Release Details
Semler Reports 2014 Annual and Fourth Quarter Financial Results
"In the fourth quarter of 2014, Semler's revenue performance accelerated substantially with 18% sequential quarter over quarter growth," said
FINANCIAL RESULTS
In the three months ended
- Revenue of
$1,055,000 , an increase of$274,000 , or 35%, compared to$781,000 - Cost of revenue of
$188,000 , a decrease of$5,000 , or 3%, from$193,000 - Total operating expenses, which include cost of revenue, of
$2,231,000 , an increase of$951,000 , or 74%, compared to$1,280,000 - Net loss of
$1,200,000 , or$0.25 per share, an increase of$674,000 , or 128%, compared to a net loss of$526,000 , or$0.67 per share
For the full year ended
- Revenue of
$3,635,000 , an increase of$1,361,000 , or 60%, compared to$2,274,000 - Cost of revenue of
$692,000 , an increase of$223,000 , or 48%, from$469,000 - Total operating expenses, which include cost of revenue, of
$7,976,000 , an increase of$3,578,000 , or 81%, compared to$4,398,000 - Net loss of
$4,515,000 , or$1.10 per share, an increase of$2,282,000 , or 102%, compared to a net loss of$2,233,000 , or$2.84 per share - Cash and restricted cash of
$6,256,000 (which includes$2,100,000 of restricted cash), an increase of$5,522,000 compared to$734,000
In the three months ended
- Revenue of
$1,055,000 , an increase of$158,000 , or 18%, compared to$897,000 - Cost of revenue of
$188,000 , an increase of$10,000 , or 6%, from$178,000 - Total operating expenses, which include cost of revenue, of
$2,231,000 , a decrease of$33,000 , or 1%, compared to$2,264,000 - Net loss of
$1,200,000 , or$0.25 per share, a decrease of$266,000 , or 18%, compared to a net loss of$1,466,000 , or$0.31 per share - Cash and restricted cash of
$6,256,000 (which includes$2,100,000 of restricted cash), an increase of$283,000 compared to$5,973,000
YEAR 2014 HIGHLIGHTS
2014 was a transformative year for Semler.
- The initial public offering was completed in February, and our shares began trading on the
NASDAQ Capital Market under the symbol "SMLR." - The primary focus of sales and marketing was shifted to expanding our base of clients who are insurance plans with
Medicare Advantage patients. - Four new independent Board members, a CFO with public company experience, financial and sales management, and a critical mass of sales and marketing personnel were brought into the company.
- Revenue began to accelerate in the third quarter of 2014 as current customers increased order sizes and new customers signed on to license our FloChec® product.
- Expanded training programs, post-market clinical studies and product improvements were completed.
"We have seen accelerating revenue this quarter compared to the previous quarter," said Dr. Murphy-Chutorian. "We look forward to an exciting 2015 in terms of gaining traction with our business model and furthering our goals to become a standard of care in the risk assessment marketplace."
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 Fourth Quarter and Full Year 2014 Financial Results Call, conference ID#: 73184067." The conference call will be archived on Semler's website at semlerscientific.com.
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Statement of Operations | ||||||
|
Quarter Ended |
Year Ended | |||||
|
December 31, |
December 31, | |||||
|
2014 |
2013 |
2014 |
2013 | |||
|
(Unaudited) |
||||||
|
Revenue |
$ 1,055,000 |
$ 781,000 |
$ 3,635,000 |
$ 2,274,000 | ||
|
Operating Expenses: |
||||||
|
Cost of revenue |
188,000 |
193,000 |
692,000 |
469,000 | ||
|
Sales and marketing |
1,209,000 |
671,000 |
3,723,000 |
2,256,000 | ||
|
Engineering and product development |
207,000 |
102,000 |
1,113,000 |
356,000 | ||
|
General and administrative |
627,000 |
314,000 |
2,448,000 |
1,317,000 | ||
|
Total operating expenses |
2,231,000 |
1,280,000 |
7,976,000 |
4,398,000 | ||
|
Loss from operations |
(1,176,000) |
(499,000) |
(4,341,000) |
(2,124,000) | ||
|
Interest Income/(Expense) |
(23,000) |
(25,000) |
(175,000) |
(108,000) | ||
|
Other Income/(Expense) |
(1,000) |
(2,000) |
1,000 |
(1,000) | ||
|
Net Loss |
$ (1,200,000) |
$ (526,000) |
$ (4,515,000) |
$ (2,233,000) | ||
|
Net loss per share |
||||||
|
basic and diluted |
$ (0.25) |
$ (0.67) |
$ (1.10) |
$ (2.84) | ||
|
Condensed Balance Sheet | ||||||
|
As of |
||||||
|
|
||||||
|
2014 |
2013 |
|||||
|
Cash and restricted cash |
$ 6,256,000 |
$ 734,000 |
||||
|
Other current assets |
490,000 |
275,000 |
||||
|
Noncurrent assets |
754,000 |
715,000 |
||||
|
Total assets |
7,500,000 |
1,724,000 |
||||
|
Current liabilities |
4,064,000 |
1,856,000 |
||||
|
Noncurrent liabilities |
- |
163,000 |
||||
|
Stockholders' equity (deficit) |
3,436,000 |
(295,000) |
||||
|
Total liabilities and stockholders' |
|
|
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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 Semler's ability to accelerate revenue, achieve profitability, its business model gaining traction and ability to become a standard of care in the risk assessment marketplace. Such forward-looking statements are subject to a number of risks and uncertainties that could cause
CONTACT:
susan@sanoonan.com
212 966 3650
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