Semler Scientific, Inc. Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Quarter: Q2 2023 marked Semler Scientific’s highest quarterly revenue and pre-tax net income in company history.
  • Revenue:
    • Total revenue was $18.6 million — up 25% year-over-year from $14.9 million in Q2 2022.
    • Fixed fee revenue increased 13% YoY to $9.6 million.
    • Variable fee revenue grew 39% YoY to $8.4 million, driven by home risk assessment customers using QuantaFlo for PAD.
    • Equipment and other revenue rose 128% YoY to $0.6 million, indicating strength in the per-test market.
  • Customer Concentration: The company's two largest customers accounted for 37% and 34% of total quarterly revenue.
  • Expenses:
    • Total operating expenses were $11.4 million, up 18% YoY but decreased to 61% of revenue, compared to 65% in Q2 2022.
  • Profitability:
    • Pre-tax net income was $7.7 million — up 48% YoY from $5.2 million.
    • Net income was $5.9 million, or $0.88 per basic share and $0.75 per diluted share — a 44% YoY increase.
  • Financial Position: Cash, cash equivalents, and short-term investments totaled $51.8 million as of June 30, 2023.

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Operator: Good afternoon, and welcome to the Semler Scientific 2023 Second 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 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 marketing of additional products as well as expected savings from the strategic corporate streamlining. 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, CEO of Semler Scientific. Please go ahead. Douglas

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