- Semler Scientific’s bitcoin holdings reach 1,058 after $3M purchase, part of a strategy to boost value.
- Third-quarter revenue drops 17%, but Semler remains focused on bitcoin growth and healthcare innovation.
- Semler’s ATM program raises $2.5M, supporting its dual focus on crypto investment and healthcare operations.
Semler Scientific (SMLR) announced modest yet strategic additional bitcoin purchases alongside its third-quarter earnings results on Monday evening. As of November 4th, the company has 1,058 bitcoins, acquiring an additional 47 bitcoins for $3 million since its last disclosure in August. Overall, Semler has put $71 million into bitcoin.
Semler Scientific Chairman Eric Semler emphasized the ongoing bitcoin acquisition, which increases the value of the company for all stakeholders. Semler reassured the audience that the firm would maintain such purchases, using operational cash flow and proceeds from its at-the-market (ATM) offering program.
The company also stated its intentions to seek other funding sources to purchase even more bitcoins in the future.
ATM Stock Program and Financial Results
Since its ATM stock sale program became effective on August 13, Semler Scientific has raised $2.5 million through the sale of 86,734 shares. The third quarter financial result demonstrated that the company has maintained a stable approach toward both Bitcoin plans and its health care segment.
For the third quarter ending September 30, 2024, total net sales were $13.5 million, a 17% decrease from the year-earlier total of $16.3 million. Despite this decrease, Semler maintained strong income from operations, recording $5.1 million, though down by 20% from the previous year’s $6.3 million.
Read CRYPTONEWSLAND on
google news
Operating expenses, including costs of revenues, reached $8.4 million, a 16% reduction compared to $10 million in the prior year. Semler’s pre-tax income stood at $6.4 million, including a $1.1 million unrealized gain from its Bitcoin holdings, representing a 9% decline from last year. Net income saw a slight increase of 2%, totaling $5.6 million, equating to $0.80 per basic share.
Bitcoin Acquisition Strategy and Future Outlook
In addition to its latest purchases, Semler’s total bitcoin holdings reached 1,058 by November 4. The company aims to continue investing in bitcoin as a means to support growth and innovation within its healthcare sector.
Semler remains committed to its dual focus on cryptocurrency investments and strengthening its healthcare operations, indicating a strategic path forward for its business model and financial health.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
