Semler Scientific(US:SMLR)2024-05-08 20:23Financial Performance - Total revenues for Q1 2024 were $15.9 million, a decrease of 12.6% from $18.2 million in Q1 2023[91] - Net income for Q1 2024 increased to $6.1 million, or $0.88 per basic share, up 22% from $5.0 million, or $0.74 per basic share in Q1 2023[105] - Operating expenses decreased by $3.1 million, or 25%, to $8.9 million in Q1 2024, down from $12.0 million in Q1 2023[98] - Fixed-fee license revenues decreased from $9.3 million in Q1 2023 to $7.1 million in Q1 2024, while variable-fee revenues decreased from $8.6 million to $8.0 million[94] Cash and Tax - Cash, cash equivalents, and restricted cash increased to $62.9 million as of March 31, 2024, compared to $57.3 million at December 31, 2023[106] - The effective tax rate decreased to 22% in Q1 2024 from 25% in Q1 2023, primarily due to higher tax benefits from employee stock-based compensation[104] Operating Activities - Operating activities generated $5.6 million of net cash in Q1 2024, compared to $0.9 million in Q1 2023[108] - Engineering and product development expenses decreased to $1.1 million in Q1 2024 from $1.6 million in Q1 2023, representing 7% of revenues[100] - Sales and marketing expenses decreased by 28% to $3.7 million in Q1 2024, down from $5.2 million in Q1 2023[101] Product Development - The company is seeking new 510(k) clearance from the FDA for expanded use of its product QuantaFlo to aid in diagnosing additional cardiovascular diseases[90]