Release Details
Semler Reports Third Quarter and Year-to-Date 2016 Financial Results
"We continue to see improvement in our net loss as our clients continue to migrate to QuantaFlo™, our latest cardiovascular product, and as we control our expenses," said
FINANCIAL RESULTS
In the three months ended
- Revenue of
$1,982,000 , an increase of$420,000 , compared to$1,562,000 - Total operating expense, which includes cost of revenue, of
$2,237,000 , a decrease of$877,000 , compared to$3,114,000 - Cost of revenue of
$398,000 , an increase of$13,000 , compared to$385,000 - Net loss of
$362,000 , or$0.07 per share, a decrease of$1,218,000 , compared to a net loss of$1,580,000 , or$0.32 per share
In the nine months ended
- Revenue of
$5,118,000 , an increase of$1,051,000 , compared to$4,067,000 - Total operating expense, which includes cost of revenue, of
$7,170,000 , a decrease of$1,111,000 , compared to$8,281,000 - Cost of revenue of
$1,348,000 , an increase of$461,000 , compared to$887,000 - Net loss of
$2,334,000 , or$0.46 per share, a decrease of$1,959,000 , compared to a net loss of$4,293,000 , or$0.87 per share
In the three months ended
- Revenue of
$1,982,000 , an increase of$346,000 , compared to$1,636,000 - Total operating expense, which includes cost of revenue, of
$2,237,000 , a decrease of$269,000 , compared to$2,506,000 - Cost of revenue of
$398,000 , a decrease of$135,000 , compared to$533,000 - Net loss of
$362,000 , or$0.07 per share, a decrease of$604,000 , compared to a net loss of$966,000 , or$0.19 per share
As of
- Cash of
$517,000 , an increase of$112,000 , compared to$405,000
2016 Highlights to Date
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 its lower-priced predecessor product
- Contracted with home risk assessment ("HRA") companies to use QuantaFlo™ in their businesses
For the remainder of 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 now no longer plans to be a primary vendor for WellChec™ business in the fourth quarter of 2016, preferring instead to work as a secondary vendor to support its HRA customers to deliver this type of service. WellChec™ was responsible for both substantial revenue growth and associated start-up costs in 2015. Semler's focus on its QuantaFlo business is intended to use less capital, have lower financial risk and require less operational expertise, while potentially being a substantially higher margin business.
"We continue to grow QuantaFlo™ revenue and to reduce our net operating loss, and we are nearing profitability," 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 Third Quarter 2016 Financial Results Call, conference ID# 91718857" 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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2016 |
2015 |
2016 |
2015 | ||||||||||
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Revenue |
$ |
1,982 |
1,562 |
$ |
5,118 |
4,067 | |||||||
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Operating expenses: |
|||||||||||||
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Cost of revenue |
398 |
385 |
1,348 |
887 | |||||||||
|
Engineering and product development |
183 |
268 |
634 |
983 | |||||||||
|
Sales and marketing |
950 |
1,314 |
2,952 |
3,809 | |||||||||
|
General and administrative |
706 |
1,147 |
2,236 |
2,602 | |||||||||
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Total operating expenses |
2,237 |
3,114 |
7,170 |
8,281 | |||||||||
|
Loss from operations |
(255) |
(1,552) |
(2,052) |
(4,214) | |||||||||
|
Other expense |
(107) |
(28) |
(282) |
(79) | |||||||||
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Net loss |
$ |
(362) |
$ |
(1,580) |
$ |
(2,334) |
$ |
(4,293) | |||||
|
Net loss per share, basic and diluted |
$ |
(0.07) |
$ |
(0.32) |
$ |
(0.46) |
$ |
(0.87) | |||||
|
Weighted average number of shares used in computing basic and diluted loss per share |
5,123,568 |
4,983,198 |
5,123,568 |
4,909,354 | |||||||||
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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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Cash |
$ |
517 |
$ |
405 | |
|
Other current assets |
1,031 |
1,347 | |||
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Noncurrent assets |
1,412 |
1,327 | |||
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Total assets |
2,960 |
3,079 | |||
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Current liabilities |
3,317 |
4,108 | |||
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Non-current liabilities |
2,449 |
43 | |||
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Stockholders' deficit |
(2,806) |
(1,072) | |||
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Total liabilities and stockholders' deficit |
$ |
2,960 |
$ |
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 stockholder dilution, revenue growth from QuantaFlo™ business, as well as expected effect of shift in plans regarding WellChec™. Such forward-looking statements are subject to a number of risks and uncertainties that could cause
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SOURCE
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