Full Press Release Details
Semler Reports Third Quarter and Year-to-Date
2018 Financial Results
San Jose, Cal. - October 26, 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 nine months ended September 30, 2018.
"It is our intent to provide cost efficient and practical
means for our customers to better care for their patients," said Doug Murphy-Chutorian, M.D., chief executive officer of
Semler Scientific. "We believe that the clinical benefits of using our product are driving adoption and expansion in the
medical marketplace."
For the three months ended September 30, 2018, compared to the
corresponding period of 2017, Semler Scientific reported:
For the nine months ended September 30, 2018, compared to the
corresponding period of 2017, Semler Scientific reported:
For the three months ended September 30, 2018, compared to three
months ended June 30, 2018, Semler Scientific reported:
During the first nine months of 2018, total liabilities were
reduced by $2,091,000 as compared to the year ended December 31, 2017, as the company retired debts and reduced accounts payable,
among other items. In early October, the company retired an additional $1,873,000 of principal and interest of notes due in January
2019 for cash, and concurrent therewith, the noteholder exercised warrants for 134,616 shares, resulting in $350,000 cash proceeds
YEAR TO DATE 2018 HIGHLIGHTS
Major accomplishments recognized in the first nine months of
For the remainder of 2018 and continuing in 2019, Semler Scientific
expects continued profitability and cash generated from operating activities. It is the company's intent to grow revenues
at a faster rate than expenses and to remain profitable.
"Our goals are to work with the healthcare industry to
reduce avoidable healthcare costs and improve health outcomes of patients," said Dr. Murphy-Chutorian. "We believe
that earlier recognition of peripheral artery disease leads to early preventive care and the reduction of the risk of heart attack,
stroke and amputation."
Notice of Conference Call
Semler Scientific will host a conference call at 11 a.m. ET,
Friday, October 26, 2018. The call will address results of the third quarter and first nine months 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 Third Quarter and Year-to-Date 2018 Financial Results Call, conference ID#: 9672109." 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 per share data)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenues | $ | 5,579 | $ | 3,607 | $ | 15,526 | $ | 8,239 | ||||||||
| Operating expenses: | ||||||||||||||||
| Cost of revenues | 615 | 724 | 1,999 | 1,855 | ||||||||||||
| Engineering and product development | 587 | 432 | 1,443 | 1,345 | ||||||||||||
| Sales and marketing | 1,798 | 1,350 | 5,283 | 3,502 | ||||||||||||
| General and administrative | 1,033 | 1,025 | 2,908 | 2,765 | ||||||||||||
| Total operating expenses | 4,033 | 3,531 | 11,633 | 9,467 | ||||||||||||
| Income (loss) from operations | 1,546 | 76 | 3,893 | (1,228 | ) | |||||||||||
| Interest expense | (1 | ) | (42 | ) | (57 | ) | (190 | ) | ||||||||
| Interest expense -- related parties | (74 | ) | (75 | ) | (206 | ) | (158 | ) | ||||||||
| Loss on extinguishment of loans | - | - | - | (179 | ) | |||||||||||
| Other expense | (3 | ) | - | (4 | ) | (8 | ) | |||||||||
| Other expense | (78 | ) | (117 | ) | (267 | ) | (535 | ) | ||||||||
| Net income (loss) | $ | 1,468 | $ | (41 | ) | $ | 3,626 | $ | (1,763 | ) | ||||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.24 | $ | (0.01 | ) | $ | 0.60 | $ | (0.33 | ) | ||||||
| Diluted | $ | 0.19 | $ | (0.01 | ) | $ | 0.48 | $ | (0.33 | ) | ||||||
| Weighted average number of shares used in computing earnings (loss) per share: | ||||||||||||||||
| Basic | 6,086,489 | 5,463,568 | 5,998,460 | 5,346,178 | ||||||||||||
| Diluted | 7,927,788 | 5,463,568 | 7,611,961 | 5,346,178 |
Semler Scientific, Inc.
Condensed Balance Sheets
(In thousands of U.S. Dollars)
| At September 30, | At December 31, | |||||||
| 2018 | 2017 | |||||||
| (unaudited) | ||||||||
| Cash | $ | 3,087 | $ | 1,457 | ||||
| Other current assets | 2,651 | 1,426 | ||||||
| Noncurrent assets | 1,305 | 1,355 | ||||||
| Total assets | $ | 7,043 | $ | 4,238 | ||||
| Current liabilities | 4,719 | 5,140 | ||||||
| Noncurrent liabilities | 12 | 1,681 | ||||||
| Stockholders' equity (deficit) | 2,312 | (2,583 | ) | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 7,043 | $ | 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 permits
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 profitability and cash generated from operations,
as well as its ability to grow revenues faster than expenses. 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
S.A. Noonan Communications
SOURCE: Semler Scientific, Inc.