Semler Scientific, Inc. Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Semler Scientific Q1 2023 Earnings Summary

  • Quarter Performance: Semler Scientific reported record revenue and pre-tax net income in Q1 2023 — the highest in the company’s history.
  • Revenue: $18.2 million, up 30% from Q1 2022 ($14 million).
  • Revenue Composition:
    • Fixed Fee Revenue: $9.3 million, up 18% YoY.
    • Variable Fee Revenue: $8.6 million, up 46% YoY.
    • Equipment & Other Revenue: $340,000, up 19% YoY.
  • Top Customers:
    • Customer 1: 40.9% of Q1 2023 revenue (up from 31.7% in Q1 2022)
    • Customer 2: 33.5% of Q1 2023 revenue (down from 39.2% in Q1 2022)
  • Operating Expenses: $12 million, up 18% YoY — due to increased headcount, wage inflation, and higher professional fees.
  • Pre-Tax Net Income: $6.6 million, up 68% YoY (Q1 2022: $3.9 million).
  • Net Income: $5 million or $0.74/basic share and $0.63/diluted share — up 48% YoY.
  • Outstanding Shares: 6.7 million basic and 7.9 million diluted.
  • Cash & Investments: $43 million, including $37.7 million in short-term U.S. treasury bills.

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Operator: Good afternoon, and welcome to the Semler Scientific 2023 First Quarter Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [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 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 marketing of additional products as well as the effects of the CMS rate announcement. 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. Those risks and uncertainties are described in the press release and our SEC filings. The forward-looking statements made today are as of the date of this call, and the company does not undertake any obligation to update the forward-looking statements. If you do not have a copy of today’s release, you may obtain one by visiting the Investor Relations page of the website, semlerscientific.com. Now, I would like to introduce, Doug Murphy-Chutorian, Interim CEO of Semler Scientific. Douglas Murphy-Chutorian: Good afternoon,

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