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Semler Scientific (SMLR) investor relations material

Semler Scientific Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Adopted Bitcoin as primary treasury reserve asset, holding 5,048 Bitcoins valued at $575.8M as of September 30, 2025, with a strategy to further increase holdings.

  • Healthcare business, centered on QuantaFlo, faced significant revenue declines due to CMS reimbursement changes and DOJ settlement, with two major customers ceasing use of the device.

  • Entered into a merger agreement with Strive, Inc.; if completed, stockholders will receive Strive shares in exchange for each share held.

  • Settled DOJ investigation for $29.8M related to alleged False Claims Act violations, funded in part by a $20M loan collateralized by Bitcoin.

Financial highlights

  • Q3 2025 revenues were $7.5M, down 45% year-over-year; net income was $16.9M, up from $5.6M in Q3 2024, driven by Bitcoin fair value gains.

  • Nine months ended September 30, 2025: revenues $24.5M (down 44% year-over-year), net income $19.1M (up from $11.7M), with $70.4M increase in Bitcoin fair value.

  • Operating expenses for the nine months rose to $63.1M (up 138%), including the DOJ settlement.

  • Cash, cash equivalents, and restricted cash totaled $10.3M at quarter-end; working capital was $26.3M.

Outlook and guidance

  • Anticipates Q4 2025 revenues to be at least 60% lower than Q3 due to customer attrition and ongoing reimbursement headwinds.

  • Expects further revenue declines as additional customers may cease using QuantaFlo; plans to align expenses with lower revenue base.

  • Intends to continue expanding Bitcoin holdings and pursue new healthcare products through CardioVanta.

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Frequently asked questions

Semler Scientific Inc is a medical technology company that develops and markets products and services for evaluating cardiovascular and chronic diseases. The company’s primary product is a non-invasive test used by healthcare providers to detect peripheral arterial disease. It also provides software and diagnostic tools for risk assessment. Semler Scientific Inc is headquartered in Santa Clara, California, and its shares are listed on the NASDAQ.

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