Full Press Release Details
Semler Reports 2015 Annual and Fourth
Quarter Financial Results
Over Year Revenue Growth of 93%; Quarterly Sequential Growth of 88%
PORTLAND, Ore. - February 19, 2016 - Semler
Scientific, Inc. (Nasdaq: SMLR; "Semler"), an emerging growth company providing
technology solutions to improve the clinical effectiveness and efficiency of healthcare insurers and physician groups, today
reported financial results for the fourth quarter and year ended December 31, 2015.
"Semler reported outstanding year over year revenue growth
of 93% and sequential quarter over quarter revenue growth of 88%, albeit with a net loss and low cash position," said Doug
Murphy-Chutorian, M.D., chief executive officer of Semler. "At the end of 2015, we implemented additional steps to further
reduce our future fixed operating expenses and in early 2016, we issued promissory notes to obtain additional capital of $1,500,000,"
he added. "The combination of reasonably priced capital, expense reduction and continued annual revenue growth of our QuantaFlo
business are intended to help Semler achieve profitability and cash flow from operations as soon as possible with minimal shareholder
dilution," he concluded.
Of note, WellChec , Semler's new multi-test service
offering saw increased customer contracts, both initiated and fulfilled, in the fourth quarter of 2015. It was responsible for
substantial revenue growth and associated start-up costs, which impact comparisons of both cost of revenue and operating expense
from corresponding periods as such service was not offered in the prior year period.
In the three months ended December 31, 2015, compared to the
corresponding period of 2014, Semler had:
In the year ended December 31, 2015, compared to the corresponding
period of 2014, Semler had:
In the three months ended December 31, 2015, compared to the
three months ended September 30, 2015, Semler had:
As noted above, in 2016 Semler issued promissory notes to obtain
$1,500,000 of additional capital.
In 2015, Semler achieved its major goal of revenue expansion.
Other highlights included:
In 2016, revenue from QuantaFlo is expected
to continue to grow on a quarterly basis due to number of installations, average pricing and the recurring revenue business model.
Semler also plans to limit WellChec business until later in the year, which should lessen current operating expenses and improve
cash flow until that time. Because Semler does not give financial guidance, the magnitude of these changes and progress towards
such an operating plan will be reported during the quarterly earnings releases.
the rate of our revenue trajectory largely as a result of the investment made to create and launch our WellChec service,"
said Dr. Murphy-Chutorian. "We have furthered our goal to aid physicians and insurance
plans to evaluate their patients earlier and
more comprehensibly, which
may in turn lead to more disease prevention and lower healthcare costs," he added.
Notice of Conference Call
Semler will host a conference call at 11 a.m. EST, Friday, February
19, 2016. The call will address year-end and fourth quarter results and will provide a business update on Semler's market
outlook and strategies for the near-term future.
The conference call may be accessed by dialing (877)
359-9508 for domestic callers and (224) 357-2393 for international callers. Please specify to the operator that you would
like to join the "Semler Fourth Quarter and Full Year 2015 Financial Results Call, conference ID#: 34803424"
The conference call will be archived on Semler's website at www.semlerscientific.com.
Semler Scientific, Inc.
Statements of Operations
(In thousands, except share and per share
| For the three months ended December 31 | For the year ended December 31 | |||||||||||||||
| (Unaudited) | (Audited) | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Revenue | $ | 2,934 | 1,055 | $ | 7,001 | 3,635 | ||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenue | 1,960 | 188 | 2,847 | 692 | ||||||||||||
| Engineering and product development | 453 | 207 | 1,436 | 1,113 | ||||||||||||
| Sales and marketing | 2,458 | 1,209 | 6,266 | 3,723 | ||||||||||||
| General and administrative | 2,269 | 627 | 4,871 | 2,448 | ||||||||||||
| Total operating expenses | 7,140 | 2,231 | 15,420 | 7,976 | ||||||||||||
| Loss from operations | (4,206 | ) | (1,176 | ) | (8,419 | ) | (4,341 | ) | ||||||||
| Other expense: | (2 | ) | (24 | ) | (82 | ) | (174 | ) | ||||||||
| Net loss | $ | (4,208 | ) | $ | (1,200 | ) | $ | (8,501 | ) | $ | (4,515 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.84 | ) | $ | (0.25 | ) | $ | (1.72 | ) | $ | (1.10 | ) | ||||
| Weighted average number of shares used in computing basic and diluted loss per share | 4,986,645 | 4,711,894 | 4,928,881 | 4,105,754 |
Semler Scientific, Inc.
Condensed Balance Sheet
(In thousands of U.S. Dollars)
| As of December 31, (Audited) | ||||||||
| 2015 | 2014 | |||||||
| Cash and restricted cash | $ | 405 | $ | 6,256 | ||||
| Other current assets | 1,347 | 490 | ||||||
| Noncurrent assets | 1,327 | 754 | ||||||
| Total assets | 3,079 | 7,500 | ||||||
| Current liabilities | 4,108 | 4,064 | ||||||
| Non-current liabilities | 43 | - | ||||||
| Stockholders' (deficit) equity | (1,072 | ) | 3,436 | |||||
| Total liabilities and stockholders' equity | $ | 3,079 | $ | 7,500 |
About Semler Scientific, Inc.:
Semler Scientific, Inc., is an
emerging growth company providing technology solutions to improve the clinical effectiveness and efficiency of healthcare insurers
and physician groups. Our mission is to develop, manufacture and market innovative proprietary products and services that assist
our customers in evaluating and treating chronic diseases. Our first patented and U.S. Food and Drug Administration, or
FDA, cleared product, introduced commercially in 2011, measured arterial blood flow in the extremities to aid in the diagnosis
of peripheral arterial disease. In March 2015 we received FDA 510(k) clearance for the next generation version of this product
named QuantaFlo , which was commercially launched in August 2015. In April 2015, we launched our multi-test service offering,
WellChec , to more comprehensively evaluate patients for chronic disease. Additional information about Semler can be found
at semlerscientific.com.
Forward-Looking Statements
This press release contains "forward-looking" statements.
Such statements can be identified by, among other things, the use of forward-looking language such as the words "may,"
"will," "expect," "anticipate," "estimate," "project," "would,"
"could" or words with similar meaning or the negatives of these terms or by the discussion of strategy or intentions.
The forward-looking statements in this release include statements regarding achieving profitability and cash flow from operations,
as well the effects of Semler Scientific's products and services on prevention and
healthcare costs. Such forward-looking statements are subject to a number of risks and uncertainties that could cause Semler
Scientific's actual results to differ materially from those discussed here, such as whether or not insurance plans and other
customers will continue to lease its vascular disease testing products or adopt WellChec , along with those statements detailed
in Semler Scientific's SEC filings, and involve assumptions, estimates, and uncertainties that reflect current internal projections,
expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such statements. All forward looking statements contained in this press
release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such
statements are made as of the date of this release and Semler Scientific assumes no obligation to update or revise these statements
unless otherwise required by law.
S.A. Noonan Communications
SOURCE: Semler Scientific, Inc.