Semler Scientific, Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Revenue: $15.1 million, up 9% year-over-year (YoY) compared to Q4 2022.
  • Revenue Breakdown:
    • Fixed Fee Revenue: $8.8 million, down 2% YoY due to year-end clean-up of underutilized units by some customers.
    • Variable Fee Revenue: $5.8 million, up 28% YoY driven by strong home risk assessment use of QuantaFlo.
    • Equipment & Other Revenue: $0.5 million, up 71% YoY, indicating future growth in fee-per-test model.
  • Customer Concentration (Q4 2023):
    • Top three customers (including affiliates) accounted for 37%, 32%, and 11% of revenue respectively.
  • Operating Expenses: $12.5 million, up 23% YoY, inflated by a $2.5 million write-off in Insulin Insights licenses and $0.6 million impairment in investments.
  • Net Income: $4.2 million or $0.62 basic share / $0.55 diluted share vs. $3.2 million or $0.48 basic / $0.41 diluted in Q4 2022.
  • Pre-Tax Income: $2.8 million, down from $4 million in Q4 2022 due to one-time charges.
  • Cash & Investments: $57.3 million as of December 31, 2023.

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Operator: Good afternoon, and welcome to the Semler Scientific 2023 Fourth 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 of marketing and additional products, including receipt and timing of an additional 510k clearance for QuantaFlo, an investment in emerging growth opportunities. 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. I would now like to turn the conference over to Dou

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