$SMLR
Semler Scientific, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155485922000028 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $13.80M $14.05M
YoY Change 19.52% 0.4%
Cost Of Revenue $1.182M $1.138M
YoY Change -45.4% -17.66%
Gross Profit $12.61M $12.91M
YoY Change 34.51% 2.38%
Gross Profit Margin 91.43% 91.9%
Selling, General & Admin $7.631M $7.198M
YoY Change 16.27% 13.89%
% of Gross Profit 60.5% 55.76%
Research & Development $1.365M $1.244M
YoY Change 23.64% 20.08%
% of Gross Profit 10.82% 9.64%
Depreciation & Amortization $127.0K $153.0K
YoY Change -19.62% 212.24%
% of Gross Profit 1.01% 1.19%
Operating Expenses $8.996M $7.198M
YoY Change 17.33% 13.89%
Operating Profit $3.617M $4.467M
YoY Change 111.52% -14.96%
Interest Expense $343.0K $137.0K
YoY Change 17050.0% 4466.67%
% of Operating Profit 9.48% 3.07%
Other Income/Expense, Net -$3.000K $134.0K
YoY Change -50.0% 3250.0%
Pretax Income $3.957M $4.601M
YoY Change 131.95% -12.48%
Income Tax $741.0K $926.0K
% Of Pretax Income 18.73% 20.13%
Net Earnings $3.216M $3.675M
YoY Change 113.4% -11.45%
Net Earnings / Revenue 23.31% 26.16%
Basic Earnings Per Share $0.55
Diluted Earnings Per Share $0.41 $0.46
COMMON SHARES
Basic Shares Outstanding 6.840M 6.800M
Diluted Shares Outstanding 7.940M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.09M $45.54M
YoY Change 15.44% 26.74%
Cash & Equivalents $23.01M $45.54M
Short-Term Investments $20.07M
Other Short-Term Assets $1.468M $1.960M
YoY Change -63.7% -55.51%
Inventory $469.0K $511.0K
Prepaid Expenses
Receivables $3.884M $3.673M
Other Receivables $0.00 $0.00
Total Short-Term Assets $48.91M $51.68M
YoY Change 7.41% 12.12%
LONG-TERM ASSETS
Property, Plant & Equipment $3.378M $2.621M
YoY Change 65.83% 579.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.500M $2.000M
YoY Change 569.91% 143.61%
Other Assets $2.842M $2.267M
YoY Change 756.02% 542.21%
Total Long-Term Assets $13.79M $9.239M
YoY Change 168.4% 89.4%
TOTAL ASSETS
Total Short-Term Assets $48.91M $51.68M
Total Long-Term Assets $13.79M $9.239M
Total Assets $62.69M $60.92M
YoY Change 23.72% 19.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $835.0K $483.0K
YoY Change 88.49% 20.45%
Accrued Expenses $4.748M $6.653M
YoY Change 38.18% 25.43%
Deferred Revenue $1.160M $1.158M
YoY Change 25.95% 27.39%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.857M $8.385M
YoY Change 40.51% 25.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $160.0K $182.0K
YoY Change -34.69% -31.58%
Total Long-Term Liabilities $160.0K $182.0K
YoY Change -34.69% -31.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.857M $8.385M
Total Long-Term Liabilities $160.0K $182.0K
Total Liabilities $7.017M $8.567M
YoY Change 36.92% 23.11%
SHAREHOLDERS EQUITY
Retained Earnings $39.22M $36.00M
YoY Change 57.54% 53.94%
Common Stock $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.68M $52.35M
YoY Change
Total Liabilities & Shareholders Equity $62.69M $60.92M
YoY Change 23.72% 19.51%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $3.216M $3.675M
YoY Change 113.4% -11.45%
Depreciation, Depletion And Amortization $127.0K $153.0K
YoY Change -19.62% 212.24%
Cash From Operating Activities $1.710M $8.021M
YoY Change 3.2% 5.03%
INVESTING ACTIVITIES
Capital Expenditures $811.0K -$491.0K
YoY Change -463.68% 116.3%
Acquisitions
YoY Change
Other Investing Activities -$23.50M $0.00
YoY Change
Cash From Investing Activities -$24.31M -$491.0K
YoY Change 10800.0% 116.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.00K -2.025M
YoY Change -282.93% -22600.0%
NET CHANGE
Cash From Operating Activities 1.710M 8.021M
Cash From Investing Activities -24.31M -491.0K
Cash From Financing Activities 75.00K -2.025M
Net Change In Cash -22.52M 5.505M
YoY Change -1716.8% -25.8%
FREE CASH FLOW
Cash From Operating Activities $1.710M $8.021M
Capital Expenditures $811.0K -$491.0K
Free Cash Flow $899.0K $8.512M
YoY Change -52.18% 8.24%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">1.           Basis of Presentation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Semler Scientific, Inc., a Delaware corporation (“Semler” or “the Company”), prepared the unaudited interim financial statements included in this report in accordance with United States generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 4, 2022 (the “Annual Report”). In the opinion of management, these financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;"> COVID-19</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In 2021, variable fee license revenues (fee-per-test), which grew strongly in the first half of 2021, decreased subsequently in the second half of 2021. The Company believes this new pattern in the home-testing market is due to a change in the behavior of insurance plans when ordering QuantaFlo testing from its health risk assessment customers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The extent and duration of the pandemic is still unknown due to new variants spreading, and the future effects of the new variants 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">As the Company looks forward into the remaining three months of 2022 and first half of 2023, there is continued uncertainty as recent outbreaks of new variants have occurred and vaccination rates lag in certain jurisdictions. New, additional or different restrictions could be imposed, which could impact the usage of its product by its customers, or further impact the timing of demand for its products. Other customers who have fixed-fee licenses could decide to cancel their licenses if they are not able to use the Company’s device as frequently as they had anticipated in light of such restrictions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Recently Issued Accounting Pronouncements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Accounting Pronouncements Recently Adopted</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:6pt 0pt 10pt 0pt;">In May 2021, the financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-04, <i style="font-style:italic;">Earnings Per Share (Topic 260), Debt</i>—<i style="font-style:italic;">Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options</i>. This update provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. This update is effective for the Company’s fiscal years beginning after December 15, 2021. The Company adopted this ASU prospectively effective January 1, 2022 and determined that the adoption of this new accounting standard did not have a material impact on its financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="background:#ffffff;">In July 2021, the FASB issued ASU No. 2021-05, </span><i style="font-style:italic;">Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments</i><i style="font-style:italic;background:#ffffff;">. </i><span style="background:#ffffff;">This update addresses stakeholders’ concerns by amending the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: i) </span>The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3, ii) the lessor would have otherwise recognized a day-one loss. This update is effective for the Company’s <span style="background:#ffffff;">fiscal years beginning after </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="background:#ffffff;">December 15, 2021. </span>The Company adopted this ASU prospectively to the leases that commence or modified on or after January 1, 2022 and determined that the adoption of this new accounting standard did not have a material impact on its financial statements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:6pt 0pt 0pt 0pt;">In November 2021, the FASB issued ASU No. 2021-10<i style="font-style:italic;">, </i><i style="font-style:italic;background:#ffffff;">Government Assistance (Topic 832): Disclosures by Business Entities</i><span style="background:#ffffff;"> </span><i style="font-style:italic;background:#ffffff;">about Government Assistance</i><span style="background:#ffffff;">. This ASU increases the transparency of government assistance to include the disclosure of (1) the types of assistance, (2) an entity's accounting for the assistance, and (3) the effect of the assistance on an entity's financial statements.</span> <span style="background:#ffffff;">The guidance in ASU 2021-10 is effective for financial statements of all entities, including private companies, for annual periods beginning after December 15, 2021, with early application permitted.</span> <span style="background:#ffffff;">Entities are required to provide the new disclosures prospectively for all transactions with a government entity that are accounted for under either a grant or a contribution accounting model and are reflected in the financial statements at the date of initially applying the new amendments, and to new transactions entered into after that date. </span>The Company adopted ASU No. 2021-10 prospectively to the government assistance received after January 1, 2022 and determined that the adoption of this new accounting standard did not have a material impact on its financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:6pt 0pt 0pt 0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Accounting Pronouncements Not Yet Adopted</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">In June 2016, the FASB issued ASU No. 2016-13, <i style="font-style:italic;">Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments </i>(“Topic 326”)<i style="font-style:italic;">.</i> This ASU requires timelier recording of credit losses on loans and other financial instruments held. Instead of reserves based on a current probability analysis, Topic 326 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. All organizations will now use forward-looking information to better inform their credit loss estimates. Topic 326 requires enhanced disclosures regarding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide information about the amounts recorded in the financial statements. In addition, Topic 326 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In April 2019, the FASB issued ASU No. 2019-04, <i style="font-style:italic;">Codification Improvements to Topic 326 Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825,</i> <i style="font-style:italic;">Financial Instruments</i>, to introduce amendments which will affect the recognition and measurement of financial instruments, including derivatives and hedging. In May 2019, the FASB issued ASU No. 2019-05, <i style="font-style:italic;">Financial Instruments – Credit Losses (Topic 326); </i>Targeted Transition Relief. The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20 with an option to irrevocably elect the fair value option in Subtopic 825-10, applied on an instrument-by-instrument basis for eligible instruments upon adoption of Topic 326. This standard and related amendments are effective for the Company’s fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt the new standard in the first quarter of fiscal year 2023. While the Company is evaluating the effect of adopting this new accounting guidance its <span style="background:#ffffff;">effect will largely depend on the composition and credit quality of the Company's portfolio of financial assets and the economic conditions at the time of adoption.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">In March 2020, FASB issued ASU No. 2020-03, <i style="font-style:italic;">Codification Improvements to Financial Instruments</i>. This ASU improves and clarifies various financial instruments topics, including the current expected credit losses standard issued in 2016 (ASU No. 2016-13). The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates. The issues 1-5 are conforming amendments, which are effective upon issuance of this final update. The Company determined that issues 1-5 have no impact on its financials. The amendments related to issue 6 and 7 effect ASU No. 2016-13, <i style="font-style:italic;">Financial instruments – credit losses (Topic 326): measurement of credit losses on financial statements</i>. Effective dates of issue 6 and 7 are the same as the effective date of ASU No. 2016-13. The Company will adopt the new standard in the first quarter of fiscal year 2023. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company's financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:6pt 0pt 0pt 0pt;">In October 2021, the FASB issued ASU No.2021-08, <i style="font-style:italic;">Business Combinations (Topic 805):</i> A<i style="font-style:italic;background:#ffffff;">ccounting for Contract Assets and Contract Liabilities from Contracts with Customers</i>. <span style="background:#ffffff;">This ASU improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="background:#ffffff;">contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer</span>. For public business entities, this guidance will be effective for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. For all other entities, this guidance is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years. This ASU should be applied prospectively to all business combinations in the year of adoption. The Company will adopt the new standard in the first quarter of fiscal year 2023. The Company does not expect the adoption of this standard will have a material impact on its financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:6pt 0pt 0pt 0pt;">In March 2022, the FASB issued ASU No.2022-02, <i style="font-style:italic;">Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, </i>which<i style="font-style:italic;"> </i>eliminates the troubled debt restructuring accounting model in Accounting Standards Codification (“ASC”) 310-40 for creditors that have adopted the guidance on measurement of credit losses in ASU 2016-13. Additionally, the ASU requires the public business entities to disclose current period gross writeoffs by year of origination for financing receivables and net investments in leases as part of their vintage disclosures under ASC 326. For entities that have adopted the amendments in ASU 2026-13, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments in ASU 2016-13, the effective dates are the same as effective dates in ASU 2016-13. The Company will adopt this ASU along with ASU 2016-13 in the first quarter of 2023. The Company does not expect the adoption of this standard will have a material impact on its financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:6pt 0pt 0pt 0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">​</span></p>
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