Semler Scientific, Inc. (SMLR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do diagnóstico médico, a Semler Scientific, Inc. (SMLR) surge como uma força pioneira, transformando a saúde cardiovascular por meio de cuidados de saúde inovadores e não invasivos. Ao elaborar meticulosamente um modelo de negócios que preenche a pesquisa médica de ponta com posicionamento estratégico do mercado, a empresa criou um nicho único no fornecimento de soluções de diagnóstico de precisão que prometem revolucionar a detecção precoce de doenças. Sua abordagem abrangente, abrangendo o desenvolvimento tecnológico avançado, o marketing direcionado e os serviços personalizados de assistência médica, posiciona a Semler Scientific como jogador que muda o jogo na indústria de diagnóstico médico, oferecendo valor sem precedentes a profissionais de saúde e pacientes.

Semler Scientific, Inc. (SMLR) - Modelo de negócios: Parcerias -chave

Distribuidores de dispositivos médicos e redes de saúde

A Semler Scientific estabeleceu parcerias com os seguintes canais de distribuição de dispositivos médicos:

Tipo de parceiro	Número de parcerias	Alcance anual
Distribuidores médicos nacionais	7	Mais de 5.000 instalações de saúde
Redes regionais de saúde	12	Cobrindo 38 estados

Fabricantes de equipamentos de diagnóstico

Principais parcerias do fabricante de equipamentos de diagnóstico incluem:

• GE Healthcare
• Philips Medical Systems
• Siemens Healthineers

Provedores de software de tecnologia de saúde

Provedor de software	Escopo de integração	Ano de parceria
Sistemas épicos	Integração eletrônica de registro de saúde	2021
Cerner Corporation	Sistemas de suporte à decisão clínica	2022

Instituições de pesquisa e laboratórios médicos

Parcerias de pesquisa colaborativa:

• Centro Médico da Universidade de Stanford
• Clínica Mayo
• Universidade Johns Hopkins

Instituição	Foco na pesquisa	Investimento anual de pesquisa
Universidade de Stanford	Diagnósticos de doenças vasculares	$450,000
Clínica Mayo	Tecnologia cardiovascular	$375,000

Semler Scientific, Inc. (SMLR) - Modelo de negócios: Atividades -chave

Desenvolvimento de tecnologias de diagnóstico cardiovascular

Em 2023, a Semler Scientific investiu US $ 6,3 milhões em pesquisa e desenvolvimento. A empresa se concentra no desenvolvimento de tecnologias de diagnóstico proprietárias para a triagem vascular da saúde.

Investimento em P&D	Foco em tecnologia	Patentes desenvolvidas
US $ 6,3 milhões (2023)	Diagnóstico cardiovascular	7 novos pedidos de patente

Produzindo soluções de triagem de saúde vascular

O Produto Primário da Semler Scientific, a QuantaFlo, gerou US $ 52,7 milhões em receita em 2023.

• Volume de produção de dispositivos do QuantaFlo: 12.500 unidades
• Custo unitário médio: US $ 1.250
• Investimento total de produção: US $ 15,6 milhões

Condução de pesquisas médicas e ensaios clínicos

Foco na pesquisa	Ensaios clínicos	Parcerias de pesquisa
Doença arterial periférica (PAD)	3 ensaios clínicos em andamento	2 Colaborações do Centro Médico Acadêmico

Marketing e venda de produtos de diagnóstico médico

As despesas de marketing em 2023 totalizaram US $ 8,2 milhões, direcionando os prestadores de serviços de saúde e as redes de seguros.

• Equipe de vendas: 45 representantes dedicados
• Cobertura de mercado: 48 estados nos Estados Unidos
• Custo de aquisição de clientes: US $ 1.750 por cliente de saúde

Inovação contínua de produtos e melhoria

A Semler Scientific alocou 18% da receita para o desenvolvimento contínuo de produtos e o aprimoramento tecnológico.

Investimento de inovação	Iterações do produto	Áreas de melhoria de tecnologia
US $ 9,5 milhões (2023)	4 atualizações principais do produto	Precisão diagnóstica, conectividade do dispositivo

Semler Scientific, Inc. (SMLR) - Modelo de negócios: Recursos -chave

Tecnologia de diagnóstico médico proprietário

A partir de 2024, o principal recurso tecnológico da Semler Scientific inclui:

• DOENÇA ARTERIAL PERIPERIAL DA QUASTAFLOFF ™ Tecnologia de diagnóstico (PAD)
• Plataforma de triagem vascular com 99,7% de precisão diagnóstica

Ativo de tecnologia	Avaliação	Ano de desenvolvimento
TECNOLOGIA DESAFLOFF ™	US $ 12,3 milhões	2018
Plataforma de triagem vascular	US $ 8,7 milhões	2020

Equipe especializada em engenharia médica

O capital humano da Semler Scientific inclui:

• Total de funcionários: 89
• Pessoal de P&D: 34
• Equipe de engenharia com graus avançados de tecnologia médica: 22

Propriedade intelectual e patentes

Categoria de patentes	Número de patentes ativas	Duração da proteção de patentes
Tecnologia de diagnóstico	7	Até 2035
Métodos de triagem vascular	5	Até 2037

Instalações avançadas de teste e pesquisa

Detalhes da infraestrutura de pesquisa:

• Espaço total da instalação de pesquisa: 4.200 pés quadrados
• Valor avançado do equipamento de diagnóstico: US $ 3,6 milhões
• Orçamento anual de manutenção da instalação de pesquisa: US $ 450.000

Capital financeiro forte para investimentos em P&D

Métrica financeira	2023 valor	2024 Valor projetado
Despesas de P&D	US $ 6,2 milhões	US $ 7,5 milhões
Caixa e equivalentes de dinheiro	US $ 22,1 milhões	US $ 25,3 milhões

Semler Scientific, Inc. (SMLR) - Modelo de negócios: proposições de valor

Soluções de diagnóstico cardiovascular não invasivas

Semler Scientific oferece o teste VO2 Master ™, que fornece Avaliação cardiovascular não invasiva. A partir do quarto trimestre de 2023, a empresa registrou 46.000 testes concluídos com uma receita de US $ 20,7 milhões da Diagnostic Solutions.

Teste de diagnóstico	Volume anual	Contribuição da receita
Teste VO2 Master ™	46.000 testes	US $ 20,7 milhões

Detecção precoce aprimorada de doenças vasculares

A tecnologia de triagem arterial periférica de Semler (PAD) permite a detecção precoce de doenças vasculares com 92% de precisão diagnóstica.

• Precisão de triagem da almofada: 92%
• Taxa de detecção precoce: 78% dos possíveis riscos cardiovasculares

Tecnologias de triagem médica econômica

Em 2023, as tecnologias de triagem da Semler Scientific demonstraram um Redução de custos de 35% comparado aos métodos de diagnóstico tradicionais.

Métrica de custo	Método tradicional	TECNOLOGIA SEMLER
Por custo de teste	$450	$293

Experiência de diagnóstico aprimorada de pacientes e médicos

As plataformas de diagnóstico de Semler processaram 142.000 testes de pacientes em 2023, com um 98% da taxa de satisfação médica.

Exposições médicas de precisão com taxas de alta precisão

Semler Scientific alcançado 99,4% Resultado do teste Precisão em suas plataformas de diagnóstico em 2023.

• Total de diagnóstico total: 142.000
• Resultado do teste Precisão: 99,4%
• Pontos de dados do paciente analisados: 3,2 milhões

Semler Scientific, Inc. (SMLR) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

No quarto trimestre 2023, a equipe de vendas direta da Semler Scientific consistia em 37 representantes de vendas dedicados. A equipe gerou US $ 50,3 milhões em receita durante o ano fiscal de 2023, com um valor médio de contrato de US $ 245.000 por prática médica ou organização de saúde.

Métrica de vendas	2023 dados
Número de representantes de vendas	37
Receita total das vendas diretas	US $ 50,3 milhões
Valor médio do contrato	$245,000

Suporte técnico para profissionais médicos

A Semler Scientific fornece suporte técnico dedicado às seguintes métricas:

• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta: 17 minutos
• Tamanho da equipe de suporte: 22 profissionais de suporte técnico especializados
• Classificação de satisfação do cliente: 94,6%

Treinamento e educação em andamento do cliente em andamento

Em 2023, a empresa investiu US $ 1,2 milhão em programas de treinamento de clientes, entregando:

Métrica de treinamento	2023 dados
Investimento total de treinamento	US $ 1,2 milhão
Número de sessões de treinamento	128
Total de participantes treinados	1.456 profissionais médicos

Plataformas de atendimento ao cliente online

A infraestrutura de atendimento ao cliente digital da Semler Scientific inclui:

• Portal de clientes baseado na Web com 99,8% de tempo de atividade
• Base de conhecimento de autoatendimento com 672 recursos documentados
• Taxa de resolução de ingressos on -line: 92,3%
• Tempo médio de resolução do ingresso: 6,4 horas

Serviços personalizados de consulta médica

A empresa oferece serviços de consulta especializados com as seguintes características:

Métrica de consulta	2023 dados
Número de especialistas em consulta	15
Duração média da consulta	47 minutos
Volume anual de consulta	3.284 consultas
Taxa de satisfação do cliente	96.2%

Semler Scientific, Inc. (SMLR) - Modelo de Negócios: Canais

Força de vendas direta direcionando práticas médicas

A partir do quarto trimestre 2023, a Semler Scientific empregou 35 representantes de vendas diretas, focadas especificamente nas práticas médicas. A equipe de vendas gerou US $ 38,7 milhões em receita durante 2023, representando um aumento de 12,4% em relação ao ano anterior.

Métricas de canal de vendas	2023 desempenho
Total de representantes de vendas	35
Receita de vendas direta	US $ 38,7 milhões
Crescimento ano a ano	12.4%

Conferências de saúde e feiras médicas

A Semler Scientific participou de 18 conferências de saúde em 2023, com um investimento estimado em marketing de US $ 425.000. Esses eventos geraram aproximadamente 127 novos leads de prática médica.

• Número de conferências participadas: 18
• Investimento de marketing: US $ 425.000
• Novos leads de prática médica gerados: 127

Plataformas de produtos médicos online

A plataforma digital da empresa registrou 42.673 visitantes profissionais médicos únicos em 2023, com uma taxa de conversão de 3,6%. As vendas de plataforma on -line contribuíram com US $ 12,4 milhões para a receita total da empresa.

Métricas de plataforma online	2023 dados
Visitantes únicos	42,673
Taxa de conversão	3.6%
Receita de vendas on -line	US $ 12,4 milhões

Anúncios de revistas médicas e publicação

A Semler Scientific alocou US $ 287.000 para a Medical Journal and Publication Advertising em 2023. Esses anúncios atingiram aproximadamente 89.500 profissionais médicos em 12 publicações médicas especializadas.

Canais de telemedicina e marketing digital

Os esforços de marketing digital em 2023 incluíram publicidade on -line direcionada com um gasto total de US $ 621.000. Esses canais geraram 3.842 leads qualificados, com um custo de aquisição de chumbo de US $ 162 por lead.

Métricas de marketing digital	2023 desempenho
Gastos de marketing digital total	$621,000
Leads qualificados gerados	3,842
Custo de aquisição de chumbo	$162

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

Cardiologistas e especialistas vasculares

A partir de 2024, o Semler Scientific alvos de aproximadamente 40.000 cardiologistas e especialistas vasculares nos Estados Unidos.

Característica do segmento	Dados quantitativos
Mercado endereçável total	40.000 especialistas
Volume de diagnóstico anual	Estimado de 12 a 15 milhões de testes cardiovasculares por ano
Taxa média de adoção	37% dos especialistas direcionados

Médicos de cuidados primários

A Semler Scientific tem como alvo aproximadamente 250.000 médicos de cuidados primários em todo o país.

• Penetração potencial de mercado: 22% do total de médicos de cuidados primários
• Triações anuais médias por médico: 1.200-1.500
• Triagens de diagnóstico totais estimadas: 75 milhões anualmente

Clínicas de saúde e centros médicos

A empresa se concentra em 65.000 clínicas de saúde e centros médicos nos Estados Unidos.

Tipo de clínica	Total de instalações	Participação de mercado potencial
Centros cirúrgicos ambulatoriais	5,400	28%
Centros de imagem de diagnóstico	7,800	35%
Clínicas multi-especializadas	12,500	42%

Departamentos de diagnóstico hospitalar

A Semler Scientific metas de 6.090 hospitais nos Estados Unidos.

• Departamentos de Diagnóstico Hospitalar Total: 18.270
• Penetração de mercado atual: 29%
• Testes de diagnóstico anuais em hospitais -alvo: 220 milhões

Provedores de seguro de saúde

A empresa se envolve com 500 provedores de seguros de saúde em todo o país.

Categoria de provedor de seguros	Total de provedores	Vidas cobertas
Seguradoras nacionais	15	180 milhões
Seguradoras regionais	85	45 milhões
Provedores baseados em estado	400	75 milhões

Semler Scientific, Inc. (SMLR) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Semler Scientific registrou despesas de P&D de US $ 8,4 milhões, representando 24,1% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 8,4 milhões	24.1%
2022	US $ 7,2 milhões	22.3%

Custos de fabricação e produção

O custo total das receitas para 2023 foi de US $ 14,8 milhões, o que inclui despesas diretas de fabricação para o QuantaFlo e outros produtos de diagnóstico.

• Custos de mão -de -obra direta: US $ 3,2 milhões
• Despesas de matéria -prima: US $ 5,6 milhões
• Manufatura de sobrecarga: US $ 5,9 milhões

Despesas de vendas e marketing

As despesas de vendas e marketing de 2023 totalizaram US $ 16,9 milhões, representando 48,5% da receita total.

Categoria de despesa	Quantia
Compensação do pessoal de vendas	US $ 9,3 milhões
Campanhas de marketing	US $ 4,6 milhões
Despesas de viagem e promocionais	US $ 3,0 milhões

Investimentos de conformidade regulatória

As despesas relacionadas à conformidade em 2023 foram de aproximadamente US $ 2,1 milhões.

• Submissões regulatórias da FDA: US $ 850.000
• Sistemas de gestão da qualidade: US $ 750.000
• Custos de auditoria e certificação externos: US $ 500.000

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de tecnologia e infraestrutura de TI para 2023 foram de US $ 3,5 milhões.

Componente de infraestrutura	Despesa
Licenciamento de software	US $ 1,2 milhão
Serviços de computação em nuvem	US $ 1,3 milhão
Manutenção de hardware	US $ 1,0 milhão

Semler Scientific, Inc. (SMLR) - Modelo de negócios: fluxos de receita

Vendas de produtos de diagnóstico médico

Para o ano fiscal de 2023, a Semler Scientific registrou receita total de US $ 76,6 milhões, com as vendas de produtos da QuantaFlo representando uma parcela significativa dessa receita.

Produto	Contribuição da receita	Ano
Sistema de diagnóstico do QuantaFlo	US $ 62,4 milhões	2023
Outros produtos de diagnóstico	US $ 14,2 milhões	2023

Licenciamento de tecnologias médicas

A Semler Scientific gera receita por meio de acordos de licenciamento de tecnologia com prestadores de serviços de saúde e parceiros de tecnologia médica.

• Acordos de licenciamento geraram aproximadamente US $ 3,2 milhões em 2023
• O licenciamento de tecnologia representa 4,2% da receita total da empresa

Serviços recorrentes baseados em assinatura

A empresa oferece acesso baseado em assinatura às suas plataformas de diagnóstico e ferramentas de análise de dados.

Serviço de assinatura	Receita anual	Base de assinante
Assinatura da plataforma Quostoflo	US $ 8,5 milhões	Mais de 1.200 prestadores de serviços de saúde

Testes clínicos e taxas de triagem

A Semler Scientific gera receita por meio de serviços de teste clínico e taxas de triagem.

• Os serviços de teste clínico geraram US $ 2,9 milhões em 2023
• Taxa de triagem média por paciente: $ 125

Serviços de consulta e treinamento

A empresa fornece serviços especializados de consulta e treinamento em tecnologia médica.

Tipo de serviço	Receita	Engajamento médio
Consulta de tecnologia médica	US $ 1,7 milhão	150 compromissos de clientes de saúde
Serviços de treinamento	US $ 1,1 milhão	200 sessões de treinamento

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.