Skip to content
    SEER
    Earnings call· Jun 2026(Q2 FY26)

    Seer Q2 FY26 earnings call SEER

    Aug 11, 2026 Source

    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

    1
    CategoryTargetConfidence
    Full-year revenue
    $16 million to $18 million
    high materiality
    High

    Segment performance

    3
    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———

    Operational metrics

    20
    Cash, cash equivalents, and investments
    $209.5 million
    Q2 FY26

    Management believes this is sufficient capital to reach cash flow break-even.

    Share repurchase program authorization remaining
    $25.1 million
    Q2 FY26

    Amount available for future share purchases under existing authorization.

    Shares repurchased
    1.4 million
    Q2 FY26

    Part of the ongoing share repurchase program.

    Shares repurchased (life of program)
    13.4 million
    Life of program as of Q2 FY26

    Utilized under the share purchase program authorization.

    Net total common shares outstanding reduction
    15%
    As of Q2 FY26

    Reduction over the life of the share repurchase program.

    Publications, preprints, and reviews
    95+80% increase in last 12 months
    As of Q2 FY26

    Validating the Proteograph Product Suite, spanning independent researchers, academic medical centers, biobanks, and pharmaceutical companies.

    Proteograph cross-platform concurrence (Roche study)
    13.5%
    Q2 FY26

    Independent head-to-head comparison from Roche, published in Journal of Proteome Research.

    SomaLogic cross-platform concurrence (Roche study)
    39%
    Q2 FY26

    Compared to Proteograph in an independent head-to-head study.

    Olink cross-platform concurrence (Roche study)
    45%+
    Q2 FY26

    Compared to Proteograph in an independent head-to-head study.

    Proteins measured by Proteograph (Nature Genetics study)
    3,400+
    Q2 FY26

    Independent study published in Nature Genetics comparing Proteograph against Olink HT and SomaLogic 11K.

    New genetic protein associations discovered (Nature Genetics study)
    600+
    Q2 FY26

    Driven by Proteograph in a study of 1,400 individuals of British South Asian ancestry.

    Unique genetic protein associations (Nature Genetics study)
    143
    Q2 FY26

    Highlighting the unique discovery capability of Proteograph.

    Protein measurements per sample (Proteograph)
    77,0007x more data points, 11x more average measurements per protein
    Q2 FY26

    Demonstrates the data density delivered by Proteograph, suitable for AI foundation models.

    Patents and patent applications
    250+
    As of Q2 FY26

    Protecting the core innovation underlying the Proteograph technology.

    Instrument shipments to previous STAC customers
    1/3
    H1 FY26

    Indicates conversion from STAC program to instrument ownership.

    Instrument shipments to SIP program
    1/3
    H1 FY26

    Indicates continued adoption through the Seer Insight Program.

    Gross margin
    49%52% in Q2 FY25, 1,300 basis point sequential improvement
    Q2 FY26

    Decline year-over-year due to lower product sales. Expected variability quarter-by-quarter.

    Long-term gross margin target
    70%-75%
    Long-term

    Expected at scale.

    Stock-based compensation expense
    $1.5 million$3.7 million in Q2 FY25
    Q2 FY26

    Included in total operating expenses.

    NIH budget increase (neurology/neuroscience)
    7%
    FY25-FY26

    A specific area of academic funding that saw an increase, not broadly applicable to all therapeutic areas.

    Industry KPIs

    2
    MetricValueDetails
    Revenue EPS guidance$16M to $18MUSD
    Instruments vs consumables services mixProduct revenue $2.3M, Service revenue $0.7M, Other revenue $0.1MUSD

    Deals & partnerships

    1
    Mayo ClinicCollaboration 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

    3
    Macroeconomic headwinds in academic and government fundingOngoing 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 accountsOngoing

    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 customersNot 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

    5

    PRECISE SG100K data presentation

    September
    Current10,000 samples run, data analysis underway
    TargetPreliminary 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.

    Q&A highlights

    6

    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 read6 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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⏳.

    04

    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.

    05

    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.

    06

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.