Full Press Release Details
Semler Reports Record Fourth Quarter
and Year End 2019 Financial Results
2019 HIGHLIGHTS compared to 2018:
San Jose, Cal. - March 3, 2020 - Semler Scientific,
Inc. (OTCQB: SMLR), a company that provides technology solutions to improve the clinical
effectiveness and efficiency of healthcare providers, today reported financial results for the three months and year ended
"Earlier recognition of vascular disease may enable the
healthcare provider to intercede with preventive measures," said Doug Murphy-Chutorian, M.D., chief executive officer of
Semler Scientific. "This care management strategy is one objective for utilizing our QuantaFlo product in the primary
For the year ended December 31, 2019, compared to 2018, Semler
Scientific reported:
For the quarter ended December 31, 2019, compared to the corresponding
period of 2018, Semler Scientific reported:
MAJOR ACCOMPLISHMENTS IN 2019
Among the achievements during 2019 were:
The company's three largest customers comprised 49.4%,
13.2% and 12.5% of annual revenues. Revenues from fixed price software license fee arrangements were approximately $22,913,000,
variable priced software license revenues were approximately $8,927,000 and equipment/other sales were $927,000.
In 2020, Semler Scientific expects continued profitability and
generation of cash from operating activities, as well as increased spending to support anticipated growth in its business. It is
the company's intent to grow annual revenues at a faster rate than annual expenses and to remain profitable.
"We provide our customers with a cost-effective, user-friendly
service that may improve patient outcomes," said Dr. Murphy-Chutorian. "Our intent is to expand penetration of our
product into the medical community to assist them in the identification of those at risk for chronic diseases," he concluded.
Notice of Conference Call
Semler Scientific will host a conference call today at 4:30
p.m. ET. The call will address results of the fourth quarter and year ended December 31, 2019 as well as provide a business update
on the company's market outlook and strategies for the near-term future.
Participants are encouraged to pre-register for the conference
call using the following link. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access
to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start
time. To pre-register, go to: http://dpregister.com/10139705.
Those without internet access or who are unable to pre-register
may dial in by calling:
Domestic callers: (866) 777-2509
International callers: (412)
Please specify to the operator that
you would like to join the "Semler Scientific Call." The conference call will be archived
on Semler's website at www.semlerscientific.com.
About Semler Scientific, Inc.:
Semler Scientific, Inc. is a 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 commercially launched its first patented and U.S. Food and Drug Administration, or FDA, cleared product
in 2011, and received FDA 510(k) clearance for QuantaFlo , the next generation version of this product in 2015. QuantaFlo
is a rapid point-of-care test that measures arterial blood flow in the extremities to aid in the diagnosis of peripheral arterial
disease. QuantaFlo is used by Semler Scientific's customers to more comprehensively evaluate their 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 permits them to better guide patient care. Additional information about Semler Scientific 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," "intend," "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 profitability and
cash generation from operations, the ability to grow revenues faster than expenses and remain profitable, as well as increased
spending to support anticipated growth in the business, in addition to statements about the benefits of its service on patient
outcomes and future expansion of its customer base. 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 license its cardiovascular testing products, and its ability to continue to
control expenses, along with those statements detailed in Semler Scientific's SEC filings. These forward-looking statements
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.
Semler Scientific, Inc.
Statements of Income
(In thousands of U.S. Dollars, except for
share and per share data)
| For the years ended December 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenues | $ | 32,767 | $ | 21,491 | ||||
| Operating expenses: | ||||||||
| Cost of revenues | 3,661 | 2,703 | ||||||
| Engineering and product development | 2,479 | 2,085 | ||||||
| Sales and marketing | 8,965 | 7,202 | ||||||
| General and administrative | 6,954 | 4,159 | ||||||
| Total operating expenses | 22,059 | 16,149 | ||||||
| Income from operations | 10,708 | 5,342 | ||||||
| Interest income (expense) | 2 | (59 | ) | |||||
| Interest expense -- related parties | - | (239 | ) | |||||
| Other expense | (9 | ) | (4 | ) | ||||
| Other expense | (7 | ) | (302 | ) | ||||
| Pre-tax net income | $ | 10,701 | $ | 5,040 | ||||
| Income tax (benefit) expense | $ | (4,383 | ) | $ | 26 | |||
| Net income | $ | 15,084 | $ | 5,014 | ||||
| Net income per share: | ||||||||
| Basic | $ | 2.34 | $ | 0.82 | ||||
| Diluted | $ | 1.88 | $ | 0.66 | ||||
| Weighted average number of shares used in | ||||||||
| computing income per share: | ||||||||
| Basic | 6,440,724 | 6,079,326 | ||||||
| Diluted | 8,029,909 | 7,629,523 |
Semler Scientific, Inc.
Condensed Balance Sheets
| At December 31, | ||||||||
| 2019 | 2018 | |||||||
| Cash | $ | 7,741 | $ | 3,284 | ||||
| Other current assets | 3,702 | 2,954 | ||||||
| Noncurrent assets | 6,844 | 1,481 | ||||||
| Total assets | 18,287 | 7,719 | ||||||
| Current liabilities | 5,207 | 3,512 | ||||||
| Noncurrent liabilities | 7 | 11 | ||||||
| Stockholders' equity | 13,073 | 4,196 | ||||||
| Total liabilities and stockholders' equity | $ | 18,287 | $ | 7,719 |