Start here if you're new
what it is
Seer sells tools that help researchers read proteins for disease studies.
how it gets paid
Last year Seer made $17M in revenue. Consumables was the main engine at $8.5M, or 50% of sales.
why it's growing
Revenue grew 17.0% last year. Revenue rose 200% vs. prior year. Gross margin was 50.8%.
what just happened
Revenue hit $12M, but EPS was still -$1.02.
At a glance
C++ balance sheet — some cracks in the foundation
90/100 earnings predictability — you can trust these numbers
-$1.39 fy2024 eps est
$14M fy2024 rev est
n/a operating margin
xvary composite: 35/100 — weak
What they do
Seer sells tools that help researchers read proteins for disease studies.
The product is the workflow. Seer's Proteograph suite ties consumables, automation instrumentation, and software together. Your lab has to keep buying the setup, not just one part. The installed base reportedly surged 67%, which means more labs are already inside the machine.
How they make money
$17M
annual revenue · their business grew +17.0% last year
Consumables
$8.5M
+17.0%
Automation instrumentation
$4.3M
+17.0%
Software
$2.1M
+17.0%
Collaboration and services
$2.1M
flat
The products that matter
core proteomics platform
Proteograph Product Suite
installed base +67%
this is the box getting into labs. the installed base grew 67% last year, but total company revenue still landed at only $16.6M. placements matter only if usage follows.
adoption first
repeat-purchase lab inputs
Consumables
50.8% gross margin
consumables are the part you want to scale because repeat purchases usually carry better economics than one-time instrument sales. right now the only clean proof beat you have is a 50.8% gross margin. decent unit economics do not help much when revenue is this small.
repeat revenue bet
future pull-through driver
Detector development
watch management commentary
management has flagged work on a new detector. if it improves usage and consumables pull-through, it matters. if it just adds one more technical milestone without revenue, it is slide-deck material.
show me the revenue
Key numbers
50.8%
gross margin
This says Seer keeps about $0.51 of each sales dollar before overhead. That is better than the loss line, which is still ugly.
$17M
annual revenue
This is tiny next to a $102M market cap. You are paying for hope, not scale.
$22M
long-term debt
Debt is 18% of capital, so the balance sheet is not empty. That matters when losses are still wide.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. The business spent far more than it made. That is why investors are watching growth so closely.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $22M (18% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SEER right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $12M, but EPS was still -$1.02.
Revenue rose 200% vs. prior year. Gross margin was 50.8%, so the gross profit line looked better than the bottom line.
$12M
revenue
-$1.02
eps
50.8%
gross margin
the number that mattered
The $12M quarter matters because it is 200% above last year, but the company still lost $1.02 a share.
source: company earnings report, 2026
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What could go wrong
the central risk is commercial conversion failing to show up before capital pressure does. Seer has evidence that labs will try the platform. The stock only works if that interest turns into repeat revenue fast enough to matter.
med
Installed-base growth keeps outrunning revenue
Installed base rose 67% in 2025 while revenue rose 17% to $16.6M. The 2026 guide of $16M–$18M implies only about 3% growth at the midpoint.
If utilization and consumables pull-through stay weak, the business starts to look less like an early platform and more like a promising product with public-market overhead.
med
Cash burn becomes the only number investors care about
An activist investor argues the current plan could burn roughly $200M over four years. Even if you haircut that figure, it frames the real issue: Seer does not have the luxury of a slow ramp.
With a C++ balance sheet and $22M of long-term debt, prolonged underperformance raises the odds of strategic change, outside financing, or both.
med
Activist pressure forces management into reaction mode
The Radoff-JEC Group's March 4, 2026 letter put the board on notice. When an activist shows up in a tiny, money-losing company, time stops being an abstract concept.
Pressure can improve discipline. It can also pull focus away from execution just when execution is the only thing that matters.
med
A larger rival gets to scale first
Seer is still proving product-market economics in a niche where bigger, better-funded peers have more room to spend on research, sales coverage, and customer support.
If the category matures before Seer proves stickier usage, you get the bad combination of slower adoption and weaker pricing power.
A weak guide, an activist letter, and a $16.6M revenue base all point the same direction: this stock has very little room for another slow year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that mattered
Revenue per installed system
If the installed base keeps climbing while revenue stays pinned near the $16M–$18M guide, the monetization gap is not temporary. It is the business model problem showing up in public.
calendar
Quarterly progress against the 2026 guide
The midpoint of guidance sits roughly $5M below prior analyst expectations. Every quarter now doubles as a credibility check for management.
governance
Board response to activist pressure
Watch what management says after the March 4, 2026 open letter. Silence says one thing. Cost actions, strategic review language, or operating targets say another.
product
Detector updates tied to usage, not just features
Management has flagged work on a new detector. The only version of that story that matters for you is one that improves customer usage and repeat ordering.
Analyst rankings
earnings predictability
90 / 100
The company tends to land near guidance. in human-speak, analysts trust the accounting more than they trust the commercial ramp.
beta
1.7
Beta measures how much a stock moves versus the market. At 1.7, SEER has historically moved much harder than the index. If you own it, expect the tape to feel louder than the average stock.
source: institutional data
Institutional activity
institutional ownership data for SEER is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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