Full Press Release Details
Semler Reports Record Fourth Quarter
and Year End 2020 Financial Results
2020 HIGHLIGHTS compared to 2019:
Santa Clara, CA - March 1, 2021 - 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 December 31, 2020.
"We believe that the clinical benefits of earlier recognition
of vascular disease are driving the adoption of our QuantaFlo product," said Doug Murphy-Chutorian, M.D., chief executive
officer of Semler Scientific. "Our program may enable healthcare providers to intercede with preventive measures to delay
the sequalae of this devastating, underdiagnosed, chronic disease."
For the year ended December 31, 2020, compared to 2019,
Semler Scientific reported:
For the quarter ended December 31, 2020, compared to the
corresponding period of 2019, Semler Scientific reported:
MAJOR ACCOMPLISHMENTS IN 2020
Among the achievements during 2020 were:
These investments will be discussed in further detail in Semler
Scientific's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which the company expects
to file with the Securities and Exchange Commission on or before March 16, 2021.
Semler Scientific's two largest customers comprised 47.2%
and 22.8% of annual revenues.
In 2020 compared to 2019, revenues from fixed price software
license fee arrangements were approximately $25.7 million, an increase of $2.8 million, or 12%; variable fee software license
revenues were approximately $11.6 million, an increase of $2.7 million, or 30%; and equipment/other sales were $1.3 million, an
increase of $0.3 million, or 30%.
In the fourth quarter of 2020 compared to the corresponding
period of 2019, fixed fee software license revenues were approximately $7.0 million, an increase of $0.7 million, or 11%; variable
fee software license revenues were approximately $4.5 million, an increase of $1.8 million, or 67%; and equipment/other sales
were $0.5 million, an increase of $0.4 million, or 400%.
In 2021, 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. However,
there remains some uncertainty as to state and local governments continuing to revise restrictions related to COVID-19. Semler
Scientific intends to manage its expenses and other costs in line with changes in revenues and cash position during these uncertain
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, 2020 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: https://dpregister.com/sreg/10151850/e1889471da.
Those without internet access or who are unable to pre-register
may dial in by calling:
Domestic callers: (866) 777-2509
International callers: (412) 317-5413
Please specify to the operator that you would like to join
the "Semler Scientific Call." The conference call will be archived on Semler Scientific's website at www.semlerscientific.com.
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, | ||||||||
| 2020 | 2019 | |||||||
| (unaudited) | ||||||||
| Revenues | $ | 38,603 | $ | 32,767 | ||||
| Operating expenses: | ||||||||
| Cost of revenues | 3,356 | 3,661 | ||||||
| Engineering and product development | 2,938 | 2,479 | ||||||
| Sales and marketing | 9,942 | 8,965 | ||||||
| General and administrative | 6,406 | 6,954 | ||||||
| Total operating expenses | 22,642 | 22,059 | ||||||
| Income from operations | 15,961 | 10,708 | ||||||
| Interest income | 82 | 2 | ||||||
| Other income (expense) | 443 | (9 | ) | |||||
| Other income (expense) | 525 | (7 | ) | |||||
| Pre-tax net income | $ | 16,486 | $ | 10,701 | ||||
| Income tax provision (benefit) | $ | 2,479 | $ | (4,383 | ) | |||
| Net income | $ | 14,007 | $ | 15,084 | ||||
| Net income per share: | ||||||||
| Basic | $ | 2.13 | $ | 2.34 | ||||
| Diluted | $ | 1.74 | $ | 1.88 | ||||
| Weighted average number of shares used in computing income per share: | ||||||||
| Basic | 6,584,441 | 6,440,724 | ||||||
| Diluted | 8,066,561 | 8,029,909 |
| At December 31, | ||||||||
| 2020 | 2019 | |||||||
| (unaudited) | ||||||||
| Cash | $ | 22,079 | $ | 7,741 | ||||
| Other current assets | 4,184 | 3,702 | ||||||
| Noncurrent assets | 8,376 | 6,844 | ||||||
| Total assets | 34,639 | 18,287 | ||||||
| Current liabilities | 4,514 | 5,207 | ||||||
| Noncurrent liabilities | 332 | 7 | ||||||
| Stockholders' equity | 29,793 | 13,073 | ||||||
| Total liabilities and stockholders' equity | $ | 34,639 | $ | 18,287 |
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 relative rate of revenue and expenses growth and ability to remain profitable, as well as
increased spending, 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 and preserve cash, as
well as uncertainty created by COVID-19, along with those risk factors 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.