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Seer helps academic institutions, biopharmaceutical companies and other research organizations study proteins in biological samples. Its Proteograph Product Suite uses engineered nanoparticles to capture proteins, an SP200 instrument to automate sample preparation, and software to analyze the resulting data. Customers use their own or accessible third-party mass spectrometers to measure protein fragments called peptides. The products are for research use only, not for diagnosing, treating or preventing disease.
Instrument and consumables sales provide most revenue. As customers run more samples, they buy more consumable kits, making instrument use important to repeat sales. Under Seer’s Strategic Instrument Placement Program, customers can buy kits upfront and borrow an instrument rather than purchase it immediately. Researchers can also pay the Seer Technology Access Center to generate and analyze data without operating the equipment themselves; these services provide a smaller revenue stream.
Seer is still expanding commercialization, and demand depends on researchers’ budgets and willingness to adopt the Proteograph workflow. Revenue is concentrated among a relatively small number of customers, including related party PrognomiQ. Seer also relies on Hamilton Company as its sole instrument manufacturer, so supplying new systems depends on that relationship.
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Seer’s growth depends on wider proteomics adoption and consumables use, while privately held Hamilton Company supplies the automation instruments it depends on.
Bruker competes with Seer for researchers’ protein-analysis spending through its Olink assays, but also sells proteomics mass spectrometers to the research ecosystem that Seer’s workflow depends on.
Alamar Biosciences competes with Seer for spending by research institutions, biopharma companies and service laboratories, selling automated protein-analysis instruments and assay consumables. Adoption of its ARGO HT system and neurology and immunology assays is worth watching for signs of where those customers put their proteomics budgets.
Nautilus competes with Seer for proteomics research projects through broadscale protein-analysis services while developing its Voyager instrument, consumables and software platform. Watch customer uptake of the early-access services launched in January 2026, before the platform’s broader commercialization.
Quanterix competes with Seer for academic and biopharma buyers’ budgets, selling sensitive protein-detection instruments, consumables and research services rather than Seer’s Proteograph workflow. Its Simoa products and Accelerator Laboratory services offer a view of those customers’ spending on detecting very low levels of protein biomarkers.
Quantum-Si competes with Seer for protein-characterization research spending, selling instruments and consumables that read protein sequences rather than Seer’s peptide-level measurement workflow. Watch consumables revenue from its Platinum and Platinum Pro instruments for evidence that researchers are running samples, not just buying equipment.
Thermo Fisher helps Seer reach research customers by supplying the Orbitrap Astral mass spectrometer used alongside Proteograph in Seer’s paid access-center service and jointly marketing the combined workflow. Watch their joint research and population-scale studies for progress in expanding access without customers having to obtain the equipment themselves.
Bio-Techne’s Protein Sciences reagents and analytical solutions compete with Seer for research and drug-discovery customers’ protein-analysis spending. Watch that segment rather than company-wide sales: it accounted for approximately 72% of Bio-Techne’s net sales in fiscal 2026.
Nautilus Biotechnolgy, Inc. earningsNAUT
Nautilus’s report will show whether researchers are paying for broadscale protein-analysis services that compete with Seer for research projects.
Look for signs that Nautilus’s early-access services, launched in January 2026, are attracting more paid projects. Greater uptake would show researchers are funding this kind of broadscale protein-analysis work, giving Seer more competition for similar projects. Slow uptake would mean Nautilus’s service route has not yet attracted many projects; it would not establish that demand for Seer is weak. The question is whether this competing service is already drawing the research projects Seer seeks.
Seer, Inc. earningsThis company
Seer’s report will show whether customers with installed instruments keep buying consumables and services, rather than growth coming mainly from new placements.
Read consumables and service revenue alongside product revenue, and note what Seer says about use of its installed instruments. Growing consumables and services would show customers are using the Proteograph workflow on an ongoing basis. If growth comes mainly from instrument sales while repeat purchases lag, placements have not yet turned into steady follow-on demand. The question is whether Seer can turn its installed base into sustained use and repeat purchases.
