Seer, Inc. Revenue Disclosure
Product revenue consists of instruments with embedded software essential to the instrument's functionality and consumables. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of customers. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 11. Grant and other revenue consists of grant revenue from services performed specifically for the reimbursement of research-related expenses and other revenue which relates to shipping revenue and lease arrangements, as further discussed below.
Deferred revenue activity for the years ended December 31, 2024 and 2023 is as follows (in thousands):
|
|
December 31, |
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|||||
|
|
2024 |
|
|
2023 |
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||
Deferred revenue, current and noncurrent, as of the beginning of period |
|
$ |
270 |
|
|
$ |
133 |
|
Additions |
|
|
763 |
|
|
|
879 |
|
Revenue recognized |
|
|
(577 |
) |
|
|
(742 |
) |
Deferred revenue, current and noncurrent, as of the end of period |
|
$ |
456 |
|
|
$ |
270 |
|
Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2024, $0.5 million of revenue is expected to be recognized from the remaining performance obligations, of which 96% is expected to be recognized within twelve months.
Grant and Other Revenue
Since August 2019, the Company received total funding of $2.0 million from a Small Business Innovation Research grant award from the National Institutes of Health for its development of research applications. For the years ended December 31, 2024 and 2023, the Company recognized nil and $1.1 million of grant revenue, respectively, with respect to the award.
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About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.