SANTA
CLARA, Calif., May 28, 2024
/PRNewswire/ -- Semler Scientific, Inc. (Nasdaq: SMLR), a pioneer
in developing and marketing technology products and services to
healthcare providers to combat chronic diseases, announced today
that its board of directors has adopted bitcoin as its
primary treasury reserve asset. In addition, Semler Scientific
announced that it has purchased 581 bitcoins for an aggregate
amount of $40 million, inclusive of
fees and expenses.
"Our bitcoin treasury strategy and purchase of
bitcoin underscore our belief that
bitcoin is a reliable store of value and a compelling
investment," said Eric Semler,
Semler Scientific's chairman. "Bitcoin is now a major
asset class with more than $1
trillion of market value. We believe it has unique
characteristics as a scarce and finite asset that can serve as a
reasonable inflation hedge and safe haven amid global
instability. We also believe its digital, architectural
resilience makes it preferable to gold, which has a market value of
approximately 10 times that of bitcoin. Given the gap
in value between gold and bitcoin, we believe that
bitcoin has the potential to generate outsize returns
as it gains increasing acceptance as digital gold.
"Furthermore, we are energized by the growing global acceptance
and 'institutionalization' of bitcoin -- reflected
most recently by the Securities and Exchange Commission's
January 2024 approval of 11
bitcoin exchange-traded funds. These funds have
reported more than $13 billion of net
inflows, with investments from nearly 1,000 institutions, including
global banks, pensions, endowments and registered investment
advisors. It is estimated that more than 10% of all bitcoins are
now held by institutions," added Mr. Semler.
Semler Scientific's board and senior management have spent
substantial time examining potential uses of cash, including
acquisitions. "After studying various alternatives, we decided that
holding bitcoin would be the best use of our excess
cash," said Mr. Semler.
In conjunction with its bitcoin treasury strategy,
Semler Scientific will continue to focus on its core medical
products and services. "We remain dedicated to our customers
and our goal of operating a growing and profitable healthcare
company," said Doug
Murphy-Chutorian, MD, Semler Scientific's chief executive
officer. "We are focused on maintaining sales of QuantaFlo® for
peripheral arterial disease testing, while seeking a new 510(k)
clearance from the FDA with expanded labeling for use as an aid in
the diagnosis of other cardiovascular diseases."
As Semler Scientific continues to generate revenue and free cash
flow from sales of QuantaFlo, it will proactively evaluate its use
of excess cash. Bitcoin will serve as Semler
Scientific's principal treasury holding on an ongoing basis,
subject to market conditions and the anticipated cash needs of
Semler Scientific.
More information regarding Semler Scientific's
bitcoin treasury strategy will be posted on its
website at www.semlerscientific.com.
About Semler Scientific, Inc:
Semler Scientific, Inc. develops, manufactures and markets
innovative products and services to combat chronic diseases. Its
flagship product, QuantaFlo®, which is patented and cleared by the
U.S. Food and Drug Administration (FDA), is a rapid point-of-care
test that measures arterial blood flow in the extremities. The
QuantaFlo test aids in the diagnosis of cardiovascular diseases,
such as peripheral arterial disease (PAD), and Semler Scientific is
seeking a new 510(k) clearance for expanded indications. QuantaFlo
is used by healthcare providers to evaluate their patient's risk of
mortality and major adverse cardiovascular events (MACE). Semler
Scientific also invests in bitcoin and has adopted
bitcoin as its primary treasury reserve asset.
Additional information about Semler Scientific can be found at
www.semlerscientific.com.
Forward-Looking Statements
This press release contains "forward-looking" statements. Such
statements can be identified by, among other things, the use of
forward-looking language such as the words "believe," "goal,"
"may," "will," "intend," "expect," "anticipate," "estimate,"
"project," "would," "could" or words with similar meaning or the
negatives of these terms or by the discussion of strategy or
intentions. The forward-looking statements in this release include
express or implied statements regarding the new
bitcoin strategy and its ability to generate outsize
returns, Website posting of information regarding the
bitcoin strategy, as well as seeking a new 510(k)
clearance for QuantaFlo with expanded indications for use, among
others. Such forward-looking statements are subject to a number of
risks and uncertainties that could cause Semler Scientific's actual
results to differ materially from those discussed here, such as
risks inherent with investing in bitcoin, including
bitcoin's volatility; risk of implementing a new
treasury strategy; risk that insurance plans and other customers
will not continue to license its cardiovascular testing products;
risk of changes in the reimbursement landscape for its customers
including related to the CMS rate announcement; risk of obtaining a
new 510(k) clearance for expanded indications; along with those
other risk factors detailed in Semler Scientific's filings with the
Securities and Exchange Commission. These forward-looking
statements involve assumptions, estimates, and uncertainties that
reflect current internal projections, expectations or beliefs.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such statements. All
forward-looking statements contained in this press release are
qualified in their entirety by these cautionary statements and the
risk factors described above. Furthermore, all such statements are
made as of the date of this release and Semler Scientific assumes
no obligation to update or revise these statements unless otherwise
required by law.
INVESTOR CONTACT:
Renae Cormier
Chief Financial Officer
ir@semlerscientific.com
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SOURCE Semler Scientific, Inc.