1Q Revenue Miss Reflects Weak Academic Spending Environment; Guide Reiterated

Research evidence excerpt

1Q Revenue Miss Reflects Weak Academic Spending Environment; Guide Reiterated

Life Science & Diagnostic Tools: Life Science Tools

Seer

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $1.77 (05/13/2026) 1Q Revenue Miss Reflects Weak Academic

Price Target: NA Spending Environment; Guide Reiterated

BUY (1)

ESG SCORE: 60/100

Kyle Boucher THE TD COWEN INSIGHT

617 946 3735

Revenue of $2.8M declined 33% Y/Y (vs. our $3.4M) and continues to reflect the weak

kyle.boucher@tdsecurities.com

environment for academic spending. A newly appointed CCO and the order funnel support

Dan Brennan, CFA management's reiterated $16-18M FY'26 revenue guide (+3% Y/Y at the midpoint), but more

646 562 1317 confidence in the 2H ramp is likely needed given the weak market backdrop. Competition was

dan.brennan@tdsecurities.com

also cited, a trend we seek to investigate further.

William Ruby

646 562 1325 Weak 1Q Revenue Reflects on Soft Academic Trends; Guide Reiterated

william.ruby@tdsecurities.com

Total revenue of $2.8M declined 3.3% vs. our $3.4M forecast, reflecting the continuation

Pradeep Ambrose, Ph.D. of the weak market backdrop for A&G customers and nascent technologies. Management

646 562 1378

was confident that underlying signals, including a growing body of evidence supporting the

pradeep.ambrose@tdsecurities.com

Proteograph platform, an increasing focus on population-scale studies, the order funnel, and

Key Data the appointment of a new Chief Commercial Officer, support the reiterated guide that's now a

Symbol NASDAQ: SEER bit more back-half weighted. New this quarter was management's discussion of competition

Beta: 1.64 in the marketplace - while we've been aware of similar technologies, SEER's management