Semler Scientific, Inc. Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $6.4 million for Q2 2020, down 20% from $8.0 million in Q2 2019, primarily due to COVID-19 related disruptions and lower test volumes associated with variable fee licensing.
  • Pretax Net Income: $1.0 million, a 63% decrease from $2.7 million in Q2 2019.
  • Net Income: $1.1 million, a 59% decrease from $2.6 million in Q2 2019.
  • Earnings Per Share: $0.16 per basic share and $0.13 per diluted share, compared to $0.41 and $0.32, respectively, in Q2 2019.
  • Operating Expense: $5.4 million, up 3% compared to Q2 2019. Operating expenses represented 85% of quarterly revenue.
  • Cash Position: $13.6 million as of June 30, 2020, an increase from $4.2 million in Q2 2019, and up $2.4 million from Q1 2020.
  • Customer Concentration: The largest customer accounted for 62% of revenue in Q2 2020, due to reduced volumes from other customers on fee-per-test contracts.
  • Revenue Breakdown:
    • Fixed fee license: $5.954 million (down 8%).
    • Variable fee license: $290,000, showing strong recovery with a sequential increase from $19,000 (May) to $249,000 (June), and preliminary July revenue exceeding $750,000.
    • Equipment and other sales: $129,000.

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Operator: Good day, and welcome to the Semler Scientific Second Quarter 2020 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 would like to remind you that this conference call may contain forward-looking statements. Such statements can be identified by words such as may, will, expect, anticipate, intend, estimate or words with similar meaning, and such statements involve a number of risks and uncertainties that could cause Semler Scientific's actual results to differ materially from those discussed here. These risks include uncertainty due to the evolving COVID-19 pandemic, along with other risks associated with Semler Scientific's business. Please note that these forward-looking statements reflect Semler Scientific's opinion only as of the date of this presentation, and it undertakes no obligation to revise or publicly release the result of any revision to these forward-looking statements in light of new information or future events. Please refer to Semler Scientific's SEC filings for a more detailed description of the risk factors that may affect Semler Scientific's results in these forward-looking statements. Now I'd like to introduce Doug Murphy-Chutorian, CEO of Semler Scientific. Doug Murphy-Chutorian: Good afternoon, everybody, and thank

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