Semler Scientific Inc (SMLR) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Semler Scientific second-quarter 2025 financial results conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Semler Scientific 2025 年第二季財務業績電話會議。（操作員指示）請注意，此事件正在被記錄。

Before we begin, we want 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. These include expressed or implied statements regarding the expectations for our Bitcoin treasury strategy, plans to acquire additional Bitcoin, opportunity for upsize in the price of Bitcoin, expansion of the health care business, and the development and marketing of additional products, including the receipt and timing of an additional 510(k) clearance for heart failure and for our wholly owned subsidiary, CardioVanta, and our proposed settlement with the US Department of Justice.

在我們開始之前，我們想提醒您，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。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、比特幣價格上漲的機會、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，包括對心臟衰竭和我們的全資子公司 CardioVanta 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的擬議和解。

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 of 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. 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.

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我們提交給美國證券交易委員會的新聞稿中有描述。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。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。

Now I would like to introduce Dr. Doug Murphy-Chutorian, CEO of Semler Scientific.

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

Good afternoon, everybody. I want to thank you too for joining the second-conference 2025 results call. I also want to take a moment to pause and pay tribute to our late Co-Founder, Herbert J. Semler, who passed away in July at the age of 96 years.

大家下午好。我也要感謝您參加第二屆會議 2025 年成果電話會議。我還想花一點時間向我們已故的聯合創始人赫伯特·塞姆勒 (Herbert J. Semler) 致敬，他於 7 月去世，享年 96 歲。

Dr. Semler was a pioneering physician, visionary leader, and a creative genius in medical devices. His teaching continues to take shape who we are and what we do. His passion for innovation and commitment to help with patient care laid the foundation for our mission and remains at the heart of what we do today.

塞姆勒博士是一位開創性的醫生、有遠見的領導者和醫療器材領域的創造天才。他的教誨不斷塑造著我們的形象和工作方式。他對創新的熱情以及致力於病人照護的奉獻精神，奠定了我們使命的基礎，並始終是我們今日工作的核心。

Join us in honoring a remarkable life, devoted to improving health and vaccine medicine. His legacy of caring lives on.

與我們一起紀念一位致力於改善健康和疫苗醫學的非凡人生。祂的關懷精神將永垂不朽。

And now I'll hand the call over to Eric Semler, our Executive Chairman. Eric?

現在我將把電話交給我們的執行主席 Eric Semler。艾瑞克？

Thank you, Doug. We are super excited about the excellent progress we are making in our Bitcoin operations and we are confident in the potential of our health care business. We believe that renewed strength in our health care business will generate meaningful cash flow in the coming years, enabling us to acquire Bitcoin in a highly accretive way. This dual-engine strategy differentiates us among Bitcoin treasury companies.

謝謝你，道格。我們對比特幣業務的出色進展感到非常興奮，我們對醫療保健業務的潛力充滿信心。我們相信，我們醫療保健業務的重新強勁將在未來幾年產生可觀的現金流，使我們能夠以高度增值的方式收購比特幣。這種雙引擎策略使我們在比特幣財務公司中脫穎而出。

During the quarter and through July 31, we purchased approximately $195 million of Bitcoin and now hold a total of approximately $586 million. In addition, during the second quarter, we took bold steps to strengthen our Bitcoin team, adding highly acclaimed Bitcoin journalist and educator Natalie Brunell to our Board. Since joining in May, Natalie has made a significant contribution to advancing our Bitcoin mission. We are thrilled to have her insights and support.

截至7月31日，本季我們購買了約1.95億美元的比特幣，目前持有總額約5.86億美元。此外，在第二季度，我們採取了大膽舉措，加強了我們的比特幣團隊，並吸收了備受讚譽的比特幣記者兼教育家娜塔莉·布魯內爾（Natalie Brunell）加入董事會。自5月份加入以來，娜塔莉為推進我們的比特幣使命做出了重大貢獻。我們很高興得到她的見解和支持。

In June, we further strengthened our team by hiring Joe Burnett as Director of Bitcoin Strategy. Joe is a recognized leader in Bitcoin treasury management, and having his expertise in-house is a game changer for us. His full-time focus on building and executing Semler's Bitcoin road map is already making a measurable impact. Later on, Joe will discuss our Bitcoin philosophy and strategy in more detail.

6 月份，我們聘請喬·伯內特 (Joe Burnett) 擔任比特幣策略總監，進一步加強了我們的團隊。Joe 是比特幣資金管理領域公認的領導者，他的專業知識對我們而言意義非凡。他全心投入建構和執行 Semler 的比特幣路線圖，並已取得顯著成效。稍後，Joe 將更詳細地討論我們的比特幣理念和戰略。

In addition, in June, I went from being Chairman of the company to Executive Chairman to deepen my role in operations of the company. We are extremely proud of the progress we are making as a Bitcoin treasury company and thrilled about the opportunities ahead.

此外，今年 6 月，我從公司董事長升任為執行董事長，以深化我在公司營運中的作用。作為一家比特幣財務公司，我們為所取得的進步感到非常自豪，並對未來的機會感到興奮。

Since becoming the second US public company to adopt the Bitcoin standard in May 2024, we have made accretive Bitcoin purchases every quarter. The growth and profitability of our Bitcoin operations as reported today are truly remarkable.

自 2024 年 5 月成為第二家採用比特幣標準的美國上市公司以來，我們每季都會進行增值比特幣購買。正如今天所報導的，我們的比特幣業務的成長和獲利能力確實令人矚目。

For the second quarter of 2025, we reported GAAP net income of $66.9 million or $5.04 per fully diluted share. On an annualized basis, this would imply a price to earnings multiple of only 1.7 times, significantly lower than the S&P 500 average of 25 times forward PE estimates.

2025年第二季度，我們報告的GAAP淨利潤為6690萬美元，即每股完全稀釋後5.04美元。以年化計算，這意味著本益比僅為1.7倍，遠低於標準普爾500指數25倍預期本益比的平均值。

Our Board of Directors, as significant shareholders ourselves, believes the current valuation of Semler Scientific stock is disconnected from the company's underlying performance and its intrinsic value. It is clear to us that our stock is absurdly undervalued. We are committed to unlocking value for all Semler stockholders and are actively exploring accretive opportunities to do so.

作為重要股東，我們董事會認為，Semler Scientific 股票的當前估值與公司的基本績效及其內在價值脫節。我們清楚知道，我們的股票被嚴重低估了。我們致力於為所有 Semler 股東創造價值，並積極探索增值機會。

As I noted earlier, I strongly believe that Semler Scientific offers investors a differentiated business model among Bitcoin treasury companies. Our top priority is to provide stockholders with amplified exposure to Bitcoin using intelligent leverage. With nearly $600 million of Bitcoin holdings and only $100 million of convertible debt that doesn't mature until August of 2030, we believe we have ample room to take on more leverage to amplify stockholder returns, and we are actively exploring a wide range of financing options.

正如我之前提到的，我堅信Semler Scientific能夠為投資者提供在比特幣資金管理公司中獨樹一幟的商業模式。我們的首要任務是利用智慧槓桿，為股東提供更大的比特幣投資曝險。我們持有近 6 億美元的比特幣，且僅有 1 億美元的可轉換債務（到期日為 2030 年 8 月），我們相信我們有足夠的空間來承擔更多槓桿以擴大股東回報，並且我們正在積極探索各種融資選擇。

Not only are we the sixth largest Bitcoin treasury company in the US, but we also operate a health care business with 80-plus employees that has the potential to generate free cash flow that will enable us to purchase Bitcoin in a very accretive way. In 2024, we achieved record cash generation of $24 million in our health care business.

我們不僅是美國第六大比特幣財務公司，而且還經營著一家擁有 80 多名員工的醫療保健業務，該業務有可能產生自由現金流，使我們能夠以非常增值的方式購買比特幣。2024年，我們的醫療保健業務實現了創紀錄的2400萬美元現金創造。

While our business has faced headwinds this year, we believe we are on the cusp of launching several new products in markets that are much larger than our current PAD market. These new businesses will be housed in a subsidiary called CardioVanta. We may seek capital for CardioVanta from outside investors to validate its long-term value and fund its relatively modest capital needs.

雖然我們的業務今年面臨阻力，但我們相信我們即將在比我們目前的 PAD 市場大得多的市場推出幾款新產品。這些新業務將由名為 CardioVanta 的子公司負責管理。我們可能會向外部投資者尋求 CardioVanta 的資金，以驗證其長期價值並滿足其相對適度的資本需求。

We strongly believe that our health care business has substantial optionality and that its outsized potential upside is not reflected in our market valuation. We are extremely pleased with the value we have created by our consistent accretive accumulation of Bitcoin.

我們堅信，我們的醫療保健業務具有很大的選擇性，其巨大的潛在上升空間並未反映在我們的市場估值中。我們對透過持續增值比特幣所創造的價值感到非常高興。

Since adopting the Bitcoin standard just over a year ago, we've strategically and assertively acquired 5,021 Bitcoin now valued at approximately $586 million with a cost basis of $476 million, resulting in an unrealized gain of $110 million. So far in 2025, we have acquired 2,723 Bitcoin and generated a BTC yield of 31%. This resulted in BTC gain of 719 Bitcoin and a BTC dollar gain of $84 million as of July 31. Since adopting the Bitcoin standard in May 2024, we have achieved a 300% positive Bitcoin yield. This has resulted in BTC gain of 1,747 Bitcoin and a BTC dollar gain of $195 million through July 31, 2025.

自一年多前採用比特幣標準以來，我們策略性地、積極地收購了 5,021 比特幣，目前價值約 5.86 億美元，成本基礎為 4.76 億美元，未實現收益為 1.1 億美元。截至2025年，我們已收購2,723個比特幣，並產生了31%的BTC收益率。截至 7 月 31 日，這導致 BTC 收益為 719 個比特幣，BTC 美元收益為 8,400 萬美元。自 2024 年 5 月採用比特幣標準以來，我們已實現 300% 的比特幣正收益率。截至 2025 年 7 月 31 日，這導致 BTC 收益為 1,747 個比特幣，BTC 美元收益為 1.95 億美元。

We remain confident in our long-term goals for accumulating Bitcoin. We are targeting 10,000 Bitcoin by year-end 2025, 42,000 by year-end 2026 and 105,000 by year-end 2027. We are exploring a wide range of options to meet our Bitcoin targets. Historically, to buy Bitcoin, we've used operating cash flow from our health care business, monetized a portion of one of our health care investments, and issued convertible bonds and accretively issued common stock through our ATM offerings.

我們對累積比特幣的長期目標仍然充滿信心。我們的目標是到 2025 年底比特幣數量達到 10,000 個，到 2026 年底達到 42,000 個，到 2027 年底達到 105,000 個。我們正在探索多種方案，以實現我們的比特幣目標。過去，為了購買比特幣，我們曾使用醫療保健業務的營運現金流、將部分醫療保健投資貨幣化，以及發行可轉換債券，並透過ATM發行增發普通股。

In our recent proxy filing, we included two proposals, Proposals Three and Four, on the agenda for our upcoming annual meeting on September 5. These proposals are vital to our strategic direction as they provide the financial flexibility to raise capital efficiently and to pursue our long-term Bitcoin acquisition strategy. This includes enabling access to a broader range of capital instruments such as preferred equity. We strongly encourage stockholders to vote for all proposals outlined in the proxy statement.

在我們最近的代理文件中，我們在即將於 9 月 5 日舉行的年度會議的議程中加入了兩項提案，即提案三和提案四。這些提案對我們的策略方向至關重要，因為它們提供了財務靈活性，可以有效地籌集資金並實施我們的長期比特幣收購策略。這包括允許使用更廣泛的資本工具，例如優先股。我們強烈鼓勵股東投票支持代理聲明中概述的所有提案。

Our Bitcoin strategy has significantly expanded our investor base. We now have more than 32,000 stockholders, up from approximately 11,000 in 2023. We're honored by your support and enjoyed meeting many of you at BTC 2025 in Vegas and BTC Prague in June.

我們的比特幣策略大大擴大了我們的投資者基礎。我們現在擁有超過 32,000 名股東，而 2023 年約為 11,000 名。我們很榮幸得到您的支持，並很高興在 6 月拉斯維加斯的 BTC 2025 和布拉格的 BTC 上與大家見面。

In closing, thank you for joining us today. Your continued support means a great deal for us. Now I'll turn the call over to Joe, our Director of Bitcoin Strategy.

最後，感謝您今天加入我們。您的持續支持對我們意義重大。現在，我將把電話轉給我們的比特幣策略總監喬。

Thank you, Eric. I'm going to discuss Bitcoin, our Bitcoin strategy, and how Semler Scientific is positioned to amplify Bitcoin's future returns. But first, it's important to understand the fundamentals of Bitcoin and why it has historically delivered such a remarkable compound annual growth rate and outperformed traditional asset classes.

謝謝你，埃里克。我將討論比特幣、我們的比特幣策略以及 Semler Scientific 如何定位以擴大比特幣的未來回報。但首先，重要的是要了解比特幣的基本原理，以及為什麼它在歷史上實現瞭如此顯著的複合年增長率並優於傳統資產類別。

Bitcoin is the first form of money with these monetary properties: absolute scarcity, portability, durability, divisibility, and fungibility. In contrast, the US dollar has experienced consistent inflation. Over the past 50 years, the supply of US dollars measured by M2 money supply, has grown at an average annual rate of roughly 8%. My thesis has always been money is being debased. As a result, nearly all smart investors are relentlessly buying a diversified portfolio of financial assets, often regardless of valuation, because they know that holding cash over any meaningful period of time is a losing proposition.

比特幣是第一種具有以下貨幣屬性的貨幣形式：絕對稀缺性、可移植性、持久性、可分割性和可替代性。相較之下，美元則持續通膨，過去50年，以M2貨幣供給量衡量的美元供應量，年平均成長約8%。我的論點一直是貨幣正在貶值。因此，幾乎所有精明的投資者都在堅持不懈地購買多元化的金融資產組合，通常不考慮估值，因為他們知道在任何有意義的時期內持有現金都是一項失敗的提議。

This creates a perpetual bid under asset classes like real estate, stocks, bonds, and gold, not necessarily because they're undervalued, but because people feel uncomfortable holding dollars. In this way, a monetary premium has been embedded into these asset classes. They're bid up beyond what their fundamentals might otherwise justify simply because investors are looking for somewhere to store wealth.

這使得房地產、股票、債券和黃金等資產類別面臨永久的買盤，這不一定是因為它們被低估了，而是因為人們不願意持有美元。這樣，貨幣溢價就被嵌入這些資產類別。它們的股價被抬高到超出了基本面所能承受的範圍，只是因為投資者正在尋找一個地方來儲存財富。

The Bitcoin thesis flips that dynamic. Instead of the US dollar growing at 8% per year, Bitcoin supply is growing at less than 1% annually today. And over time, that number will trend towards zero.

比特幣理論顛覆了這種動態。美元每年的成長率為 8%，而比特幣的供應量目前每年的成長率不到 1%。隨著時間的推移，這個數字將趨向於零。

So to summarize my thesis in five simple points: one, the money is broken; two, people save in real estate stocks and fixed income; three, Bitcoin is good money; four, the monetary premium from other assets is getting siphoned into Bitcoin; and five, we believe there is a possibility that Bitcoin could ultimately become a $300 trillion asset.

因此，我的論點可以概括為五點：第一，貨幣已經崩潰；第二，人們將資金投入房地產、股票和固定收益領域；第三，比特幣是好錢；第四，其他資產的貨幣溢價正在被比特幣吸收；第五，我們相信比特幣最終有可能成為價值 300 兆美元的資產。

Now on top of the bullish case for Bitcoin, here's the key institutional reality. Many institutions can't buy Bitcoin directly. Approximately 97% of institutional capital, a $95 trillion market, is restricted by mandate to owning only equities and credit. In other words, they can't own Bitcoin the commodity or Bitcoin ETFs. They, in essence, are forced to own Bitcoin proxies like Bitcoin treasury stocks should they want exposure to Bitcoin as an asset class.

現在，除了比特幣的看漲理由之外，還有一個關鍵的製度現實。許多機構無法直接購買比特幣。約97%的機構資本（規模高達95兆美元）受到監管限制，只能持有股票和信貸。換句話說，他們不能擁有比特幣商品或比特幣 ETF。從本質上講，如果他們想將比特幣作為一種資產類別，就必須擁有比特幣代理，例如比特幣庫存股。

This represents a huge opportunity for Semler Scientific. Our shares are already owned by several of the most highly regarded institutional investors and funds. In addition, brokerage houses and sell-side research firms are launching coverage of our company. In July, Cantor Fitzgerald, Benchmark Equity Research, and Maxim Group all initiated research on Semler Scientific with buy ratings.

這對 Semler Scientific 來說是一個巨大的機會。我們的股票已被多家最受推崇的機構投資者和基金持有。此外，一些券商和賣方研究公司也正在開始關注我們公司。7 月份，Cantor Fitzgerald、Benchmark Equity Research 和 Maxim Group 都對 Semler Scientific 展開研究並給予買入評級。

Now of course, Bitcoin holders can buy and self-custody Bitcoin themselves. That's a great strategy. Every Bitcoin holder should own some spot Bitcoin directly. But BTC equity, public companies like Semler Scientific, are uncommon. Through our status as a public Bitcoin treasury company, we can amplify Bitcoin exposure through intelligent leverage that public companies can access. Specifically, we can issue low-interest, long-duration debt, like our outstanding convertible note, to acquire additional Bitcoin. And importantly, we're supported by a valuable health care business that has enabled us to allocate operating profits into more Bitcoin.

現在當然，比特幣持有者可以自己購買和保管比特幣。這是一個很棒的策略。每個比特幣持有者都應該直接持有一些現貨比特幣。但像Semler Scientific這樣的上市公司持有BTC股權的情況並不常見。透過我們作為公共比特幣財務公司的地位，我們可以透過上市公司可以使用的智慧槓桿來擴大比特幣的曝光度。具體來說，我們可以發行低利率、長期債務，例如我們未償還的可轉換票據，以獲取更多比特幣。重要的是，我們得到了有價值的醫療保健業務的支持，這使我們能夠將營業利潤分配到更多的比特幣中。

So the logic is straightforward. If you expect Bitcoin to outperform fixed income over the long run, and we do, it's rational to borrow in dollars at low interest and long duration to accumulate more Bitcoin. And the results are already showing up.

所以邏輯很簡單。如果你預期比特幣的長期表現會優於固定收益產品（我們也這麼認為），那麼以低利率和長期借入美元來累積更多比特幣是合理的。且結果已經顯現。

On the Bitcoin treasury's leaderboard, Semler Scientific is currently ranked 15th globally among public companies holding Bitcoin on their balance sheet. But if you narrow the list to only companies truly operating on a Bitcoin standard, that is companies that actively measure progress with the BTC yield KPI, we believe Semler ranks sixth in the US.

在比特幣金庫排行榜上，Semler Scientific 目前在持有比特幣的上市公司中排名全球第 15 位。但如果將名單縮小到真正按照比特幣標準運營的公司，即積極使用 BTC 收益 KPI 衡量進展的公司，我們認為 Semler 在美國排名第六。

In short, we are already one of the largest public Bitcoin treasuries in the world, and we plan to continue climbing. Our long-term target is to reach 105,000 Bitcoin by year-end 2027. Lastly, I'd like to share that we are launching the Semler Scientific merch store where you'll be able to purchase hats, shirts, jackets and more. As of today, the store is officially live at semlerscientific.com/store.

簡而言之，我們已經是全球最大的公共比特幣金庫之一，我們計劃繼續攀升。我們的長期目標是到2027年底達到105,000比特幣。最後，我想告訴大家，我們即將推出Semler Scientific週邊商店，您可以在此購買帽子、襯衫、夾克等商品。自今日起，商店已在 semlerscientific.com/store 正式上線。

Now I will turn the call over to Renae Cormier, our Chief Financial Officer.

現在我將電話轉給我們的財務長 Renae Cormier。

Thank you, Joe, and thank you, everyone, for joining us today for our call. I'll cover our second-quarter financial results, Bitcoin and capital markets activity, as well as more details on our plans for our health care business.

謝謝喬，也謝謝大家今天參加我們的電話會議。我將介紹我們的第二季財務業績、比特幣和資本市場活動，以及有關我們醫療保健業務計劃的更多細節。

Total revenues in Q2 2025 were $8.2 million, which was down compared to the second quarter of 2024 due to the continued phase-in of the 2024 CMS rate announcement that impacted reimbursement for positive PAD patients and which is resulting in decreased usage of our device at some of our customers. Operating expenses for Q2 2025, which includes cost of revenues, were $10.3 million and loss from operations was $1.2 million.

2025年第二季總收入為820萬美元，較2024年第二季度有所下降，原因是2024年CMS費率公告的持續實施影響了外周動脈疾病（PAD）陽性患者的報銷，並導致部分客戶對我們設備的使用率下降。 2025年第二季營運費用（含收入成本）為1,030萬美元，營運虧損為120萬美元。

Operating expenses in Q2 2025 included $1.9 million in noncash stock-based compensation expense and $0.5 million of legal expenses related to the DOJ settlement agreement in principle pertaining to a civil investigative demand. The DOJ settlement process is progressing smoothly and on track. Further details are laid out in our press release and the appendix to our second-quarter presentation.

2025年第二季營運費用包括190萬美元的非現金股票薪資費用，以及50萬美元與司法部就民事調查要求達成的和解協議原則相關的法律費用。司法部的和解程序進展順利，進展順利。更多詳細資訊請參閱我們的新聞稿和第二季報告的附錄。

We recorded a net unrealized gain of $83.8 million from the change in fair value of our Bitcoin holdings during the second quarter, calculated using $170,176 price per bitcoin. Accounting standards require Bitcoin assets to be measured at fair value with gains and losses from the changes in 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.

以每比特幣 170,176 美元的價格計算，我們在第二季度因比特幣持有量的公允價值變動而獲得了 8,380 萬美元的淨未實現收益。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 the second-quarter 2025, our net income was $66.9 million or $5.71 per basic share and $5.04 per fully diluted share. Cash, cash equivalents and restricted cash at June 30, 2025, was $13.6 million.

2025 年第二季度，我們的淨收入為 6,690 萬美元，即每股基本收入 5.71 美元，每股完全稀釋收入 5.04 美元。截至 2025 年 6 月 30 日的現金、現金等價物及受限現金為 1,360 萬美元。

On to our Bitcoin highlights. We acquired 1,444 Bitcoin in Q2 at a total cost of $149.6 million or $103,581 per Bitcoin. At June 30, 2025, we held 4,636 Bitcoin valued at $496.9 million. Subsequent to quarter end, we acquired 385 Bitcoin at a total cost of $45.8 million or $119,090 per Bitcoin. As of July 31, 2025, we held 5,021 Bitcoin with total market value of $586.2 million based on the 4 PM Eastern Time price per Bitcoin as reported on Coinbase of $116,758.

接下來我們來看看比特幣的亮點。我們在第二季度收購了 1,444 枚比特幣，總成本為 1.496 億美元，即每枚比特幣 103,581 美元。截至2025年6月30日，我們持有4,636枚比特幣，價值4.969億美元。季度末之後，我們以4,580萬美元（即每枚比特幣119,090美元）的總成本購入了385枚比特幣。截至 2025 年 7 月 31 日，我們持有 5,021 個比特幣，根據 Coinbase 報告的美國東部時間下午 4 點比特幣價格 116,758 美元計算，總市值為 5.862 億美元。

Capital markets activity in Q2 2025 revolved around equity issuances under our ATM offering. In Q2, we issued approximately 4.1 million shares for net proceeds of $156.6 million. Subsequent to quarter end and through July 31, 2025, we issued approximately 1.1 million shares for net proceeds of $47.8 million. As of July 31, 2025, we have a little over $300 million remaining in our $500 million ATM.

2025 年第二季的資本市場活動圍繞著我們 ATM 發行下的股票發行。第二季度，我們發行了約410萬股股票，淨收益為1.566億美元。季度結束後至2025年7月31日，我們發行了約110萬股股票，淨收益為4,780萬美元。截至 2025 年 7 月 31 日，我們的 5 億美元 ATM 中還剩餘 3 億多美元。

Year to date through July 31, 2025, we generated a 31.3% Bitcoin yield. This translated into a Bitcoin dollar gain of $84 million. As you know, we maintain a Bitcoin dashboard at ir.semlerscientific.com, where investors are able to go 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.

截至 2025 年 7 月 31 日，我們已產生 31.3% 的比特幣收益率。這意味著比特幣美元收益為 8,400 萬美元。如您所知，我們在 ir.semlerscientific.com 維護一個比特幣儀錶板，投資者可以在此集中查看我們與比特幣相關的統計數據。我們鼓勵投資者經常查看，因為它會追蹤我們宣布的新增比特幣購買情況，並提供我們市場和比特幣指標的即時快照。

In June, we announced the formation of a wholly owned subsidiary, CardioVanta, to unlock the value of our future health care business opportunities focused on early detection of heart failure and cardiac arrhythmia. It will be as structured as a high-margin Software as a Service or SaaS business model. It will seek capital from outside investors to validate its long-term value, and fund its relatively modest initial capital needs.

6 月，我們宣布成立全資子公司 CardioVanta，以釋放我們未來專注於心臟衰竭和心律不整早期檢測的醫療保健業務機會的價值。它將採用類似高利潤率的軟體即服務（SaaS）業務模式的結構。它將尋求外部投資者的資金來驗證其長期價值，並滿足其相對適度的初始資本需求。

The markets for early detection of heart failure and cardiac arrhythmia monitoring are estimated to be in the multibillion-dollar range and are projected to grow substantially due to rising cardiovascular disease, technology advancements such as artificial intelligence, and the aging population and increasing adoption of wearable and remote monitoring solutions.

早期發現心臟衰竭和心律不整監測的市場規模估計在數十億美元左右，並且由於心血管疾病的增加、人工智慧等技術的進步、人口老齡化以及可穿戴和遠端監測解決方案的日益普及，預計該市場將大幅增長。

According to the Centers for Disease Control and Prevention, heart failure affects more than 6 million Americans and cost the US health care system more than $30 billion annually. While CardioVanta will focus on cardiac technology and care systems, Semler Scientific will continue marketing its QuantaFlo device and software for early detection of peripheral artery disease.

據美國疾病管制與預防中心稱，心臟衰竭影響著 600 多萬美國人，每年給美國醫療保健系統造成超過 300 億美元的損失。CardioVanta 將專注於心臟技術和護理系統，而 Semler Scientific 將繼續行銷其 QuantaFlo 設備和用於早期檢測週邊動脈疾病的軟體。

Now I'll turn it back over to Joe to begin the Q&A.

現在我將把話題交還給喬，開始問答環節。

Great. Thank you, Renae. Our first question is, are you concerned about a potential supply glut of public companies pursuing similar Bitcoin treasury strategies?

偉大的。謝謝你，雷娜。我們的第一個問題是，您是否擔心追求類似比特幣財務策略的上市公司可能會出現供應過剩的情況？

No, we're not concerned. As I mentioned earlier on the call, we believe Bitcoin is on track to become a multi-hundred trillion-dollar market by absorbing monetary premium from traditional asset classes like real estate, equities and fixed income. Given that outlook, companies operating as Bitcoin treasuries with intelligent leverage effectively long Bitcoin and short the dollar are simply positioning themselves to outperform, if this thesis proves correct.

不，我們並不擔心。正如我之前在電話會議上提到的，我們相信，透過吸收房地產、股票和固定收益等傳統資產類別的貨幣溢價，比特幣有望成為一個價值數百萬億美元的市場。有鑑於此，那些以比特幣國庫券的形式運營，並利用智慧槓桿有效地做多比特幣、做空美元的公司，如果這一論點被證明是正確的，那麼他們就能更好地定位自己，獲得超越市場的表現。

Rather than viewing them as competition, we see them as peers accelerating Bitcoin adoption and helping monetize the asset globally. In fact, we believe this trend will benefit all early movers. The more credible companies that adopt Bitcoin as a treasury reserve asset, the faster the monetization process accelerates and the more valuable our own Bitcoin becomes.

我們不認為他們是競爭對手，而是認為他們是加速比特幣普及和幫助比特幣在全球貨幣化的同行。事實上，我們相信這一趨勢將使所有先行者受益。採用比特幣作為財政儲備資產的可信任公司越多，貨幣化進程就越快，我們自己的比特幣就越有價值。

Our second question, do you plan to make more regular Bitcoin acquisition announcements?

我們的第二個問題是，您是否計劃更定期地發布比特幣收購公告？

We do not currently plan to make weekly announcements like some other Bitcoin treasury companies. However, we do expect that our Bitcoin acquisition announcements may increase in both regularity and size over time. That said, we may also strategically choose to announce acquisitions with a less frequent cadence. Just because we have not announced an acquisition does not mean we are actively accumulating Bitcoin during the quarter.

我們目前不打算像其他一些比特幣財務公司那樣每週發佈公告。然而，我們確實預計，隨著時間的推移，我們的比特幣收購公告的頻率和規模可能會增加。也就是說，我們也可能從策略上選擇以較低的頻率宣布收購。僅僅因為我們沒有宣布收購併不意味著我們在本季度積極累積比特幣。

As we explore additional ways to issue securities and acquire more Bitcoin, the pace of our announcements could naturally accelerate. Our focus remains on executing our strategy in a disciplined, accretive, and stockholder-aligned way.

隨著我們探索發行證券和獲取更多比特幣的其他方式，我們的公告速度自然會加快。我們的重點仍然是以嚴謹、增值和股東一致的方式執行我們的策略。

Last, our final and third question, how does management think about the mNAV multiple at which Semler trades at relative to its peers?

最後，我們的最後一個也是第三個問題是，管理階層如何看待 Semler 相對於同業的 mNAV 倍數？

I think there's been confusion about Bitcoin treasury companies because there are actually two different games to play. The first is the fast money game. This occurs when a Bitcoin treasury company trades at a substantial premium to its Bitcoin net asset value or mNAV. At this level, the company can tap its common equity ATM, issue additional shares and immediately use the capital to acquire more Bitcoin.

我認為人們對比特幣財務公司感到困惑，因為實際上有兩種不同的遊戲。第一是快錢遊戲。當一家比特幣資金公司以遠高於其比特幣淨資產價值（mNAV）的價格進行交易時，就會發生這種情況。在這個價位上，該公司可以利用其普通股ATM，發行額外股份，並立即利用這些資金購買更多比特幣。

This instantly generates a positive BTC yield, increasing Bitcoin holdings per share. That process can repeat rapidly compounding returns, provided the premium to mNAV doesn't collapse. The inherent risk, of course, is the potential compression of this premium.

這會立即產生正的 BTC 收益，從而增加每股比特幣持有量。只要 mNAV 溢價不崩盤，該過程就可以重複快速複合回報。當然，固有風險是溢價的潛在壓縮。

The second strategy is the more sustainable, slow money game. This strategy is available to all Bitcoin treasury companies of a certain size, and it even works at 1x mNAV. In this scenario, the company intelligently leverages its balance sheet using fixed income liabilities to enhance its exposure to Bitcoin. If Bitcoin appreciates significantly and the mNAV ratio stays stable at 1x, the leverage amplifies returns. Essentially, as long as Bitcoin's appreciation outpaces the interest cost of the liabilities, the Bitcoin treasury company should logically outperform Bitcoin itself.

第二種策略是更永續的慢錢遊戲。所有達到一定規模的比特幣資金管理公司都可以使用這種策略，即使在 1 倍 mNAV 的情況下也能奏效。在這種情況下，該公司巧妙地利用固定收益負債來提升其資產負債表，以增強其對比特幣的曝險。如果比特幣大幅升值，且其淨值比率穩定在 1 倍，則槓桿作用會放大收益。從本質上講，只要比特幣的升值速度超過負債的利息成本，比特幣財務公司的表現在邏輯上就應該優於比特幣本身。

In my opinion, the presence of this lower, slower sustainable strategy actually underpins and fuels the faster premium-driven game. The attractiveness of the intelligently leveraged position sets the foundation. Whenever market sentiment for leverage Bitcoin exposure strengthens, even slightly above 1x mNAV, the premium-driven fast money strategy becomes viable again, allowing for rapid value creation. In short, the slow money game is likely where -- why premiums develop in the first place, offering the best way to amplify the future returns of Bitcoin.

在我看來，這種較低、較慢的可持續策略的存在實際上支撐並推動了更快的溢價驅動型遊戲。智慧槓桿倉位的吸引力奠定了基礎。每當市場對比特幣槓桿敞口的情緒增強時，即使略高於 1 倍 mNAV，溢價驅動的快錢策略就會再次變得可行，從而實現快速的價值創造。簡而言之，慢錢遊戲很可能是溢價首先出現的原因，它提供了放大比特幣未來回報的最佳方式。

Semler's balance sheet currently uses intelligent leverage. This enables the potential for Semler to amplify the future returns of Bitcoin, and it enables the potential for future mNAV expansion. The only thing better than Bitcoin is more Bitcoin, and the premiums on Bitcoin treasury companies may exist because the market loves more Bitcoin.

塞姆勒的資產負債表目前採用智慧槓桿。這使得Semler有潛力放大比特幣未來的回報，也為未來mNAV的擴張提供了潛力。唯一比比特幣更好的是更多的比特幣，而比特幣資產管理公司的溢價可能存在，因為市場更青睞比特幣。

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

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。感謝您參與今天的討論，並感謝您一直以來的支持。

Operator, you can conclude the call.

接線員，您可以結束通話了。

Thank you. The conference call has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。電話會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。