$SMLR
Semler Scientific, Inc.

2020 Q4 Form 10-K Financial Statement

#000110465921033887 Filed on March 09, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 2019 Q4
Revenue $12.07M $38.60M $9.151M
YoY Change 31.93% 17.81% 53.41%
Cost Of Revenue $986.0K $3.356M $906.0K
YoY Change 8.83% -8.33% 28.69%
Gross Profit $11.09M $35.25M $8.245M
YoY Change 34.47% 21.1% 56.72%
Gross Profit Margin 91.83% 91.31% 90.1%
Selling, General & Admin $4.431M $16.35M $4.495M
YoY Change -1.42% 2.69% 41.8%
% of Gross Profit 39.97% 46.38% 54.52%
Research & Development $660.0K $2.938M $702.0K
YoY Change -5.98% 18.52% 9.35%
% of Gross Profit 5.95% 8.34% 8.51%
Depreciation & Amortization $164.0K $138.0K $162.0K
YoY Change 1.23% -7.38% 21.8%
% of Gross Profit 1.48% 0.39% 1.96%
Operating Expenses $5.092M $16.35M $5.197M
YoY Change -2.02% 2.69% 36.33%
Operating Profit $5.995M $15.96M $3.048M
YoY Change 96.69% 49.06% 110.35%
Interest Expense $14.00K $19.00K $2.000K
YoY Change 600.0% 850.0% -105.71%
% of Operating Profit 0.23% 0.12% 0.07%
Other Income/Expense, Net $442.0K $525.0K -$6.000K
YoY Change -7466.67% -7600.0%
Pretax Income $6.451M $16.49M $3.044M
YoY Change 111.93% 54.06% 115.28%
Income Tax $1.058M $2.479M $211.0K
% Of Pretax Income 16.4% 15.04% 6.93%
Net Earnings $5.393M $14.01M $2.833M
YoY Change 90.36% -7.14% 104.11%
Net Earnings / Revenue 44.67% 36.28% 30.96%
Basic Earnings Per Share $2.13
Diluted Earnings Per Share $663.7K $1.74 $365.4K
COMMON SHARES
Basic Shares Outstanding 6.658M 6.584M
Diluted Shares Outstanding 8.067M

Balance Sheet

Concept 2020 Q4 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.08M $22.08M $7.741M
YoY Change 185.22% 185.22% 135.72%
Cash & Equivalents $22.08M $7.741M
Short-Term Investments
Other Short-Term Assets $1.376M $1.376M $216.0K
YoY Change 537.04% 537.04% 41.18%
Inventory $340.0K $340.0K
Prepaid Expenses $828.0K
Receivables $2.808M $2.808M $3.486M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $26.60M $26.60M $11.44M
YoY Change 132.48% 132.48% 83.44%
LONG-TERM ASSETS
Property, Plant & Equipment $261.0K $2.202M $249.0K
YoY Change 4.82% -5.41% -83.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.051M $3.051M
YoY Change
Other Assets $418.0K $2.783M $15.00K
YoY Change 2686.67% -38.37% 0.0%
Total Long-Term Assets $8.036M $8.036M $6.844M
YoY Change 17.42% 17.42% 362.12%
TOTAL ASSETS
Total Short-Term Assets $26.60M $26.60M $11.44M
Total Long-Term Assets $8.036M $8.036M $6.844M
Total Assets $34.64M $34.64M $18.29M
YoY Change 89.42% 89.42% 136.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $677.0K $677.0K $338.0K
YoY Change 100.3% 100.3% 20.71%
Accrued Expenses $2.798M $2.873M $3.914M
YoY Change -28.51% -26.6% 39.94%
Deferred Revenue $963.0K $955.0K
YoY Change 0.84%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.514M $4.514M $5.207M
YoY Change -13.31% -13.31% 48.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $332.0K $332.0K $7.000K
YoY Change 4642.86% 4642.86% -36.36%
Total Long-Term Liabilities $332.0K $332.0K $7.000K
YoY Change 4642.86% 4642.86% -36.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.514M $4.514M $5.207M
Total Long-Term Liabilities $332.0K $332.0K $7.000K
Total Liabilities $4.846M $4.846M $5.214M
YoY Change -7.06% -7.06% 48.0%
SHAREHOLDERS EQUITY
Retained Earnings $7.673M -$6.334M
YoY Change -221.14%
Common Stock $7.000K $7.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $25.00K $25.00K
Shareholders Equity $29.79M $29.79M $13.07M
YoY Change
Total Liabilities & Shareholders Equity $34.64M $34.64M $18.29M
YoY Change 89.42% 89.42% 136.91%

Cashflow Statement

Concept 2020 Q4 2020 2019 Q4
OPERATING ACTIVITIES
Net Income $5.393M $14.01M $2.833M
YoY Change 90.36% -7.14% 104.11%
Depreciation, Depletion And Amortization $164.0K $138.0K $162.0K
YoY Change 1.23% -7.38% 21.8%
Cash From Operating Activities $5.514M $15.11M $3.635M
YoY Change 51.69% 18.75% 77.58%
INVESTING ACTIVITIES
Capital Expenditures -$436.0K $149.0K -$490.0K
YoY Change -11.02% -14.37% 24.37%
Acquisitions
YoY Change
Other Investing Activities $152.0K -$248.0K $0.00
YoY Change
Cash From Investing Activities -$284.0K -$1.006M -$490.0K
YoY Change -42.04% -40.75% 24.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.00K 230.0K -3.946M
YoY Change -101.42% -103.5% 170.83%
NET CHANGE
Cash From Operating Activities 5.514M 15.11M 3.635M
Cash From Investing Activities -284.0K -1.006M -490.0K
Cash From Financing Activities 56.00K 230.0K -3.946M
Net Change In Cash 5.286M 14.34M -801.0K
YoY Change -759.93% 221.7% -506.6%
FREE CASH FLOW
Cash From Operating Activities $5.514M $15.11M $3.635M
Capital Expenditures -$436.0K $149.0K -$490.0K
Free Cash Flow $5.950M $14.97M $4.125M
YoY Change 44.24% 19.21% 68.99%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.    The Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;white-space:pre-wrap;">Semler Scientific, Inc. (the “Company”) was incorporated in the State of Oregon on August 9, 2007, established C-corporation status in 2012, and reincorporated as a Delaware corporation during 2013. The Company provides technology solutions to improve the clinical effectiveness and efficiency of healthcare providers. In 2011, the Company began commercializing its first patented and U.S. Food and Drug Administration (“FDA”) cleared product, which measured arterial blood flow in the extremities to aid in the diagnosis of peripheral arterial disease (“PAD”). In March 2015, the Company received FDA 510(k) clearance for the next generation version of its product, QuantaFlo</span><sup style="font-size:5.62pt;line-height:100%;top:0pt;vertical-align:top;">®</sup><span style="font-size:10pt;white-space:pre-wrap;">, which the Company commercially launched in August 2015. The Company has one operating segment and generates revenues domestically primarily through direct licensing to direct customers. The Company is based in Santa Clara, California.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">On January 30, 2020, the World Health Organization (“WHO”) declared the recent novel coronavirus (COVID-19) outbreak a global health emergency, which prompted national, state and local governments to begin putting actions in place to slow the spread of COVID-19. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic. The outbreak of COVID-19 resulted in travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders and extended shutdown of certain businesses around the world. While restrictions began to ease in the second quarter and activities began to resume, recent outbreaks could lead to restrictions being reimplemented. In the first half of 2020, the Company’s revenues, primarily from variable-fee licenses, were negatively impacted by the COVID-19 pandemic. However, in the third and fourth quarters of 2020, the Company’s revenues, primarily from variable-fee licenses, rebounded to and even exceeded pre-COVID-19 levels. The extent and duration of the pandemic is unknown, and the future effects on the Company’s business are uncertain and difficult to predict. The Company is continuing to monitor the events and circumstances surrounding the COVID-19 pandemic, which may require adjustments to the Company’s estimates and assumptions in the future.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses, and related disclosures during the reporting period. Significant items subject to such estimates include revenue recognition, allowance for doubtful accounts, valuation of equipment on lease, deferred tax asset valuation allowance, stock-based compensation and valuation of warrants. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates.</p>
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6440724
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15084000
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.34
CY2020 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
70281
CY2020 smlr Amount Of Dilutive Securities Common Stock Warrants
AmountOfDilutiveSecuritiesCommonStockWarrants
0
CY2020 smlr Adjustments Related To Common Stock Warrants Earnings Per Share
AdjustmentsRelatedToCommonStockWarrantsEarningsPerShare
0
CY2019 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
69068
CY2019 smlr Amount Of Dilutive Securities Common Stock Warrants
AmountOfDilutiveSecuritiesCommonStockWarrants
0
CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1411839
CY2020 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0
CY2020 smlr Adjustments Related To Common Stock Options Earnings Per Share
AdjustmentsRelatedToCommonStockOptionsEarningsPerShare
0
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1520117
CY2019 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8066561
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
14007000
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.74
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8029909
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15084000
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.88

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