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What occurred
Shares of Seer (SEER -32.73%) have been down greater than 29% as of two:45 p.m. Wednesday after the corporate reported second-quarter earnings after the markets closed on Tuesday. The inventory is down greater than 44% up to now this yr.
So what
Seer is a life sciences firm that sells platforms that pace proteomics, the large-scale research of proteins and genomics, the construction, perform, evolution, mapping, and enhancing of genomes. Its merchandise are helpful for drug discovery for pharmaceutical corporations and in educational settings.
On Tuesday, the healthcare firm reported second-quarter income of $4 million, up 11% yr over yr. The corporate stated the achieve was due primarily to elevated gross sales of its consumable kits related to its Proteograph Product Suite. The corporate additionally stated it had a web lack of $23.4 million, in comparison with a $22.8 million loss in the identical interval final yr.
What probably introduced the shares down was the corporate’s lowered steerage. It now says it expects yearly income to be $16 million to $18 million. That is a ten% achieve on the midpoint over final yr, however properly beneath earlier estimates of $23 million to $25 million.
Now what
CEO Omid Farokhzad, on the corporate’s earnings name, talked about headwinds that firm is combating, together with the gradual adoption of mass spectrometer devices and the shortage of capital for what the corporate sees as disruptive know-how.
The drop appears a bit extreme contemplating the corporate has $396 million in money, sufficient to fund operations into 2028 at its present burn fee, and no debt.
Jim Halley has no place in any of the shares talked about. The Motley Idiot has no place in any of the shares talked about. The Motley Idiot has a disclosure policy.
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