TL;DR
- Semler Scientific reported a net income of $5.6 million in the third quarter of 2024.
- The company acquired an additional 47 bitcoins, raising its total to 1,058 bitcoins.
- Semler’s strategy continues to focus on the accumulation of Bitcoin while innovating in the health sector.
Semler Scientific, Inc. (Nasdaq: SMLR), a pioneer in the development and marketing of technology products for healthcare providers, has announced its financial results for the third quarter of the year, which ended on September 30, 2024.
In a noteworthy announcement that has captured market attention, Semler also revealed the purchase of 47 bitcoins for a total of $3.0 million, raising its total position in cryptocurrencies to 1,058 bitcoins, with a cumulative value of $71.0 million as of November 4, 2024.
According to the press release published by the company, CEO Doug Murphy-Chutorian highlighted the strong performance of operations, with operating income reaching $5.1 million during the third quarter.
Despite a decline in overall revenues, the company continues to focus on maximizing stakeholder value through the constant acquisition of bitcoins.
Eric Semler, chairman of the company, emphasized the importance of this strategy and mentioned that the company plans to continue purchasing bitcoins using operating cash flow, as well as through a market offering program (ATM).
In comparison to the third quarter of 2023, Semler Scientific reported a 17% decrease in revenues, totaling $13.5 million. Although the cost of revenues grew slightly, total operating expenses decreased by 16%, which contributed to maintaining a stable net income of $5.6 million.
This result represents a 2% increase compared to the same period last year, reflecting the resilience of the company in a challenging environment. Semler’s largest customers, who represent a significant portion of its revenues, continue to play a crucial role in its success.
Bitcoin Accumulation Strategy of Semler Scientific
With a determined focus on the future, Semler Scientific has shown its intention to use both its operating cash and the proceeds obtained through its ATM offering program to continue accumulating bitcoins.
To date, the company has sold 86,734 shares under this program, generating approximately $2.5 million in net proceeds.
The accumulation of bitcoins is not only part of its financial strategy but also reflects a confidence in the long-term value of this cryptocurrency, which Semler considers essential for its growth and stability.
Additionally, the company is looking to explore new financing opportunities that will allow it to acquire even more bitcoins, thus consolidating its position in the market.
Semler Scientific’s vision is clear: while it continues to innovate and grow in the field of health, it is also committed to securing its financial future through the accumulation of digital assets.
In an environment where health and technology are increasingly intertwined, Semler is well-positioned to face future challenges and continue delivering value to its stakeholders and the community at large.
