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Press Release

Semler Reports Fourth Quarter and Yearly 2017 Financial Results

Semler
Posted on: 28 Feb 18

SAN JOSE, Calif., Feb. 28, 2018 /PRNewswire/ -- 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 fourth quarter and year ended December 31, 2017.

"Revenue growth continues to outpace increases in expenses," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. "We are pleased that in the fourth quarter of 2017 we achieved our first profitable quarter in the company's history," he continued.

FINANCIAL RESULTS

For the three months ended December 31, 2017, compared to the corresponding period of 2016, Semler had:

Revenues of $4,213,000, an increase of $1,897,000, compared to $2,316,000

Cost of revenues of $698,000, an increase of $173,000, compared to $525,000

Total operating expenses, which includes cost of revenues, of $3,837,000, an increase of $1,418,000, compared to $2,419,000

Net profit of $254,000, or $0.05 per share, an increase of $474,000, compared to a net loss of $220,000, or $0.04 per share

For the year ended December 31, 2017, compared to 2016, Semler had:

Revenues of $12,452,000, an increase of $5,018,000, compared to $7,434,000

Cost of revenues of $2,553,000, an increase of $680,000, compared to $1,873,000

Total operating expenses, which includes cost of revenues, of $13,305,000, an increase of $3,712,000, compared to $9,593,000

Net loss of $1,510,000, or $0.28 per share, a decrease of $1,044,000, compared to a net loss of $2,554,000, or $0.50 per share

For the three months ended December 31, 2017, compared to three months ended September 30, 2017, Semler had:

Revenues of $4,213,000, an increase of $606,000, compared to $3,607,000

Cost of revenues of $698,000, a decrease of $26,000, compared to $724,000

Total operating expenses, which includes cost of revenues, of $3,837,000, an increase of $306,000, compared to $3,531,000

Net profit of $254,000, or $0.05 per share, an increase of $295,000, compared to a net loss of $41,000, or $0.01 per share

Cash of $1,457,000, an increase of $879,000, compared to $578,000

We recorded $251,000 of fixed asset impairment in the fourth quarter of 2017 for old WellChec™ equipment, which negatively affected both operating expenses and net income. Such impairment charge was equal to approximately $0.05 per share (basic), or $0.04 per share (diluted).

FOURTH QUARTER 2017 HIGHLIGHTS

The major accomplishments of the fourth quarter were to:

Continue shipping new and expanded orders for QuantaFlo™, our vascular testing product, which resulted in quarterly revenue growth of 17% compared to the third quarter of 2017;

Continue making additional investments in research and development, technical and clinical services to support an even larger and growing installed base of business; and

Improve our cash position due to cash generated from operating activities and warrant exercises.

We expect revenues to continue to grow due to an increasing number of QuantaFlo™ installations resulting from new orders, higher average pricing as compared to its predecessor product and the recurring revenue business model that we employ.  We expect to see continued annual revenue growth and continued profitability in 2018. We believe expenses will continue to increase as the business expands.  However, it is our intent to continue to grow revenues at a faster rate than expenses and to remain profitable.

"It is gratifying that medical providers are incorporating our product into their standard of care and following the guidelines of the American Heart Association, American College of Cardiology and the American Diabetes Association as to peripheral artery disease," said Dr. Murphy-Chutorian.  "The intention of these recommendations is to identify patients at risk for heart attack, stroke and amputation, which in turn leads to the initiation of better preventive medical care," he concluded.

Notice of Conference Call

Semler will host a conference call at 11 a.m. ET, February 28, 2018. The call will address fourth quarter and year-end 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 Fourth Quarter and Year-end 2017 Financial Results Call, conference ID#: 6778765." The conference call will be archived on Semler's website at www.semlerscientific.com.

For more information:
www.prnewswire.com/news-releases/semler-reports-fourth-quarter-and-yearly-2017-financial-results-300605471.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 28/02/2018

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