Exhibit 99.1
Semler Scientific Reports Third Quarter and Year-to-Date 2023 Financial Results
2023 Q3 highlights:
●Revenue of $16.3 million, an increase of 16% compared to the corresponding period of 2022
●Net income of $5.5 million, an increase of 50% compared to the corresponding period of 2022
●Quarter-ending cash, cash equivalents and short-term investments of $56.0 million
Santa Clara, CA – November 9, 2023 – Semler Scientific, Inc. (Nasdaq: SMLR), a company that develops, manufactures and markets innovative medical products and services that assist in evaluating and treating chronic diseases, today reported financial results for the three and nine months ended September 30, 2023.
“We are pleased to report consistent growth in year-over-year quarterly revenue and pre-tax net income, predominately from sales of QuantaFlo® for peripheral arterial disease testing,” said Doug Murphy-Chutorian, MD, chief executive officer of Semler Scientific. “We are encouraged by our results year-to-date and remained focused on expanding our business in support of the diagnosis of heart dysfunction.”
FINANCIAL RESULTS
For the quarter ended September 30, 2023, compared to the corresponding period of 2022, Semler Scientific reported:
| ● | Revenue of $16.3 million, an increase of $2.3 million, or 16%, compared to $14.0 million. |
| o | Fixed fee software license revenues of $9.5 million, an increase of $0.9 million, or 11%, compared to $8.6 million. |
| o | Variable fee software license revenues of $6.3 million, an increase of $1.4 million, or 28%, compared to $4.9 million. |
| o | Sales of other products of $0.5 million, same as the prior year period. |
| ● | Cost of revenues of $1.1 million, same as the prior year period. As a percentage of revenues, cost of revenues decreased to 7%, compared to 8% in the prior year period. |
| ● | Total operating expenses of $10.0 million, which includes cost of revenues, an increase of $0.4 million, or 5%, compared to $9.6 million. As a percentage of revenues, operating expenses decreased to 61% compared to 68%. |
| ● | Pre-tax net income of $7.0 million, an increase of $2.4 million, or 52%, compared to $4.6 million. |
| ● | Income tax expense of $1.5 million, or an effective tax rate of 21%, compared to $0.9 million, or an effective tax rate of 20%. |
| ● | Net income of $5.5 million, or $0.82 per basic share and $0.71 per diluted share, an increase of $1.8 million, or 50%, compared to $3.7 million, or $0.55 per basic share and $0.46 per diluted share. |
Semler Scientific’s three largest customers (including their affiliates) comprised 36%, 28% and 11% of third quarter revenues in 2023.
For the nine months ended September 30, 2023, compared to the corresponding period of 2022, Semler Scientific reported: