The company's core business is experiencing a sustained downturn, evidenced by a 2025Q3 operating loss of $5.4 million despite maintaining a high gross margin of 91.5%.
Semler Scientific, Inc. (SMLR) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 36.96M | 56.29M | 68.18M | 56.69M | 53.03M | 38.6M | 32.77M | 21.49M | 12.45M | 7.43M | 7M | 3.63M | 2.27M | 1.2M | 316K |
| Revenue Growth % | -37.29% | -17.44% | 20.28% | 6.9% | 37.36% | 17.81% | 52.47% | 72.59% | 67.5% | 6.18% | 92.6% | 59.85% | 89.66% | 279.43% | - |
| Cost of Goods Sold | 3.41M | 4.76M | 6.98M | 4.25M | 6.12M | 3.36M | 3.66M | 2.7M | 2.55M | 1.87M | 2.85M | 692K | 469K | 364K | 145K |
| COGS % of Revenue | - | 8.45% | 10.24% | 7.5% | 11.55% | 8.69% | 11.17% | 12.58% | 20.5% | 25.2% | 40.67% | 19.04% | 20.62% | 30.36% | 45.89% |
| Gross Profit | 33.54M | 51.53M | 61.2M | 52.43M | 46.91M | 35.25M | 29.11M | 18.79M | 9.9M | 5.56M | 4.15M | 2.94M | 1.8M | 835K | 171K |
| Gross Margin % | 90.76% | 91.55% | 89.76% | 92.5% | 88.45% | 91.31% | 88.83% | 87.42% | 79.5% | 74.8% | 59.33% | 80.96% | 79.38% | 69.64% | 54.11% |
| Gross Profit Growth % | - | -15.79% | 16.72% | 11.79% | 33.08% | 21.1% | 54.92% | 89.8% | 78.01% | 33.87% | 41.15% | 63.05% | 116.17% | 388.3% | - |
| Operating Expenses | 68.54M | 30.6M | 38.94M | 35.23M | 27.46M | 19.29M | 18.4M | 13.45M | 10.75M | 7.72M | 12.57M | 7.28M | 3.93M | 3.25M | 1.95M |
| OpEx % of Revenue | - | 54.36% | 57.12% | 62.15% | 51.78% | 49.96% | 56.15% | 62.57% | 86.35% | 103.85% | 179.59% | 200.39% | 172.78% | 271.06% | 617.09% |
| Selling, General & Admin | 34.1M | 25.81M | 32.44M | 30.42M | 23.68M | 16.35M | 15.92M | 11.36M | 8.92M | 6.85M | 11.14M | 6.17M | 3.57M | 2.97M | 1.7M |
| SG&A % of Revenue | - | 45.85% | 47.57% | 53.67% | 44.66% | 42.35% | 48.58% | 52.86% | 71.64% | 92.2% | 159.08% | 169.77% | 157.12% | 247.96% | 539.24% |
| Research & Development | 4.69M | 4.79M | 5.77M | 4.81M | 3.78M | 2.94M | 2.48M | 2.08M | 1.83M | 866K | 1.44M | 1.11M | 356K | 277K | 246K |
| R&D % of Revenue | - | 8.51% | 8.47% | 8.48% | 7.13% | 7.61% | 7.57% | 9.7% | 14.7% | 11.65% | 20.51% | 30.62% | 15.66% | 23.1% | 77.85% |
| Other Operating Expenses | 1000K | 0 | 734K | 0 | 0 | 0 | -9K | -4K | -14K | 0 | -82K | 1K | -1K | 0 | 0 |
| Operating Income | -35M | 20.93M | 22.26M | 17.2M | 19.45M | 15.96M | 10.71M | 5.34M | -853K | -2.16M | -8.42M | -4.34M | -2.12M | -2.42M | -1.78M |
| Operating Margin % | -94.71% | 37.19% | 32.64% | 30.35% | 36.67% | 41.35% | 32.68% | 24.86% | -6.85% | -29.04% | -120.25% | -119.42% | -93.4% | -201.42% | -562.97% |
| Operating Income Growth % | - | -5.94% | 29.37% | -11.53% | 21.83% | 49.06% | 100.45% | 726.26% | 60.49% | 74.36% | -93.94% | -104.38% | 12.05% | -35.75% | - |
| EBITDA | -34.59M | 21.51M | 22.86M | 17.79M | 20.07M | 16.54M | 11.34M | 5.84M | -294K | -1.71M | -8.1M | -4.14M | -2M | -2.35M | -1.75M |
| EBITDA Margin % | -93.59% | 38.21% | 33.52% | 31.39% | 37.84% | 42.84% | 34.61% | 27.2% | -2.36% | -22.96% | -115.75% | -114.03% | -87.73% | -195.58% | -555.06% |
| EBITDA Growth % | -268.2% | -5.88% | 28.46% | -11.34% | 21.34% | 45.84% | 94.01% | 2088.1% | 82.78% | 78.94% | -95.51% | -107.77% | 14.93% | -33.69% | - |
| D&A (Non-Cash Add-back) | 416K | 579K | 599K | 589K | 622K | 577K | 632K | 503K | 559K | 452K | 315K | 196K | 129K | 70K | 25K |
| EBIT | -47.06M | 20.93M | 22.99M | 17.2M | 19.45M | 16.49M | 10.71M | 5.34M | -1.05M | -2.16M | -8.41M | -4.34M | -2.13M | -2.62M | -1.81M |
| Net Interest Income | -3.48M | 1.88M | 2.47M | 494K | 10K | 19K | 2K | -298K | -464K | -391K | -86K | -175K | -108K | -120K | -64K |
| Interest Income | 178K | 1.88M | 2.47M | 494K | 10K | 19K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.66M | 0 | 0 | 0 | 0 | 0 | 0 | 298K | 464K | 391K | 86K | 175K | 108K | 120K | 64K |
| Other Income/Expense | 97.08M | 26.95M | 1.84M | 489K | 10K | 525K | -7K | -302K | -657K | -395K | -82K | -174K | -109K | -323K | -95K |
| Pretax Income | 62.07M | 47.88M | 24.1M | 17.69M | 19.45M | 16.49M | 10.7M | 5.04M | -1.51M | -2.55M | -8.5M | -4.51M | -2.23M | -2.74M | -1.87M |
| Pretax Margin % | 167.96% | 85.06% | 35.35% | 31.21% | 36.69% | 42.71% | 32.66% | 23.45% | -12.13% | -34.36% | -121.43% | -124.21% | -98.2% | -228.36% | -593.04% |
| Income Tax | 13.73M | 6.99M | 3.52M | 3.37M | 2.23M | 2.48M | -4.38M | 26K | 0 | 0 | 0 | -20K | 0 | 3K | 2K |
| Effective Tax Rate % | 22.13% | 14.59% | 14.59% | 19.03% | 11.48% | 15.04% | -40.96% | 0.52% | 0% | 0% | 0% | 0.44% | 0% | -0.11% | -0.11% |
| 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 |
| Net Margin % | 130.8% | 72.65% | 30.19% | 25.27% | 32.48% | 36.28% | 46.03% | 23.33% | -12.13% | -34.36% | -121.43% | -124.21% | -98.2% | -228.61% | -593.67% |
| Net Income Growth % | 203.75% | 98.7% | 43.69% | -16.82% | 22.95% | -7.14% | 200.84% | 432.05% | 40.88% | 69.96% | -88.28% | -102.19% | 18.53% | -46.11% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.92 | 5.13 | 2.63 | 1.79 | 2.12 | 1.74 | 1.88 | 0.66 | -0.28 | -0.50 | -1.72 | -1.10 | -0.89 | -0.98 | -0.67 |
| EPS Growth % | 35.52% | 95.06% | 46.93% | -15.57% | 21.84% | -7.45% | 184.85% | 335.71% | 44% | 70.93% | -56.36% | -23.6% | 9.18% | -46.27% | - |
| EPS (Basic) | - | 5.66 | 3.06 | 2.13 | 2.56 | 2.13 | 2.34 | 0.66 | -0.28 | -0.50 | -1.72 | -1.10 | -0.89 | -0.98 | -0.67 |
| Diluted Shares Outstanding | 16.55M | 7.98M | 7.82M | 8M | 8.14M | 8.07M | 8.03M | 7.63M | 5.41M | 5.12M | 4.93M | 4.11M | 2.52M | 2.8M | 2.8M |
| Basic Shares Outstanding | 14.85M | 7.23M | 6.73M | 6.73M | 6.73M | 6.58M | 6.44M | 7.6M | 5.39M | 5.12M | 4.93M | 4.1M | 2.52M | 2.8M | 2.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SMLR stock.
For fiscal year 2024, Semler Scientific, Inc. (SMLR) reported total revenue of $56.3M. This represents a 17714.6% increase compared to $0.3M in 2011.
Semler Scientific, Inc. (SMLR) is profitable, generating $40.9M in net income for the fiscal year ending 2024 with a net profit margin of 72.7%.
Semler Scientific, Inc. (SMLR) reported an operating income of $20.9M, resulting in an operating profit margin of 37.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Semler Scientific, Inc. (SMLR) generated $51.5M in gross profit for the year, representing a gross profit margin of 91.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Medicare Advantage reimbursement volatility
Metrics are mathematically derived from official filings.
Sustained Revenue Contraction Trends
As reported in recent financial filings, Semler Scientific has experienced a persistent decline in top-line performance, with quarterly revenue falling to $7.5 million in 2025Q3, representing a significant year-over-year contraction that suggests potential saturation or regulatory headwinds within the core Medicare Advantage screening market.
The consistent double-digit revenue declines observed over the last several quarters indicate that the company's primary growth engine is facing structural challenges. Investors should monitor whether this trend reflects a permanent shift in payer demand or merely a temporary adjustment in clinical screening protocols.
Resilient Gross Margin Profile
Based on historical income statements, Semler Scientific maintains an exceptionally high gross margin profile, consistently exceeding 90% in recent periods, which underscores the software-like efficiency of the QuantaFlo diagnostic platform despite the broader revenue headwinds currently impacting the firm's overall financial performance.
This high margin structure suggests that the company's cost of service remains minimal, effectively insulating the gross profit line from inflationary pressures. However, the stability of these margins warrants further investigation into whether future CMS reimbursement changes could force a pricing restructure that might compress these levels.
Operating Leverage Under Pressure
According to the latest quarterly data, the company's operating income has shifted into negative territory, with 2025Q3 showing an operating loss of $5.4 million, signaling that the fixed operating base is no longer scaling efficiently against the declining revenue base observed in recent periods.
The inability to maintain positive operating margins as revenue contracts suggests that SG&A expenses have become disproportionately high relative to current sales volume. This trend implies that management may need to aggressively rationalize its cost structure to prevent further erosion of operating profitability.
Non-Operating Volatility Distorts Earnings
As evidenced by the significant delta between operating and net income, Semler Scientific's bottom line is increasingly influenced by non-operating items, with 2025Q3 net income of $16.9 million contrasting sharply with an operating loss, likely reflecting the impact of the company's recent digital asset treasury strategy.
The reliance on non-operating gains to bolster net income obscures the underlying earning power of the medical device business. Analysts should normalize these figures to strip out asset-related volatility to accurately assess the core operational health of the firm.
Regulatory and Concentration Risks
Based on reported figures, the company's heavy reliance on a limited number of Medicare Advantage payers creates a precarious revenue concentration risk, where any shift in CMS risk adjustment protocols could fundamentally impair the economic incentive for providers to utilize the QuantaFlo diagnostic system.
Short-sellers would likely focus on the potential for regulatory changes to render the company's primary diagnostic value proposition obsolete. The lack of product diversification further exacerbates this risk, as there are few alternative revenue streams to offset a potential decline in core PAD screening volume.