Cash flow generation has deteriorated significantly, with the company reporting a $32.9 million free cash flow outflow in 2025Q3, driven in part by a $48.9 million spike in capital expenditures.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -26.91M | 24.41M | 17.82M | 17.46M | 16.06M | 15.11M | 12.73M | 4.7M | 621K | -1.8M | -4.13M | -3.82M | -1.19M | -1.82M | -1.27M |
| Operating CF Margin % | - | 43.36% | 26.14% | 30.81% | 30.28% | 39.15% | 38.84% | 21.86% | 4.99% | -24.27% | -59.06% | -105.14% | -52.42% | -151.88% | -403.48% |
| Operating CF Growth % | -139.43% | 36.98% | 2.04% | 8.76% | 6.23% | 18.75% | 170.98% | 656.36% | 134.42% | 56.37% | -8.19% | -220.64% | 34.54% | -42.82% | - |
| Net Income | 48.34M | 40.9M | 20.58M | 14.32M | 17.22M | 14.01M | 15.08M | 5.01M | -1.51M | -2.55M | -8.5M | -4.51M | -2.23M | -2.74M | -1.88M |
| Depreciation & Amortization | 416K | 579K | 599K | 589K | 628K | 576K | 632K | 503K | 559K | 452K | 315K | 196K | 129K | 70K | 25K |
| Stock-Based Compensation | 3.74M | 862K | 0 | 741K | 749K | 253K | 0 | 601K | 343K | 300K | 2.6M | 190K | 141K | 96K | 32K |
| Deferred Taxes | 16.61M | 5.73M | -664K | -351K | 408K | 2.14M | -4.5M | 246K | 718K | 331K | 416K | 206K | 248K | 194K | 0 |
| Other Non-Cash Items | -97.97M | -24.85M | 1.04M | 489K | 1.63M | -128K | 619K | 253K | 330K | 185K | 55K | 147K | 88K | 131K | 163K |
| Working Capital Changes | 1.95M | 1.19M | -3.74M | 1.67M | -4.58M | -1.73M | 894K | -1.92M | 181K | -518K | 975K | -46K | 435K | 429K | 381K |
| Change in Receivables | 4.29M | 1.84M | -2.51M | -367K | -874K | 623K | -734K | -1.5M | -479K | 293K | -1.2M | -255K | -243K | -54K | -20K |
| Change in Inventory | -104K | 88K | 24K | 81K | -1.41M | -303K | 0 | -113K | 606K | 17K | 1.08M | 130K | 207K | 477K | 357K |
| Change in Payables | -345K | -262K | -433K | 392K | -234K | 339K | 58K | -208K | 38K | -389K | 750K | -167K | 169K | -33K | 19K |
| Cash from Investing | -405.76M | -189.98M | 18.4M | -26.84M | -825K | -1.01M | -1.7M | -843K | -968K | -814K | 996K | -2.54M | -441K | -381K | -187K |
| Capital Expenditures | -49.18M | -51K | -828K | -2.16M | -825K | -758K | -1.7M | -844K | -971K | -814K | -1.1M | -441K | -441K | -190K | -187K |
| CapEx % of Revenue | 133.07% | 0.09% | 1.21% | 3.81% | 1.56% | 1.96% | 5.18% | 3.93% | 7.8% | 10.95% | 15.77% | 12.13% | 19.39% | 15.85% | 59.18% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 3K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -355.43M | -189.43M | -1M | 0 | 0 | -248K | 0 | 1K | 3K | -591K | 2.1M | -2.1M | -440K | -191K | -184K |
| Cash from Financing | 436.28M | 117.19M | -1.9M | -4.94M | 13K | 230K | -6.57M | -2.03M | 1.18M | 2.83M | -612K | 9.79M | 1.64M | 2.9M | 1.16M |
| Debt Issued (Net) | 120M | 0 | 0 | 0 | 0 | 0 | 0 | -2.9M | -32K | 2.83M | -2M | 1.73M | -103K | -99K | 472K |
| Equity Issued (Net) | 2M | 1000K | -1000K | -1000K | 0 | 0 | -1000K | 0 | 475K | 0 | 1000K | 1000K | 1000K | 1000K | 725K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -7.74M | 0 | -1.95M | -4.99M | 0 | 0 | -6.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.39M | -2.41M | 0 | 54K | 13K | 230K | 0 | 870K | 739K | 0 | 14K | -1.96M | -670K | -627K | -40K |
| Net Change in Cash | 3.61M | -48.38M | 34.32M | -14.31M | 15.24M | 14.34M | 4.46M | 1.83M | 835K | 217K | -3.75M | 3.42M | 3K | 703K | -305K |
| Free Cash Flow | -388.75M | -165.34M | 16.99M | 15.3M | 15.23M | 14.36M | 11.03M | 3.85M | -350K | -2.62M | -5.24M | -4.26M | -1.63M | -2.01M | -1.46M |
| FCF Margin % | -1051.92% | -293.71% | 24.92% | 27% | 28.72% | 37.19% | 33.66% | 17.93% | -2.81% | -35.22% | -74.83% | -117.28% | -71.81% | -167.72% | -462.66% |
| FCF Growth % | -672.66% | -1073.05% | 11.04% | 0.47% | 6.09% | 30.15% | 186.27% | 1200.86% | 86.63% | 50.03% | -22.89% | -161.05% | 18.8% | -37.55% | - |
| FCF per Share | -23.50 | -20.72 | 2.17 | 1.91 | 1.87 | 1.78 | 1.37 | 0.51 | -0.06 | -0.51 | -1.06 | -1.04 | -0.65 | -0.72 | -0.52 |
| FCF Conversion (FCF/Net Income) | -8.04x | 0.60x | 0.87x | 1.22x | 0.93x | 1.08x | 0.84x | 0.94x | -0.41x | 0.71x | 0.49x | 0.85x | 0.53x | 0.66x | 0.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 575K | 0 | 0 | 0 | 28K | 17K | 32K | 16K |
| Taxes Paid | 0 | 2.26M | 0 | 2.4M | 2.65M | 285K | 0 | 18K | 0 | 0 | 0 | 1K | 3K | 1K | 1K |
Treasury strategy asset volatility
According to recent quarterly filings, the relationship between net income and operating cash flow has become increasingly erratic, evidenced by a 2025Q3 operating cash flow of -$33.0 million despite a reported net income of $16.9 million, signaling a significant divergence in underlying cash generation quality.
The stark negative delta between net income and operating cash flow suggests that reported earnings are being driven by non-operating factors rather than core diagnostic service delivery. Investors should monitor whether this disconnect persists, as it implies that the company's accounting profit is no longer a reliable proxy for its ability to generate actual liquidity from operations.
As reported in financial statements, Semler Scientific has seen its free cash flow trajectory deteriorate sharply, culminating in a -$32.9 million outflow in 2025Q3, which contrasts heavily with the positive cash flow generation observed in earlier periods like 2023Q2 when the company reported $10.9 million in FCF.
The shift from consistent positive free cash flow to sustained negative outflows suggests that the business model is struggling to self-fund its current operational and investment requirements. This trend warrants further investigation into whether the recent cash burn is a temporary byproduct of strategic shifts or a permanent impairment of the company's core economic engine.
Based on the company's reported figures, capital expenditures surged to $48.9 million in 2025Q3, representing a significant departure from the historical norm of negligible maintenance spending, which suggests a fundamental change in how the firm is deploying capital relative to its shrinking revenue base.
This sudden spike in capital intensity appears inconsistent with a software-centric diagnostic business model and may indicate either aggressive asset acquisition or significant investment in non-core infrastructure. Analysts should scrutinize the nature of these expenditures to determine if they represent productive growth assets or a misallocation of capital that further pressures the firm's liquidity.
As indicated by recent SEC filings, working capital dynamics have become a major source of cash flow volatility, with a substantial $28.5 million outflow in 2025Q3, marking a sharp reversal from the $28.3 million inflow recorded in 2025Q1, which complicates the company's short-term cash management.
The erratic nature of these working capital swings suggests potential inefficiencies in collections or inventory management that are directly impacting the company's ability to maintain a stable cash position. Investors should monitor whether these fluctuations are tied to the timing of large Medicare Advantage contract payments or broader operational friction within the sales cycle.
Quick answers to the most common questions about buying SMLR stock.
Semler Scientific, Inc. (SMLR) generated $24.4M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Semler Scientific, Inc. (SMLR) reported negative free cash flow of $165.3M in 2024, indicating capital requirements exceeded cash from operations.
Semler Scientific, Inc. (SMLR) spent $0.1M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.