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): October 31, 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 October 31, 2014, Semler Scientific, Inc. issued a press release announcing its financial results for the third quarter ended September 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 October 31, 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, M.D.
		Name: Douglas Murphy Chutorian, M.D.
		Title: Chief Executive Officer

 

Date: November 3, 2014

 

 

Exhibit 99.1

 

Semler Reports Third Quarter 2014 Financial Results

 

PORTLAND, Ore. – October 31, 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 third quarter and nine months ended September 30, 2014.

 

“In the third quarter of 2014, Semler’s performance accelerated,” said Doug Murphy-Chutorian, M.D., chief executive officer of Semler. “We moved forward on executing our business model by initiating more relationships with insurance plans, moving pilot trials to completed orders, and expanding installations with established clients.”

 

FINANCIAL RESULTS

 

In the three months ended September 30, 2014 compared to the corresponding period of 2013, Semler had:

 

·

Revenue of $897,000, an increase of $308,000, or 52%, compared to $589,000

·

Cost of revenue of $178,000, an increase of $45,000, or 34%, from $133,000

·

Total operating expenses, which include cost of revenue, of $2,264,000, an increase of $1,178,000, or 108%, compared to $1,086,000

·

Net loss of $1,466,000 or $0.31 per share, an increase of $943,000, or 180%, compared to a net loss of $523,000, or $0.66 per share

·

Net cash of $5,973,000 as of September 30, 2014 compared to $6,554,000 as of June 30, 2014, for a net decrease of $581,000 in the three months ended September 30, 2014

 

In the nine months ended September 30, 2014 compared to the corresponding period of 2013, Semler had:

 

·

Revenue of $2,580,000, an increase of $1,087,000, or 73%, compared to $1,493,000

·

Cost of revenue of $504,000, an increase of $228,000, or 83%, from $276,000

·

Total operating expenses, which include cost of revenue, of $5,745,000, an increase of $2,627,000, or 84%, compared to $3,118,000

·

Net loss of $3,315,000, or $0.85 per share, an increase of $1,608,000, or 94%, compared to a net loss of $1,707,000, or $2.17 per share

 

THIRD QUARTER 2014 HIGHLIGHTS

 

In the third quarter 2014, Semler announced the appointment of healthcare risk management and business development expert, Aidan M. Collins, to its board of directors and as chairman of its Audit Committee. Semler also added hires in the third quarter to its sales and marketing team.

 

 

“Our primary focus for the third quarter and first nine months of 2014 has been to expand our base of clients who are insurance plans with Medicare Advantage patients,” said Dr. Murphy-Chutorian. “During the third quarter, two insurance plans among the top-15 payors in the United States were converted from doing pilot trials to making orders for our product, and another top-15 payor insurance plan expanded the number of their orders of our product,” he continued. Of note, the top 15 payors account for more than 70% of the entire Medicare Advantage market.

 

Notice of Conference Call

 

Semler will host a conference call at 11 a.m. EDT, Friday, October 31, 2014. The call will address third 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 Third Quarter 2014 Financial Results Call, conference ID#: 14920195." 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. 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.

####