Semler Scientific, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Record Quarter: Semler reported its best quarter in company history in terms of revenue and pretax income.
  • Revenue: $10.7 million, up 68% compared to Q2 2020 ($6.37 million) and up 21% compared to Q3 2019 ($8.9 million).
  • Pretax Net Income: $5.6 million, a 465% increase over Q2 2020 ($1.0 million) and an 80% increase over Q3 2019 ($3.1 million).
  • Net Income: $4.9 million, up 353% from Q2 2020 ($1.08 million). Compared to Q3 2019’s $7.8 million, it decreased 37%, but when excluding a one-time $4.7 million tax benefit from 2019, net income increased 57% from $3.1 million.
  • EPS: $0.74 basic and $0.61 diluted, versus $0.48 basic and $0.38 diluted in Q3 2019 (adjusted for tax benefit).
  • Cash Position: Ended Q3 with $16.8 million in cash, up from $8.5 million YoY and up $13.1 million QoQ.
  • Operating Expenses: $5.2 million, down 11% YoY, including lower vendor fees and consultant spending.
  • Gross Margin: Improved with cost of revenue at just 8% of revenue.

Revenue Breakdown (Q3 vs Q2 2020)

  • Fixed Fee Software Licenses: $6.3M, up 6% ($353K).
  • Variable Fee Software Licenses (HRA): $4.09M, up 1,310% ($3.8M).

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Operator: Good afternoon, and welcome to the Semler Scientific Third Quarter 2020 Financial Results Call. [Operator Instructions] Please note that 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 of similar meanings. 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 opinions only as of the date of this presentation, and it undertakes no obligation to revise or publicly release the results 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 and these forward-looking statements. Now I would like to introduce Doug Murphy-Chutorian of Semler Scientific. Douglas Murphy-Chutorian: Good afternoon, everybody, and thank you for joining the Semler Scientific Third Quarter and Year-to-Date 2020 Financial Results Call. I'd like to introduce Dennis Rosenberg,

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