchases.

Management confirmed that the shift reflects both additional SIP instrument shipments and conversions of existing SIPs into owned instruments, indicating a maturation process.

“You're exactly right. There is a kind of a push and pull, if you will. We did ship some additional SIP instruments, and we also had some conversions in the first half. So some of those SIPs turned into, you know, owned instruments, if you will.”

asked by Kyle Mikson · answered by David Horn

2 min read 6 chapters

Detailed narrative

Scientific Validation and Publications

Seer's Proteograph technology continues to gain scientific credibility, evidenced by over 95 publications, preprints, and reviews, an 80% increase in the last 12 months. An independent head-to-head study from Roche highlighted Proteograph's superior balance of depth, reproducibility, and resilience compared to five other plasma proteomics workflows. Another Nature Genetics study showed Proteograph measured over 3,400 unique proteins and drove the discovery of more than 600 new genetic protein associations, outperforming Olink and SomaLogic.

AI in Proteomics

The company emphasizes the Proteograph's unique position to advance AI biological models due to its ability to generate high-density data (77,000 protein measurements per sample, 7x more data points). Preliminary data presented at ASMS 2026 by Seer and Korea University demonstrated the potential of AI-driven plasma proteomics for multi-cancer screening, showcasing how deep proteomics and advanced AI can enable new disease detection approaches.

Commercial Strategy and Leadership

Seer has appointed Tony Bazarko as Chief Commercial Officer to optimize its commercial infrastructure. His focus is on making commercial engagement more efficient, customer interactions more targeted, and resources concentrated on large accounts for recurrent revenue. While the full impact will take several months, the company expects a ramp in commercial activity and revenue build over time.

Population Scale Studies

Progress continues on the PRECISE SG100K study, with 10,000 samples completed in May. Preliminary data is scheduled for presentation at HUPO in September, which management believes will be a key proof point to drive large-scale sample commitments and unlock flywheel dynamics for market adoption. Seer is actively engaging with multiple population-scale cohorts for partnerships.

Intellectual Property and Market Differentiation

Seer maintains a strong intellectual property portfolio with over 250 patents and applications, including four issued patents covering nanoparticle protein enrichment and automated deep proteomics. The company asserts its differentiation in depth, standardization, throughput, and reproducibility, despite new market entrants, and remains committed to protecting its core innovation.

Customer Dynamics and Funding Environment

The company observed an uptick in consumable pull-through and STAC service revenue sequentially, with one-third of H1 2026 instrument shipments going to previous STAC customers and another third to SIP program participants. However, macroeconomic headwinds in academic and government funding persist, leading to caution among academic customers and elongated sales cycles in commercial accounts, particularly due to grant funding delays.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.