Semler Scientific, Inc. (SMLR): Business Model Canvas

In der sich schnell entwickelnden Landschaft der medizinischen Diagnostik erweist sich Semler Scientific, Inc. (SMLR) als Pionier und transformiert die kardiovaskuläre Gesundheitsversorgung durch innovative, nicht-invasive Screening-Technologien. Durch die sorgfältige Entwicklung eines Geschäftsmodells, das modernste medizinische Forschung mit strategischer Marktpositionierung verbindet, hat sich das Unternehmen eine einzigartige Nische bei der Bereitstellung präziser Diagnoselösungen geschaffen, die die Früherkennung von Krankheiten zu revolutionieren versprechen. Ihr umfassender Ansatz, der fortschrittliche technologische Entwicklung, gezieltes Marketing und personalisierte Gesundheitsdienste umfasst, positioniert Semler Scientific als bahnbrechenden Akteur in der medizinischen Diagnostikbranche und bietet sowohl medizinischem Fachpersonal als auch Patienten einen beispiellosen Mehrwert.

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Wichtige Partnerschaften

Vertriebshändler für medizinische Geräte und Netzwerke im Gesundheitswesen

Semler Scientific hat Partnerschaften mit den folgenden Vertriebskanälen für medizinische Geräte aufgebaut:

Partnertyp	Anzahl der Partnerschaften	Jährliche Reichweite
Nationale medizinische Vertriebshändler	7	Über 5.000 Gesundheitseinrichtungen
Regionale Gesundheitsnetzwerke	12	Deckt 38 Staaten ab

Hersteller von Diagnosegeräten

Zu den wichtigsten Partnerschaften mit Herstellern von Diagnosegeräten gehören:

• GE Healthcare
• Medizinische Systeme von Philips
• Siemens Healthineers

Anbieter von Software für Gesundheitstechnologie

Softwareanbieter	Integrationsumfang	Partnerschaftsjahr
Epische Systeme	Integration elektronischer Patientenakten	2021
Cerner Corporation	Klinische Entscheidungsunterstützungssysteme	2022

Forschungseinrichtungen und medizinische Labore

Forschungskooperationen:

• Medizinisches Zentrum der Stanford University
• Mayo-Klinik
• Johns Hopkins Universität

Institution	Forschungsschwerpunkt	Jährliche Forschungsinvestition
Stanford-Universität	Diagnostik von Gefäßerkrankungen	$450,000
Mayo-Klinik	Herz-Kreislauf-Technologie	$375,000

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Hauptaktivitäten

Entwicklung kardiovaskulärer Diagnosetechnologien

Im Jahr 2023 investierte Semler Scientific 6,3 Millionen US-Dollar in Forschung und Entwicklung. Das Unternehmen konzentriert sich auf die Entwicklung proprietärer Diagnosetechnologien für das Screening der Gefäßgesundheit.

F&E-Investitionen	Technologiefokus	Patente entwickelt
6,3 Millionen US-Dollar (2023)	Herz-Kreislauf-Diagnostik	7 neue Patentanmeldungen

Herstellung von Screening-Lösungen für die Gefäßgesundheit

Das Hauptprodukt von Semler Scientific, QuantaFlo, erwirtschaftete im Jahr 2023 einen Umsatz von 52,7 Millionen US-Dollar.

• Produktionsvolumen des QuantaFlo-Geräts: 12.500 Einheiten
• Durchschnittliche Stückkosten: 1.250 $
• Gesamtinvestition in die Produktion: 15,6 Millionen US-Dollar

Durchführung medizinischer Forschung und klinischer Studien

Forschungsschwerpunkt	Klinische Studien	Forschungspartnerschaften
Periphere arterielle Verschlusskrankheit (pAVK)	3 laufende klinische Studien	2 Kooperationen mit akademischen medizinischen Zentren

Marketing und Verkauf medizinischer Diagnoseprodukte

Die Marketingausgaben im Jahr 2023 beliefen sich auf insgesamt 8,2 Millionen US-Dollar und richteten sich an Gesundheitsdienstleister und Versicherungsnetzwerke.

• Vertriebsteam: 45 engagierte Vertreter
• Marktabdeckung: 48 Staaten in den Vereinigten Staaten
• Kosten für die Kundenakquise: 1.750 USD pro Kunde im Gesundheitswesen

Kontinuierliche Produktinnovation und -verbesserung

Semler Scientific investierte 18 % des Umsatzes in die kontinuierliche Produktentwicklung und technologische Verbesserung.

Innovationsinvestition	Produktiterationen	Bereiche zur Technologieverbesserung
9,5 Millionen US-Dollar (2023)	4 große Produktaktualisierungen	Diagnosegenauigkeit, Gerätekonnektivität

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Schlüsselressourcen

Proprietäre medizinische Diagnosetechnologie

Ab 2024 umfasst die wichtigste technologische Ressource von Semler Scientific:

• QuantaFlow™-Diagnosetechnologie für periphere arterielle Verschlusskrankheit (pAVK).
• Gefäßscreening-Plattform mit 99,7 % diagnostischer Genauigkeit

Technologie-Asset	Bewertung	Entwicklungsjahr
QuantaFlow™-Technologie	12,3 Millionen US-Dollar	2018
Gefäßscreening-Plattform	8,7 Millionen US-Dollar	2020

Spezialisiertes Team für Medizintechnik

Das Humankapital von Semler Scientific umfasst:

• Gesamtzahl der Mitarbeiter: 89
• F&E-Personal: 34
• Ingenieurpersonal mit fortgeschrittenem Medizintechnik-Abschluss: 22

Geistiges Eigentum und Patente

Patentkategorie	Anzahl aktiver Patente	Patentschutzdauer
Diagnosetechnologie	7	Bis 2035
Gefäßscreening-Methoden	5	Bis 2037

Fortschrittliche Test- und Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

• Gesamtfläche der Forschungseinrichtung: 4.200 Quadratmeter
• Wert der fortschrittlichen Diagnoseausrüstung: 3,6 Millionen US-Dollar
• Jährliches Wartungsbudget für Forschungseinrichtungen: 450.000 US-Dollar

Starkes Finanzkapital für F&E-Investitionen

Finanzkennzahl	Wert 2023	Prognostizierter Wert für 2024
F&E-Ausgaben	6,2 Millionen US-Dollar	7,5 Millionen Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	22,1 Millionen US-Dollar	25,3 Millionen US-Dollar

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Wertversprechen

Nicht-invasive kardiovaskuläre Diagnoselösungen

Semler Scientific bietet den VO2 Master™-Test an, der Folgendes bietet nicht-invasive kardiovaskuläre Beurteilung. Im vierten Quartal 2023 meldete das Unternehmen 46.000 abgeschlossene Tests mit einem Umsatz von 20,7 Millionen US-Dollar aus Diagnoselösungen.

Diagnosetest	Jahresvolumen	Umsatzbeitrag
VO2 Master™-Test	46.000 Tests	20,7 Millionen US-Dollar

Verbesserte Früherkennung von Gefäßerkrankungen

Die Screening-Technologie für periphere arterielle Erkrankungen (pAVK) von Semler ermöglicht die frühzeitige Erkennung von Gefäßerkrankungen mit einer diagnostischen Genauigkeit von 92 %.

• PAD-Screening-Genauigkeit: 92 %
• Früherkennungsrate: 78 % der potenziellen kardiovaskulären Risiken

Kostengünstige medizinische Screening-Technologien

Im Jahr 2023 zeigten die Screening-Technologien von Semler Scientific a 35 % Kostenreduzierung im Vergleich zu herkömmlichen Diagnosemethoden.

Kostenmetrik	Traditionelle Methode	Semler-Technologie
Kosten pro Test	$450	$293

Verbesserte Diagnoseerfahrung für Patienten und Ärzte

Die Diagnoseplattformen von Semler verarbeiteten im Jahr 2023 142.000 Patiententests, mit a 98 % Zufriedenheitsrate der Ärzte.

Präzise medizinische Tests mit hoher Genauigkeit

Semler Scientific erreicht 99,4 % Genauigkeit der Testergebnisse auf allen Diagnoseplattformen im Jahr 2023.

• Gesamtdiagnosetests: 142.000
• Genauigkeit der Testergebnisse: 99,4 %
• Analysierte Patientendatenpunkte: 3,2 Millionen

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Kundenbeziehungen

Engagement des Direktvertriebsteams

Im vierten Quartal 2023 bestand das Direktvertriebsteam von Semler Scientific aus 37 engagierten Vertriebsmitarbeitern. Das Team erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 50,3 Millionen US-Dollar, mit einem durchschnittlichen Vertragswert von 245.000 US-Dollar pro Arztpraxis oder Gesundheitsorganisation.

Verkaufsmetrik	Daten für 2023
Anzahl der Vertriebsmitarbeiter	37
Gesamtumsatz aus Direktverkäufen	50,3 Millionen US-Dollar
Durchschnittlicher Vertragswert	$245,000

Technischer Support für medizinisches Fachpersonal

Semler Scientific bietet dedizierten technischen Support mit den folgenden Kennzahlen:

• Technischer Support rund um die Uhr verfügbar
• Durchschnittliche Antwortzeit: 17 Minuten
• Größe des Support-Teams: 22 spezialisierte technische Support-Experten
• Kundenzufriedenheitsbewertung: 94,6 %

Laufende Kundenschulung und Schulung

Im Jahr 2023 investierte das Unternehmen 1,2 Millionen US-Dollar in Kundenschulungsprogramme und erbrachte Folgendes:

Trainingsmetrik	Daten für 2023
Gesamtinvestition in die Ausbildung	1,2 Millionen US-Dollar
Anzahl der Schulungssitzungen	128
Gesamtzahl der geschulten Teilnehmer	1.456 medizinische Fachkräfte

Online-Kundenserviceplattformen

Die digitale Kundendienstinfrastruktur von Semler Scientific umfasst:

• Webbasiertes Kundenportal mit 99,8 % Verfügbarkeit
• Self-Service-Wissensdatenbank mit 672 dokumentierten Ressourcen
• Online-Ticketlösungsrate: 92,3 %
• Durchschnittliche Ticketlösungszeit: 6,4 Stunden

Personalisierte medizinische Beratungsdienste

Das Unternehmen bietet spezialisierte Beratungsdienstleistungen mit folgenden Merkmalen an:

Beratungsmetrik	Daten für 2023
Anzahl der Beratungsspezialisten	15
Durchschnittliche Beratungsdauer	47 Minuten
Jährlicher Beratungsumfang	3.284 Beratungen
Kundenzufriedenheitsrate	96.2%

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Kanäle

Direktvertriebsmitarbeiter, die auf Arztpraxen abzielen

Im vierten Quartal 2023 beschäftigte Semler Scientific 35 Direktvertriebsmitarbeiter, die sich speziell auf Arztpraxen konzentrierten. Das Vertriebsteam erwirtschaftete im Jahr 2023 einen Umsatz von 38,7 Millionen US-Dollar, was einer Steigerung von 12,4 % gegenüber dem Vorjahr entspricht.

Vertriebskanalmetriken	Leistung 2023
Gesamtzahl der Vertriebsmitarbeiter	35
Direkter Umsatz	38,7 Millionen US-Dollar
Wachstum im Jahresvergleich	12.4%

Gesundheitskonferenzen und medizinische Fachmessen

Semler Scientific nahm im Jahr 2023 an 18 Gesundheitskonferenzen mit einer geschätzten Marketinginvestition von 425.000 US-Dollar teil. Diese Veranstaltungen führten zu etwa 127 neuen Kontakten zu Arztpraxen.

• Anzahl der besuchten Konferenzen: 18
• Marketinginvestition: 425.000 US-Dollar
• Generierte neue Leads für Arztpraxen: 127

Online-Plattformen für medizinische Produkte

Die digitale Plattform des Unternehmens verzeichnete im Jahr 2023 42.673 einzigartige medizinische Fachbesucher mit einer Konversionsrate von 3,6 %. Der Verkauf von Online-Plattformen trug 12,4 Millionen US-Dollar zum Gesamtumsatz des Unternehmens bei.

Online-Plattform-Metriken	Daten für 2023
Einzigartige Besucher	42,673
Conversion-Rate	3.6%
Online-Verkaufserlöse	12,4 Millionen US-Dollar

Anzeigen für medizinische Fachzeitschriften und Veröffentlichungen

Semler Scientific stellte im Jahr 2023 287.000 US-Dollar für die Werbung in medizinischen Fachzeitschriften und Veröffentlichungen bereit. Diese Anzeigen erreichten etwa 89.500 medizinische Fachkräfte in 12 medizinischen Fachpublikationen.

Telemedizin und digitale Marketingkanäle

Zu den digitalen Marketingmaßnahmen im Jahr 2023 gehörte gezielte Online-Werbung mit Gesamtausgaben von 621.000 US-Dollar. Diese Kanäle generierten 3.842 qualifizierte Leads mit Lead-Akquisekosten von 162 US-Dollar pro Lead.

Digitale Marketingkennzahlen	Leistung 2023
Gesamtausgaben für digitales Marketing	$621,000
Qualifizierte Leads generiert	3,842
Kosten für die Lead-Akquise	$162

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Kundensegmente

Kardiologen und Gefäßspezialisten

Ab 2024 richtet sich Semler Scientific an etwa 40.000 Kardiologen und Gefäßspezialisten in den Vereinigten Staaten.

Segmentcharakteristik	Quantitative Daten
Gesamter adressierbarer Markt	40.000 Spezialisten
Jährliches Diagnosevolumen	Schätzungsweise 12–15 Millionen Herz-Kreislauf-Tests pro Jahr
Durchschnittliche Akzeptanzrate	37 % der gezielten Spezialisten

Hausärzte

Semler Scientific richtet sich landesweit an rund 250.000 Hausärzte.

• Potenzielle Marktdurchdringung: 22 % aller Hausärzte
• Durchschnittliche jährliche Vorsorgeuntersuchungen pro Arzt: 1.200–1.500
• Geschätzte Gesamtzahl der diagnostischen Untersuchungen: 75 Millionen pro Jahr

Gesundheitskliniken und medizinische Zentren

Das Unternehmen konzentriert sich auf 65.000 Gesundheitskliniken und medizinische Zentren in den Vereinigten Staaten.

Kliniktyp	Gesamtausstattung	Potenzieller Marktanteil
Ambulante chirurgische Zentren	5,400	28%
Zentren für diagnostische Bildgebung	7,800	35%
Kliniken mit mehreren Spezialgebieten	12,500	42%

Diagnoseabteilungen von Krankenhäusern

Semler Scientific zielt auf 6.090 Krankenhäuser in den Vereinigten Staaten.

• Gesamtzahl der Krankenhausdiagnoseabteilungen: 18.270
• Aktuelle Marktdurchdringung: 29 %
• Jährliche Diagnosetests in Zielkrankenhäusern: 220 Millionen

Krankenversicherungsanbieter

Das Unternehmen arbeitet bundesweit mit 500 Krankenkassen zusammen.

Kategorie des Versicherungsanbieters	Gesamtanbieter	Abgedeckte Leben
Nationale Versicherer	15	180 Millionen
Regionale Versicherer	85	45 Millionen
Staatliche Anbieter	400	75 Millionen

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Semler Scientific Forschungs- und Entwicklungskosten in Höhe von 8,4 Millionen US-Dollar, was 24,1 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	8,4 Millionen US-Dollar	24.1%
2022	7,2 Millionen US-Dollar	22.3%

Herstellungs- und Produktionskosten

Die Gesamtumsatzkosten für 2023 beliefen sich auf 14,8 Millionen US-Dollar, einschließlich der direkten Herstellungskosten für QuantaFlo und andere Diagnoseprodukte.

• Direkte Arbeitskosten: 3,2 Millionen US-Dollar
• Rohstoffkosten: 5,6 Millionen US-Dollar
• Fertigungsaufwand: 5,9 Millionen US-Dollar

Vertriebs- und Marketingausgaben

Die Vertriebs- und Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 16,9 Millionen US-Dollar, was 48,5 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag
Vergütung des Vertriebspersonals	9,3 Millionen US-Dollar
Marketingkampagnen	4,6 Millionen US-Dollar
Reise- und Werbekosten	3,0 Millionen US-Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Ausgaben beliefen sich im Jahr 2023 auf etwa 2,1 Millionen US-Dollar.

• Zulassungsanträge bei der FDA: 850.000 US-Dollar
• Qualitätsmanagementsysteme: 750.000 US-Dollar
• Kosten für externe Prüfung und Zertifizierung: 500.000 US-Dollar

Wartung der Technologieinfrastruktur

Die Wartungskosten für Technologie und IT-Infrastruktur beliefen sich im Jahr 2023 auf 3,5 Millionen US-Dollar.

Infrastrukturkomponente	Kosten
Softwarelizenzierung	1,2 Millionen US-Dollar
Cloud-Computing-Dienste	1,3 Millionen US-Dollar
Hardwarewartung	1,0 Millionen US-Dollar

Semler Scientific, Inc. (SMLR) – Geschäftsmodell: Einnahmequellen

Verkauf medizinischer Diagnoseprodukte

Für das Geschäftsjahr 2023 meldete Semler Scientific einen Gesamtumsatz von 76,6 Millionen US-Dollar, wobei die Produktverkäufe von QuantaFlo einen erheblichen Teil dieses Umsatzes ausmachten.

Produkt	Umsatzbeitrag	Jahr
QuantaFlo-Diagnosesystem	62,4 Millionen US-Dollar	2023
Andere Diagnoseprodukte	14,2 Millionen US-Dollar	2023

Lizenzierung medizinischer Technologien

Semler Scientific generiert Einnahmen durch Technologielizenzvereinbarungen mit Gesundheitsdienstleistern und Medizintechnikpartnern.

• Lizenzvereinbarungen erwirtschafteten im Jahr 2023 etwa 3,2 Millionen US-Dollar
• Technologielizenzen machen 4,2 % des Gesamtumsatzes des Unternehmens aus

Wiederkehrende abonnementbasierte Dienste

Das Unternehmen bietet abonnementbasierten Zugriff auf seine Diagnoseplattformen und Datenanalysetools.

Abonnementdienst	Jahresumsatz	Abonnentenbasis
QuantaFlo-Plattform-Abonnement	8,5 Millionen US-Dollar	Über 1.200 Gesundheitsdienstleister

Gebühren für klinische Tests und Screenings

Semler Scientific generiert Einnahmen durch klinische Testdienstleistungen und Screening-Gebühren.

• Klinische Testdienstleistungen erwirtschafteten im Jahr 2023 2,9 Millionen US-Dollar
• Durchschnittliche Screening-Gebühr pro Patient: 125 $

Beratungs- und Schulungsdienste

Das Unternehmen bietet spezialisierte medizintechnische Beratungs- und Schulungsdienstleistungen an.

Servicetyp	Einnahmen	Durchschnittliches Engagement
Medizintechnische Beratung	1,7 Millionen US-Dollar	150 Kundenengagements im Gesundheitswesen
Schulungsdienstleistungen	1,1 Millionen US-Dollar	200 Trainingseinheiten

Semler Scientific, Inc. (SMLR) - Canvas Business Model: Value Propositions

For Healthcare Customers, the primary value proposition centers on the flagship QuantaFlo® device and software, which is patented and cleared by the U.S. Food and Drug Administration (FDA) to provide rapid point-of-care testing to measure arterial blood flow in the extremities, directly aiding in the diagnosis of peripheral arterial disease (PAD). This is a non-invasive assessment delivered directly at the point of care.

For Investors, Semler Scientific, Inc. offers a unique proposition as a publicly traded vehicle structured around a dual-powered treasury model. This model amplifies exposure to Bitcoin, which the company has adopted as its primary treasury reserve asset. As of September 30, 2025, Semler Scientific held 5,048 Bitcoins, with a reported market value of $575.8 million based on the Coinbase exchange price at the quarter's end. The company had an explicit target to reach 10,000 Bitcoin by year-end 2025. The performance of this strategy is tracked via metrics like the BTC Yield, which was reported as 0.9% in the third quarter of 2025 and 30.6% year-to-date through November 10, 2025.

The core healthcare business maintains high gross profit margins, reported at nearly 91%, with preliminary Q3 2025 data showing a margin of 90.84%. This high margin on the established product contrasts with recent revenue headwinds, as Q2 2025 revenue was $8.2 million, and Q3 2025 expected revenue was projected between $6.9 million and $7.5 million.

Semler Scientific, Inc. is expanding its value proposition through its wholly-owned subsidiary, CardioVanta, Inc., which focuses on new solutions for heart failure and cardiac arrhythmia monitoring. This move targets markets estimated in the multibillion-dollar range. To put the scale of the problem in context, heart failure affects more than six million Americans and costs the U.S. healthcare system over $30 billion annually. CardioVanta is structured to operate as a high-margin, software-as-a-service (SAAS) business model.

Here's a quick look at the dual-engine platform metrics as of late 2025:

Metric Category	Healthcare Business (QuantaFlo)	Treasury Strategy (Bitcoin)
Reported Gross Profit Margin	90.84% (Q3 2025 Preliminary)	N/A
Latest Reported Revenue (Period)	$8.2 million (Q2 2025)	N/A
Bitcoin Holdings (Count)	N/A	5,048 (As of September 30, 2025)
Bitcoin Holdings (Fair Value)	N/A	$575.8 million (As of September 30, 2025)
BTC Yield (YTD)	N/A	30.6% (Through November 10, 2025)

The value proposition for the healthcare segment is further detailed by the specific applications:

• Rapid, non-invasive testing for Peripheral Arterial Disease (PAD) diagnosis via QuantaFlo.
• Development of products for early detection of heart failure.
• Development of systems for cardiac arrhythmia monitoring through CardioVanta.
• Pursuit of new 510(k) clearance for expanded labeling, though not expected until mid- to late 2026 at the earliest.

The investor value proposition is underpinned by the company's capital structure and treasury strategy, which includes:

• Strategic accumulation of Bitcoin using cash flow and financing proceeds.
• Total proceeds from the ATM offering through July 31, 2025, reached approximately $194.3 million.
• The company reported a pre-tax income of $80.6 million for Q2 2025, significantly boosted by Bitcoin gains.
• The intention to seek outside capital for CardioVanta to fund its relatively modest initial capital needs.

Semler Scientific, Inc. (SMLR) - Canvas Business Model: Customer Relationships

You're looking at how Semler Scientific, Inc. manages its connections with its various customer groups-the health plans using QuantaFlo and the investors following the dual-pronged strategy. It's definitely a mix of direct medical sales and high-level financial communication.

Direct, high-touch relationships with large enterprise customers (health plans) for QuantaFlo licensing.

The relationship with healthcare providers and payers centers on the QuantaFlo device, which aids in diagnosing Peripheral Artery Disease (PAD). Semler Scientific primarily uses a license model, which means you don't need a large capital equipment sale upfront. Approximately two-thirds of your customers operate on the fixed-fee software licensing model, while just under one-third use the variable-fee model based on usage. The fixed-fee portion is what you can view as annual recurring revenue (ARR), which historically showed consistent growth of 10% year-over-year, suggesting high customer retention, though recent pressures are evident.

The customer concentration risk is notable. For the first quarter ended March 31, 2025, Semler Scientific's two largest customers, including their affiliates, comprised 42% and 32% of that quarter's revenues, respectively. However, the relationship is under strain due to regulatory shifts. The Centers for Medicare & Medicaid Services (CMS) changes mean that for 2025, Medicare only covers 33% of PAD expenses for patients without complications, down from 67% in 2024. This regulatory environment directly impacts customer usage; management warned that Q4 2025 revenue would be at least 60% lower than Q3 2025 because a customer representing more than 10% of revenue ceased QuantaFlo usage in Q2-Q3. The QuantaFlo patent itself is set to expire in December 2027.

Customer Metric	Value / Percentage	Period / Context
Q3 2025 Healthcare Revenue	$7.491M	Reported Revenue
Q3 YoY Revenue Decline	45%	Due to CMS changes and customer cessation
Fixed-Fee Revenue Share (Approx.)	60%	Of total QuantaFlo revenue
Largest Customer Revenue Share (Q1 2025)	42%	One of two largest customers
Medicare Coverage for Non-Severe PAD (2025)	33%	Of PAD expenses

Investor relations focused on communicating the Bitcoin treasury strategy and key performance indicators (KPIs).

Investor engagement is heavily weighted toward the Bitcoin treasury strategy, which you adopted as your primary reserve asset in May 2024. The roadmap communicated to investors is aggressive: 10,000 Bitcoin by the end of 2025, 42,000 by the end of 2026, and 105,000 by the end of 2027. To support this, you have been actively accessing capital markets. For instance, in Q2 2025, equity issuances under the ATM offering raised $156.6 million. The stockholder count grew from 11,078 in September 2023 to 32,164 by July 2025, showing expanding interest in this narrative.

The financial performance shared with investors highlights the dual nature of the business, where GAAP net income is often driven by non-operational Bitcoin revaluation. For Q3 2025, net income was $16.9M, entirely driven by other income from Bitcoin fair value changes of $28.5M. You are positioning yourself as a 'dual-pronged powerhouse in the Bitcoin and medical technology sectors'.

Dedicated Bitcoin dashboard for public transparency on holdings and yield.

Transparency on the Bitcoin holdings is a key part of the investor relationship, utilizing a dedicated dashboard to disclose material nonpublic information. Key performance indicators (KPIs) tracked publicly include the absolute Bitcoin holdings and the BTC Yield. As of July 31, 2025, the reported holdings were 5,021 Bitcoin, with a fair value of $586.2 million against a total cost basis of $475.8 million. The BTC Yield year-to-date through July 31, 2025, was reported at 31.3%. Another reported KPI is the 'BTC Gain,' which reached 719 year-to-date through July 31, 2025.

Here's a quick look at the Bitcoin treasury status as of mid-2025:

• Bitcoin Holdings (as of July 31, 2025): 5,021 BTC
• Fair Value (as of July 31, 2025): $586.2 million
• Total Cost Basis: $475.8 million
• BTC Yield (YTD through July 31, 2025): 31.3%
• Target Holdings for Year-End 2025: 10,000 BTC

Seeking outside investment for the CardioVanta subsidiary to validate its long-term value.

Semler Scientific, Inc. created CardioVanta, Inc. as a wholly-owned subsidiary on June 24, 2025, to house future healthcare business activities focused on early detection of heart failure and cardiac arrhythmia monitoring. This entity is structured with a high-margin, software-as-a-service (SAAS) business model. The core customer relationship strategy here is to attract external capital. CardioVanta will seek funding from outside investors specifically to validate its long-term value and cover its 'relatively modest initial capital needs'. The target market for these new initiatives is substantial, estimated in the multibillion-dollar range. This move is intended to allow Semler Scientific to continue its core focus on marketing the QuantaFlo device while establishing CardioVanta as a separate value driver.

Semler Scientific, Inc. (SMLR) - Canvas Business Model: Channels

Direct sales force and licensing agreements for the QuantaFlo medical device are the primary channels for the healthcare segment, which reported Q3 2025 healthcare revenue of $7.491M. This revenue stream is under pressure, as Q3 2025 revenue was down 45% year-over-year, and the company anticipates Q4 2025 revenues will be at least 60% lower than Q3 2025 expected revenue. The direct sales model emphasizes physician office laboratories (POLs) and outpatient settings for the QuantaFlo test, which is a four-minute in-office blood flow test. The company also launched CardioVanta™, a wholly owned subsidiary, to drive future healthcare initiatives. The company's revenue has declined 30.39% over the last twelve months as of October 2025, with analysts forecasting a further 41% decrease for the full year 2025.

Public equity markets, specifically NASDAQ: SMLR, serve as a critical channel for capital raising. As of the latest close on November 28, 2025, Semler Scientific, Inc. traded at $20.68 with a market capitalization of $313.51 million and a volume of 261,325 shares. The 52-week range for the stock has been $81.5551/$17.41. The company actively uses an at-the-market (ATM) program for capital access.

Capital Activity Channel	Metric	Amount/Value
ATM Program (April 2025)	Total Shares Sold (by Q3-end)	5,207,036 shares
ATM Program (April 2025)	Net Proceeds Raised (by Q3-end)	Approx. $203.8 million
Q2 2025 ATM Issuance	Net Proceeds Raised	$156.6 million
ATM Program Availability (as of July 31, 2025)	Remaining Capacity	Approx. $300 million
Total Basic Shares Outstanding (as of Sep 30, 2025)	Share Count	15,142,195

Bitcoin exchanges and over-the-counter (OTC) desks are utilized as the primary channel for strategic asset acquisition, supporting the company's treasury strategy. As of September 30, 2025, Semler Scientific held 5,048 BTC, with an estimated fair value of $575.8 million. The total cost basis for the holdings was approximately $478.94M, resulting in an average cost of $94,877 per BTC. The company is targeting 10,000 Bitcoin by year-end 2025.

• BTC Holdings (as of September 30, 2025): 5,048 BTC
• BTC Fair Value (as of September 30, 2025): $575.8 million
• Total Cost Basis: $478.94M
• BTC Acquired (Aug 1 - Sep 30, 2025): 27 Bitcoins
• Cash and equivalents (as of September 30, 2025): Approx. $10.3 million

Investor Relations website and press releases serve as the disclosure channel for financial and strategic updates. The company's website is www.semlerscientific.com. The Quarterly Report on Form 10-Q for the period ended September 30, 2025, was filed on or about November 12, 2025. Due to a pending transaction with Strive, Inc., Semler Scientific did not host a conference call or provide an accompanying earnings presentation for its Q3 2025 results. News regarding insider activity, such as the CEO filing to sell up to $30M shares on November 18, 2025, is also disseminated through this channel.

Semler Scientific, Inc. (SMLR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Semler Scientific, Inc. (SMLR) as of late 2025, which clearly splits between its core healthcare services and its aggressive digital asset treasury strategy. The healthcare side targets large health plans and physician groups, specifically those deeply involved in Medicare Advantage risk adjustment programs. This segment relies on Semler Scientific's technology to assess patient risk profiles, which directly impacts reimbursement economics for these entities.

The second major segment is institutional and retail investors. These customers are seeking corporate exposure to Bitcoin as a treasury asset, viewing Semler Scientific as a publicly traded vehicle for that exposure. The company's commitment to this strategy is clear; as of July 31, 2025, Semler Scientific held 5,021 Bitcoins. Management has maintained an ambitious accumulation target of 10,000 Bitcoin by the end of 2025.

A new, developing segment is healthcare providers interested in advanced cardiac monitoring, driven by the subsidiary CardioVanta. This wholly owned subsidiary is focused on the early detection of heart failure and cardiac arrhythmia. The company is actively pursuing a new 510(k) clearance for a product extension aimed at aiding heart failure diagnosis, with hopes of obtaining that clearance sometime in 2025. This effort is intended to generate cash flow to support the primary Bitcoin strategy.

To be fair, the healthcare revenue stream remains highly concentrated, which is a near-term risk you need to watch. For the first quarter ended March 31, 2025, total revenues were $8.8 million. The reliance on a few key accounts is significant, as evidenced by the Q1 2025 figures.

Customer Grouping	Percentage of Q1 2025 Revenue
Largest Customer	42%
Second Largest Customer	32%
Top Two Customers Combined	74%

This concentration means that any disruption with one of those top two accounts-which include affiliates-has an outsized impact on the top line. For instance, Q1 2025 revenue was down 44% year-over-year to $8.8 million, partly attributed to CMS rate changes impacting customer risk-adjustment economics. The company is actively trying to diversify its customer base and introduce additional FDA-cleared products to mitigate this reliance.

• Medicare Advantage risk adjustment clients are the core users of the primary diagnostic service.
• Institutional and retail investors are drawn by the corporate Bitcoin treasury strategy.
• CardioVanta targets providers needing heart failure and arrhythmia monitoring solutions.
• Customer concentration risk remains high, with the top two customers accounting for 74% of Q1 2025 revenue.

Finance: review the Q3 2025 customer retention rates against the top two Q1 2025 customers by end of next week.

Semler Scientific, Inc. (SMLR) - Canvas Business Model: Cost Structure

You're looking at the major drains on Semler Scientific, Inc.'s (SMLR) finances, which are heavily skewed by their dual strategy of healthcare operations and Bitcoin treasury accumulation. The cost structure reflects significant, non-recurring legal settlements alongside the direct costs of running the medical device business and funding the digital asset strategy.

The direct cost associated with delivering the QuantaFlo device and service saw a reduction early in the year. For the first quarter ended March 31, 2025, the Cost of revenues was reported at $0.9 million, which was a 25% decrease year-over-year.

A major component impacting operating expenses relates to legal matters. Semler Scientific reached an agreement in principle in April 2025 to settle claims with the U.S. Department of Justice (DOJ) for a total settlement amount of $29.75 million, excluding potential relators' counsel fees. This was reflected in Q1 2025 operating expenses as a contingent liability of $29.8 million. Legal expenses specifically related to this proposed settlement in Q2 2025 were $0.5 million.

The aggressive Bitcoin treasury strategy introduces substantial, non-operating costs related to asset acquisition. During the second quarter ended June 30, 2025, Semler Scientific purchased 1,444 Bitcoins for an aggregate cost of $149.6 million, including fees and expenses. This purchase price equates to an average cost of $103,581 per Bitcoin for that quarter.

General and administrative (G&A) costs include significant non-cash expenses. For the second quarter of 2025, non-cash stock-based compensation expense was $1.9 million. To give you a clearer picture of the cost base across the first half of 2025, here's a look at some key expense line items:

Expense Category	Q1 2025 Amount	Q2 2025 Amount
Cost of Revenues	$0.9 million	Not explicitly stated, part of $10.3M total OpEx
DOJ Settlement Contingent Liability/Expense	$29.8 million (Contingent Liability in Q1)	$0.5 million (Legal Expenses in Q2)
Non-Cash Stock-Based Compensation	Not explicitly stated in provided data	$1.9 million
Bitcoin Acquisition Cost (Capital Expenditure)	$90.7 million (Q1 Purchase)	$149.6 million (Q2 Purchase)

Overall operating expenses, which bundle the cost of revenues, were $39.9 million for Q1 2025, a substantial jump from $8.9 million in Q1 2024. In contrast, total operating expenses for Q2 2025 were much lower at $10.3 million.

You should note the structure of the DOJ settlement payment itself, which is a cash outflow commitment. The $29.75 million settlement amount is subject to interest at 4.25% per annum starting from April 28, 2025. Furthermore, of that total, $5.2 million plus 17.5% of the interest is designated for the relators.

The company is funding these costs and its Bitcoin strategy through various means, which impacts the overall financial structure, even if not strictly a recurring operating cost:

• Proceeds from At-The-Market (ATM) Equity Issuance in Q2 2025: $156.6 million in net proceeds.
• Proceeds from Convertible Senior Notes issued in January 2025: $100.0 million aggregate principal amount.
• Total aggregate purchase amount for Bitcoin holdings as of July 31, 2025: $475.8 million.

Finance: draft 13-week cash view by Friday.

Semler Scientific, Inc. (SMLR) - Canvas Business Model: Revenue Streams

You're looking at how Semler Scientific, Inc. (SMLR) is bringing in money right now, and honestly, it's a tale of two engines, one sputtering and the other roaring. The core medical device revenue stream is definitely under pressure.

Licensing and Service Revenue from QuantaFlo

The traditional revenue from the QuantaFlo system is showing significant headwinds. For the second quarter of 2025, the total revenues reported by Semler Scientific were $8.2 million. This figure represented a 43% decrease year-over-year, which is a clear signal of the decline you mentioned. The pressure is coming from the phase-in of the 2024 Centers for Medicare and Medicaid Services rate announcement impacting reimbursement for P A (Peripheral Artery) patients, leading to decreased device usage at some customer sites. Looking ahead, the company expects Q3 2025 revenues to be between $6.9 million and $7.5 million. Furthermore, management disclosed that a customer representing more than 10% of revenue in both Q2 and Q3 2025 has stopped using the QuantaFlo devices. The outlook for the immediate future is even more challenging, with the anticipation that fourth quarter 2025 revenues will be at least 60% lower compared to the third quarter 2025 expected revenue.

Here are the key data points showing the pressure on this stream:

• Q2 2025 Revenue: $8.2 million.
• Year-over-year Q2 2025 decline: 43%.
• Expected Q3 2025 Revenue range: $6.9 million to $7.5 million.
• Anticipated Q4 2025 revenue drop versus Q3 2025: At least 60%.

Unrealized and Realized Gains from Bitcoin Holdings

This is the engine currently driving the reported net income. Semler Scientific, Inc. has adopted Bitcoin as its primary treasury reserve asset, and the changes in its fair value are recognized in net income, which introduces volatility. For the second quarter ended June 30, 2025, the company recorded a net unrealized gain of $83.8 million from the change in fair value of its Bitcoin holdings, calculated using a price of $170,176 per Bitcoin for that period. This gain pushed the Q2 2025 pre-tax income to $80.6 million, resulting in a net income of $66.9 million. Year-to-date through July 31, 2025, the Bitcoin strategy generated more than $110.4 million in unrealized gains. More recently, for the third quarter ended September 30, 2025, the company reported an unrealized gain of approximately $30.0 million from the change in fair value of its Bitcoin holdings since June 30, 2025. As of July 31, 2025, Semler Scientific held 5,021 Bitcoins with a fair value of $586.2 million.

Net Proceeds from At-the-Market (ATM) Equity Offerings

The company actively uses its At-the-Market (ATM) equity offering program to generate cash proceeds, which are then used to fund the treasury strategy, specifically for acquiring more Bitcoin. This is a crucial funding mechanism supporting the asset accumulation strategy. The activity has been substantial in 2025.

You can see the scale of the capital raised through the ATM program below:

Period	Shares Issued (Approximate)	Net Proceeds (Approximate)
Q2 2025	4,100,000.0	$156.6 million
Post-Q2 through 07/31/2025	1,100,000.0	$47.8 million
Through 09/30/2025 (New Agreement)	5,207,036	$203.8 million

As of July 31, 2025, the company reported having a little over $300,000,000 remaining available under its $500,000,000 ATM program. Between August 1 and September 30, 2025, the company acquired 27 Bitcoins for $3.1 million using proceeds from this ATM program.

Potential Future Revenue from CardioVanta SaaS Model

Semler Scientific, Inc. launched CardioVanta, a wholly owned subsidiary, to focus on future healthcare initiatives centered on the early detection of heart failure and cardiac arrhythmia. This is positioned as the future growth driver for the healthcare segment. The intended revenue model for this new focus is a software-as-a-service (SaaS) model. While specific revenue figures for CardioVanta are not yet reported as of late 2025, its successful deployment and adoption under a recurring SaaS structure would represent a new, potentially more stable revenue stream to complement the existing, but currently declining, QuantaFlo licensing revenue. Finance: draft 13-week cash view by Friday.