Full Press Release Details
Semler Reports Third Quarter 2015 Financial Results
Year Over Year Growth
of 74%; Quarterly Growth of 20%
PORTLAND, Ore. - October 30, 2015 - Semler Scientific, Inc.
(Nasdaq: SMLR; "Semler"), a company that provides diagnostic and testing services
to healthcare insurers and physician groups, today reported financial results for the third quarter ended September 30,
"In the third quarter of 2015, Semler reported
continued progress with year over year revenue growth of 74% and quarter over quarter revenue
growth of 20%" said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. "During this period, we booked
new orders expected to generate additional revenues in the fourth quarter from WellChec , our new multi-test service offering,
and we launched QuantaFlo , our next generation testing system for vascular disease."
In the three months ended September 30, 2015, compared to the corresponding
period of 2014, Semler had:
In the nine months ended September 30, 2015, compared to the corresponding
period of 2014, Semler had:
In the three months ended September 30, 2015, compared to the three months
ended June 30, 2015, Semler had:
Third Quarter 2015 Highlights
The third quarter of 2015 for Semler resulted in continued revenue expansion.
Other highlights included:
"We had our best quarter in dollar terms of sequential quarterly growth
and added new larger clients contracting for our WellChec service," said Dr. Murphy-Chutorian. "We
are furthering our goal to aid physicians and insurance plans to evaluate their patients
earlier and more comprehensibly, which may in turn lead to more prevention and lower healthcare costs," he added.
Notice of Conference Call
Semler will host a conference call at 11 a.m. EST, Friday, October 30, 2015.
The call will address third quarter 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
Third Quarter 2015 Financial Results Call, conference ID#: 57014373." The conference call will be archived on Semler's website
Semler Scientific, Inc.
Unaudited Condensed Statements of Operations
(In thousands, except share and per share amounts)
| For the three months ended September 30 | For the nine months ended September 30 | |||||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||||
| Revenue | $ | 1,562 | 897 | $ | 4,067 | 2,580 | ||||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenue | 385 | 178 | 887 | 504 | ||||||||||||
| Engineering and product development | 268 | 262 | 983 | 906 | ||||||||||||
| Sales and marketing | 1,314 | 1,040 | 3,809 | 2,514 | ||||||||||||
| General and administrative | 1,147 | 784 | 2,602 | 1,821 | ||||||||||||
| Total operating expenses | 3,114 | 2,264 | 8,281 | 5,745 | ||||||||||||
| Loss from operations | (1,552 | ) | (1,367 | ) | (4,214 | ) | (3,165 | ) | ||||||||
| Other expense: | (28 | ) | (99 | ) | (79 | ) | (150 | ) | ||||||||
| Net loss | $ | (1,580 | ) | $ | (1,466 | ) | $ | (4,293 | ) | $ | (3,315 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.32 | ) | $ | (0.31 | ) | $ | (0.87 | ) | $ | (0.85 | ) | ||||
| Weighted average number of shares used in computing basic and diluted loss per share | 4,983,198 | 4,708,162 | 4,909,354 | 3,900,746 |
Semler Scientific, Inc.
Unaudited Condensed Balance Sheet
(In thousands of U.S. Dollars)
| As of | As of | |||||||
| September 30, 2015 | December 31, 2014 | |||||||
| Cash and restricted cash | $ | 1,925 | $ | 6,256 | ||||
| Other current assets | 529 | 490 | ||||||
| Noncurrent assets | 1,066 | 754 | ||||||
| Total assets | 3,520 | 7,500 | ||||||
| Current liabilities | 2,941 | 4,064 | ||||||
| Non-current Liabilities | 48 | - | ||||||
| Stockholders' equity | 531 | 3,436 | ||||||
| Total liabilities and stockholders' equity | $ | 3,520 | $ | 7,500 |
About Semler Scientific, Inc.:
Semler Scientific, Inc., is a
company that provides diagnostic and testing services to healthcare insurers and physician groups. Our
mission is to develop, manufacture and market innovative proprietary products and services that assist healthcare providers 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. In April 2015, we launched our multi-test service offering, WellChec , to more comprehensively
evaluate patients for chronic disease. 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 the WellChec platform and its impact on revenue growth, as well
the effects of Semler Scientific's products and services on prevention and healthcare
costs. 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 vascular disease testing products or adopt WellChec , 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.