Release Details
Semler Reports Second Quarter and Year-to-date 2016 Financial Results
"Clients have begun to migrate to QuantaFlo™, our latest cardiovascular product, from our lower-priced predecessor product," said
FINANCIAL RESULTS
In the three months ended
- 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
- 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
- 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
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
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 Second Quarter 2016 Financial Results Call, conference ID#: 49007153" 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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(Unaudited) | |||||||||||||
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For the three months ended |
For the six months ended | ||||||||||||
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2016 |
2015 |
2016 |
2015 | ||||||||||
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Revenue |
$ |
1,636 |
1,303 |
$ |
3,136 |
2,505 | |||||||
|
Operating expenses: |
|||||||||||||
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Cost of revenue |
533 |
261 |
950 |
502 | |||||||||
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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 | |||||||||
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Total operating expenses |
2,506 |
2,620 |
4,937 |
5,172 | |||||||||
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Loss from operations |
(870) |
(1,317) |
(1,801) |
(2,667) | |||||||||
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Other expense: |
(96) |
(24) |
(171) |
(46) | |||||||||
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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 | |||||||||
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Condensed Balance Sheets | |||||
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(In thousands of | |||||
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(Unaudited) |
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As of |
As of | ||||
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|
| ||||
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Cash and restricted cash |
$ |
1,022 |
$ |
405 | |
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Other current assets |
733 |
1,347 | |||
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Noncurrent assets |
1,306 |
1,327 | |||
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Total assets |
3,061 |
3,079 | |||
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Current liabilities |
3,280 |
4,108 | |||
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Non-current Liabilities |
2,312 |
43 | |||
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Stockholders' deficit |
(2,531) |
(1,072) | |||
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Total liabilities and stockholders' deficit |
$ |
3,061 |
$ |
3,079 | |
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 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
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