UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2014
SEMLER SCIENTIFIC, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-36305 | 26-1367393 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
|
2330 NW Everett St. Portland, Oregon |
97210 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (877) 774-4211
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On July 25, 2014, Semler Scientific, Inc. issued a press release announcing its financial results for the second quarter and six months ended June 30, 2014. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
The information contained in this Item 9.01 and in the accompanying Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release of Semler Scientific, Inc., dated July 25, 2014 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SEMLER SCIENTIFIC, INC. | |||
| By: | /s/ Douglas Murphy-Chutorian | ||
| Name: Douglas Murphy Chutorian | |||
| Title: Chief Executive Officer | |||
Date: July 25, 2014
Exhibit 99.1
Semler Reports Second Quarter 2014 Financial Results
PORTLAND, Ore. – July 25, 2014 – Semler Scientific, Inc. (Nasdaq: SMLR; “Semler”), an emerging medical risk assessment company that develops patented products that assist healthcare providers in monitoring patients and evaluating chronic diseases, today reported financial results for the second quarter and six months ended June 30, 2014.
“The second quarter of 2014 continued to be productive for Semler,” said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. “We attracted seasoned talent to our team, grew revenue, built relationships with insurance plans and progressed in product development.”
FINANCIAL RESULTS
In the three months ended June 30, 2014 compared to the corresponding period of 2013, Semler had:
| · | Revenue of $846,000, an increase of $371,000, or 78%, compared to $475,000 |
| · | Cost of revenue of $172,000, an increase of $115,000, or 202%, from $57,000 |
| · | Total operating expenses, which includes cost of revenue, of $1,855,000, an increase of $802,000, or 76%, compared to $1,053,000 |
| · | Net loss of $1,032,000 or $0.22 per share, an increase of $419,000, or 68%, compared to a net loss of $613,000, or $0.78 per share |
Net cash of $6,554,000 as of June 30, 2014 compared to net cash of $734,000 as of December 31, 2013.
In the six months ended June 30, 2014 compared to the corresponding period of 2013, Semler had:
| · | Revenue of $1,683,000 an increase of $779,000, or 86%, compared to $904,000 |
| · | Cost of revenue of $326,000, an increase of $183,000, or 128%, from $143,000 |
| · | Total operating expenses, which includes cost of revenue, of $3,481,000, an increase of $1,457,000, or 72%, compared to $2,024,000 |
| · | Net loss of $1,849,000 or $0.53 per share, an increase of $665,000, or 56%, compared to a net loss of $1,184,000 or $1.51 per share |
SECOND QUARTER 2014 HIGHLIGHTS
In the second quarter, 2014, Semler reorganized its board of directors with the appointments of managed care leader Abbie Leibowitz, M.D., healthcare technology expert Wayne T. Pan, M.D., Ph.D., and medical device industry leader Bruce J Barclay. Semler also made key hires in Q2 to its sales and marketing team including the appointment of medical product sales expert Scott Ashworth to the position of executive vice president of global sales.
“Our primary focus for the second quarter and first half of 2014 has been to expand our base of clients who are insurance plans with Medicare Advantage patients,” said Dr. Murphy-Chutorian. “We have been successful in having initial FloChec™ installations started or planned to start at four of the largest Medicare Advantage plans in the United States. Of note, the top 15 payors account for more than 70% of the entire Medicare Advantage market, which emphasizes the importance of establishing business relationships with these large insurance providers.”
Notice of Conference Call
Semler will host a conference call at 11 a.m. EDT, Friday, July 25, 2014. The call will address second quarter results and will provide a business update on Semler’s market outlook and strategies for 2014.
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 2014 Financial Results Call, conference ID#:
78080334." The conference call will be archived on Semler's website at semlerscientific.com.
About Semler Scientific, Inc.:
Semler Scientific, Inc. is an emerging medical risk-assessment company. Its mission is to develop, manufacture and market patented products that identify the risk profile of medical patients to allow healthcare providers to capture full reimbursement potential for their services. Semler's first patented and U.S. Food and Drug Administration, or FDA, cleared product, is FloChec™. FloChec™ is used in the office setting to allow providers to measure arterial blood flow in the extremities and is a useful tool for internists and primary care physicians for whom it was previously impractical to conduct blood flow measurements. FloChec™ received FDA 510(k) clearance in February 2010, Semler began Beta testing in the third quarter of 2010, and Semler began commercially leasing FloChec™ in January 2011. Semler closed the initial public offering of its common stock on February 26, 2014 and its common stock is now listed on the NASDAQ Capital Market under the ticker symbol “SMLR.” Additional information about Semler can be found at semlerscientific.com.
CONTACT:
Susan A. Noonan
S.A. Noonan Communications
susan@sanoonan.com
212 966 3650
SOURCE: Semler Scientific, Inc.
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