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Semler Scientific® Announces Bitcoin Treasury Strategy
SANTA CLARA, Calif. , May 28, 2024 /PRNewswire/ — Semler Scientific, Inc. (Nasdaq: SMLR), a pioneer in the development and commercialization of technology products and services for healthcare professionals to combat chronic diseases, today announced that the Its board of directors have adopted bitcoin as their primary treasury reserve asset. Additionally, Semler Scientific announced that it had purchased 581 bitcoins for a total amount of $40 million, including fees and expenses.
(PRNewsphoto/Semler Scientific, Inc.)
“Our bitcoin treasury strategy and bitcoin purchasing underscore our belief that bitcoin is a reliable store of value and an attractive investment,” said Eric Semler, president of Semler Scientific. “Bitcoin is now a major asset class with more than $1 trillion in market value. We believe it has unique characteristics as a scarce and limited asset that can serve as a reasonable hedge against inflation and a safe haven amid the global instability. We also believe that it is digital, the architectural resilience makes it preferable to gold, which has a market value of about 10 times that of bitcoin. Given the gap in value between gold and bitcoin, we believe that bitcoin has the potential to generate exceptional returns as it gains increasing acceptance as digital gold.
“Additionally, we are energized by the growing global acceptance and “institutionalization” of bitcoin, reflected most recently by the Securities and Exchange Commission’s approval in January 2024 of 11 bitcoin exchange-traded funds. These funds have seen more of $13 billion in net inflows, with investments by nearly 1,000 institutions, including global banks, pensions, foundations and registered investment advisors, it is estimated that more than 10% of all bitcoins are now held by institutions.” Semler added.
Semler Scientific’s board of directors and senior management have spent considerable 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 liquidity,” Semler said.
Along with its bitcoin treasury strategy, Semler Scientific will continue to focus on its core medical products and services. “We remain committed to our customers and our goal of operating a growing, profitable healthcare company,” said Doug Murphy-Chutorian, MD, chief executive officer of Semler Scientific. “We are focused on maintaining sales of QuantaFlo® for peripheral arterial disease testing, while seeking new 510(k) clearance from the FDA with expanded labeling for use as an aid in the diagnosis of other cardiovascular diseases.”
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As Semler Scientific continues to generate revenue and free cash flow from sales of QuantaFlo, it will proactively evaluate the use of excess cash. Bitcoin will serve as Semler Scientific’s primary treasury on an ongoing basis, subject to market conditions and Semler Scientific’s anticipated liquidity needs.
More information about 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®, patented and approved 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 helps in the diagnosis of cardiovascular diseases, such as peripheral arterial disease (PAD), and Semler Scientific is seeking new 510(k) clearance for expanded indications. QuantaFlo is used by healthcare professionals to assess their patients’ 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. More information about Semler Scientific is available at www.semlerscientific.com.
Forward-Looking Statements
This press release contains “forward-looking” statements. Such statements can be identified, among other things, by the use of forward-looking language such as the words “believe”, “objective”, “may”, “will”, “intend”, “expect”, “anticipate” “estimate”. “, “plan”, “would”, “could” or words with similar meaning or the negative aspects of these terms or from the discussion of strategy or intentions. Forward-looking statements in this release include express or implied statements regarding the new bitcoin strategy and its ability to generate exceptional returns, the publication on the website of information relating to the bitcoin strategy, as well as the filing of a new 510(k) authorization for QuantaFlo with extended 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 in investing in bitcoin, including the volatility of bitcoin; risk of implementing a new treasury strategy; risk that insurance plans and other customers will not continue to license their cardiovascular testing products; risk of changes in the reimbursement landscape for its customers, including in connection with the CMS fee announcement; risk of obtaining 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 projections, expectations or internal 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 undertakes no obligation to update or revise such statements unless otherwise required by law.
INVESTOR CONTACT:
Renee Cormier
Head of the financial office
ir@semlerscientific.com
Cision
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SOURCE Semler Scientific, Inc.