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SANTA CLARA, Calif. - Semler Scientific, Inc. (NASDAQ:SMLR), a company specializing in healthcare technology products with an impressive 88% gross profit margin, has disclosed recent activities surrounding its bitcoin investments and capital market strategies, including its at-the-market (ATM) equity offering program. According to InvestingPro analysis, the company maintains excellent financial health with strong profitability metrics and operates with minimal debt.
From December 16, 2024, to January 10, 2025, Semler Scientific acquired an additional 237 bitcoins at an average price of $98,267 per coin, totaling $23.3 million. These purchases were funded through the company's ATM offering and operating cash flow. As a result, the company's total bitcoin holdings reached 2,321 bitcoins with an aggregate investment of $191.9 million, averaging $82,687 per bitcoin, inclusive of fees and expenses. The company's strong liquidity position, with a current ratio of 3.14, supports these strategic investments while maintaining operational flexibility.
In terms of capital market activities, Semler Scientific, under a Sales Agreement with Cantor Fitzgerald & Co., may periodically sell its common stock through an ATM offering. On December 16, 2024, the company filed a prospectus supplement to increase the total amount offered under the ATM to $150.0 million. As of January 10, 2025, approximately $121.8 million in gross proceeds had been generated from these sales.
Semler Scientific also reported a BTC Yield of 72.6% from October 1, 2024, to January 10, 2025, and a yield of 99.3% from July 1, 2024, to January 10, 2025. BTC Yield, a key performance indicator (KPI), is used by the company to assess the performance of its bitcoin acquisition strategy, which it believes is accretive to stockholders. However, it is important to note that BTC Yield is not a traditional financial measure and does not equate to a return on investment or income generated by the company's operations or bitcoin holdings.
The trading price of Semler Scientific's common stock, currently at $51.36 with a market capitalization of $476 million, may be influenced by factors beyond the company's bitcoin holdings and share count. InvestingPro analysis indicates the stock is trading above its Fair Value, with an EV/EBITDA multiple of 22.8x. Moreover, the company has not historically paid dividends on its common stock, and the BTC Yield KPI does not imply any future intention to do so. Investors seeking deeper insights can access comprehensive valuation metrics and 14 additional ProTips through InvestingPro's detailed research reports, available for over 1,400 US stocks.
This information is based on a press release statement from Semler Scientific, Inc. Investors are advised to consult financial statements and other disclosures in the company's SEC filings for a comprehensive understanding of the company's activities and financial health.
In other recent news, Semler Scientific has made notable strides in expanding its Bitcoin holdings and capital market activities. The company recently acquired an additional 211 bitcoins, bringing its total investment to 2,084 bitcoins, purchased with an aggregate of $168.6 million. This acquisition was funded through its at-the-market (ATM) offering and operating cash flow. In addition, Semler Scientific has filed a second prospectus supplement to raise an additional $50 million through its ATM offering, in partnership with Cantor Fitzgerald & Co, increasing the total amount offered to $150 million.
Semler Scientific reported a BTC Yield of 67.0% from October 1 to December 15, indicating the performance of its Bitcoin acquisition strategy. However, the company acknowledges that this KPI is not a measure of operational performance or liquidity.
Turning to earnings, Semler Scientific reported a decrease in revenues by 17% year-over-year to $13.5 million in the third quarter of 2024, while its income from operations remained robust at $5.1 million. Despite the decline in revenues, the company saw a gain from the change in fair value of its Bitcoin holdings.
These recent developments underscore Semler Scientific's dual focus on its core medical technology business and its assertive Bitcoin investment strategy. As the company navigates this balance, stakeholders will observe how these dual priorities progress in the upcoming quarters.
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