$SMLR
Semler Scientific, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155485923000036 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $18.61M $18.21M
YoY Change 25.47% 29.89%
Cost Of Revenue $1.219M $1.269M
YoY Change 26.58% 30.82%
Gross Profit $17.39M $16.94M
YoY Change 25.39% 29.83%
Gross Profit Margin 93.45% 93.03%
Selling, General & Admin $8.444M $9.051M
YoY Change 10.92% 13.45%
% of Gross Profit 48.57% 53.44%
Research & Development $1.762M $1.630M
YoY Change 64.06% 44.76%
% of Gross Profit 10.13% 9.62%
Depreciation & Amortization $150.0K $129.0K
YoY Change -2.6% 180.43%
% of Gross Profit 0.86% 0.76%
Operating Expenses $8.444M $9.051M
YoY Change 10.92% 13.45%
Operating Profit $7.180M $6.256M
YoY Change 38.66% 58.7%
Interest Expense $486.0K $377.0K
YoY Change 3638.46% 37600.0%
% of Operating Profit 6.77% 6.03%
Other Income/Expense, Net $486.0K $377.0K
YoY Change 3638.46% 37600.0%
Pretax Income $7.666M $6.633M
YoY Change 47.68% 68.22%
Income Tax $1.787M $1.664M
% Of Pretax Income 23.31% 25.09%
Net Earnings $5.879M $4.969M
YoY Change 44.31% 47.89%
Net Earnings / Revenue 31.6% 27.29%
Basic Earnings Per Share $0.88 $0.74
Diluted Earnings Per Share $0.75 $0.63
COMMON SHARES
Basic Shares Outstanding 6.851M 6.845M
Diluted Shares Outstanding 7.867M 7.896M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.83M $42.97M
YoY Change 29.46% 11.82%
Cash & Equivalents $39.50M $5.305M
Short-Term Investments $12.33M $37.66M
Other Short-Term Assets $2.418M $2.769M
YoY Change -12.64% -54.1%
Inventory $476.0K $512.0K
Prepaid Expenses
Receivables $6.032M $9.343M
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.75M $55.59M
YoY Change 24.32% 10.15%
LONG-TERM ASSETS
Property, Plant & Equipment $3.687M $3.788M
YoY Change 39.45% 60.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.783M $5.893M
YoY Change 189.15% 617.78%
Other Assets $2.736M $2.818M
YoY Change 19.37% 800.32%
Total Long-Term Assets $14.71M $14.67M
YoY Change 67.76% 195.37%
TOTAL ASSETS
Total Short-Term Assets $60.75M $55.59M
Total Long-Term Assets $14.71M $14.67M
Total Assets $75.46M $70.26M
YoY Change 30.93% 26.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $509.0K $298.0K
YoY Change 9.94% -20.53%
Accrued Expenses $8.243M $7.206M
YoY Change 57.4% 64.41%
Deferred Revenue $1.188M $1.286M
YoY Change 21.1% 31.22%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.08M $8.918M
YoY Change 49.09% 53.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $116.0K $138.0K
YoY Change -42.86% -38.39%
Total Long-Term Liabilities $116.0K $138.0K
YoY Change -42.86% -38.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.08M $8.918M
Total Long-Term Liabilities $116.0K $138.0K
Total Liabilities $10.20M $9.056M
YoY Change 46.41% 49.86%
SHAREHOLDERS EQUITY
Retained Earnings $50.07M $44.19M
YoY Change 54.87% 56.39%
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 $65.26M $61.20M
YoY Change
Total Liabilities & Shareholders Equity $75.46M $70.26M
YoY Change 30.93% 26.74%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $5.879M $4.969M
YoY Change 44.31% 47.89%
Depreciation, Depletion And Amortization $150.0K $129.0K
YoY Change -2.6% 180.43%
Cash From Operating Activities $11.20M $861.0K
YoY Change 79.71% -42.68%
INVESTING ACTIVITIES
Capital Expenditures $295.0K $95.00K
YoY Change -149.0% -22.13%
Acquisitions
YoY Change
Other Investing Activities $25.26M -$17.79M
YoY Change -2242.83%
Cash From Investing Activities $24.97M -$18.42M
YoY Change -1501.97% 7096.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.975M -146.0K
YoY Change -30.56% 2.1%
NET CHANGE
Cash From Operating Activities 11.20M 861.0K
Cash From Investing Activities 24.97M -18.42M
Cash From Financing Activities -1.975M -146.0K
Net Change In Cash 34.19M -17.71M
YoY Change 2030.22% -1705.53%
FREE CASH FLOW
Cash From Operating Activities $11.20M $861.0K
Capital Expenditures $295.0K $95.00K
Free Cash Flow $10.90M $766.0K
YoY Change 59.56% -44.49%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><span style="display:inline-block;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1</b><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">.</b></span><b style="font-weight:bold;">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, 2022 filed with the SEC on March 23, 2023 (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;">Credit Losses on Financial Instruments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:24.75pt;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:11.25pt;"/>In accordance with Accounting Standards Update (“ASU”) No. 2016-13<i style="font-style:italic;">, Financial Instruments-Credit Losses (Topic 326):</i> <i style="font-style:italic;">Measurement of Credit Losses on Financial Instruments (“</i>Toic 326”), the Company periodically reviews the financial assets for credit losses. <span style="background:#ffffff;">Financial instruments include cash, cash equivalents, marketable and non-marketable securities, and accounts receivable.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.75pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.75pt;background:#ffffff;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:11.25pt;"/>In determing the amount of the allowance for credit losses, the Company considers historical collectability based on past due status and make judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Any credit loss is recorded as a charge to other income, net, not to exceed the amount of the unrealized loss. Unrealized losses other than the credit loss are recognized in accumulated other comprehensive income (“AOCI”). If the Company has an intent to sell, or if it is more likely than not that the Company will be required to sell a debt security in an unrealized loss position before recovery of its amortized cost basis, the Company will write down the security to its fair value and record the corresponding charge as a component of other income, net. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:22.5pt;background:#ffffff;margin:0pt;"><span style="font-size:13.5pt;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;padding-bottom:10pt;text-indent:0pt;margin: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;padding-bottom:10pt;text-indent:18pt;background:#ffffff;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"/>In June 2016, the Financial Accounting Standards Board (“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 adopted this ASU prospectively effective January 1, 2023 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;padding-bottom:10pt;text-indent:18pt;background:#ffffff;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"/>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 adopted this ASU prospectively effective January 1, 2023 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:18pt;background:#ffffff;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"/>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;">ccounting for Contract Assets and Contract Liabilities from Contracts with Customers</i>. 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 contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. 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. This ASU should be applied prospectively to all business combinations in the year of adoption. The Company adopted this ASU prospectively effective January 1, 2023 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:18pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;background:#ffffff;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:18pt;"/>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 write-offs 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 adopted this ASU prospectively effective January 1, 2023 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:18pt;background:#ffffff;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;"><span style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">​</span></p>
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IncomeTaxExpenseBenefit
583000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2468
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1479
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
447000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
401000
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
42000
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
30000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6701199
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4969000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6777950
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3360000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
64825
CY2023Q1 smlr Amount Of Dilutive Securities Common Stock Warrants
AmountOfDilutiveSecuritiesCommonStockWarrants
0
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
71839
CY2022Q1 smlr Amount Of Dilutive Securities Common Stock Warrants
AmountOfDilutiveSecuritiesCommonStockWarrants
0
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1130019
CY2023Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1266667
CY2022Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7896043
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4969000

Files In Submission

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0001554859-23-000036-index.html Edgar Link pending
0001554859-23-000036.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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smlr-20230331.xsd Edgar Link pending
smlr-20230331x10q.htm Edgar Link pending
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smlr-20230331_def.xml Edgar Link unprocessable
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smlr-20230331x10q_htm.xml Edgar Link completed