Seer, Inc. (Nasdaq: SEER) announced financial results for the quarter ended September 30, 2026, in a Form 8-K filed on November 10, 2026. The company reported third-quarter revenue of $4.0 million, a decrease of 3% compared to the $4.1 million generated in the third quarter of 2025. For the nine months ended September 30, 2026, total revenue was $9.9 million.
Revenue was broken down by category for the third quarter. Product revenue totaled $2.8 million, consisting of sales of Proteograph instruments and consumable kits. Service revenue was $1.1 million, while related party revenue was $0.1 million and other revenue was approximately $67,000. Gross profit for the quarter was $1.9 million, resulting in a gross margin of 47%.
Operating expenses for the third quarter were $16.5 million, a decrease of 23% compared to the prior-year period. This reduction was primarily attributed to lower employee compensation expenses, including stock-based compensation. The company reported a net loss of $13.7 million for the quarter, or $0.25 per share. As of September 30, 2026, Seer held approximately $198.1 million in cash, cash equivalents, and investments.
In a significant update to its outlook, Seer lowered its full-year 2026 revenue guidance. The company now expects revenue to be in the range of $13.5 million to $14.5 million. This range is narrower and lower than the previously provided guidance of $16.0 million to $18.0 million. The company cited continued pressure on academic and government funding, which has extended sales cycles, and the deferral of several late-stage opportunities.
Regarding capital allocation, Seer repurchased approximately 13.5 million Class A common shares at a weighted average price of $1.85 per share through September 30, 2026. Approximately $25 million remained available under the company's share repurchase authorizations at that time. The company also noted that its Special Committee of the Board of Directors completed a review and confirmed the company will remain an independent public company.
