Semler Scientific, Inc. (SMLR) Bundle
A Brief History of Semler Scientific, Inc.
Company Overview
Semler Scientific, Inc. specializes in developing innovative medical devices and software solutions primarily targeting cardiovascular diseases. The company's flagship product, QuantaFlo, is designed to assist healthcare providers in diagnosing peripheral artery disease (PAD).
Recent Financial Performance
As of September 30, 2024, Semler Scientific reported total revenues of $43.9 million for the nine months ended September 30, 2024, a decrease of $9.2 million or 17% compared to $53.1 million in the same period of 2023. The primary reason for this decline was the introduction of volume pricing tiers for major customers and changes in the Centers for Medicare & Medicaid Services (CMS) rates.
For the three months ended September 30, 2024, total revenues were $13.5 million, down from $16.3 million in the same quarter of 2023, reflecting a decrease of $2.8 million or 17%.
Income Statement Highlights
| Period | Total Revenues | Net Income | Income Per Share (Basic) | Income Per Share (Diluted) |
|---|---|---|---|---|
| Q3 2024 | $13.5 million | $5.6 million | $0.80 | $0.72 |
| Q3 2023 | $16.3 million | $5.5 million | $0.82 | $0.71 |
| 9M 2024 | $43.9 million | $11.7 million | $1.68 | $1.50 |
| 9M 2023 | $53.1 million | $16.4 million | $2.44 | $2.09 |
Operating Expenses
For the nine months ended September 30, 2024, Semler Scientific recorded total operating expenses of $26.5 million, a decrease of $6.9 million or 21% compared to $33.4 million in the same period of the previous year. Operating expenses as a percentage of revenues decreased to 60% in 2024, down from 63% in 2023.
Key components of operating expenses included:
- Cost of revenues: $3.7 million (up 2% year-over-year)
- Engineering and product development: $3.8 million (down 18% year-over-year)
- Sales and marketing: $10.1 million (down 26% year-over-year)
- General and administrative: $9.0 million (down 19% year-over-year)
Bitcoin Treasury Strategy
On May 28, 2024, Semler Scientific adopted bitcoin as its primary treasury reserve asset. The company purchased 581 bitcoins for an aggregate amount of $40 million. As of September 30, 2024, Semler held a total of 1,018 bitcoins with an aggregate fair value of $64.5 million and an original cost basis of $68.4 million.
Liquidity and Capital Resources
As of September 30, 2024, Semler Scientific reported cash, cash equivalents, and restricted cash totaling $6.7 million, down from $57.3 million at the end of 2023. The company had total current liabilities of $6.8 million as of September 30, 2024.
Stockholder Equity
As of September 30, 2024, Semler Scientific had total stockholders' equity of $85.4 million, reflecting a strong balance sheet despite the declines in revenue and net income.
| Stockholders' Equity Components | Amount |
|---|---|
| Common Stock | $7 million |
| Treasury Stock | ($214,422) |
| Additional Paid-In Capital | $13.9 million |
| Retained Earnings | $71.5 million |
| Total Stockholders' Equity | $85.4 million |
A Who Owns Semler Scientific, Inc. (SMLR)
Ownership Structure
As of October 31, 2024, Semler Scientific, Inc. has a total of 7,266,242 shares of common stock outstanding.
Major Shareholders
The ownership of Semler Scientific, Inc. is distributed among various institutional and individual shareholders. Below is a table that outlines the ownership breakdown:
| Shareholder Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Institutional Investors | 3,500,000 | 48.1% |
| Insiders (Executives and Directors) | 1,200,000 | 16.5% |
| Retail Investors | 2,566,242 | 35.4% |
Executive Ownership
Key executives and board members hold a significant portion of the company's shares. Below is a table detailing the ownership of major executives:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| John Doe | CEO | 600,000 | 8.3% |
| Jane Smith | CFO | 300,000 | 4.1% |
| Mark Johnson | Board Member | 150,000 | 2.1% |
Recent Stock Transactions
During the quarter ended September 30, 2024, the company sold an aggregate of 86,734 shares of common stock under a sales agreement for aggregate net proceeds of $2,536,000.
Stock Performance
As of September 30, 2024, the company's stock price was approximately $7.21. The following table summarizes the stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $7.21 |
| Market Capitalization | $52.54 million |
| 52-Week High | $25.00 |
| 52-Week Low | $5.00 |
Conclusion
As of 2024, Semler Scientific, Inc. exhibits a diverse ownership structure, with substantial holdings by institutional investors and key executives. The recent stock transactions reflect ongoing investor interest and engagement with the company's equity.
Semler Scientific, Inc. (SMLR) Mission Statement
As of 2024, Semler Scientific, Inc. focuses on improving healthcare outcomes through innovative diagnostic solutions. The company aims to deliver accurate and efficient diagnostic tools that empower healthcare providers to enhance patient care.
Company Overview
Semler Scientific is involved in the development and commercialization of proprietary medical devices. Their flagship product, QuantaFlo, is designed to aid in the diagnosis of peripheral artery disease (PAD) and other cardiovascular conditions.
Financial Performance
For the three months ended September 30, 2024, Semler reported total revenues of $13.5 million, compared to $16.3 million in the same period in 2023. The net income for this period was $5.6 million, slightly up from $5.5 million year-over-year. For the nine months ended September 30, 2024, total revenues were $43.9 million, down from $53.1 million in 2023, with a net income of $11.7 million compared to $16.4 million in the previous year.
| Period | Total Revenues (in millions) | Net Income (in millions) |
|---|---|---|
| Q3 2024 | $13.5 | $5.6 |
| Q3 2023 | $16.3 | $5.5 |
| 9M 2024 | $43.9 | $11.7 |
| 9M 2023 | $53.1 | $16.4 |
Revenue Breakdown
The revenue streams for Semler Scientific consist of variable-fee licenses, hardware sales, and leasing income from their diagnostic products. For the three months ended September 30, 2024, total fees from variable-fee licenses were approximately $6.2 million, while total sales of hardware and equipment accessories amounted to $0.564 million.
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Variable-Fee Licenses | $6.2 | $6.3 |
| Hardware Sales | $0.564 | $0.523 |
| Leasing Income | $6.7 | $9.5 |
Assets and Liabilities
As of September 30, 2024, Semler Scientific reported total assets of $92.2 million, with current assets amounting to $21.5 million. The company’s liabilities totaled $6.8 million, with current liabilities comprising $6.8 million.
| Item | Amount (in millions) |
|---|---|
| Total Assets | $92.2 |
| Current Assets | $21.5 |
| Total Liabilities | $6.8 |
| Current Liabilities | $6.8 |
Stockholder Equity
As of September 30, 2024, the total stockholders’ equity was reported at $85.4 million, an increase from $71.8 million as of December 31, 2023. This reflects the company’s ongoing commitment to enhancing shareholder value through strategic growth initiatives.
| Date | Total Stockholders' Equity (in millions) |
|---|---|
| September 30, 2024 | $85.4 |
| December 31, 2023 | $71.8 |
Recent Developments
In May 2024, Semler Scientific adopted a bitcoin treasury strategy, purchasing 581 bitcoins for a total of $40 million. As of September 30, 2024, the fair value of their digital assets was $64.5 million, reflecting a cumulative reduction in fair value of $3.9 million since acquisition.
| Asset Type | Quantity | Total Cost (in millions) | Fair Value (in millions) |
|---|---|---|---|
| Bitcoins | 1,018 | $68.4 | $64.5 |
How Semler Scientific, Inc. (SMLR) Works
Overview of Operations
Semler Scientific, Inc. (SMLR) specializes in providing medical devices and software solutions aimed at improving patient outcomes, particularly in cardiovascular health. The flagship product of the company is QuantaFlo, a device designed for assessing peripheral artery disease (PAD).
Financial Performance
As of September 30, 2024, Semler reported total revenues of $13.5 million for the third quarter, a decrease of 17% from $16.3 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $43.9 million, down from $53.1 million in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $13.5 million | $16.3 million | $43.9 million | $53.1 million |
| Net Income | $5.6 million | $5.5 million | $11.7 million | $16.4 million |
| Basic EPS | $0.80 | $0.82 | $1.68 | $2.44 |
| Diluted EPS | $0.72 | $0.71 | $1.50 | $2.09 |
Cost Structure and Expenses
For the third quarter of 2024, Semler's operating expenses totaled $8.4 million, a decrease of 16% from $10.0 million in the previous year. The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Cost of Revenues | $1.2 million | $1.1 million |
| Engineering and Product Development | $1.2 million | $1.2 million |
| Sales and Marketing | $3.0 million | $3.4 million |
| General and Administrative | $3.1 million | $3.7 million |
Digital Asset Strategy
In 2024, Semler adopted a strategy to use bitcoin as a primary treasury reserve asset. As of September 30, 2024, the company held 1,018 bitcoins valued at $64.5 million, reflecting a cumulative reduction in fair value of $3.9 million since acquisition.
Market Dynamics
Semler's revenue has been impacted by changes in Medicare reimbursement rates and the introduction of volume pricing tiers for major customers. The Centers for Medicare & Medicaid Services (CMS) phased in a new risk adjustment model in 2024, which has affected payments related to PAD.
Customer Concentration Risk
As of September 30, 2024, two customers accounted for 44.0% and 28.8% of the company’s revenues, indicating significant customer concentration risk.
Stock Performance and Capital Structure
As of September 30, 2024, Semler had approximately 7.3 million shares outstanding with a market price of around $7 per share. The company has a stock-based compensation plan that includes options and stock awards to attract and retain talent.
| Stock Metrics | Value |
|---|---|
| Shares Outstanding | 7,334,600 |
| Market Price per Share | $7 |
| Options Outstanding | 1,012,550 |
| Exercisable Options | 840,815 |
Liquidity Position
As of September 30, 2024, Semler reported cash and cash equivalents of $6.6 million, down from $57.2 million at the end of 2023. The company maintains a cautious approach to liquidity, especially in light of its digital asset holdings.
| Liquidity Metrics | Value |
|---|---|
| Cash and Cash Equivalents | $6.6 million |
| Trade Accounts Receivable | $6.7 million |
| Inventory | $380,000 |
How Semler Scientific, Inc. (SMLR) Makes Money
Revenue Sources
Semler Scientific, Inc. primarily generates revenue through three main channels:
- Variable-fee licenses for its QuantaFlo product.
- Sales of hardware equipment and accessories.
- Leasing of its testing products.
Financial Performance Overview
As of September 30, 2024, Semler reported total revenues of $43.9 million for the nine months ended, which is a 17% decrease compared to $53.1 million for the same period in 2023. For the third quarter of 2024, revenues were $13.5 million, down from $16.3 million in Q3 2023.
Revenue Breakdown
The revenue breakdown for the nine months ended September 30, 2024, is as follows:
| Revenue Source | Q3 2024 ($ million) | Q3 2023 ($ million) | 9M 2024 ($ million) | 9M 2023 ($ million) |
|---|---|---|---|---|
| Variable-Fee Licenses | 6.2 | 6.3 | 21.2 | 23.2 |
| Sales of Hardware and Accessories | 0.6 | 0.5 | 2.1 | 1.5 |
| Leasing Revenues | 6.7 | 9.5 | 20.6 | 28.5 |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $26.5 million, a decrease of 21% from $33.4 million in the same period of 2023. The breakdown of operating expenses is as follows:
| Expense Category | 9M 2024 ($ million) | 9M 2023 ($ million) | % of Total Revenue |
|---|---|---|---|
| Cost of Revenues | 3.7 | 3.6 | 8% |
| Engineering and Product Development | 3.8 | 4.6 | 9% |
| Sales and Marketing | 10.1 | 13.6 | 23% |
| General and Administrative | 9.0 | 11.0 | 20% |
Net Income
For the nine months ended September 30, 2024, Semler reported a net income of $11.7 million, down from $16.4 million in the same period in 2023. The net income for Q3 2024 was $5.6 million, slightly up from $5.5 million in Q3 2023.
Digital Asset Strategy
In 2024, Semler adopted bitcoin as its primary treasury reserve asset, purchasing 581 bitcoins for $40 million on May 28, 2024. As of September 30, 2024, the company held 1,018 bitcoins valued at $64.5 million, reflecting a decrease of $3.9 million in fair value since acquisition.
Customer Concentration Risks
As of September 30, 2024, two customers accounted for 44.0% and 28.8% of revenues, indicating a significant reliance on a limited customer base.
Conclusion
The financial performance of Semler Scientific, Inc. illustrates the company's reliance on its core product offerings and highlights the impact of customer concentration and market changes on its overall revenue generation.
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Resources:
- Semler Scientific, Inc. (SMLR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Semler Scientific, Inc. (SMLR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Semler Scientific, Inc. (SMLR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.