Full Press Release Details
Semler Reports First Quarter 2018 Financial
Profitability Continues
San Jose, Cal. - May 1, 2018 - Semler Scientific,
Inc. (OTCQB: SMLR), an emerging growth company that provides technology solutions to improve
the clinical effectiveness and efficiency of healthcare providers, today reported financial results for the three months
ended March 31, 2018.
"Once again, we generated a quarterly profit from our
recurring revenue business model," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. "This is the
second consecutive profitable quarter in the company's history."
For the three months ended March 31, 2018, compared to the corresponding
period of 2017, Semler had:
For the three months ended March 31, 2018, compared to three
months ended December 31, 2017, Semler had:
During the first quarter of 2018, total liabilities were reduced
by $1,040,000 as compared to the year ended December 31, 2017 including repayment of notes and associated interest amounting to
approximately $880,000.
FIRST QUARTER 2018 HIGHLIGHTS
The major accomplishments of the first quarter of 2018 were
For the remainder of 2018, the Company expects to see
continued profitability and cash generated from operating activities. The Company believes expenses will continue to increase
as the business expands. It is the Company's intent to grow revenues at a faster rate than expenses and to remain
"Identifying patients with peripheral artery disease
who might benefit from early preventive care should reduce the risk of heart attack, stroke and amputation," said Dr. Murphy-Chutorian.
"For this reason, we believe our products may help reduce avoidable healthcare costs and improve health outcomes of patients."
Notice of Conference Call
Semler will host a conference call at 11 a.m. ET, Tuesday, May
1, 2018. The call will address results of the first quarter of 2018 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 First Quarter 2018 Financial Results Call, conference ID#: 3378647." The conference call will be archived on
Semler's website at www.semlerscientific.com.
Semler Scientific, Inc.
Condensed Statements of Operations
(In thousands of U.S. Dollars, except for
share and per share data)
| For the three months ended March 31 | ||||||||
| (Unaudited) | ||||||||
| 2018 | 2017 | |||||||
| Revenues | $ | 4,463 | $ | 2,055 | ||||
| Operating expenses: | ||||||||
| Cost of revenues | 704 | 540 | ||||||
| Engineering and product development | 367 | 439 | ||||||
| Sales and marketing | 1,705 | 988 | ||||||
| General and administrative | 874 | 838 | ||||||
| Total operating expenses | 3,650 | 2,805 | ||||||
| Income (loss) from operations | 813 | (750 | ) | |||||
| Interest expense | (31 | ) | (73 | ) | ||||
| Interest expense - related parties | (75 | ) | (43 | ) | ||||
| Other expense | (1 | ) | (5 | ) | ||||
| Other expense | (107 | ) | (121 | ) | ||||
| Net income (loss) | $ | 706 | $ | (871 | ) | |||
| Net income (loss) per share: | ||||||||
| Basic | $ | 0.12 | $ | (0.17 | ) | |||
| Diluted | $ | 0.10 | $ | (0.17 | ) | |||
| Weighted average number of shares used in computing earnings (loss) per share: | ||||||||
| Basic | 5,924,701 | 5,231,208 | ||||||
| Diluted | 7,280,492 | 5,231,208 |
Condensed Balance Sheets
(In thousands of U.S. Dollars)
| At March 31, | At December 31, | |||||||
| 2018 | 2017 | |||||||
| (unaudited) | ||||||||
| Cash | $ | 419 | $ | 1,457 | ||||
| Other current assets | 2,581 | 1,426 | ||||||
| Noncurrent assets | 1,257 | 1,355 | ||||||
| Total assets | $ | 4,257 | $ | 4,238 | ||||
| Current liabilities | 5,752 | 5,140 | ||||||
| Noncurrent liabilities | 29 | 1,681 | ||||||
| Stockholders' deficit | (1,524 | ) | (2,583 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 4,257 | $ | 4,238 |
About Semler Scientific, Inc.:
Semler Scientific, Inc. is an
emerging growth company that provides technology solutions to improve the clinical effectiveness and efficiency of healthcare
providers. Semler Scientific's mission is to develop, manufacture and market innovative proprietary products and services
that assist its customers in evaluating and treating chronic diseases. Semler Scientific's 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, Semler Scientific received FDA 510(k) clearance for the
next generation version of this product named QuantaFlo , which was commercially launched in August 2015 to more comprehensively
evaluate our customers' patients for risk of heart attacks and strokes. Semler Scientific
believes it is positioned to provide valuable information to its insurance company and physician customers, which in turn permit
them to better guide patient care. 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 continued revenue growth from our QuantaFlo
business and the reasons therefor, continued profitability and cash generated from operations, as well as increased expenses, as
well as the expected results of identifying patients at risk for heart attack, stroke and amputation, including avoiding healthcare
costs and improving patient outcomes. 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 cardiovascular testing products, 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.