SMLR - Earnings call transcript Q2 2024

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Operator

Good afternoon, and welcome to the Semler Scientific 2024 Second Quarter Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded.

Before we begin, Semler Scientific needs to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. These include statements regarding the expectations for expansion of the business and the development and the marketing of additional products, including receipt and timing of an additional 510(k) clearance for QuantaFlo and our recently adopted bitcoin treasury strategy and plans to acquire additional bitcoin.

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. are the uncertainties our release and filings. SEC risks described press in and Those made as undertake today of statements forward-looking The are and update forward-looking company to this of the does obligation not any the statements. call, date the

copy have obtain visiting Relations do Investor release, the of by today's a you you of If website, the page not may one semlerscientific.com.

introduce Semler Scientific. ahead. Now of I Please CEO would Doug Murphy-Chutorian, like to go

Douglas Murphy-Chutorian

achieved Thank you and call. for joining interim quarter used second and results we purchase cash bitcoin. cash everybody. our Once We XXX XXXX most again, X, August now afternoon, of XXXX. strong to our operations from hold Good of as bitcoins equivalents

call Now detail. in Semler, to more Eric who bitcoin I'd the our strategy like Eric? to over will hand Chairman, discuss our

Eric Semler

call It's as to May, of you, In on our asset. the bitcoin Directors announced adopted Thank reserve be we treasury today. that Board primary great our Doug.

strong announcement. by this positive encouraged to very are the We reaction

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gold, of a bitcoin approximately as a finite is is scarce bitcoin instability. serve already ultimate gold, that safe haven Like amid of store which and XX been coins, exists. We global asset as can and supply reasonable viewed its attributes viewed dependable has compared inflation a a as has unique Bitcoin to and hedge asset. value believe supply as history. The of million bitcoin XX% limited scarce throughout to is often

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as we company, as equity intend operating proceeds cash our an As bitcoin. from raises capital flow well use to to accumulate

to and and Now our pleased an Herrington, business. our Jennifer COO, services Oliva provide Jen? introduce medical products update I'm of core to overview

Jennifer Herrington

information about market Cormier, and providing quarter financial CFO, presenting Thank second an Today, will of be you, developments will I opportunities. overview XXXX results. Renae our our be Eric.

and remain technology treasury bitcoin developing our our with conjunction to medical focus strategy, health In operating growing we We to Semler profitable continue products to of to pioneer a on health and dedicated chronic diseases. our providers and goal in products care marketing is company. and care our business. a services and will combat services core customers

flow that aid in is product, a extremities a or Our the arterial early point-of-care noninvasive clinicians to arterial blood the is in disease diagnosis of measures main that device QuantaFlo medical peripheral test PAD.

of medicine. the testing cardiovascular to brings Our lines technology front

diseases TAM. that concern as model of care top Semler's early expenditures has revenue operating subscription-based health health as system. identification Cardiovascular with a and disease on care stream and our remains from SaaS which high recurring a cardiac of conditions. ranks a our leverage is for model this chronic the the underpenetrated customers, a imperative high sold distribution identification focus have in burden licensing We to global QuantaFlo continues a by supporting basis mortality, large underscoring

remain development we solutions deliver existing data We innovation prioritize of the to products the and our enhancement committed and and to research customers. consistently services of in stay cutting-edge as forefront to

our includes vision applications, cardiovascular to to reflecting extending reach long-term expansion. dedication encompass additional Our continuous our

valuable selling of In in the we continue of the interim, a diagnosis the aid QuantaFlo and promotion as PAD.

seeking We detection QuantaFlo demonstrated early clinical standard as this care the only to health preventative lower PAD leveraging holds to potential care establish to expenditures. continue further also approach save We not care. believe and diagnosis, of lives benefit of for the our but

We diversifying centers, will our by opportunities adding testing. customer and within care reach that expanding new value-based within will continue markets base benefit PAD our providers growing medical from additional

now over turn to call I the our will to financial Renae discuss highlights.

Renae Cormier

recently and and you, holdings S-X. second then our more our Thank bitcoin speak I'll about results Jen. quarter filed financial cover

Following we our permits, will that been questions via as have submitted and answer remarks time e-mail.

XX% Total down second million, which compared revenues about were $XX.X quarter the of QX in XXXX. to was XXXX

For respectively. affiliates, could our and a HX. including XX% the XXXX the of quarter weighted we remainder their in XX% largest heavily follow with second related HX revenues, comprised of theme quarterly XXXX, X In that XX%, saw XXXX, versus we anticipate similar more of our revenues customers,

were expenses million, year. $X.X cost prior of Operating to million in decrease compared from $X.X $X.X which was year-over-year. XXXX, million revenue, QX includes the of Income in operations a XX%

million the net bitcoin are expense value of of we For $X.X negative fair and focused our was treasury we to bitcoin in the continue as of holdings the control Other million. implement our change remainder on year, included $X.X tight strategy. expenses

for which crypto FASB from income net requires value elected reporting by new recognized fair measured for each ASU be standard have accounting of and XXXX-XX early to value is and period. to We for changes assets gains disclosure be in bitcoin issued at ASU the with the fair losses XXXX-XX, adopt to in the assets.

impact into our introduce this income, will intend While which cash from flow to operations, not purchases. we bitcoin in it additional may volatility invest net our reported

ended million compared fully fully net income Net QX to share basic of share nil per diluted was in per share $X income share $X $X.X or $X.XX or basic and $X.XX and per XXXX, diluted per quarter quarter first the In the had of million. second a strong nearly million we of equivalents. cash with of XXXX generation cash in $XX.X $X We and XXXX. of quarter cash

Cash, have $XX cash and price As and of was acquired bitcoin at equivalents of we restricted purchase June cash fees $X.X XX, million, XXXX, August X, an at aggregate of expenses. XXX XXXX, inclusive million.

we registration once intend primarily favorable use including bitcoin. not market acquisition the ATM declared effective S-X XX S-X is purposes, common to July statement In the prospectus which with assets, we and the stock. to in and use effective. offering, may, general registration issuance of a and issue statement debt filed with covering value Outside we on securities, from July we common on SEC. total a proceeds a liquid time is our of for million of offer, same including yet warrant to acquire conditions our When early sell stock are up $XXX XX, generation, cash filed at-the-market under utilize amendments capital shelf Form sale of the the the corporate the June, and will At working to when to ATM intend or effective, operating by filed time, more needs, bitcoin. XXXX, offering $XX million we time, The

our begin concludes That We'll remarks. prepared now Q&A. our

Renae Cormier

do the embark a prepared a decide have questions bitcoin lot release, received to remarks address in of did these We And for of your great I and you on first strategy? other on How than we ahead that already. the plan purchasing do the cryptocurrency you We of will bitcoin? address few here Eric. question not did

Eric Semler

been generation minimal way, a with we've cash capital needs. deploy high sense Board this that cash successful bitcoin $XX operating as for and looking to to million. shareholder ways investment. a balance cash And Thanks, of We've senior accumulated and value, our leadership buying the And technology Renae. we maximize had an made as our nearly large decided company medical along have

tens influenced finite believe unique value and supply, seen decentralized increasing billions with acceptance, them the banks, was investment into fiat in as its of investments from assets. and its endowments, decision and MicroStrategy's differentiated money no its Our we've We assets ultimate of funds, by purchase And bitcoin we dollars discounted ownership inflows ETFs have structure versus by growing institutional the and to the success attributes, plans bitcoin. cryptocurrency other gold, its cryptocurrency that global than including of bitcoin's of advisers. from bitcoin also other pension

Renae Cormier

take And do what Eric. expect trends the the our for remainder of question. next business? in underlying the can I driving the What's you year? Thanks,

care continued QuantaFlo care the space, testing demand for software experiencing also related of still and remains outside We're the clinics customers value managed important. are obtaining we providers product. testing are new seeing and to So really including as clinical value-based our licenses

be year our So expenses focus will and to to the maximize operating the income. tightly for rest of control

outside additional into So intend our bitcoin capital adequate we remainder grow generation deploy and ensuring do purchases. to operating cash to of business, our run of operating working the

around next the we have S-X. that So question here is

we And what the to in instruments are capital use? where So S-X do process? you intend

with We did on shelf June X initially SEC. the registration our file

disclosures allow warrant. becomes responded this million us questions new securities, stock primarily and our regarding up And common and with in comments it strategy after amended to another X. S-X our debt -- once will to SEC their effective, S-X we're questions So issue to our the The July receiving on July replied We $XXX in bitcoin filed amended regarding reviewing We same. bitcoin on XX. and further an did file strategy. around questions

it So our and we're that comments has on S-X effective. the to further S-X waiting confirm no SEC for the declare

$XX plan effective, the to have assuming, corporate use market our bitcoin. for of are offering equity, we conditions plan general favorable. proceeds the purposes, do including course, once more buying We ATM to So ATM issue to million

position have So that company, do financing, and seeking are in strong arsenal we generation, given we bitcoin believe our solid do to operating an additional over we cash do to that we build time. a and we're are

for we looks one do time it like So question. more have

related reaction is to and you talk again. you Eric, your strategy your Can for this to about bitcoin So strategy? one long-term initial

Eric Semler

of bitcoin conviction Sure. a as a public it. of of We We're hold we among that the and our bitcoin store establishment and a will traction gain overwhelming as institutional strong number for institutional and believe as intend bitcoin adoption value of bitcoin for long companies demand bitcoin leading in the treasury term. continued Great small investment, drive strongly And to compelling question. primary given reserve. adoption

community, candidates, that and panel for outpouring we our we were bitcoin I amazed U.S. received at treasury the a by presidential and And embraced in on recently There by Nashville. attended been at X thrilled. truly the was several reserve senators Bitcoin conference Scientific has are support strategy. I the attendees spoke including conference, XXXX congressmen. at and XX,XXX Semler the

Renae Cormier

you, Thank for Eric, thank and questions. your everyone, you,

participation As treasury of ongoing our this We to call, conference for software licensing wanted we today's and for our up a continued strategy. wrap you appreciate business bitcoin your we in medical your emphasize ongoing execution Operator? and discussion, support. thank commitment

Operator

now The attending today's concluded. conference for Thank presentation. has you

You may now disconnect.

Semler Scientific (SMLR) 5 Aug 242024 Q2 Earnings call transcript