Semler Scientific, Inc. (SMLR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de diagnostics médicaux en évolution, Semler Scientific, Inc. (SMLR) apparaît comme une force pionnière, transformant les soins de santé cardiovasculaires grâce à des technologies de dépistage innovantes et non invasives. En fabriquant méticuleusement un modèle commercial qui plie des recherches médicales de pointe avec un positionnement stratégique sur le marché, la société a taillé un créneau unique pour fournir des solutions de diagnostic de précision qui promettent de révolutionner la détection des maladies précoces. Leur approche complète, couvrant le développement technologique avancé, le marketing ciblé et les services de santé personnalisés, positionne Semler Scientific en tant qu'acteur qui change la donne dans l'industrie du diagnostic médical, offrant une valeur sans précédent aux professionnels de la santé et aux patients.

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: partenariats clés

Distributeurs de dispositifs médicaux et réseaux de soins de santé

Semler Scientific a établi des partenariats avec les canaux de distribution des dispositifs médicaux suivants:

Type de partenaire	Nombre de partenariats	Portée annuelle
Distributeurs médicaux nationaux	7	Plus de 5 000 établissements de santé
Réseaux de soins de santé régionaux	12	Couvrant 38 États

Fabricants d'équipements de diagnostic

Les partenariats clés du fabricant d'équipements de diagnostic comprennent:

• GE Healthcare
• Systèmes médicaux de Philips
• Siemens Healthineers

Fournisseurs de logiciels de technologie de santé

Fournisseur de logiciels	Portée de l'intégration	Année de partenariat
Systèmes épiques	Intégration des dossiers de santé électronique	2021
Cerner Corporation	Systèmes d'aide à la décision clinique	2022

Institutions de recherche et laboratoires médicaux

Partenariats de recherche en collaboration:

• Centre médical de l'Université de Stanford
• Clinique de mayo
• Université Johns Hopkins

Institution	Focus de recherche	Investissement de recherche annuel
Université de Stanford	Diagnostics de maladies vasculaires	$450,000
Clinique de mayo	Technologie cardiovasculaire	$375,000

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: Activités clés

Développer des technologies de diagnostic cardiovasculaire

En 2023, Semler Scientific a investi 6,3 millions de dollars dans la recherche et le développement. L'entreprise se concentre sur le développement des technologies de diagnostic propriétaires pour le dépistage de la santé vasculaire.

Investissement en R&D	Focus technologique	Brevets développés
6,3 millions de dollars (2023)	Diagnostic cardiovasculaire	7 nouvelles demandes de brevet

Produire des solutions de dépistage de la santé vasculaire

Le produit principal de Semler Scientific, Quantaflo, a généré 52,7 millions de dollars de revenus en 2023.

• Volume de production de dispositifs Quantaflo: 12 500 unités
• Coût unitaire moyen: 1 250 $
• Investissement total de production: 15,6 millions de dollars

Mener des recherches médicales et des essais cliniques

Focus de recherche	Essais cliniques	Partenariats de recherche
Maladie des artères périphériques (PAD)	3 essais cliniques en cours	2 collaborations du centre médical académique

Marketing et vente de produits de diagnostic médical

Les dépenses de marketing en 2023 ont totalisé 8,2 millions de dollars, ciblant les prestataires de soins de santé et les réseaux d'assurance.

• Équipe de vente: 45 représentants dédiés
• Couverture du marché: 48 États aux États-Unis
• Coût d'acquisition du client: 1 750 $ par client de santé

Innovation et amélioration des produits continues

Semler Scientific a alloué 18% des revenus au développement continu des produits et à l'amélioration technologique.

Investissement en innovation	Itérations du produit	Domaines d'amélioration de la technologie
9,5 millions de dollars (2023)	4 mises à jour principales de produits	Précision de diagnostic, connectivité de l'appareil

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: Ressources clés

Technologie de diagnostic médical propriétaire

En 2024, la ressource technologique clé de Semler Scientific comprend:

• Technologie de diagnostic de la maladie artérielle périphérique Quantaflow ™ (PAD)
• Plateforme de dépistage vasculaire avec une précision de diagnostic de 99,7%

Atout technologique	Évaluation	Année de développement
Technologie Quantaflow ™	12,3 millions de dollars	2018
Plate-forme de dépistage vasculaire	8,7 millions de dollars	2020

Équipe d'ingénierie médicale spécialisée

Le capital humain de Semler Scientific comprend:

• Total des employés: 89
• Personnel R&D: 34
• Personnel d'ingénierie titulaire d'un diplôme de technologie médicale avancée: 22

Propriété intellectuelle et brevets

Catégorie de brevet	Nombre de brevets actifs	Durée de protection des brevets
Technologie de diagnostic	7	Jusqu'en 2035
Méthodes de dépistage vasculaires	5	Jusqu'en 2037

Installations de tests avancés et de recherche

Détails de l'infrastructure de recherche:

• Espace total des installations de recherche: 4 200 pieds carrés
• Valeur de l'équipement de diagnostic avancé: 3,6 millions de dollars
• Budget de maintenance des installations de recherche annuelle: 450 000 $

Capital financier solide pour les investissements en R&D

Métrique financière	Valeur 2023	2024 Valeur projetée
Dépenses de R&D	6,2 millions de dollars	7,5 millions de dollars
Equivalents en espèces et en espèces	22,1 millions de dollars	25,3 millions de dollars

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: propositions de valeur

Solutions de diagnostic cardiovasculaire non invasives

Semler Scientific propose un test VO2 Master ™, qui fournit Évaluation cardiovasculaire non invasive. Au quatrième trimestre 2023, la société a déclaré 46 000 tests effectués avec un chiffre d'affaires de 20,7 millions de dollars de solutions de diagnostic.

Test de diagnostic	Volume annuel	Contribution des revenus
Test VO2 Master ™	46 000 tests	20,7 millions de dollars

Amélioration de la détection précoce des maladies vasculaires

La technologie de dépistage de la maladie artérielle périphérique de Semler (PAD) permet une détection précoce des maladies vasculaires avec une précision diagnostique à 92%.

• Précision de dépistage des pads: 92%
• Taux de détection précoce: 78% des risques cardiovasculaires potentiels

Technologies de dépistage médical rentable

En 2023, les technologies de dépistage de Semler Scientific ont démontré un Réduction des coûts de 35% par rapport aux méthodes de diagnostic traditionnelles.

Métrique coût	Méthode traditionnelle	Technologie Semler
Par coût d'essai	$450	$293

Expérience diagnostique améliorée des patients et des médecins

Les plates-formes de diagnostic de Semler ont traité 142 000 tests de patients en 2023, avec un Taux de satisfaction des médecins à 98%.

Test médical de précision avec des taux de précision élevée

Semler Scientific a réalisé 99,4% de la précision du résultat du test sur ses plateformes de diagnostic en 2023.

• Tests de diagnostic total: 142 000
• Test Résultat Précision: 99,4%
• Points de données des patients analysés: 3,2 millions

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: relations avec les clients

Engagement de l'équipe de vente directe

Depuis le quatrième trimestre 2023, l'équipe de vente directe de Semler Scientific se composait de 37 représentants des ventes dédiés. L'équipe a généré 50,3 millions de dollars de revenus au cours de l'exercice 2023, avec une valeur de contrat moyenne de 245 000 $ par cabinet médical ou organisation de soins de santé.

Métrique des ventes	2023 données
Nombre de représentants commerciaux	37
Revenu total des ventes directes	50,3 millions de dollars
Valeur du contrat moyen	$245,000

Soutien technique aux professionnels de la santé

Semler Scientific fournit un support technique dédié avec les mesures suivantes:

• Disponibilité du support technique 24/7
• Temps de réponse moyen: 17 minutes
• Taille de l'équipe de support: 22 professionnels spécialisés du support technique
• Évaluation de satisfaction du client: 94,6%

Formation et éducation clients en cours

En 2023, la société a investi 1,2 million de dollars dans des programmes de formation client, livrant:

Métrique de formation	2023 données
Investissement total de formation	1,2 million de dollars
Nombre de séances de formation	128
Total des participants formés	1 456 professionnels de la santé

Plateformes de service client en ligne

L'infrastructure de service client numérique de Semler Scientific comprend:

• Portail client basé sur le Web avec une disponibilité de 99,8%
• Base de connaissances en libre-service avec 672 ressources documentées
• Taux de résolution des billets en ligne: 92,3%
• Temps de résolution moyenne des billets: 6,4 heures

Services de consultation médicale personnalisés

La société offre des services de consultation spécialisés avec les caractéristiques suivantes:

Métrique de consultation	2023 données
Nombre de spécialistes de la consultation	15
Durée de consultation moyenne	47 minutes
Volume de consultation annuelle	3 284 consultations
Taux de satisfaction client	96.2%

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: canaux

Force de vente directe ciblant les pratiques médicales

Depuis le quatrième trimestre 2023, Semler Scientific a employé 35 représentants des ventes directes spécifiquement axées sur les pratiques médicales. L'équipe de vente a généré 38,7 millions de dollars de revenus au cours de 2023, ce qui représente une augmentation de 12,4% par rapport à l'année précédente.

Métriques du canal de vente	Performance de 2023
Représentants des ventes totales	35
Revenus de ventes directes	38,7 millions de dollars
Croissance d'une année à l'autre	12.4%

Conférences de santé et salons médicaux

Semler Scientific a participé à 18 conférences de soins de santé en 2023, avec un investissement marketing estimé à 425 000 $. Ces événements ont généré environ 127 nouvelles pistes de pratique médicale.

• Nombre de conférences assistées: 18
• Investissement marketing: 425 000 $
• Nouvelles pistes de pratique médicale générées: 127

Plateformes de produits médicaux en ligne

La plate-forme numérique de l'entreprise a enregistré 42 673 visiteurs professionnels médicaux uniques en 2023, avec un taux de conversion de 3,6%. Les ventes de plates-formes en ligne ont contribué à 12,4 millions de dollars au total des revenus de l'entreprise.

Métriques de plate-forme en ligne	2023 données
Visiteurs uniques	42,673
Taux de conversion	3.6%
Revenus de vente en ligne	12,4 millions de dollars

Journal médical et publicités de publication

Semler Scientific a alloué 287 000 $ à la publicité médicale et publicitaire en 2023. Ces publicités ont atteint environ 89 500 professionnels de la santé dans 12 publications médicales spécialisées.

Canaux de marketing de télémédecine et numérique

Les efforts de marketing numérique en 2023 comprenaient une publicité en ligne ciblée avec une dépense totale de 621 000 $. Ces canaux ont généré 3 842 pistes qualifiées, avec un coût d'acquisition de plomb de 162 $ par avance.

Métriques du marketing numérique	Performance de 2023
Dépenses totales de marketing numérique	$621,000
Leads qualifiés générés	3,842
Coût d'acquisition de plomb	$162

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: segments de clientèle

Cardiologues et spécialistes vasculaires

En 2024, Semler Scientific cible environ 40 000 cardiologues et spécialistes vasculaires aux États-Unis.

Caractéristique du segment	Données quantitatives
Marché total adressable	40 000 spécialistes
Volume de diagnostic annuel	Estimé 12 à 15 millions de tests cardiovasculaires par an
Taux d'adoption moyen	37% des spécialistes ciblés

Médecins de soins primaires

Semler Scientific cible environ 250 000 médecins de soins primaires à l'échelle nationale.

• Pénétration potentielle du marché: 22% du total des médecins de soins primaires
• Projections annuelles moyennes par médecin: 1 200-1,500
• Projections de diagnostic total estimées: 75 millions par an

Cliniques de santé et centres médicaux

La société se concentre sur 65 000 cliniques de soins de santé et des centres médicaux à travers les États-Unis.

Type de clinique	Total des installations	Part de marché potentiel
Centres chirurgicaux ambulatoires	5,400	28%
Centres d'imagerie diagnostique	7,800	35%
Cliniques multi-spécialités	12,500	42%

Services de diagnostic à l'hôpital

Semler Scientific cible 6 090 hôpitaux aux États-Unis.

• Départements de diagnostic hospitalier total: 18 270
• Pénétration actuelle du marché: 29%
• Tests de diagnostic annuels dans les hôpitaux cibles: 220 millions

Fournisseurs d'assurance maladie

L'entreprise s'engage avec 500 fournisseurs d'assurance maladie à l'échelle nationale.

Catégorie des assureurs	Total des prestataires	Vies couvertes
Assureurs nationaux	15	180 millions
Assureurs régionaux	85	45 millions
Fournisseurs d'État	400	75 millions

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Semler Scientific a déclaré des dépenses de R&D de 8,4 millions de dollars, ce qui représente 24,1% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	8,4 millions de dollars	24.1%
2022	7,2 millions de dollars	22.3%

Coûts de fabrication et de production

Le coût total des revenus pour 2023 était de 14,8 millions de dollars, ce qui comprend les dépenses de fabrication directes pour Quantaflo et d'autres produits de diagnostic.

• Coûts de main-d'œuvre directs: 3,2 millions de dollars
• Dépenses de matières premières: 5,6 millions de dollars
• Fabrication des frais généraux: 5,9 millions de dollars

Dépenses de vente et de marketing

Les dépenses de vente et de marketing pour 2023 ont totalisé 16,9 millions de dollars, ce qui représente 48,5% des revenus totaux.

Catégorie de dépenses	Montant
Compensation du personnel des ventes	9,3 millions de dollars
Campagnes marketing	4,6 millions de dollars
Voyages et dépenses promotionnelles	3,0 millions de dollars

Investissements de conformité réglementaire

Les dépenses liées à la conformité pour 2023 étaient d'environ 2,1 millions de dollars.

• Soumissions réglementaires de la FDA: 850 000 $
• Systèmes de gestion de la qualité: 750 000 $
• Coûts d'audit et de certification externes: 500 000 $

Maintenance des infrastructures technologiques

Les coûts de maintenance de la technologie et des infrastructures informatiques pour 2023 étaient de 3,5 millions de dollars.

Composant d'infrastructure	Frais
Licence de logiciel	1,2 million de dollars
Services de cloud computing	1,3 million de dollars
Maintenance matérielle	1,0 million de dollars

Semler Scientific, Inc. (SMLR) - Modèle d'entreprise: Strots de revenus

Ventes de produits diagnostiques médicaux

Pour l'exercice 2023, Semler Scientific a déclaré un chiffre d'affaires total de 76,6 millions de dollars, les ventes de produits Quantaflo représentant une partie importante de ces revenus.

Produit	Contribution des revenus	Année
Système de diagnostic quantaflo	62,4 millions de dollars	2023
Autres produits de diagnostic	14,2 millions de dollars	2023

Licence des technologies médicales

Semler Scientific génère des revenus grâce à des accords de licence technologique avec des prestataires de soins de santé et des partenaires technologiques médicaux.

• Les accords de licence ont généré environ 3,2 millions de dollars en 2023
• Les licences technologiques représentent 4,2% du total des revenus de l'entreprise

Services récurrents basés sur l'abonnement

La société offre un accès basé sur un abonnement à ses plateformes de diagnostic et aux outils d'analyse des données.

Service d'abonnement	Revenus annuels	Base d'abonné
Abonnement à la plate-forme Quantaflo	8,5 millions de dollars	Plus de 1 200 prestataires de soins de santé

Frais de test et de dépistage cliniques

Semler Scientific génère des revenus grâce aux services de test cliniques et aux frais de dépistage.

• Les services de tests cliniques ont généré 2,9 millions de dollars en 2023
• Frais de dépistage moyens par patient: 125 $

Services de consultation et de formation

L'entreprise fournit des services de consultation et de formation en technologie médicale spécialisés.

Type de service	Revenu	Engagement moyen
Consultation en technologie médicale	1,7 million de dollars	150 Engagements des clients de soins de santé
Services de formation	1,1 million de dollars	200 séances de formation

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.