PORTLAND, Ore., Oct. 28, 2016 /PRNewswire/ -- Semler Scientific, Inc. (OTCQB: SMLR), an emerging growth company that provides technology and software solutions to improve the clinical effectiveness of healthcare insurers and physician groups, today reported financial results for the third quarter and year-to-date ended September 30, 2016.
"We continue to see improvement in our net loss as our clients continue to migrate to QuantaFlo™, our latest cardiovascular product, and as we control our expenses," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. "These upgrades along with business from new clients are central features of our plan to achieve the goals of profitability, positive cash flow from operations and minimal stockholder dilution," he added.
In the three months ended September 30, 2016, compared to the three months ended September 30, 2015, Semler had:
Revenue of $1,982,000, an increase of $420,000, compared to $1,562,000
Total operating expense, which includes cost of revenue, of $2,237,000, a decrease of $877,000, compared to $3,114,000
Cost of revenue of $398,000, an increase of $13,000, compared to $385,000
Net loss of $362,000, or $0.07 per share, a decrease of $1,218,000, compared to a net loss of $1,580,000, or $0.32 per share
In the nine months ended September 30, 2016, compared to the corresponding period of 2015, Semler had:
Revenue of $5,118,000, an increase of $1,051,000, compared to $4,067,000
Total operating expense, which includes cost of revenue, of $7,170,000, a decrease of $1,111,000, compared to $8,281,000
Cost of revenue of $1,348,000, an increase of $461,000, compared to $887,000
Net loss of $2,334,000, or $0.46 per share, a decrease of $1,959,000, compared to a net loss of $4,293,000, or $0.87 per share
In the three months ended September 30, 2016, compared to three months ended June 30, 2016, Semler had:
Revenue of $1,982,000, an increase of $346,000, compared to $1,636,000
Total operating expense, which includes cost of revenue, of $2,237,000, a decrease of $269,000, compared to $2,506,000
Cost of revenue of $398,000, a decrease of $135,000, compared to $533,000
Net loss of $362,000, or $0.07 per share, a decrease of $604,000, compared to a net loss of $966,000, or $0.19 per share
As of September 30, 2016 compared to December 31, 2015, Semler had:
Cash of $517,000, an increase of $112,000, compared to $405,000
2016 Highlights to Date
The major accomplishments of 2016 to date are as follows:
Increased the established base of QuantaFlo™ installations with large health insurance company customers
Continued migrating customers to QuantaFlo™ from its lower-priced predecessor product
Contracted with home risk assessment ("HRA") companies to use QuantaFlo™ in their businesses
For the remainder of 2016, revenue from QuantaFlo™ is expected to continue to grow due to an increasing number of installations, higher average pricing and the recurring revenue business model.
Semler now no longer plans to be a primary vendor for WellChec™ business in the fourth quarter of 2016, preferring instead to work as a secondary vendor to support its HRA customers to deliver this type of service. WellChec™ was responsible for both substantial revenue growth and associated start-up costs in 2015. Semler's focus on its QuantaFlo business is intended to use less capital, have lower financial risk and require less operational expertise, while potentially being a substantially higher margin business.
"We continue to grow QuantaFlo™ revenue and to reduce our net operating loss, and we are nearing profitability," said Dr. Murphy-Chutorian. "Our desire is to become the standard of care for testing to identify patients at risk for heart attacks and strokes to enable better preventive medical care," he added.
Notice of Conference Call
Semler will host a conference call at 11 a.m. EDT, Friday, October 28, 2016. 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 2016 Financial Results Call, conference ID# 91718857" The conference call will be archived on Semler's website at www.semlerscientific.com.
Last updated on: 30/10/2016
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