Semler Scientific reports bitcoin holdings and ATM offering progress

SANTA CLARA, Calif. - Semler Scientific, Inc. (NASDAQ: SMLR), a medical technology services company with impressive gross profit margins of 91.55% and a market capitalization of $330.5 million, has disclosed recent activities in its bitcoin investment and at-the-market (ATM) equity offerings. According to InvestingPro analysis, the company currently appears fairly valued based on its Fair Value assessment, with 12 additional exclusive insights available to subscribers. The company acquired 111 bitcoins between February 14, 2025, and April 24, 2025, at an average price of $90,124 each, totaling $10.0 million. This purchase was funded by proceeds from its ATM offering and existing cash reserves. The company’s strong liquidity position is evident in its healthy current ratio of 3.59, with liquid assets well exceeding short-term obligations. As of April 24, Semler’s bitcoin portfolio includes 3,303 units, valued at $309.1 million based on Coinbase exchange prices.

In equity offering developments, Semler’s initial ATM sales agreement with Cantor Fitzgerald & Co. allowed for the sale of up to $150.0 million in common stock. Under this agreement, Semler sold approximately 2.4 million shares, resulting in net proceeds of about $126.0 million. This agreement ceased with the effectiveness of a new registration statement on April 22, 2025.

The company initiated a fresh ATM offering on April 15, 2025, by entering into a sales agreement with various financial firms, including Barclays Capital Inc. and Cantor Fitzgerald & Co. The new arrangement enables Semler to sell up to $500.0 million of its common stock over time. Since the agreement’s activation, 57,100 shares have been sold, generating approximately $2.0 million in net proceeds.

Semler uses a key performance indicator (KPI), BTC Yield, to evaluate its bitcoin strategy’s effectiveness. This KPI, which stood at 23.5% year-to-date through April 24, 2025, measures the performance of the company’s strategy in acquiring bitcoin in a way that is considered accretive to shareholders. The KPI is calculated based on the ratio of bitcoin holdings to assumed diluted shares outstanding, which includes common stock and potential shares from convertible notes and stock options.

The company emphasizes that BTC Yield should not be seen as a traditional financial measure of return on investment or income generation but as a supplementary metric for assessing the use of equity capital in relation to its bitcoin holdings. With a P/E ratio of 7.58 and annual revenue of $56.29 million, investors seeking deeper insights can access comprehensive analysis through InvestingPro’s detailed research reports, which provide expert analysis on over 1,400 US stocks. Investors are advised to consult Semler’s SEC filings for a comprehensive understanding of the company’s financial position, as the KPI is only an additional tool and not a substitute for full financial statements.

This update is based on a press release statement from Semler Scientific, Inc.

In other recent news, Semler Scientific reported a preliminary operational loss for the first quarter ending March 31, 2025, with anticipated revenues between $8.8 million and $8.9 million. The company expects an operational loss ranging from $1.3 million to $1.5 million, influenced by non-cash stock compensation and legal fees related to a civil investigative demand from the U.S. Department of Justice. Additionally, Semler Scientific disclosed an unrealized loss of approximately $41.8 million due to a decline in the value of its Bitcoin holdings. The company has agreed in principle to a $29.75 million settlement with the DOJ, though this agreement is not yet final. In the previous quarter, Semler Scientific exceeded earnings expectations with an EPS of $3.41 against a forecast of $0.26, and revenues of $12.4 million. The firm has also entered a Master Loan Agreement with Coinbase Credit Inc. to use its Bitcoin as collateral for potential borrowing. Despite these financial challenges, Semler Scientific remains focused on its strategic initiatives, including its Bitcoin treasury strategy and cardiovascular product offerings.

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