Full Press Release Details
Semler Reports Second Quarter and First Half 2018
Continued Growth in Revenues and Earnings
San Jose, Cal. - July 31, 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 and six
months ended June 30, 2018.
"We believe that the achievement of healthier clinical outcomes for
their patients is motivating healthcare providers to increase use of our products," said Doug Murphy-Chutorian, M.D., chief
executive officer of Semler Scientific. "Our customer base is expanding, and established customers are ordering more product
For the three months ended June 30, 2018, compared to the corresponding
period of 2017, Semler Scientific reported:
For the six months ended June 30, 2018, compared to the corresponding period
of 2017, Semler Scientific reported:
For the three months ended June 30, 2018, compared to three months ended
March 31, 2018, Semler Scientific reported:
During the first half of 2018, total liabilities were reduced by $1,725,000
as compared to the year ended December 31, 2017, as the company retired debts and reduced accounts payable, among other
SECOND QUARTER 2018 HIGHLIGHTS
Major accomplishments recognized in the second quarter and first half of
For the remainder of 2018, Semler Scientific expects to see continued
profitability and cash generated from operating activities. The company believes expenses will continue to increase as the business
expands due to increased use of its products. It is the company's intent to grow revenues at a faster rate than expenses
and to remain profitable.
"We believe our products will help reduce avoidable healthcare costs
and improve health outcomes of patients," said Dr. Murphy-Chutorian. "The clinical strategy is to identify patients
with peripheral artery disease who might benefit from early preventive care that is intended to reduce the risk of heart attack,
stroke and amputation."
Notice of Conference Call
Semler Scientific will host a conference call at 11 a.m. ET, Tuesday, July
31, 2018. The call will address results of the second quarter and first half of 2018 and will provide a business update on the
company'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
Scientific Second Quarter and First Half 2018 Financial Results Call, conference ID#: 5790429." 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
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenues | $ | 5,484 | $ | 2,578 | $ | 9,947 | $ | 4,633 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenues | 680 | 592 | 1,384 | 1,131 | ||||||||||||
| Engineering and product development | 489 | 474 | 856 | 913 | ||||||||||||
| Sales and marketing | 1,779 | 1,164 | 3,484 | 2,153 | ||||||||||||
| General and administrative | 1,001 | 902 | 1,875 | 1,740 | ||||||||||||
| Total operating expenses | 3,949 | 3,132 | 7,599 | 5,937 | ||||||||||||
| Income (loss) from operations | 1,535 | (554 | ) | 2,348 | (1,304 | ) | ||||||||||
| Interest expense | (9 | ) | (72 | ) | (56 | ) | (145 | ) | ||||||||
| Interest expense - related parties | (72 | ) | (43 | ) | (131 | ) | (86 | ) | ||||||||
| Loss on extinguishment of loans | - | (179 | ) | - | (179 | ) | ||||||||||
| Other expense | (1 | ) | (2 | ) | (2 | ) | (8 | ) | ||||||||
| Other expense | (82 | ) | (296 | ) | (189 | ) | (418 | ) | ||||||||
| Net income (loss) | $ | 1,453 | $ | (850 | ) | $ | 2,159 | $ | (1,722 | ) | ||||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.24 | $ | (0.16 | ) | $ | 0.36 | $ | (0.33 | ) | ||||||
| Diluted | $ | 0.19 | $ | (0.16 | ) | $ | 0.29 | $ | (0.33 | ) | ||||||
| Weighted average number of shares used in computing earnings (loss) per share: | ||||||||||||||||
| Basic | 5,982,711 | 5,340,234 | 5,953,818 | 5,286,179 | ||||||||||||
| Diluted | 7,534,846 | 5,340,234 | 7,403,498 | 5,286,179 |
Semler Scientific, Inc.
Condensed Balance Sheets
(In thousands of U.S. Dollars)
| At June 30, | At December 31, | |||||||
| 2018 | 2017 | |||||||
| (unaudited) | ||||||||
| Cash | $ | 2,009 | $ | 1,457 | ||||
| Other current assets | 2,066 | 1,426 | ||||||
| Noncurrent assets | 1,237 | 1,355 | ||||||
| Total assets | $ | 5,312 | $ | 4,238 | ||||
| Current liabilities | 5,078 | 5,140 | ||||||
| Noncurrent liabilities | 18 | 1,681 | ||||||
| Stockholders' equity (deficit) | 216 | (2,583 | ) | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 5,312 | $ | 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.