SANTA
CLARA, Calif., July 11,
2023 /PRNewswire/ -- Semler Scientific, Inc. (Nasdaq:
SMLR), a company that develops, manufactures and markets innovative
medical products and services that assist in evaluating and
treating chronic diseases, today announced the appointment of a
chief financial officer (CFO), record quarterly revenues expected
for the second quarter of 2023 and a strategic streamlining.
"We are pleased to announce Ms. Renae
Cormier will lead our accounting, finance, investor
relations and business strategy efforts as chief financial
officer," said Doug
Murphy-Chutorian, Semler Scientific's interim chief
executive officer. "In addition, we expect to report record high
revenues for the quarter ending June 30,
2023. Furthermore, Semler Scientific will streamline its
operations to provide enhanced efficiencies."
Appointment of CFO
Ms. Cormier has been named CFO effective July 10, 2023. She will play a pivotal role in
shaping the company's financial strategy, seeking to improve
operational efficiency, and supporting its continued growth and
success.
Ms. Cormier will continue as Semler Scientific's head of
corporate communications and business strategy, a role she has held
since May 2022. In this capacity, Ms.
Cormier has led investor relations and has been instrumental in
helping to shape corporate strategy. She has a strong background in
finance and accounting, having worked as an investment analyst and
auditor for several years before joining Semler Scientific.
Second Quarter 2023 Revenues
Semler Scientific expects its revenues for the second quarter
ending June 30, 2023 will be the
highest quarterly revenues in its history, driven by continued
sales of QuantaFlo® to existing and new customers to test for
peripheral arterial disease. More detailed financial information
will be provided in the second quarter earnings release, expected
on or around August 10, 2023.
Strategic Corporate Streamlining
Semler Scientific also announced a strategic plan to streamline
operations and reduce employee headcount by approximately 30% by
September 15, 2023. This plan is
meant to be proactive and seeks to drive operational efficiency,
while still providing high quality service to its customers.
Semler Scientific currently estimates that it
will incur severance costs in the range of $0.7 million to $0.9
million consisting of one-time termination benefits, which
are expected to be paid by December 31, 2023. Semler
Scientific anticipates this will result in a reduction in quarterly
operating expenses of approximately $1.5
million to $2.0 million, which
are expected to be realized during the fourth quarter ended
December 31, 2023.
About Semler Scientific, Inc.:
Semler Scientific, Inc. develops, manufactures and markets
innovative products and services that assist in evaluating and
treating 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 heart dysfunction (HD). QuantaFlo® is used by healthcare
providers to evaluate their patient's risk of mortality and major
adverse cardiovascular events (MACE). In addition, Semler
Scientific has an agreement with Mellitus Health, Inc. (Mellitus)
to exclusively market and distribute Insulin Insights™, an
FDA cleared software product that recommends optimal insulin dosing
for diabetic patients in the United
States, including Puerto
Rico. Semler Scientific has a minority investment in
Mellitus, as well as Monarch Medical Technologies LLC, a privately
held company whose product EndoTool® offers a technological
solution for inpatient glycemic management. 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 Semler Scientific's
expected second quarter 2023 revenues; strategic streamlining
efforts; and estimated severance costs and reduction in operating
expenses, including timing thereof; 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
associated with quarterly closing adjustments, implementation of
its strategic streamlining efforts 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:
Susan A. Noonan
S.A. Noonan Communications
susan@sanoonan.com
917 513 5303
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SOURCE Semler Scientific, Inc.