Semler Scientific, Inc. (SMLR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de diagnóstico médico en rápida evolución, Semler Scientific, Inc. (SMLR) surge como una fuerza pionera, transformando la atención médica cardiovascular a través de tecnologías innovadoras de detección no invasivas. Al crear meticulosamente un modelo de negocio que une la investigación médica de vanguardia con posicionamiento estratégico del mercado, la compañía ha tallado un nicho único en la entrega de soluciones de diagnóstico de precisión que prometen revolucionar la detección temprana de enfermedades. Su enfoque integral, que abarca el desarrollo tecnológico avanzado, el marketing dirigido y los servicios de salud personalizados, posiciona a Semler Scientific como jugador que cambia el juego en la industria de diagnóstico médico, ofreciendo un valor sin precedentes para profesionales de la salud y pacientes por igual.

Semler Scientific, Inc. (SMLR) - Modelo de negocios: asociaciones clave

Distribuidores de dispositivos médicos y redes de atención médica

Semler Scientific ha establecido asociaciones con los siguientes canales de distribución de dispositivos médicos:

Tipo de socio	Número de asociaciones	Alcance anual
Distribuidores médicos nacionales	7	Más de 5,000 instalaciones de atención médica
Redes de salud regionales	12	Cubriendo 38 estados

Fabricantes de equipos de diagnóstico

Las asociaciones clave del fabricante de equipos de diagnóstico incluyen:

• GE Healthcare
• Philips Medical Systems
• Saludos de Siemens

Proveedores de software de tecnología de salud

Proveedor de software	Alcance de integración	Año de asociación
Sistemas épicos	Integración de registros de salud electrónicos	2021
Corporación Cerner	Sistemas de soporte de decisiones clínicas	2022

Investigaciones de instituciones y laboratorios médicos

Asociaciones de investigación colaborativa:

• Centro Médico de la Universidad de Stanford
• Clínica de mayonesa
• Universidad de Johns Hopkins

Institución	Enfoque de investigación	Inversión de investigación anual
Universidad de Stanford	Diagnóstico de enfermedades vasculares	$450,000
Clínica de mayonesa	Tecnología cardiovascular	$375,000

Semler Scientific, Inc. (SMLR) - Modelo de negocio: actividades clave

Desarrollo de tecnologías de diagnóstico cardiovascular

En 2023, Semler Scientific invirtió $ 6.3 millones en investigación y desarrollo. La compañía se enfoca en desarrollar tecnologías de diagnóstico patentadas para la detección de salud vascular.

Inversión de I + D	Enfoque tecnológico	Patentes desarrolladas
$ 6.3 millones (2023)	Diagnóstico cardiovascular	7 nuevas solicitudes de patentes

Producción de soluciones de detección de salud vascular

El producto principal de Semler Scientific, QuantaFlo, generó $ 52.7 millones en ingresos en 2023.

• Volumen de producción de dispositivos cuantiaflo: 12,500 unidades
• Costo unitario promedio: $ 1,250
• Inversión de producción total: $ 15.6 millones

Realización de investigaciones médicas y ensayos clínicos

Enfoque de investigación	Ensayos clínicos	Asociaciones de investigación
Enfermedad de la arteria periférica (almohadilla)	3 ensayos clínicos en curso	2 colaboraciones del Centro Médico Académico

Marketing y venta de productos de diagnóstico médico

El gasto de marketing en 2023 totalizaron $ 8.2 millones, dirigidos a proveedores de atención médica y redes de seguros.

• Equipo de ventas: 45 representantes dedicados
• Cobertura del mercado: 48 estados en los Estados Unidos
• Costo de adquisición de clientes: $ 1,750 por cliente de atención médica

Innovación y mejora de productos continuos

Semler Scientific asignó el 18% de los ingresos al desarrollo continuo de productos y la mejora tecnológica.

Inversión de innovación	Iteraciones de productos	Áreas de mejora tecnológica
$ 9.5 millones (2023)	4 actualizaciones principales de productos	Precisión diagnóstica, conectividad del dispositivo

Semler Scientific, Inc. (SMLR) - Modelo de negocio: recursos clave

Tecnología de diagnóstico médico patentado

A partir de 2024, el recurso tecnológico clave de Semler Scientific incluye:

• Tecnología de diagnóstico de enfermedad arterial periférica de Quantaflow ™
• Plataforma de detección vascular con una precisión diagnóstica del 99.7%

Activo tecnológico	Valuación	Año de desarrollo
Tecnología Quantaflow ™	$ 12.3 millones	2018
Plataforma de detección vascular	$ 8.7 millones	2020

Equipo especializado de ingeniería médica

El capital humano de Semler Scientific incluye:

• Total de empleados: 89
• Personal de I + D: 34
• Personal de ingeniería con títulos de tecnología médica avanzada: 22

Propiedad intelectual y patentes

Categoría de patente	Número de patentes activas	Duración de protección de patentes
Tecnología de diagnóstico	7	Hasta 2035
Métodos de detección vascular	5	Hasta 2037

Instalaciones avanzadas de pruebas e investigación

Detalles de la infraestructura de investigación:

• Espacio total de la instalación de investigación: 4,200 pies cuadrados
• Valor de equipo de diagnóstico avanzado: $ 3.6 millones
• Presupuesto anual de mantenimiento de la instalación de investigación: $ 450,000

Fuerte capital financiero para inversiones de I + D

Métrica financiera	Valor 2023	2024 Valor proyectado
Gasto de I + D	$ 6.2 millones	$ 7.5 millones
Equivalentes de efectivo y efectivo	$ 22.1 millones	$ 25.3 millones

Semler Scientific, Inc. (SMLR) - Modelo de negocio: propuestas de valor

Soluciones de diagnóstico cardiovasculares no invasivas

Semler Scientific ofrece la prueba VO2 Master ™, que proporciona Evaluación cardiovascular no invasiva. A partir del cuarto trimestre de 2023, la compañía reportó 46,000 pruebas completadas con un ingreso de $ 20.7 millones de soluciones de diagnóstico.

Prueba de diagnóstico	Volumen anual	Contribución de ingresos
Prueba de VO2 Master ™	46,000 pruebas	$ 20.7 millones

Detección temprana mejorada de enfermedades vasculares

La tecnología de detección de la enfermedad arterial periférica (PAD) de Semler permite la detección temprana de la enfermedad vascular con una precisión diagnóstica del 92%.

• Precisión de detección de almohadillas: 92%
• Tasa de detección temprana: 78% de los riesgos cardiovasculares potenciales

Tecnologías rentables de detección médica

En 2023, las tecnologías de detección de Semler Scientific demostraron un 35% de reducción de costos en comparación con los métodos de diagnóstico tradicionales.

Métrico de costo	Método tradicional	Tecnología Semler
Por costo de prueba	$450	$293

Experiencia de diagnóstico de paciente y médico mejorado

Las plataformas de diagnóstico de Semler procesaron 142,000 pruebas de pacientes en 2023, con un 98% de tasa de satisfacción del médico.

Pruebas médicas de precisión con altas tasas de precisión

Semler Scientific logrado 99.4% Precisión de resultado de la prueba a través de sus plataformas de diagnóstico en 2023.

• Pruebas de diagnóstico total: 142,000
• Precisión del resultado de la prueba: 99.4%
• Puntos de datos del paciente analizados: 3.2 millones

Semler Scientific, Inc. (SMLR) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Semler Scientific constaba de 37 representantes de ventas dedicados. El equipo generó $ 50.3 millones en ingresos durante el año fiscal 2023, con un valor contrato promedio de $ 245,000 por práctica médica o organización de atención médica.

Métrico de ventas	2023 datos
Número de representantes de ventas	37
Ingresos totales de las ventas directas	$ 50.3 millones
Valor de contrato promedio	$245,000

Soporte técnico para profesionales médicos

Semler Scientific proporciona soporte técnico dedicado con las siguientes métricas:

• Disponibilidad de soporte técnico 24/7
• Tiempo de respuesta promedio: 17 minutos
• Tamaño del equipo de soporte: 22 profesionales de soporte técnico especializado
• Calificación de satisfacción del cliente: 94.6%

Capacitación y educación continuas del cliente

En 2023, la compañía invirtió $ 1.2 millones en programas de capacitación del cliente, entregando:

Métrica de entrenamiento	2023 datos
Inversión de capacitación total	$ 1.2 millones
Número de sesiones de entrenamiento	128
Total participantes entrenados	1.456 profesionales médicos

Plataformas de servicio al cliente en línea

La infraestructura de servicio al cliente digital de Semler Scientific incluye:

• Portal de clientes basado en la web con tiempo de actividad del 99.8%
• Base de conocimiento de autoservicio con 672 recursos documentados
• Tasa de resolución de boletos en línea: 92.3%
• Tiempo de resolución de boletos promedio: 6.4 horas

Servicios de consulta médica personalizada

La compañía ofrece servicios de consulta especializados con las siguientes características:

Métrico de consulta	2023 datos
Número de especialistas de consulta	15
Duración de consulta promedio	47 minutos
Volumen de consulta anual	3.284 consultas
Tasa de satisfacción del cliente	96.2%

Semler Scientific, Inc. (SMLR) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a prácticas médicas

A partir del cuarto trimestre de 2023, Semler Scientific empleó a 35 representantes de ventas directas centradas específicamente en prácticas médicas. El equipo de ventas generó $ 38.7 millones en ingresos durante 2023, lo que representa un aumento del 12.4% respecto al año anterior.

Métricas de canales de ventas	2023 rendimiento
Representantes de ventas totales	35
Ingresos de ventas directos	$ 38.7 millones
Crecimiento año tras año	12.4%

Conferencias de atención médica y ferias médicas

Semler Scientific participó en 18 conferencias de salud en 2023, con una inversión de marketing estimada de $ 425,000. Estos eventos generaron aproximadamente 127 nuevos clientes potenciales de práctica médica.

• Número de conferencias a las que asistió: 18
• Inversión de marketing: $ 425,000
• Nuevos clientes potenciales de práctica médica generados: 127

Plataformas de productos médicos en línea

La plataforma digital de la compañía registró 42,673 visitantes profesionales médicos únicos en 2023, con una tasa de conversión del 3.6%. Las ventas de la plataforma en línea contribuyeron con $ 12.4 millones a los ingresos totales de la compañía.

Métricas de plataforma en línea	2023 datos
Visitantes únicos	42,673
Tasa de conversión	3.6%
Ingresos de ventas en línea	$ 12.4 millones

Anuncios de la revista médica y la publicación

Semler Scientific asignó $ 287,000 a la revista médica y publicidad de publicación en 2023. Estos anuncios alcanzaron aproximadamente 89,500 profesionales médicos en 12 publicaciones médicas especializadas.

Canales de marketing digital y telemedicina

Los esfuerzos de marketing digital en 2023 incluyeron publicidad en línea dirigida con un gasto total de $ 621,000. Estos canales generaron 3,842 clientes potenciales calificados, con un costo de adquisición de líderes de $ 162 por lead.

Métricas de marketing digital	2023 rendimiento
Gasto total de marketing digital	$621,000
Clientes potenciales calificados generados	3,842
Costo de adquisición de plomo	$162

Semler Scientific, Inc. (SMLR) - Modelo de negocio: segmentos de clientes

Cardiólogos y especialistas vasculares

A partir de 2024, Semler Scientific se dirige a aproximadamente 40,000 cardiólogos y especialistas vasculares en los Estados Unidos.

Característica de segmento	Datos cuantitativos
Mercado total direccionable	40,000 especialistas
Volumen de diagnóstico anual	Pruebas cardiovasculares estimadas de 12-15 millones por año
Tasa de adopción promedio	37% de los especialistas objetivo

Médicos de atención primaria

Se dirige a Semler Científico aproximadamente 250,000 médicos de atención primaria en todo el país.

• Penetración del mercado potencial: 22% de los médicos de atención primaria total
• Palabras anuales promedio por médico: 1.200-1,500
• Seculios de diagnóstico total estimados: 75 millones anuales

Clínicas de atención médica y centros médicos

La compañía se centra en 65,000 clínicas de salud y centros médicos en los Estados Unidos.

Tipo clínico	Instalaciones totales	Cuota de mercado potencial
Centros quirúrgicos ambulatorios	5,400	28%
Centros de diagnóstico de imágenes	7,800	35%
Clínicas multipecialidades	12,500	42%

Departamentos de diagnóstico del hospital

Semler Scientific se dirige a 6.090 hospitales en los Estados Unidos.

• Departamentos de diagnóstico total del hospital: 18,270
• Penetración actual del mercado: 29%
• Pruebas de diagnóstico anuales en hospitales objetivo: 220 millones

Proveedores de seguro de salud

La compañía se involucra con 500 proveedores de seguros de salud en todo el país.

Categoría de proveedor de seguros	Proveedores totales	Vidas cubiertas
Aseguradoras nacionales	15	180 millones
Aseguradoras regionales	85	45 millones
Proveedores estatales	400	75 millones

Semler Scientific, Inc. (SMLR) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Semler Scientific informó gastos de I + D de $ 8,4 millones, lo que representa el 24.1% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 8.4 millones	24.1%
2022	$ 7.2 millones	22.3%

Costos de fabricación y producción

El costo total de los ingresos para 2023 fue de $ 14.8 millones, lo que incluye gastos de fabricación directos para Quantaflo y otros productos de diagnóstico.

• Costos laborales directos: $ 3.2 millones
• Gastos de materia prima: $ 5.6 millones
• Sobrecoss de fabricación: $ 5.9 millones

Gastos de ventas y marketing

Los gastos de ventas y marketing para 2023 totalizaron $ 16.9 millones, lo que representa el 48.5% de los ingresos totales.

Categoría de gastos	Cantidad
Compensación del personal de ventas	$ 9.3 millones
Campañas de marketing	$ 4.6 millones
Gastos de viaje y promoción	$ 3.0 millones

Inversiones de cumplimiento regulatorio

Los gastos relacionados con el cumplimiento para 2023 fueron de aproximadamente $ 2.1 millones.

• Presentaciones regulatorias de la FDA: $ 850,000
• Sistemas de gestión de calidad: $ 750,000
• Costos de auditoría y certificación externa: $ 500,000

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la tecnología y la infraestructura de TI para 2023 fueron de $ 3.5 millones.

Componente de infraestructura	Gastos
Licencia de software	$ 1.2 millones
Servicios de computación en la nube	$ 1.3 millones
Mantenimiento de hardware	$ 1.0 millones

Semler Scientific, Inc. (SMLR) - Modelo de negocios: flujos de ingresos

Venta de productos de diagnóstico médico

Para el año fiscal 2023, Semler Scientific reportó ingresos totales de $ 76.6 millones, con ventas de productos Quantaflo que representan una parte significativa de estos ingresos.

Producto	Contribución de ingresos	Año
Sistema de diagnóstico de QuantaFlo	$ 62.4 millones	2023
Otros productos de diagnóstico	$ 14.2 millones	2023

Licencias de tecnologías médicas

Semler Scientific genera ingresos a través de acuerdos de licencia de tecnología con proveedores de atención médica y socios de tecnología médica.

• Los acuerdos de licencia generaron aproximadamente $ 3.2 millones en 2023
• La licencia de tecnología representa el 4.2% de los ingresos totales de la compañía

Servicios recurrentes basados ​​en suscripción

La compañía ofrece acceso basado en suscripción a sus plataformas de diagnóstico y herramientas de análisis de datos.

Servicio de suscripción	Ingresos anuales	Base de suscriptores
Suscripción de la plataforma Quantaflo	$ 8.5 millones	Más de 1.200 proveedores de atención médica

Pruebas clínicas y tarifas de detección

Semler Scientific genera ingresos a través de servicios de pruebas clínicas y tarifas de detección.

• Los servicios de pruebas clínicas generaron $ 2.9 millones en 2023
• Tarifa de detección promedio por paciente: $ 125

Servicios de consulta y capacitación

La compañía ofrece servicios especializados de consulta y capacitación de tecnología médica.

Tipo de servicio	Ganancia	Compromiso promedio
Consulta de tecnología médica	$ 1.7 millones	150 compromisos de clientes de atención médica
Servicios de capacitación	$ 1.1 millones	200 sesiones de entrenamiento

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.