PORTLAND, Ore., July 29, 2016 /PRNewswire/ -- Semler
Scientific, Inc. (Nasdaq: SMLR), an emerging growth company that
provides technology solutions to improve the clinical effectiveness
and efficiency of healthcare insurers and physician groups, today
reported financial results for the second quarter and year-to-date
ended June 30, 2016.
"Clients have begun to migrate to QuantaFlo™, our latest
cardiovascular product, from our lower-priced predecessor product,"
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 shareholder dilution in 2016," he added.
FINANCIAL RESULTS
In the three months ended June 30,
2016, compared to the three months ended June 30, 2015, Semler had:
- Revenue of $1,636,000, an
increase of $333,000, compared to
$1,303,000
- Total operating expense, which includes cost of revenue, of
$2,506,000, a decrease of
$114,000, compared to $2,620,000
- Cost of revenue of $533,000, an
increase of $272,000, compared to
$261,000
- Net loss of $966,000, or
$0.19 per share, a decrease of
$375,000, compared to a net loss of
$1,341,000, or $0.27 per share
In the six months ended June 30,
2016, compared to the corresponding period of 2015, Semler
had:
- Revenue of $3,136,000, an
increase of $631,000, compared to
$2,505,000
- Total operating expense, which includes cost of revenue, of
$4,937,000, a decrease of
$235,000, compared to $5,172,000
- Cost of revenue of $950,000, an
increase of $448,000, compared to
$502,000
- Net loss of $1,972,000, or
$0.38 per share, a decrease of
$741,000, compared to a net loss of
$2,713,000, or $0.56 per share
In the three months ended June 30,
2016, compared to three months ended March 31, 2016, Semler had:
- Revenue of $1,636,000, an
increase of $135,000, compared to
$1,501,000
- Total operating expense, which includes cost of revenue, of
$2,506,000, an increase of
$73,000, compared to $2,433,000
- Cost of revenue of $533,000, an
increase of $116,000, compared to
$417,000
- Net loss of $966,000, or
$0.19 per share, a decrease of
$40,000, compared to a net loss of
$1,006,000, or $0.20 per share
- Cash of $1,022,000, a decrease of
$419,000, compared to $1,441,000
Semler issued promissory notes to obtain $240,000 of capital in the second quarter of
2016.
First Half 2016 Highlights
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
the lower-priced predecessor product
In 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 plans to re-start WellChec™ business in the
fourth quarter of 2016. WellChec™ was responsible for both
substantial revenue growth and associated start-up costs in the
fourth quarter of 2015, which impacts comparisons of both revenue
and operating expense from sequential quarterly periods. Because
Semler does not give financial guidance, the magnitude of these
changes and progress will be reported during the quarterly earnings
releases.
"We continue to grow QuantaFlo™ revenue and have
reduced net operating loss," said Dr. Murphy-Chutorian. "We
anticipate that our common stock will be quoted on the
over-the-counter market (OTC QB) following delisting from NASDAQ,
which we anticipate will occur on or around August 8th. Our plan is for our
current cash position to be sufficient to fund operations until
achieving our goal of profitability at which time we will give
consideration to relisting on NASDAQ capital market," he added.
Notice of Conference Call
Semler will host a conference call at 11
a.m. EDT, Friday, July 29,
2016. The call will address second 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
Second Quarter 2016 Financial Results Call, conference ID#:
49007153" The conference call will be archived on Semler's website
at www.semlerscientific.com.
Semler Scientific,
Inc.
|
Unaudited
Condensed Statements of Operations
|
(In thousands, except
share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three
months ended
June 30
|
|
For the six
months ended June 30
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
$
|
1,636
|
|
1,303
|
$
|
3,136
|
|
2,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
|
533
|
|
261
|
|
950
|
|
502
|
|
Engineering and
product development
|
|
|
182
|
|
406
|
|
452
|
|
715
|
|
Sales and
marketing
|
|
|
1,028
|
|
1,288
|
|
2,001
|
|
2,495
|
|
General and
administrative
|
|
|
763
|
|
665
|
|
1,534
|
|
1,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
2,506
|
|
2,620
|
|
4,937
|
|
5,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
|
(870)
|
|
(1,317)
|
|
(1,801)
|
|
(2,667)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
(96)
|
|
(24)
|
|
(171)
|
|
(46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(966)
|
$
|
(1,341)
|
$
|
(1,972)
|
$
|
(2,713)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
|
$
|
(0.19)
|
$
|
(0.27)
|
$
|
(0.38)
|
$
|
(0.56)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computing basic and diluted loss per
share
|
|
|
5,123,568
|
|
4,978,878
|
|
5,123,568
|
|
4,871,614
|
|
|
|
|
|
|
|
|
|
Semler Scientific,
Inc.
|
Condensed Balance
Sheets
|
(In thousands of U.S.
Dollars)
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
|
June 30,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and restricted
cash
|
$
|
1,022
|
$
|
405
|
Other current
assets
|
|
733
|
|
1,347
|
Noncurrent
assets
|
|
1,306
|
|
1,327
|
|
Total
assets
|
|
3,061
|
|
3,079
|
|
|
|
|
|
|
Current
liabilities
|
|
3,280
|
|
4,108
|
Non-current
Liabilities
|
|
2,312
|
|
43
|
Stockholders'
deficit
|
|
(2,531)
|
|
(1,072)
|
|
Total liabilities and
stockholders' deficit
|
$
|
3,061
|
$
|
3,079
|
About Semler Scientific, Inc.:
Semler Scientific, Inc., is an emerging growth company that
provides technology solutions to improve the clinical effectiveness
and efficiency of healthcare insurers and physician groups.
Our mission is to develop, manufacture and market innovative
proprietary products and services that assist our customers in
evaluating and treating chronic diseases. Our first patented and
U.S. Food and Drug Administration, or FDA, cleared product,
introduced commercially in 2011, measured arterial blood flow in
the extremities to aid in the diagnosis of peripheral arterial
disease. In March 2015 we received
FDA 510(k) clearance for the next generation version of this
product named QuantaFlo™, which was commercially
launched in August 2015. In
April 2015, we launched our
multi-test service platform, WellChec™, to more
comprehensively evaluate our customers' patients for chronic
disease, including heart attacks and strokes. We believe the
combination of our proprietary test, QuantaFlo™, and
our multi-test service platform, WellChec™, position
us to provide valuable information to our insurance company and
physician customers, which in turn permit them to better guide
patient care. Additional information about Semler can be found at
semlerscientific.com.
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 "may," "will," "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 statements regarding achieving
profitability and cash flow from operations with minimal
shareholder dilution, plans regarding WellChec™ as
well as WellChec™ contract renewals and service
expansion, the trading market for its securities as well the
effects of Semler Scientific's products and services on prevention
and healthcare costs. 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 whether or not insurance plans and other
customers will continue to lease its cardiovascular testing
products or adopt or renew WellChec™, along with those
statements detailed in Semler Scientific's SEC filings, and 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/semler-reports-second-quarter-and-year-to-date-2016-financial-results-300306027.html
SOURCE Semler Scientific, Inc.