Semler Scientific® Reports Second Quarter 2024 Financial Results and Additional Bitcoin Purchases
Semler Scientific (NASDAQ: SMLR) reported Q2 2024 financial results and additional Bitcoin purchases. Key points:
- Revenues decreased 22% to $14.5 million
- Income from operations fell 25% to $5.4 million
- Net income dropped to $11,000 from $5.9 million in Q2 2023
- Purchased 929 bitcoins for $63 million total
- Bitcoin holdings fair value of $54.9 million as of June 30, reflecting $5.1 million reduction
The company remains focused on acquiring Bitcoin while supporting its healthcare business. Semler plans to purchase more Bitcoin using cash from operations and potentially from selling securities under a $150 million shelf registration statement.
Semler Scientific (NASDAQ: SMLR) ha riportato i risultati finanziari del Q2 2024 e ulteriori acquisti di Bitcoin. Punti chiave:
- I ricavi sono diminuiti del 22% a 14,5 milioni di dollari
- Il reddito operativo è sceso del 25% a 5,4 milioni di dollari
- Il reddito netto è precipitato a 11.000 dollari da 5,9 milioni di dollari nel Q2 2023
- Acquistati 929 bitcoin per un totale di 63 milioni di dollari
- Il valore equo delle partecipazioni in Bitcoin ammonta a 54,9 milioni di dollari al 30 giugno, riflettendo una diminuzione di 5,1 milioni di dollari
La società continua a concentrarsi sull'acquisto di Bitcoin mentre sostiene la sua attività sanitaria. Semler prevede di acquistare ulteriori Bitcoin utilizzando liquidità dalle operazioni e possibilmente dalla vendita di titoli ai sensi di una dichiarazione di registrazione da 150 milioni di dollari.
Semler Scientific (NASDAQ: SMLR) informó los resultados financieros del Q2 2024 y compras adicionales de Bitcoin. Puntos clave:
- Los ingresos cayeron un 22% a 14.5 millones de dólares
- Los ingresos de operaciones disminuyeron un 25% a 5.4 millones de dólares
- Los ingresos netos se redujeron a 11,000 dólares desde 5.9 millones de dólares en el Q2 2023
- Se compraron 929 bitcoins por un total de 63 millones de dólares
- El valor justo de las tenencias de Bitcoin era de 54.9 millones de dólares al 30 de junio, reflejando una reducción de 5.1 millones de dólares
La compañía sigue enfocándose en adquirir Bitcoin mientras respalda su negocio de salud. Semler planea comprar más Bitcoin utilizando el efectivo de sus operaciones y potencialmente de la venta de valores bajo una declaración de registro de 150 millones de dólares.
Semler Scientific (NASDAQ: SMLR)은 2024년 2분기 재무 결과와 추가 비트코인 구매를 발표했습니다. 주요 사항:
- 수익이 22% 감소하여 1,450만 달러에 달했습니다
- 영업 이익이 25% 감소하여 540만 달러에 도달했습니다
- 순이익은 2023년 2분기 590만 달러에서 11,000달러로 감소했습니다
- 총 6,300만 달러에 929 비트코인을 구매했습니다
- 6월 30일 기준 비트코인 보유의 공정 가치는 5,490만 달러로 510만 달러의 감소를 반영합니다
회사는 헬스케어 비즈니스를 지원하면서 비트코인 획득에 집중하고 있습니다. Semler는 운영으로부터의 현금과 1억 5천만 달러의 등록 성명서 아래에서의 증권 판매를 통해 추가 비트코인을 구매할 계획입니다.
Semler Scientific (NASDAQ: SMLR) a publié les résultats financiers du deuxième trimestre 2024 et des achats de Bitcoin supplémentaires. Points clés :
- Les revenus ont diminué de 22 % pour atteindre 14,5 millions de dollars
- Le résultat d'exploitation a chuté de 25 % à 5,4 millions de dollars
- Le bénéfice net est tombé à 11 000 dollars contre 5,9 millions de dollars au T2 2023
- Acheté 929 bitcoins pour un total de 63 millions de dollars
- La valeur juste des avoirs en Bitcoin s'élevait à 54,9 millions de dollars au 30 juin, reflétant une réduction de 5,1 millions de dollars
L'entreprise reste axée sur l'acquisition de Bitcoin tout en soutenant son activité de santé. Semler prévoit d'acheter davantage de Bitcoin en utilisant des liquidités provenant de ses opérations et potentiellement de la vente de titres dans le cadre d'une déclaration d'enregistrement de 150 millions de dollars.
Semler Scientific (NASDAQ: SMLR) hat die finanziellen Ergebnisse des Q2 2024 sowie zusätzliche Bitcoin-Käufe veröffentlicht. Wichtige Punkte:
- Die Einnahmen sind um 22% auf 14,5 Millionen Dollar gesunken
- Das Betriebsergebnis ist um 25% auf 5,4 Millionen Dollar gefallen
- Der Nettogewinn sank von 5,9 Millionen Dollar im Q2 2023 auf 11.000 Dollar
- Es wurden 929 Bitcoins für insgesamt 63 Millionen Dollar gekauft
- Der faire Wert der Bitcoin-Bestände beträgt zum 30. Juni 54,9 Millionen Dollar, was einem Rückgang von 5,1 Millionen Dollar entspricht
Das Unternehmen konzentriert sich weiterhin darauf, Bitcoin zu erwerben, während es sein Gesundheitsgeschäft unterstützt. Semler plant, weitere Bitcoin mit den Mitteln aus dem operativen Geschäft und möglicherweise durch den Verkauf von Wertpapieren im Rahmen einer Registrierungserklärung über 150 Millionen Dollar zu kaufen.
- Strong income from operations of $5.4 million in Q2
- Continued focus on Bitcoin acquisition strategy
- Potential for additional Bitcoin purchases using cash from operations
- Significant Bitcoin holdings of 929 bitcoins worth $54.9 million
- 22% decrease in revenues to $14.5 million compared to Q2 2023
- 25% decrease in income from operations to $5.4 million
- Net income dropped to $11,000 from $5.9 million in Q2 2023
- $5.1 million reduction in fair value of Bitcoin holdings
- Increased concentration risk with top three customers comprising 82% of Q2 2024 revenues
Insights
Semler Scientific's Q2 2024 results show a significant decline in financial performance. Revenues decreased by
The company's pivot to a bitcoin treasury strategy is highly risky. They've invested
Semler's strategic shift towards bitcoin is a bold move in the healthcare technology sector. While it's garnered attention, it's also introduced significant volatility to their financials. The company's core business appears to be losing ground, with revenues from their top three customers now comprising
The planned sale of securities under a
Semler's QuantaFlo product, which aids in diagnosing cardiovascular diseases, remains their flagship offering. However, the lack of discussion about product development or market expansion in the report is concerning. The company's focus seems to have shifted dramatically towards bitcoin investment, potentially at the expense of innovation in their core technology.
The mention of seeking a new 510(k) clearance for expanded indications for QuantaFlo is positive, but details are sparse. This lack of emphasis on technological advancement in a rapidly evolving healthcare tech market could put Semler at risk of falling behind competitors. The bitcoin strategy, while innovative for the sector, doesn't appear to leverage or enhance their technological capabilities in healthcare.
"We are pleased to report strong income from operations of
"We are very encouraged by the strong positive reaction to our recent announcement of a bitcoin treasury strategy," said Eric Semler, chairman of Semler Scientific. "We continue to firmly believe that bitcoin is a compelling investment and plan on acquiring additional bitcoins with our cash from operations, as well as with cash generated from the sale of securities under our
FINANCIAL RESULTS
For the second quarter ended June 30, 2024, compared to the corresponding period of 2023, Semler Scientific reported:
- Revenues of
$14.5 million $4.1 million 22% , compared to$18.6 million - Cost of revenues of
$1.3 million $0.1 million 3% , compared to$1.2 million - Total operating expenses, which include cost of revenues, of
$9.1 million $2.3 million 20% , compared to$11.4 million - Income from operations of
$5.4 million $1.8 million 25% , compared to$7.2 million - Pre-tax net income of
$1.1 million $5.1 million $6.6 million 85% , compared to$7.7 million - Income tax expense of
$1.1 million 99% , compared to$1.8 million 23% . - Net income of
$11 thousand $5.9 million 100% , compared to net income of$5.9 million $0.88 $0.75
Semler Scientific's three largest customers (including their affiliates) comprised
BITCOIN HOLDINGS
On May 28, 2024, Semler Scientific announced the initial purchase of 581 bitcoins for an aggregate amount of
Subsequently through August 5, 2024, the Company has purchased an additional 52 bitcoins for an aggregate cost of
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 second quarter ended June 30, 2024, as well as provide a business update on Semler Scientific's strategies for the near-term future. Questions can be submitted prior to the start of the call to ir@semlerscientific.com.
Participants are encouraged to pre-register for the conference call using the following link: https://dpregister.com/sreg/10190580/fcfdde76dc. 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. Those without internet access or who are unable to pre-register may dial in by calling:
Domestic callers: (833) 816‑1161
International callers: (412) 317‑0717
Please specify to the operator that you would like to join the "Semler Scientific Call." The conference call will be archived on Semler Scientific's website at www.semlerscientific.com.
Semler Scientific, Inc. | ||||||||||||
Condensed Statements of Income | ||||||||||||
Unaudited | ||||||||||||
(In thousands of | ||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Revenues | $ | 14,465 | $ | 18,605 | $ | 30,368 | $ | 36,811 | ||||
Operating expenses: | ||||||||||||
Cost of revenues | 1,255 | 1,219 | 2,501 | 2,488 | ||||||||
Engineering and product development | 1,440 | 1,762 | 2,578 | 3,392 | ||||||||
Sales and marketing | 3,456 | 4,985 | 7,131 | 10,177 | ||||||||
General and administrative | 2,964 | 3,459 | 5,832 | 7,318 | ||||||||
Total operating expenses | 9,115 | 11,425 | 18,042 | 23,375 | ||||||||
Income from operations | 5,350 | 7,180 | 12,326 | 13,436 | ||||||||
Interest and dividend income | 714 | 597 | 1,534 | 1,080 | ||||||||
Change in fair value of notes held for investment | 128 | (111) | 128 | (217) | ||||||||
Change in fair value of digital assets | (5,055) | — | (5,055) | — | ||||||||
Other (expense) income, net | (4,213) | 486 | (3,393) | 863 | ||||||||
Pre-tax income | 1,137 | 7,666 | 8,933 | 14,299 | ||||||||
Income tax provision | 1,126 | 1,787 | 2,849 | 3,451 | ||||||||
Net income | $ | 11 | $ | 5,879 | $ | 6,084 | $ | 10,848 | ||||
Net income per share, basic | $ | 0.00 | $ | 0.88 | $ | 0.88 | $ | 1.62 | ||||
Weighted average number of shares used in computing basic net | 6,944,664 | 6,707,341 | 6,918,709 | 6,704,306 | ||||||||
Net income per share, diluted | $ | 0.00 | $ | 0.75 | $ | 0.78 | $ | 1.38 | ||||
Weighted average number of shares used in computing diluted | 7,795,149 | 7,867,001 | 7,789,101 | 7,887,584 | ||||||||
Semler Scientific, Inc. | ||||||
Condensed Balance Sheets | ||||||
(In thousands of | ||||||
June 30, | December 31, | |||||
2024 | 2023 | |||||
Unaudited | ||||||
Assets | ||||||
Current Assets: | ||||||
Cash and cash equivalents | $ | 7,332 | $ | 57,200 | ||
Restricted cash | 132 | 132 | ||||
Trade accounts receivable, net of allowance for credit losses of | 7,470 | 6,125 | ||||
Short-term notes held for investments | 6,100 | — | ||||
Inventory, net | 385 | 445 | ||||
Prepaid expenses and other current assets | 2,271 | 2,042 | ||||
Total current assets | 23,690 | 65,944 | ||||
Assets for lease, net | 1,768 | 2,285 | ||||
Property and equipment, net | 620 | 720 | ||||
Long-term investments | 512 | 512 | ||||
Notes held for investment | — | 5,372 | ||||
Intangible digital assets | 54,945 | — | ||||
Other non-current assets | 127 | 270 | ||||
Deferred tax assets, net of valuation allowance of | 3,124 | 2,962 | ||||
Total assets | $ | 84,786 | $ | 78,065 | ||
Liabilities and Stockholders' Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 227 | $ | 402 | ||
Accrued expenses | 5,086 | 4,502 | ||||
Deferred revenue | 840 | 1,120 | ||||
Other short-term liabilities | 211 | 176 | ||||
Total current liabilities | 6,364 | 6,200 | ||||
Long-term liabilities: | ||||||
Other long-term liabilities | 24 | 70 | ||||
Total long-term liabilities | 24 | 70 | ||||
Commitments and contingencies (Note 15) | ||||||
Stockholders' equity: | ||||||
Common stock, | 7 | 7 | ||||
Additional paid-in capital | 12,504 | 11,985 | ||||
Retained earnings | 65,887 | 59,803 | ||||
Total stockholders' equity | 78,398 | 71,795 | ||||
Total liabilities and stockholders' equity | $ | 84,786 | $ | 78,065 | ||
Semler Scientific, Inc. | ||||||
Condensed Statements of Cash Flows | ||||||
Unaudited | ||||||
(In thousands of | ||||||
Six months ended June 30, | ||||||
2024 | 2023 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | $ | 6,084 | $ | 10,848 | ||
Reconciliation of Net Income to Net Cash Provided by Operating Activities: | ||||||
Depreciation | 346 | 279 | ||||
Deferred tax expense | (163) | (207) | ||||
Loss on disposal of assets for lease | 319 | 114 | ||||
Gain on short-term investments | — | (237) | ||||
Allowance for credit losses | (44) | 92 | ||||
Change in fair value of notes held for investment | (128) | 217 | ||||
Change in fair value of digital assets | 5,055 | — | ||||
Stock-based compensation | 295 | 860 | ||||
Changes in Operating Assets and Liabilities: | ||||||
Trade accounts receivable | (1,292) | (2,240) | ||||
Inventory | 60 | (7) | ||||
Prepaid expenses and other current assets | (135) | (950) | ||||
Other non-current assets | 43 | 106 | ||||
Accounts payable | (175) | (326) | ||||
Accrued expenses | 584 | 3,495 | ||||
Other current and non-current liabilities | (291) | 13 | ||||
Net Cash Provided by Operating Activities | 10,558 | 12,057 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Additions to property and equipment | (48) | (260) | ||||
Purchase of notes held for investment | (500) | (500) | ||||
Purchase of digital assets | (60,000) | — | ||||
Proceeds from maturities of short-term investments | — | 57,707 | ||||
Purchase of short-term investments | — | (49,728) | ||||
Purchase of assets for lease | (674) | |||||
Net Cash (Used in) Provided by Investing Activities | (60,548) | 6,545 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Repurchase of warrants | — | (1,949) | ||||
Taxes paid related to net settlement of equity awards | (45) | (172) | ||||
Stock issuance expenses | (102) | — | ||||
Proceeds from exercise of stock options | 269 | — | ||||
Net Cash Provided by (Used in) Financing Activities | 122 | (2,121) | ||||
(DECREASE) INCREASE IN CASH | (49,868) | 16,481 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 57,332 | 23,014 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 7,464 | $ | 39,495 | ||
Semler Scientific, Inc. | |||||||||||||||
Digital Assets- Additional Information | |||||||||||||||
Rollforward of bitcoin holdings | |||||||||||||||
Unaudited | |||||||||||||||
Source of | Digital Assets | Change in | Digital Assets | Approximate | Approximate | ||||||||||
Balance as of March 31, 2024 | $ | — | $ | — | $ | — | — | $ | — | ||||||
Digital assets purchased | (a) | 60,000 | — | 60,000 | 877 | 68,436 | |||||||||
Change in fair value of the digital assets | — | (5,055) | (5,055) | — | — | ||||||||||
Balance as of June 30, 2024 | $ | 60,000 | $ | (5,055) | $ | 54,945 | 877 | $ | 68,436 | ||||||
(a) | Cash from operations |
About Semler Scientific, Inc.:
Semler Scientific, Inc. is a pioneer in developing and marketing technology products and services to healthcare providers to combat chronic diseases. Its flagship product, QuantaFlo®, which is patented and cleared by the
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 express or implied statements regarding expansion of the healthcare business; seeking a new 510(k) clearance for QuantaFlo with expanded indications for use; purchase of additional bitcoin; value of bitcoin and ability to execute on the bitcoin treasury strategy; among others. 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 such as risks inherent with investing in bitcoin, including bitcoin's volatility; risk of implementing a new bitcoin treasury strategy; risk that insurance plans and other customers will not continue to license its cardiovascular testing products; risk of changes in the reimbursement landscape for its customers including related to the Centers for Medicare and Medicaid Services (CMS) rate announcement; risk of obtaining a new 510(k) clearance for expanded indications; along with those other risk factors detailed in Semler Scientific's filings with the Securities and Exchange Commission. 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.
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, Inc., 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.
INVESTOR CONTACT:
Renae Cormier
Chief Financial Officer
ir@semlerscientific.com
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SOURCE Semler Scientific, Inc.
FAQ
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