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Press Release

Semler Reports Second Quarter and First Half 2018 Financial Results

Semler
Posted on: 31 Jul 18

SAN JOSE, Calif., July 31, 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 three and six months ended June 30, 2018.

"We believe that the achievement of healthier clinical outcomes for their patients is motivating healthcare providers to increase use of our products," said Doug Murphy-Chutorian, M.D., chief executive officer of Semler Scientific. "Our customer base is expanding, and established customers are ordering more product from us."

FINANCIAL RESULTS

For the three months ended June 30, 2018, compared to the corresponding period of 2017, Semler Scientific reported:

Revenues of $5,484,000, an increase of $2,906,000, or 113%, compared to $2,578,000

Cost of revenues of $680,000, an increase of $88,000, or 15%, compared to $592,000. As a percentage of revenues, cost of revenues was 12% compared to 23%

Total operating expenses, which includes cost of revenues, of $3,949,000, an increase of $817,000, or 26%, compared to $3,132,000

Net income of $1,453,000, or $0.24 per basic share and $0.19 per diluted share, an increase of $2,303,000, compared to a net loss of $850,000, or $0.16 loss per share (basic and diluted). As a percentage of revenues, net income was 26%

For the six months ended June 30, 2018, compared to the corresponding period of 2017, Semler Scientific reported:

Revenues of $9,947,000, an increase of $5,314,000, or 115%, compared to $4,633,000

Cost of revenues of $1,384,000, an increase of $253,000, or 22%, compared to $1,131,000. As a percentage of revenues, cost of revenues was 14% compared to 24%

Total operating expenses, which includes cost of revenues, of $7,599,000, an increase of $1,662,000, or 28%, compared to $5,937,000

Net income of $2,159,000, or $0.36 per basic share and $0.29 per diluted share, an increase of $3,881,000, compared to a net loss of $1,722,000, or $0.33 loss per basic and diluted share. As a percentage of revenues, net income was 22%

For the three months ended June 30, 2018, compared to three months ended March 31, 2018, Semler Scientific reported:

Revenues of $5,484,000, an increase of $1,021,000, or 23%, compared to $4,463,000

Cost of revenues of $680,000, a decrease of $24,000, or 4%, compared to $704,000. As a percentage of revenues, cost of revenues was 12% compared to 16%

Total operating expenses, which includes cost of revenues, of $3,949,000, an increase of $299,000, or 8%, compared to $3,650,000. As a percentage of revenues, total operating expenses were 72% compared to 81%

Net income of $1,453,000, or $0.24 per basic share and $0.19 per diluted share, an increase of $747,000, or 106%, compared to a net income of $706,000, or $0.12 per basic share and $0.10 per diluted share. As a percentage of revenues, net income was 26% compared to 16%

Cash of $2,009,000, an increase of $1,590,000, compared to $419,000

During the first half of 2018, total liabilities were reduced by $1,725,000 as compared to the year ended December 31, 2017, as the company retired debts and reduced accounts payable, among other items. 

SECOND QUARTER 2018 HIGHLIGHTS

Major accomplishments recognized in the second quarter and first half of 2018 were:

Growth of revenues by 113% compared to the corresponding quarter of 2017.

Reduction of total liabilities by $1,725,000 as compared to the year ended December 31, 2017.

Increase in stockholders' equity by $2,799,000 during the first six months of 2018 as compared to the year ended December 31, 2017.

Sustained profitability.

For the remainder of 2018, Semler Scientific expects to see continued profitability and cash generated from operating activities. The company believes expenses will continue to increase as the business expands due to increased use of its products.  It is the company's intent to grow revenues at a faster rate than expenses and to remain profitable.

"We believe our products will help reduce avoidable healthcare costs and improve health outcomes of patients," said Dr. Murphy-Chutorian.  "The clinical strategy is to identify patients with peripheral artery disease who might benefit from early preventive care that is intended to reduce the risk of heart attack, stroke and amputation."

Notice of Conference Call

Semler Scientific will host a conference call at 11 a.m. ET, Tuesday, July 31, 2018. The call will address results of the second quarter and first half of 2018 and will provide a business update on the company'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 Scientific Second Quarter and First Half 2018 Financial Results Call, conference ID#: 5790429." The conference call will be archived on Semler's website at www.semlerscientific.com.

For more information:
www.prnewswire.com/news-releases/semler-reports-second-quarter-and-first-half-2018-financial-results-300688821.html

Editor's Details

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

Last updated on: 31/07/2018

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