Semler Scientific Inc (SMLR) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Semler Scientific first-quarter 2025 financial results conference call. (Operator Instructions) After today's prepared remarks as time permits, management will take questions submitted prior to this call via e-mail. Please note this event is being recorded.

下午好，歡迎參加 Semler Scientific 2025 年第一季財務業績電話會議。（操作員指示）在今天的準備好的發言之後，如果時間允許，管理層將透過電子郵件回答本次通話之前提交的問題。請注意，此事件正在被記錄。

Before we begin, Semler Scientific needs to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.

在我們開始之前，Semler Scientific 需要提醒您，本次電話會議中發表的某些評論可能構成前瞻性陳述，並且是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款的含義發表的。

These include, express or imply statements regarding the expectations for our bitcoin treasury strategy, plans to acquire additional bitcoin, opportunity to upsize and the price of bitcoin, expansion on the health care business and the development and marketing of additional products, including receipt and timing of an additional 510(k) clearance for QuantaFlo and for our proposed settlement with the US Department of Justice.

這些包括對我們的比特幣財務策略的預期、收購更多比特幣的計劃、擴大規模的機會和比特幣的價格、醫療保健業務的擴張以及其他產品的開發和營銷的明示或暗示的陳述，包括對 QuantaFlo 的額外 510(k) 許可的接收和時間安排以及我們與美國司法部提出的和解方案。

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and our SEC filings. The forward-looking statements made today are as of the date of this call, and the company does not undertake any obligation to update the forward-looking statements.

此類前瞻性陳述受已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。這些風險和不確定性在新聞稿和我們提交給美國證券交易委員會的文件中都有描述。今天所做的前瞻性陳述截至本次電話會議之日有效，本公司不承擔更新前瞻性陳述的任何義務。

If you do not have a copy of today's release, you may obtain one by visiting the Investor Relations page of the website, semlerscientific.com.

如果您沒有今天的新聞稿，您可以造訪網站 semlerscientific.com 的投資者關係頁面取得。

I would now like to introduce Dr. Douglas Murphy-Chutorian, CEO of Semler Scientific.

現在我想介紹 Semler Scientific 執行長 Douglas Murphy-Chutorian 博士。

Good afternoon, everyone. Thank you for joining us on our first quarter 2025 results call. We believe our healthcare business is well positioned this year as we pursue new revenue opportunities in the cardiovascular space with our existing large enterprise customer base. While we pursue new revenue opportunities, we will manage the healthcare business to generate cash, which we plan to primarily use for additional bitcoin purchases.

大家下午好。感謝您參加我們的 2025 年第一季業績電話會議。我們相信，今年我們的醫療保健業務將處於有利地位，因為我們將利用現有的龐大企業客戶群在心血管領域尋求新的收入機會。在我們尋求新的收入機會的同時，我們將管理醫療保健業務以產生現金，我們計劃主要用於購買額外的比特幣。

Now, I will hand the call over to Eric Semler, who will provide you with an update on our treasury strategy. Eric?

現在，我將電話交給 Eric Semler，他將向您介紹我們的財務策略的最新情況。艾瑞克？

Thanks, Doug, and thank you to all our stakeholders for listening in today and for your support of our company.

謝謝，道格，也感謝我們所有利害關係人今天的聆聽以及對我們公司的支持。

We were thrilled to participate in MicroStrategy's Bitcoin for Corporations Conference last week in Orlando, where we had a chance to meet many of our passionate stockholders and fellow bitcoiners in person. A special thank you to Michael Saylor, Phong Le, and the MicroStrategy organization for all their wonderful support and for hosting such a fantastic, well-attended event. The corporate bitcoin treasury movement is gaining powerful momentum and scale.

我們很高興參加上週在奧蘭多舉行的 MicroStrategy 企業比特幣會議，在那裡我們有機會親自會見許多熱情的股東和比特幣愛好者。特別感謝 Michael Saylor、Phong Le 和 MicroStrategy 組織提供的所有出色支援以及舉辦如此精彩、參與人數眾多的活動。企業比特幣財務運動正在獲得強大的動力和規模。

We are a bitcoin-first company. Nearly one year ago, we became the second US public company to adopt the bitcoin standard. Since then, we have intelligently and accretively acquired 3,808 bitcoins that are now worth almost $400 million, which we believe makes us the fourth largest bitcoin treasury company in the US and the ninth largest corporate holder of bitcoin in the US.

我們是一家以比特幣為先的公司。大約一年前，我們成為第二家採用比特幣標準的美國上市公司。自那時起，我們明智且持續地收購了 3,808 個比特幣，現在價值近 4 億美元，我們相信這使我們成為美國第四大比特幣財務公司和美國第九大比特幣企業持有者。

So far in 2025, we acquired 1,510 bitcoins and had a BTC yield of 22.2%. This resulted in BTC gain of 510 Bitcoins and BTC dollar gain of $52 million. Since the quarter, that we adopted bitcoin as our primary treasury reserve asset on May 28, 2024, we have achieved 152.8% positive bitcoin yield. This has resulted in a BTC gain of 1,447 bitcoins and a BTC dollar gain of $139 million.

截至 2025 年，我們已獲得 1,510 個比特幣，BTC 收益率為 22.2%。這導致 BTC 收益為 510 個比特幣，BTC 美元收益為 5,200 萬美元。自 2024 年 5 月 28 日我們採用比特幣作為主要國庫儲備資產的季度以來，我們已實現 152.8% 的比特幣正收益率。這導致 BTC 收益為 1,447 個比特幣，BTC 美元收益為 1.39 億美元。

Over that same period, our stock has appreciated 64% in less than 12 months versus only 9% for the S&P 500. We were able to generate these strong returns despite headwinds in our healthcare business. We have ambitious goals for growing our bitcoin arsenal in 2025, and we have tremendous firepower backed by a new $500 million ATM program that became effective on April 22.

在同一時期，我們的股票在不到 12 個月的時間內上漲了 64%，而標普 500 指數僅上漲了 9%。儘管我們的醫療保健業務面臨阻力，我們仍然能夠獲得強勁的回報。我們制定了雄心勃勃的目標，在 2025 年擴大我們的比特幣庫，並且我們擁有強大的火力，這得益於 4 月 22 日生效的 5 億美元新 ATM 計劃。

During the first quarter of 2025, we completed a $100 million convertible note financing round, using most of the net proceeds to buy bitcoin. As a result, we believe we now have the highest leverage ratio among publicly traded bitcoin treasury companies, positioning us for outsized upside should bitcoin prices rise. Semler Scientific is a pioneer in developing and marketing -- sorry, we believe this is a defining moment for bitcoin.

2025 年第一季度，我們完成了一輪 1 億美元的可轉換票據融資，大部分淨收益用於購買比特幣。因此，我們相信，我們現在擁有公開交易的比特幣財務公司中最高的槓桿率，如果比特幣價格上漲，我們將獲得巨大的上漲空間。Semler Scientific 是開發和行銷領域的先驅——抱歉，我們相信這是比特幣的決定性時刻。

It cannot be tariffed. It doesn't issue earnings or guidance. It doesn't have counterparty risk, and it continues to trade at a huge discount to gold. Most importantly, statements by the current administration suggest that bitcoin may soon be considered for strategic reserve purchases by the US government. Our corporate strategy is underpinned by three core principles: our bitcoin treasury strategy is our highest priority, our health care business must generate cash and complement our bitcoin treasury strategy, and we must intelligently and exponentially increase our bitcoin holdings and hold them.

它不能被徵收關稅。它不發布收益或指引。它沒有交易對手風險，而且其交易價格仍然遠低於黃金。最重要的是，現任政府的聲明表明，比特幣可能很快就會被美國政府考慮作為戰略儲備購買。我們的公司策略以三個核心原則為基礎：我們的比特幣財務策略是我們的最高優先事項，我們的醫療保健業務必須產生現金並補充我們的比特幣財務策略，我們必須以智慧和指數方式增加我們的比特幣持有量並持有它們。

We look forward to continuing to get out on the road to tell our story. We will be participating at the BTC conference in Las Vegas at the end of this month and at BTC Prague in June. We hope to have the chance to meet many of you at these events.

我們期待繼續上路講述我們的故事。我們將參加本月底在拉斯維加斯舉行的 BTC 會議以及 6 月在布拉格舉行的 BTC 會議。我們希望有機會在這些活動中見到你們。

Now I'm pleased to introduce our COO, Jen Oliva Herrington, to go over our healthcare business.

現在我很高興介紹我們的營運長 Jen Oliva Herrington 來介紹我們的醫療保健業務。

Thank you, Eric. While our health care business has seen the impact from payment changes made by CMS for our customers that became effective last year, we believe our business is in a good place to capitalize on current initiatives to drive future growth.

謝謝你，埃里克。雖然我們的醫療保健業務已經受到了 CMS 去年對客戶實施的付款變更的影響，但我們相信我們的業務處於良好狀態，可以利用當前的舉措來推動未來的成長。

We are starting to see green shoots in areas we have targeted for future growth, including diversifying our customer base and introducing additional FDA-cleared products and other services in the cardiovascular space to our strong and well-established customer base. Additionally, as we continue to innovate, we are pursuing a new 510(k) clearance for a product extension to aid in the diagnosis of heart failure with hopes of obtaining this clearance sometime in 2025.

我們開始在未來成長的目標領域看到復甦的跡象，包括實現客戶群多元化，並向我們強大且穩定的客戶群推出心血管領域更多經 FDA 批准的產品和其他服務。此外，隨著我們不斷創新，我們正在尋求新的 510(k) 許可，以擴展產品以幫助診斷心臟衰竭，希望在 2025 年的某個時候獲得此許可。

Semler is a pioneer in developing and marketing technology products and services to healthcare providers to combat chronic diseases. Our unwavering focus on our core medical products and services business, alongside our bitcoin treasury strategy, ensures that we maintain our position at the forefront of medical and financial freedom.

Semler 是開發和向醫療保健提供者推銷用於對抗慢性疾病的技術產品和服務的先驅。我們堅定不移地專注於核心醫療產品和服務業務，加上我們的比特幣財務策略，確保我們保持在醫療和金融自由領域的領先地位。

Now I'm pleased to introduce our CFO, Renae Cormier, to go over our financial results.

現在我很高興介紹我們的財務長 Renae Cormier 來介紹我們的財務表現。

Thank you, Jen. I'll cover our first quarter financial results and then speak more about our bitcoin holdings. Following our remarks, and as time permits, we'll answer questions that have been submitted via e-mail.

謝謝你，Jen。我將介紹我們的第一季財務業績，然後詳細介紹我們的比特幣持有。在我們發言之後，如果時間允許，我們將回答透過電子郵件提交的問題。

Total revenues in Q1 2025 were $8.8 million, which was down about 44% compared to the first quarter of 2024. We saw further pressure on revenues following the additional phase-in of the 2024 CMS rate announcement.

2025 年第一季總營收為 880 萬美元，與 2024 年第一季相比下降約 44%。隨著 2024 年 CMS 費率公告的進一步實施，我們看到收入面臨進一步的壓力。

Operating expenses in Q1 2025, which includes the cost of revenues were $39.9 million versus $8.9 million in Q1 2024. I wanted to highlight a few unusual items that were included in operating expenses in Q1 2025, including a $29.8 million contingency reserve related to our agreement in principle to settle the DOJ CID. It also includes $1.5 million in noncash stock compensation, $400,000 in state and sales use tax accruals and another $400,000 in legal fees related to the DOJ CID. Further details are laid out in our press release.

2025 年第一季的營運費用（包括收入成本）為 3,990 萬美元，而 2024 年第一季為 890 萬美元。我想強調一下 2025 年第一季營運費用中包含的一些不尋常的項目，其中包括與我們原則上同意解決 DOJ CID 相關的 2980 萬美元應急儲備金。它還包括 150 萬美元的非現金股票補償、40 萬美元的州和銷售使用稅應計費用以及 40 萬美元與司法部刑事偵查局相關的法律費用。更多詳細資訊請參閱我們的新聞稿。

The loss from operations was $31.1 million given these items, a decrease compared to income from operations of $7 million in the prior year.

考慮到這些項目，營業虧損為 3,110 萬美元，與前一年 700 萬美元的營業收入相比有所減少。

Other expenses net were $43.8 million and included a net unrealized loss of $41.8 million from the change in fair value of our bitcoin holdings. Accounting standards require bitcoin assets to be measured at fair value with gains and losses from changes in the fair value to be recognized in net income in each reporting period. While this may introduce volatility into our reported net income, it does not impact our cash flow from operations.

其他費用淨額為 4,380 萬美元，其中包括因我們持有的比特幣公允價值變動而產生的 4,180 萬美元淨未實現損失。會計準則要求比特幣資產以公允價值計量，公允價值變動所產生的收益或損失應計入每個報告期間的淨收入。雖然這可能會為我們報告的淨收入帶來波動，但不會影響我們的營運現金流。

For some perspective on how dramatic the change in fair value measurements can be, as of March 31, 2025, the net unrealized loss on our bitcoin holdings was $17 million. As a reference, had bitcoin been priced around its current level of $104,000 per bitcoin, we would have had a net unrealized gain of over $51 million. That's a large swing in just over a month.

從公允價值計量變化有多大的角度來看，截至 2025 年 3 月 31 日，我們持有的比特幣的淨未實現損失為 1,700 萬美元。作為參考，如果比特幣的價格在目前每比特幣 104,000 美元左右，我們將獲得超過 5,100 萬美元的淨未實現收益。短短一個多月內，變化就這麼大。

For the first quarter of 2025, our net loss was $64.7 million, or $6.74 per basic and fully diluted share compared to net income of $6.1 million, or $0.88 per basic share and $0.78 per fully diluted share in Q1 2024. Cash, cash equivalents and restricted cash at March 31, 2025, was $9.9 million.

2025 年第一季度，我們的淨虧損為 6,470 萬美元，即每股基本虧損和每股完全稀釋虧損均為 6.74 美元，而 2024 年第一季的淨收入為 610 萬美元，即每股基本虧損 0.88 美元，每股完全稀釋虧損 0.78 美元。截至 2025 年 3 月 31 日的現金、現金等價物及受限現金為 990 萬美元。

As we discussed in our last earnings call, and as Eric mentioned, in late January, we completed a convertible senior notes offering with $100 million aggregate principal amount of 5.5 year 4.25% notes due in August 2030. Together with capped call transactions, the conversion premium is 75%, leading to an initial effective conversion price of Semler stock of approximately $170 per share, which significantly reduces potential conversion dilution. We used net proceeds to purchase additional bitcoins.

正如我們在上次收益電話會議上所討論的，以及 Eric 所提到的，在 1 月底，我們完成了可轉換優先票據的發行，本金總額為 1 億美元，期限為 5.5 年，票面利率為 4.25%，到期日為 2030 年 8 月。加上封頂看漲期權交易，轉換溢價為 75%，導致 Semler 股票的初始有效轉換價格約為每股 170 美元，這大大降低了潛在的轉換稀釋。我們利用淨收益購買了額外的比特幣。

Last year, we had filed for $150 million ATM. We had utilized that ATM until our new ATM of $500 million became effective, and that was on April 22, 2025. For our initial ATM, we sold approximately 2.4 million shares for net proceeds of approximately $126 million. In our new program, our $500 million shelf, we have issued through May 12, approximately 1.8 million shares for net proceeds of approximately $61 million. We used net proceeds from the ATM issuance for general corporate purposes, including the purchase of additional bitcoin.

去年，我們申請了 1.5 億美元的 ATM。我們一直在使用那台 ATM，直到我們的 5 億美元新 ATM 開始生效，也就是 2025 年 4 月 22 日。對於我們最初的 ATM，我們出售了約 240 萬股，淨收益約為 1.26 億美元。在我們的新計劃中，即價值 5 億美元的儲備計劃，截至 5 月 12 日，我們已經發行了約 180 萬股股票，淨收益約為 6,100 萬美元。我們將 ATM 發行的淨收益用於一般公司用途，包括購買額外的比特幣。

Since March 31, 2025, we purchased 616 bitcoins for an aggregate cost of $59.6 million. We now hold a total of 3,808 bitcoins valued at approximately $400 million, representing an unrealized fair value gain of $59 million.

自 2025 年 3 月 31 日以來，我們購買了 616 個比特幣，總成本為 5,960 萬美元。我們現在總共持有 3,808 個比特幣，價值約 4 億美元，未實現公允價值收益為 5,900 萬美元。

We also launched a bitcoin dashboard today at ir.semlerscientific.com, where investors will be able to find our bitcoin-related statistics in one location. We encourage investors to check back often as it will track additional bitcoin purchases as we announce them and provide a real-time snapshot of our market and bitcoin metrics.

我們今天也在 ir.semlerscientific.com 上推出了比特幣儀表板，投資者可以在一個地方找到與比特幣相關的統計數據。我們鼓勵投資者經常回來查看，因為它會在我們宣布額外的比特幣購買時進行跟踪，並提供我們的市場和比特幣指標的即時快照。

Now we'll begin our Q&A.

現在我們開始問答環節。

We have received some questions ahead of the release that we tried to address in the prepared remarks, and we just have some additional questions. So the first one is, what are your plans this year for accumulating more bitcoin? Eric, I'll let you take that one.

我們在發布之前收到了一些問題，我們試圖在準備好的發言中回答這些問題，但我們還有一些其他問題。那麼第一個問題是，今年您有什麼計劃來累積更多比特幣？艾瑞克，我讓你拿走這個。

Thanks, Renae. We have extremely ambitious plans to accretively acquire more bitcoin. We want to aggressively increase our $388 million or close to $400 million now bitcoin stockpile and are well on our way with our recently authorized $500 million ATM. We are confident that we can use our $500 million ATM this year and access additional sources of financing to buy more bitcoin.

謝謝，雷娜。我們有非常雄心勃勃的計劃來增值獲得更多的比特幣。我們希望積極增加我們目前 3.88 億美元或接近 4 億美元的比特幣儲備，並且我們最近授權的 5 億美元 ATM 機也正在順利推進。我們有信心今年可以使用價值 5 億美元的 ATM 機，並獲得額外的融資來源來購買更多比特幣。

We believe that Michael Saylor and MicroStrategy's success tapping into the preferred markets with Strike and Strife creates a playbook for yet another great opportunity for us down the road.

我們相信，Michael Saylor 和 MicroStrategy 憑藉 Strike 和 Strife 成功打入優先市場，為我們未來的另一個絕佳機會創造了條件。

Great. Jen can take our next question. So what's driving the underlying trends in the business? And what do you expect for 2025?

偉大的。Jen 可以回答我們的下一個問題。那麼，推動該行業潛在趨勢的因素是什麼？您對 2025 年有何期望？

Thanks, Renae. Despite the government decision about payment for risk adjustment for PAD, we continue to see ongoing testing and additions to our customer base, albeit at decreased volumes for PAD. Our priority for 2025 is to minimize declines to QuantaFlo revenue while maintaining sufficient infrastructure to support, innovate and grow our operations related to other cardiovascular disease states.

謝謝，雷娜。儘管政府決定為 PAD 支付風險調整費用，但我們仍然看到持續的測試和客戶群的增加，儘管 PAD 的數量有所減少。我們 2025 年的首要任務是盡量減少 QuantaFlo 收入的下降，同時保持足夠的基礎設施來支持、創新和發展與其他心血管疾病相關的業務。

This includes the marketing of other FDA-cleared products that we are licensing to our valuable customer base. We seek to diversify and expand our customers and target new markets that will benefit from using these potentially life-saving products. We will be managing the health care business to generate cash, which we plan to use for general corporate purposes, including buying more bitcoin.

這包括我們授權給我們寶貴的客戶群的其他 FDA 批准產品的營銷。我們尋求多樣化和擴大我們的客戶群，並瞄準那些將從使用這些可能挽救生命的產品中受益的新市場。我們將管理醫療保健業務以產生現金，我們計劃將這些現金用於一般公司用途，包括購買更多比特幣。

Thanks, Jen, and thank you, everyone, for your questions. As we wrap up this conference call, we want to emphasize our ongoing commitment to continued execution of our bitcoin treasury strategy and our health care business.

謝謝，Jen，也謝謝大家的提問。在結束本次電話會議時，我們想強調我們將繼續致力於執行我們的比特幣財務策略和醫療保健業務。

We appreciate your participation in today's discussion, and thank you for your ongoing support. Operator?

感謝您參與今天的討論，並感謝您一直以來的支持。操作員？

Thank you, everyone, for joining. This now concludes the conference call.

謝謝大家的參與。電話會議到此結束。