Full Press Release Details
Semler Reports Record Third Quarter and
Year-to-Date 2019 Financial Results
2019 Q3 HIGHLIGHTS compared to the corresponding period of
San Jose, Cal. - October 30, 2019 - 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
and nine months ended September 30, 2019.
"One goal of the company is to provide our customers with
the means to help them recognize early vascular problems amenable to preventive healthcare measures," said Doug Murphy-Chutorian,
M.D., chief executive officer of Semler Scientific. "We believe our QuantaFlo product supplies cost-effective, user-friendly
technology to achieve this objective in the primary practice setting."
For the quarter ended September 30, 2019, compared to the corresponding
period of 2018, Semler Scientific reported:
For the nine months ended September 30, 2019, compared to the
corresponding period of 2018, Semler Scientific reported:
THIRD QUARTER 2019 MAJOR ACCOMPLISHMENTS
Among the achievements during the third quarter of 2019 were:
The company's three largest customers comprised 47.0%,
15.7% and 12.4% of quarterly revenues. Revenues from fixed price software license fee arrangements were approximately $5,951,000,
variable priced software license revenues were approximately $2,660,000 and equipment sales were $291,000.
Semler Scientific expects continued profitability and generation
of cash from operating activities, as well as increased spending to support anticipated growth in its business for the remainder
of 2019 and in 2020. It is the company's intent to grow revenues at a faster rate than expenses and to remain profitable.
"Our service to the medical community is to assist them
in the identification of patients at risk of chronic diseases," said Dr. Murphy-Chutorian. "This may help them to improve
patient outcomes by encouraging healthier lifestyles and providing appropriate preventive care measures to affected patients."
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 third quarter 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/10135801.
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 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 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. 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.
Condensed Statements of Income
(In thousands of U.S. Dollars, except for
share and per share data)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Revenues | $ | 8,902 | $ | 5,579 | $ | 23,616 | $ | 15,526 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenues | 974 | 615 | 2,755 | 1,999 | ||||||||||||
| Engineering and product development | 617 | 587 | 1,777 | 1,443 | ||||||||||||
| Sales and marketing | 2,345 | 1,798 | 6,626 | 5,283 | ||||||||||||
| General and administrative | 1,855 | 1,033 | 4,798 | 2,908 | ||||||||||||
| Total operating expenses | 5,791 | 4,033 | 15,956 | 11,633 | ||||||||||||
| Income from operations | 3,111 | 1,546 | 7,660 | 3,893 | ||||||||||||
| Interest expense | (2 | ) | (1 | ) | - | (57 | ) | |||||||||
| Interest expense - related parties | - | (74 | ) | - | (206 | ) | ||||||||||
| Other expense | (1 | ) | (3 | ) | (3 | ) | (4 | ) | ||||||||
| Other expense | (3 | ) | (78 | ) | (3 | ) | (267 | ) | ||||||||
| Pre-tax income | 3,108 | 1,468 | 7,657 | 3,626 | ||||||||||||
| Income tax (benefit) provision | (4,671 | ) | - | (4,594 | ) | - | ||||||||||
| Net income | $ | 7,779 | $ | 1,468 | $ | 12,251 | $ | 3,626 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 1.20 | $ | 0.24 | $ | 1.91 | $ | 0.60 | ||||||||
| Diluted | $ | 0.96 | $ | 0.19 | $ | 1.51 | $ | 0.48 | ||||||||
| Weighted average number of shares used in computing income per share: | ||||||||||||||||
| Basic | 6,492,501 | 6,086,489 | 6,410,588 | 5,998,460 | ||||||||||||
| Diluted | 8,108,053 | 7,927,788 | 8,121,996 | 7,611,961 |
Semler Scientific, Inc.
Condensed Balance Sheets
(In thousands of U.S. Dollars)
| At September 30, | At December 31, | |||||||
| 2019 | 2018 | |||||||
| (Unaudited) | ||||||||
| Cash | $ | 8,542 | $ | 3,284 | ||||
| Other current assets | 3,545 | 2,954 | ||||||
| Noncurrent assets | 6,770 | 1,481 | ||||||
| Total assets | 18,857 | 7,719 | ||||||
| Current liabilities | 4,747 | 3,512 | ||||||
| Noncurrent liabilities | 8 | 11 | ||||||
| Stockholders' equity | 14,102 | 4,196 | ||||||
| Total liabilities and stockholders' equity | $ | 18,857 | $ | 7,719 |