Release Details
Semler Reports Third Quarter 2015 Financial Results
"In the third quarter of 2015, Semler reported continued progress with year over year revenue growth of 74% and quarter over quarter revenue growth of 20%" said
FINANCIAL RESULTS
In the three months ended
- Revenue of
$1,562,000 , an increase of$665,000 , or 74%, compared to$897,000 - Cost of revenue of
$385,000 , an increase of$207,000 , or 117%, compared to$178,000 - Total operating expenses, which include cost of revenue, of
$3,114,000 , an increase of$850,000 , or 37%, compared to$2,264,000 - Net loss of
$1,580,000 , or$0.32 per share, an increase of$114,000 , or 8%, compared to a net loss of$1,466,000 , or$0.31 per share
In the nine months ended
- Revenue of
$4,067,000 , an increase of$1,487,000 , or 58%, compared to$2,580,000 - Cost of revenue of
$887,000 , an increase of$383,000 , or 76%, from$504,000 - Total operating expenses, which include cost of revenue, of
$8,281,000 , an increase of$2,536,000 , or 44%, compared to$5,745,000 - Net loss of
$4,293,000 , or$0.87 per share, an increase of$978,000 , or 30%, compared to a net loss of$3,315,000 , or$0.85 per share - During the nine months of 2015, we issued and sold an aggregate of 260,500 shares of our common stock for an aggregate cash purchase price of
$999,100
In the three months ended
- Revenue of
$1,562,000 , an increase of$259,000 , or 20%, compared to$1,303,000 - Cost of revenue of
$385,000 , an increase of$141,000 , or 58%, from$244,000 - Total operating expenses, which include cost of revenue, of
$3,114,000 , an increase of$498,000 , or 19%, compared to$2,616,000 - Net loss of
$1,580,000 , or$0.32 per share, an increase of$239,000 , or 18%, compared to a net loss of$1,341,000 , or$0.27 per share - Unrestricted cash of
$1,925,000 , a decrease of$415,000 compared to$2,340,000
Third Quarter 2015 Highlights
The third quarter of 2015 for Semler resulted in continued revenue expansion. Other highlights included:
- The launch of QuantaFlo™, the next generation product for testing for vascular disease. Semler believes that customers will be attracted to its enhanced performance features and expanded marketing labeling.
- The initiation of our second contract this year for WellChec™, our new multi-test service offering.
- Obtaining several new orders for WellChec™, which if successfully fulfilled would significantly impact revenue in the fourth quarter of 2015.
"We had our best quarter in dollar terms of sequential quarterly growth and added new larger clients contracting for our WellChec™ service," said Dr. Murphy-Chutorian. "We are furthering our goal to aid physicians and insurance plans to evaluate their patients earlier and more comprehensibly, which may in turn lead to more prevention and lower healthcare costs," he added.
Notice of Conference Call
Semler will host a conference call at
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 2015 Financial Results Call, conference ID#: 57014373." The conference call will be archived on Semler's website at www.semlerscientific.com.
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Unaudited Condensed Statements of Operations | |||||||||||||
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(In thousands, except share and per share amounts) | |||||||||||||
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For the three months ended |
For the nine months ended | ||||||||||||
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2015 |
2014 |
2015 |
2014 | ||||||||||
|
Revenue |
$ |
1,562 |
897 |
$ |
4,067 |
2,580 | |||||||
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Operating expenses: |
|||||||||||||
|
Cost of revenue |
385 |
178 |
887 |
504 | |||||||||
|
Engineering and product development |
268 |
262 |
983 |
906 | |||||||||
|
Sales and marketing |
1,314 |
1,040 |
3,809 |
2,514 | |||||||||
|
General and administrative |
1,147 |
784 |
2,602 |
1,821 | |||||||||
|
Total operating expenses |
3,114 |
2,264 |
8,281 |
5,745 | |||||||||
|
Loss from operations |
(1,552) |
(1,367) |
(4,214) |
(3,165) | |||||||||
|
Other expense: |
(28) |
(99) |
(79) |
(150) | |||||||||
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Net loss |
$ |
(1,580) |
$ |
(1,466) |
$ |
(4,293) |
$ |
(3,315) | |||||
|
Net loss per share, basic and diluted |
$ |
(0.32) |
$ |
(0.31) |
$ |
(0.87) |
$ |
(0.85) | |||||
|
Weighted average number of shares used in computing basic and diluted loss per share |
4,983,198 |
4,708,162 |
4,909,354 |
3,900,746 | |||||||||
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Unaudited Condensed Balance Sheet | |||||
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(In thousands of U.S. Dollars) | |||||
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As of |
As of | ||||
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|
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Cash and restricted cash |
$ |
1,925 |
$ |
6,256 | |
|
Other current assets |
529 |
490 | |||
|
Noncurrent assets |
1,066 |
754 | |||
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Total assets |
3,520 |
7,500 | |||
|
Current liabilities |
2,941 |
4,064 | |||
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Non-current Liabilities |
48 |
- | |||
|
Stockholders' equity |
531 |
3,436 | |||
|
Total liabilities and stockholders' equity |
$ |
3,520 |
$ |
7,500 | |
About
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 the WellChec™ platform and its impact on revenue growth, as well the effects of
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