Full Press Release Details
Semler Reports Fourth Quarter and Annual
2016 Financial Results
Continuing to Increase Market Penetration
of its QuantaFlo product
PORTLAND, Ore. - March 10, 2017 - Semler
Scientific, Inc. (OTCQB: SMLR; "Semler"), an emerging growth company that provides
technology and software solutions to improve the clinical effectiveness of healthcare providers, today reported financial
results for the fourth quarter and year ended December 31, 2016.
"During the fourth quarter, we continued to increase the
market penetration of our QuantaFlo product, which we believe is due to the clinical benefits associated with its use,"
said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. "Our financial goal in 2017 is to generate cash from
operating activities by growing revenue, controlling expenses while at the same time minimizing stockholder dilution," he
For the three months ended December 31, 2016, compared to corresponding
period of 2015, Semler had:
For the year ended December 31, 2016, compared to 2015, Semler
For the three months ended December 31, 2016, compared to three
months ended September 30, 2016, Semler had:
As of December 31, 2016 compared to December 31, 2015, Semler
The major accomplishments of 2016 were as follows:
In 2017, revenue from QuantaFlo is expected to continue
to grow due to an increasing number of installations, higher average pricing as compared to its predecessor product, and the recurring
revenue business model.
In 2017, as in the second half of 2016, Semler prefers to work
as a secondary vendor to its HRA customers rather than be a primary vendor for its WellChec business. WellChec was
responsible for both substantial revenue growth and associated start-up costs in 2015. By focusing on its QuantaFlo business
and being a secondary vendor for wellness services, Semler intends to better leverage capital, have lower financial risk and require
less operational expertise, while potentially having a higher margin business.
grow QuantaFlo revenue and to reduce our net operating loss as we near profitability,"
said Dr. Murphy-Chutorian. "Our immediate objective is to become the standard of care for testing to identify patients at
risk for heart attacks and strokes to enable better preventive medical care,"
Notice of Conference Call
Semler will host a conference call at 11 a.m. ET, Friday, March
10th, 2017. The call will address fourth quarter and year-end 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 2016 Financial Results Call, conference ID# 70178533" The conference call will be
archived on Semler's website at www.semlerscientific.com.
Semler Scientific, Inc.
Condensed Statements of Operations
(In thousands, except share and per share
| For the three months ended December 31 | For the year ended December 31 | |||||||||||||||
| (Unaudited) | ||||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| Revenue | $ | 2,316 | 2,934 | $ | 7,434 | 7,001 | ||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenue | 525 | 1,960 | 1,873 | 2,847 | ||||||||||||
| Engineering and product development | 232 | 453 | 866 | 1,436 | ||||||||||||
| Sales and marketing | 875 | 2,458 | 3,827 | 6,266 | ||||||||||||
| General and administrative | 787 | 2,269 | 3,027 | 4,871 | ||||||||||||
| Total operating expenses | 2,419 | 7,140 | 9,593 | 15,420 | ||||||||||||
| Loss from operations | (103 | ) | (4,206 | ) | (2,159 | ) | (8,419 | ) | ||||||||
| Other expense | (117 | ) | (2 | ) | (395 | ) | (82 | ) | ||||||||
| Net loss | $ | (220 | ) | $ | (4,208 | ) | $ | (2,554 | ) | $ | (8,501 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.04 | ) | $ | (0.84 | ) | $ | (0.50 | ) | $ | (1.72 | ) | ||||
| Weighted average number of shares used in computing basic and diluted loss per share | 5,123,568 | 4,986,645 | 5,123,568 | 4,928,881 |
Semler Scientific, Inc.
Audited Condensed Balance Sheets
(In thousands of U.S. Dollars)
| As of | As of | |||||||
| December 31, 2016 | December 31, 2015 | |||||||
| Cash | $ | 622 | $ | 405 | ||||
| Other current assets | 970 | 1,347 | ||||||
| Noncurrent assets | 1,480 | 1,327 | ||||||
| Total assets | 3,072 | 3,079 | ||||||
| Current liabilities | 3,229 | 4,108 | ||||||
| Non-current Liabilities | 2,762 | 43 | ||||||
| Stockholders' deficit | (2,919 | ) | (1,072 | ) | ||||
| Total liabilities and stockholders' deficit | $ | 3,072 | $ | 3,079 |
About Semler Scientific, Inc.:
Semler Scientific, Inc., is an
emerging growth company that provides technology and software solutions to improve the clinical effectiveness of healthcare providers.
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 to more comprehensively evaluate our customers' patients for risk of heart attacks
and strokes. We believe we are positioned to provide valuable information to our 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 achieving profitability and cash flow from operations
with minimal stockholder dilution, revenue growth from QuantaFlo business, as well as expected effect of shift in plans
regarding WellChec . 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.