Release Details
Semler Reports First Quarter 2017 Financial Results
"We believe that our products enable our customers to identify when preventive care options are appropriate, which allows them to intervene before events like heart attacks or strokes occur," said
FINANCIAL RESULTS
For the three months ended
- Revenue of
$2,055,000 , an increase of$554,000 , compared to$1,501,000 - Total operating expense, which includes cost of revenue, of
$2,805,000 , an increase of$372,000 , compared to$2,433,000 - Cost of revenue of
$540,000 , an increase of$123,000 , compared to$417,000 - Net loss of
$871,000 , or$0.17 per share, a decrease of$135,000 , compared to a net loss of$1,006,000 , or$0.20 per share
For the sequential three months ended
- Revenue of
$2,055,000 , a decrease of$261,000 , compared to$2,316,000 - Total operating expense, which includes cost of revenue, of
$2,805,000 , an increase of$386,000 , compared to$2,419,000 - Cost of revenue of
$540,000 , an increase of$15,000 , compared to$525,000 - Net loss of
$871,000 , or$0.17 per share, an increase of$651,000 , compared to a net loss of$220,000 , or$0.04 per share - Cash of
$159,000 , a decrease of$463,000 , compared to$622,000
FIRST QUARTER 2017 HIGHLIGHTS
The major accomplishments of the first quarter were as follows:
- Increased inventory and manufacturing capacity for our vascular testing product, QuantaFlo™, in preparation for anticipated continued customer base growth in 2017
- Received new and expanded orders for QuantaFlo™, which we expect to be installed in the second quarter, resulting in continued sequential quarterly revenue growth as part of our recurring revenue model
- Migrated more customers to QuantaFlo™ from its lower-priced predecessor product
- Developed additional cybersecurity protections that are intended to aid our customers in complying with regulations regarding safeguarding personal health information
In 2017, revenue from QuantaFlo™ is expected to grow due to an increasing number of installations, higher average pricing as compared to its predecessor product and the recurring revenue business models that we employ. We have received new and expanded orders in the first quarter that we have installed in the second quarter of 2017.
Sequential results for first quarter 2017 compared to fourth quarter 2016 showed some decreases due to lower revenue from our fee-per-test customers, who primarily include home risk assessment service providers and who we believe historically conduct more business in the latter half of the calendar year than in the earlier months. Also in the first quarter of 2017, operating expenses were impacted by higher expenditures, such as those for increased manufacturing and fulfillment capabilities, projects to improve cybersecurity measures and research and development projects.
"Our immediate objective is to become the standard of care for testing to identify patients at risk for heart attacks and strokes to enable better preventive medical care," 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 First Quarter 2017 Financial Results Call, conference ID# 7813537" The conference call will be archived on Semler's website at www.semlerscientific.com.
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Statements of Operations | |||||||||||
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(In thousands of | |||||||||||
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For the three months ended |
|||||||||||
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(Unaudited) |
|||||||||||
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2017 |
2016 |
||||||||||
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Revenue |
$ |
2,055 |
1,501 |
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Operating expenses: |
|||||||||||
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Cost of revenue |
540 |
417 |
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Engineering and product development |
439 |
270 |
|||||||||
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Sales and marketing |
988 |
974 |
|||||||||
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General and administrative |
838 |
772 |
|||||||||
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Total operating expenses |
2,805 |
2,433 |
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Loss from operations |
(750) |
(932) |
|||||||||
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Interest and other expense |
(116) |
(73) |
|||||||||
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Other expense |
(5) |
(1) |
|||||||||
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Interest and other expense |
(121) |
(74) |
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Net loss |
$ |
(871) |
$ |
(1,006) |
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Net loss per share, basic and diluted |
$ |
(0.17) |
$ |
(0.20) |
|||||||
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Weighted average number of shares used in computing basic and diluted loss per share |
5,231,208 |
5,123,568 |
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Condensed Balance Sheets | |||||
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(In thousands of | |||||
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As of |
As of | ||||
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(Unaudited) |
|||||
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Cash |
$ |
159 |
$ |
622 | |
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Other current assets |
1,298 |
970 | |||
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Noncurrent assets |
1,659 |
1,480 | |||
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Total assets |
3,116 |
3,072 | |||
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Current liabilities |
5,802 |
3,229 | |||
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Non-current liabilities |
552 |
2,762 | |||
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Stockholders' deficit |
(3,238) |
(2,919) | |||
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Total liabilities and stockholders' deficit |
$ |
3,116 |
$ |
3,072 | |
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 growth in the customer base, continued revenue growth from QuantaFlo™ business, and the effects of the Company's cybersecurity measures. 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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