Key Takeaways
- Semler Scientific reported a 22% decrease in revenue to $14.5 million in Q2 2024.
- The company purchased 101 additional bitcoins for $6 million, totaling 929 bitcoins.
- Semler's bitcoin holdings have decreased in value by $5.1 million.
Semler Scientific, Inc. reported its second-quarter 2024 financial results, highlighting significant developments in its bitcoin investment strategy. T
he company’s earnings for the quarter show a decrease in revenue and operating income compared to last year, but a strong focus on bitcoin acquisition.
Semler Scientific reported a 22% decrease in revenue, falling from $18.6 million in Q2 2023 to $14.5 million in Q2 2024. The cost of revenues increased by 3% to $1.3 million, while total operating expenses decreased by 20% to $9.1 million. Despite these challenges, Semler achieved an income from operations of $5.4 million, a 25% decrease from the previous year’s $7.2 million. The company’s pre-tax net income was $1.1 million, reflecting a significant 85% decrease due to a $5.1 million drop in the fair value of bitcoin holdings. The net income was nearly breakeven at $11 thousand, a 100% decrease from the $5.9 million reported in the same quarter of 2023.
Bitcoin treasury
Semler Scientific has actively pursued a bitcoin treasury strategy, purchasing 101 bitcoins for $6 million, bringing their total holdings to 929 bitcoins worth $63 million.
CEO Doug Murphy-Chutorian emphasized the dual focus on bitcoin acquisition and business expansion:
We remain laser-focused on acquiring and holding bitcoin, while supporting and expanding our healthcare business.
The company initially bought 581 bitcoins for $40 million in May 2024, followed by additional purchases in June and August, totaling 929 bitcoins. Chairman Eric Semler highlighted the strategy’s positive reception and future acquisition plans, stating:
We continue to firmly believe that bitcoin is a compelling investment.
Semler Scientific will host a conference call on August 5, 2024, at 4:30 p.m. ET, discussing the second quarter results and future strategies.
