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Semler Scientific® Announces Updated BTC Activity; Monetizes Minority Investment to Purchase BTC; Purchased Additional 871 BTC; Now Holds 3,192 BTC; YTD BTC Yield of 152.2% Since July 1, 2024

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Semler Scientific (SMLR) has expanded its bitcoin holdings with the acquisition of 871 BTC for $88.5 million between January 11-February 3, 2025. The purchase was funded through convertible notes and partial monetization of its Monarch Medical Technologies investment. The average purchase price was $101,616 per bitcoin.

As of February 3, 2025, SMLR holds 3,192 bitcoins, acquired at an aggregate cost of $280.4 million (average price: $87,854 per BTC). The company reported impressive BTC Yield metrics: 21.9% from January 1-February 3, 2025, and 152.2% since implementing its bitcoin treasury strategy in July 2024.

The company's diluted shares outstanding increased to 11,672,000 as of February 3, 2025, compared to 8,086,000 on June 30, 2024, reflecting the impact of convertible notes and stock options.

Semler Scientific (SMLR) ha ampliato le proprie partecipazioni in bitcoin con l'acquisto di 871 BTC per 88,5 milioni di dollari tra l'11 gennaio e il 3 febbraio 2025. L'acquisto è stato finanziato attraverso note convertibili e una parziale monetizzazione del suo investimento in Monarch Medical Technologies. Il prezzo medio di acquisto è stato di 101.616 dollari per bitcoin.

Al 3 febbraio 2025, SMLR detiene 3.192 bitcoins, acquisiti a un costo aggregato di 280,4 milioni di dollari (prezzo medio: 87.854 dollari per BTC). La società ha riportato metriche impressionanti sui rendimenti BTC: 21,9% dal 1 gennaio al 3 febbraio 2025 e 152,2% da quando ha implementato la strategia di tesoreria in bitcoin nel luglio 2024.

Il numero di azioni diluite in circolazione della società è aumentato a 11.672.000 al 3 febbraio 2025, rispetto a 8.086.000 al 30 giugno 2024, riflettendo l'impatto delle note convertibili e delle opzioni sui titoli.

Semler Scientific (SMLR) ha ampliado sus tenencias de bitcoin con la adquisición de 871 BTC por 88,5 millones de dólares entre el 11 de enero y el 3 de febrero de 2025. La compra se financió a través de notas convertibles y una monetización parcial de su inversión en Monarch Medical Technologies. El precio promedio de compra fue de 101.616 dólares por bitcoin.

Al 3 de febrero de 2025, SMLR posee 3.192 bitcoins, adquiridos a un costo agregado de 280,4 millones de dólares (precio promedio: 87.854 dólares por BTC). La compañía reportó métricas impresionantes de rendimiento en BTC: 21,9% del 1 de enero al 3 de febrero de 2025, y 152,2% desde que implementó su estrategia de tesorería en bitcoin en julio de 2024.

Las acciones diluidas en circulación de la compañía aumentaron a 11.672.000 al 3 de febrero de 2025, en comparación con 8.086.000 al 30 de junio de 2024, reflejando el impacto de las notas convertibles y las opciones sobre acciones.

Semler Scientific (SMLR)는 2025년 1월 11일부터 2월 3일 사이에 88.5백만 달러로 871 BTC를 인수하며 비트코인 보유량을 확장했습니다. 이 구매는 전환사채와 Monarch Medical Technologies 투자로의 부분적인 자산화를 통해 자금을 조달했습니다. 평균 구매가는 비트코인당 101,616달러였습니다.

2025년 2월 3일 현재 SMLR는 3,192 비트코인을 보유하며, 총 비용은 280.4백만 달러입니다(평균 가격: 비트코인당 87,854달러). 회사는 인상적인 BTC 수익 지표를 보고했습니다: 2025년 1월 1일부터 2월 3일 사이에 21.9%, 그리고 2024년 7월 비트코인 금고 전략을 시행한 이후 152.2%입니다.

2025년 2월 3일 기준으로 회사의 희석 주식 수는 11,672,000주로 증가했으며, 이는 2024년 6월 30일의 8,086,000주와 비교됩니다. 이는 전환사채와 주식 옵션의 영향을 반영합니다.

Semler Scientific (SMLR) a élargi ses avoirs en bitcoin avec l'acquisition de 871 BTC pour 88,5 millions de dollars entre le 11 janvier et le 3 février 2025. L'achat a été financé par des obligations convertibles et une monétisation partielle de son investissement dans Monarch Medical Technologies. Le prix moyen d'achat était de 101.616 dollars par bitcoin.

Au 3 février 2025, SMLR détient 3.192 bitcoins, acquis pour un coût total de 280,4 millions de dollars (prix moyen : 87.854 dollars par BTC). L'entreprise a rapporté des indicateurs de rendement en BTC impressionnants : 21,9 % du 1er janvier au 3 février 2025 et 152,2 % depuis la mise en œuvre de sa stratégie de trésorerie en bitcoin en juillet 2024.

Le nombre d'actions diluées en circulation de l'entreprise a augmenté à 11.672.000 au 3 février 2025, contre 8.086.000 au 30 juin 2024, reflétant l'impact des obligations convertibles et des options d'achat d'actions.

Semler Scientific (SMLR) hat seine Bitcoin-Bestände durch den Erwerb von 871 BTC für 88,5 Millionen Dollar zwischen dem 11. Januar und dem 3. Februar 2025 erweitert. Der Kauf wurde durch wandelbare Anleihen und eine teilweise Monetarisierung seiner Investition in Monarch Medical Technologies finanziert. Der durchschnittliche Kaufpreis betrug 101.616 Dollar pro Bitcoin.

Am 3. Februar 2025 hält SMLR 3.192 Bitcoins, die zu einem Gesamtpreis von 280,4 Millionen Dollar erworben wurden (durchschnittlicher Preis: 87.854 Dollar pro BTC). Das Unternehmen berichtete von beeindruckenden BTC-Ertragskennzahlen: 21,9% vom 1. Januar bis 3. Februar 2025 und 152,2% seit der Implementierung seiner Bitcoin-Schatzstrategie im Juli 2024.

Die verwässerten ausstehenden Aktien des Unternehmens stiegen am 3. Februar 2025 auf 11.672.000, im Vergleich zu 8.086.000 am 30. Juni 2024, was die Auswirkungen der wandelbaren Anleihen und Aktienoptionen widerspiegelt.

Positive
  • Acquired 871 BTC for $88.5M, expanding total holdings to 3,192 BTC
  • Strong BTC Yield performance of 152.2% since July 2024
  • Successfully completed oversubscribed convertible notes offering
  • Monetized portion of Monarch Medical investment for BTC acquisition
Negative
  • Significant share dilution with diluted shares increasing from 8.09M to 11.67M
  • High average purchase price of $101,616 per bitcoin for latest acquisition
  • Potential future dilution from convertible notes and options

Insights

Semler Scientific's aggressive bitcoin acquisition strategy marks a dramatic pivot for a healthcare technology company, raising several critical considerations for investors. The purchase of 871 BTC for $88.5M represents a substantial allocation of capital, funded through convertible notes and asset monetization.

The company's introduction of 'BTC Yield' as a KPI warrants careful scrutiny. While showing an impressive 152.2% yield since July 2024, this metric doesn't fully capture the underlying risk-adjusted returns when considering the significant dilution from the convertible notes offering. The diluted share count has increased from 8,086,000 to 11,672,000 shares, representing a 44.3% dilution in just seven months.

The monetization of their Monarch Medical Technologies investment to fund BTC purchases signals a concerning shift away from core operational assets. This strategy introduces substantial cryptocurrency exposure risk to what was previously a pure-play healthcare technology investment. The company's bitcoin holdings now represent a significant portion of its market capitalization, fundamentally altering its risk profile.

Three key risks demand investor attention:

  • The company's core business focus may be compromised by this treasury strategy
  • Significant shareholder dilution through convertible notes and potential future capital raises
  • Extreme volatility exposure through concentrated bitcoin position

While the BTC strategy has yielded positive results thus far, investors must weigh whether this transformation aligns with their investment thesis in a healthcare technology company. The substantial dilution and shift in business focus represent a material change in the company's risk profile and strategic direction.

SANTA CLARA, Calif., Feb. 4, 2025 /PRNewswire/ -- Semler Scientific, Inc. (Nasdaq: SMLR), a pioneer in developing and marketing technology products and services to assist its customers in evaluating and treating chronic diseases, today announced updates regarding its bitcoin (BTC) activity and holdings, and BTC Yield, a key performance indicator.

BTC Update

Between January 11, 2025 and February 3, 2025, Semler Scientific acquired 871 bitcoins for $88.5 million with proceeds generated from its January 2025 senior convertible notes offering and monetization of a portion of its minority investment in Monarch Medical Technologies, LLC. The average price of its bitcoin purchases was $101,616 per bitcoin, inclusive of fees and expenses. As of February 3, 2025, Semler Scientific held 3,192 bitcoins, which were acquired for an aggregate $280.4 million at an average purchase price of $87,854 per bitcoin, inclusive of fees and expenses.

BTC Yield as a Key Performance Indicator (KPI)

From January 1, 2025 to February 3, 2025, Semler Scientific's BTC Yield was 21.9%. From July 1, 2024 (the first full quarter after Semler Scientific adopted its bitcoin treasury strategy) to February 3, 2025, Semler Scientific's BTC Yield was 152.2%.

Semler Scientific uses BTC Yield as a KPI to help assess the performance of its strategy of acquiring bitcoin in a manner Semler Scientific believes is accretive to stockholders. Semler Scientific believes this KPI can be used to supplement an investor's understanding of Semler Scientific's decision to fund the purchase of bitcoin by issuing additional shares of its common stock or instruments convertible to common stock.

"We are thrilled with the progress we are making in growing our bitcoin stockpile," said Eric Semler, chairman of Semler Scientific. "We were especially pleased with our successful convertible notes offering, which was substantially oversubscribed with investor demand.  Additionally, we were pleased to have monetized a part of our investment in Monarch Medical in order to buy more bitcoin." 

BTC Yield and Basic and Assumed Diluted Shares Outstanding


           6/30/2024 

12/31/2024 

      2/3/2025 

Total Bitcoin Holdings

877

2,298

3,192





Basic Shares Outstanding ('000)

6,988

9,557

9,596

2030 Convertible Shares with Capped Calls $107.01



935

Options Outstanding

1,098

691

1,141

Assumed Diluted Shares Outstanding (1)

8,086

10,248

11,672

BTC Yield % (YTD 1/1/25 to 2/3/25)



21.9 %

BTC Yield % (7/1/24 to 2/3/25)



152.2 %



(1)

Assumed Diluted Shares Outstanding refers to the aggregate of Semler Scientific's Basic Shares outstanding as of the end of each period plus all the additional shares that would result from the assumed conversion of all outstanding convertible notes and related capped calls, and exercise of all outstanding stock option awards. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of outstanding convertible notes or settlement of capped calls.

Important Information about BTC Yield KPI

BTC Yield is a KPI that represents the percentage change period-to-period of the ratio between Semler Scientific's bitcoin holdings and its Assumed Diluted Shares Outstanding. Assumed Diluted Shares Outstanding refers to the aggregate of Semler Scientific's actual shares of common stock outstanding as of the end of each period plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and exercise of all outstanding stock option awards. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of outstanding convertible notes or settlement of capped calls.

Semler Scientific uses BTC Yield as a KPI to help assess the performance of its strategy of acquiring bitcoin in a manner Semler Scientific believes is accretive to stockholders. Semler Scientific believes this KPI can be used to supplement an investor's understanding of its decision to fund the purchase of bitcoin by issuing additional shares of its common stock. When Semler Scientific uses this KPI, management also takes into account the various limitations of this metric, including that it assumes the outstanding convertible notes will be converted into shares of common stock and the capped calls will be settled in accordance with their respective terms.

Additionally, this KPI is not, and should not be understood as, an operating performance measure or a financial or liquidity measure. In particular, BTC Yield is not equivalent to a "yield" in the traditional financial context. It is not a measure of the return on investment Semler Scientific's stockholders may have achieved historically or can achieve in the future by purchasing stock of Semler Scientific, or a measure of income generated by Semler Scientific's operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets.

The trading price of Semler Scientific's common stock is informed by numerous factors in addition to the amount of bitcoins Semler Scientific holds and number of actual or potential shares of its stock outstanding. As a result, the market value of Semler Scientific's shares may trade at a discount or a premium relative to the market value of the bitcoin Semler Scientific holds. BTC Yield is not indicative nor predictive of the trading price of Semler Scientific's shares of common stock. As noted above, this KPI is narrow in its purpose and is used by management to assist in assessing whether Semler Scientific is using equity capital in a manner accretive to stockholders solely as it pertains to its bitcoin holdings.

In calculating this KPI, Semler Scientific does not take into account the source of capital used for the acquisition of its bitcoin. Semler Scientific notes in particular, it has acquired bitcoin using cash flow from operations, proceeds from the sale of shares in its at-the-market (ATM) offering, as well as from the offering of convertible notes, which at the time of issuance and including the capped calls had, and may from time-to-time thereafter have, conversion prices above the current trading prices of Semler Scientific's common stock, or as to which the holders of such convertible notes may not then be entitled to exercise the conversion rights of the notes. Conversely, if Semler Scientific's convertible notes mature or are redeemed without being converted into common stock, Semler Scientific may be required to sell shares in quantities greater than the shares such convertible notes and related capped calls are convertible into or generate cash proceeds from the sale of bitcoin, either of which would have the effect of decreasing the BTC Yield due to changes in Semler Scientific's bitcoin holdings and shares in ways that were not contemplated by the assumptions in calculating BTC Yield. Accordingly, this metric might overstate or understate the accretive nature of Semler Scientific's use of capital to buy bitcoin because not all bitcoin may be acquired using proceeds of equity and convertible debt offerings and not all issuances of equity may involve the acquisition of bitcoin.

Semler Scientific's ability to achieve positive BTC Yield may depend on a variety of factors, including its ability to generate cash from operations in excess of its fixed charges and other expenses, as well as factors outside of its control, such as the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results.

Semler Scientific has historically not paid dividends on its shares of common stock, and by presenting this KPI, Semler Scientific makes no suggestion that it intends to do so in the future. Ownership of common stock does not represent an ownership interest in the bitcoin Semler Scientific holds.

Investors should rely on the financial statements and other disclosures contained in Semler Scientific's filings with the Securities and Exchange Commission (SEC). This KPI is merely a supplement, not a substitute. It should be used only by sophisticated investors who understand its limited purpose and many limitations.

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 "believe," "goal," "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 acquiring and holding bitcoin; its BTC yield; and other express or implied statements regarding the ATM offering, the recent convertible notes offering, capped call transactions and its healthcare 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 risks investing in bitcoin, including bitcoin's volatility; risk of implementing a bitcoin treasury strategy; risks of indebtedness from the recent convertible notes offering; risks of settlement with counterparties of the capped calls; along with those other risks related to its healthcare business and the risk factors detailed in Semler Scientific's filings with the SEC. 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 press release and Semler Scientific assumes no obligation to update or revise these statements unless otherwise required by law.

No Offer or Solicitation

This press release does not and shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Semler Scientific, nor shall there be any offer, solicitation or sale of such securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Semler Scientific, Inc.:

Semler Scientific, Inc. is a pioneer in developing and marketing technology products and services to assist its customers in evaluating and treating chronic diseases. Its flagship product, QuantaFlo®, which is patented and cleared by the U.S. Food and Drug Administration (FDA), is a rapid point-of-care test that measures arterial blood flow in the extremities. The QuantaFlo test aids in the diagnosis of cardiovascular diseases, such as peripheral arterial disease (PAD), and Semler Scientific is seeking a new 510(k) clearance for expanded indications. QuantaFlo is used by healthcare providers to evaluate their patient's risk of mortality and major adverse cardiovascular events (MACE). Semler Scientific also invests in bitcoin and has adopted bitcoin as its primary treasury asset.

INVESTOR CONTACT:
Renae Cormier
Chief Financial Officer
ir@semlerscientific.com

 

 

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SOURCE Semler Scientific, Inc.

FAQ

How many bitcoins does Semler Scientific (SMLR) currently hold as of February 2025?

As of February 3, 2025, Semler Scientific holds 3,192 bitcoins, acquired at an average price of $87,854 per bitcoin.

What was SMLR's BTC Yield performance from July 2024 to February 2025?

Semler Scientific's BTC Yield was 152.2% from July 1, 2024 (when it started its bitcoin treasury strategy) to February 3, 2025.

How did SMLR fund its latest bitcoin acquisition in early 2025?

SMLR funded the purchase through proceeds from its January 2025 senior convertible notes offering and by monetizing part of its investment in Monarch Medical Technologies.

What is the total value of SMLR's bitcoin investment as of February 2025?

SMLR has invested an aggregate of $280.4 million in acquiring its bitcoin holdings.

How many shares were added to SMLR's diluted share count between June 2024 and February 2025?

SMLR's assumed diluted shares outstanding increased by approximately 3.59 million shares, from 8,086,000 to 11,672,000 shares.

Semler Scientific, Inc.

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