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S Semler Scientific Semler Reports First Quarter 2021 Financial Results May 3 , 2021 2021 Q1 HIGHLIGHTS compared to the corresponding period of 2020 : - Revenues were $ 13.2 million , an increase of 40 % - Pre - tax net income of $ 6.0 million , an increase of $ 2.5 million , or 74 % , compared to $ 3.5 million - Net income was $ 4.9 million , or $ 0.73 per basic share and $ 0.60 per diluted share , compared to $ 2.7 million , or $ 0.41 per basic share and $ 0.33 per diluted share - Cash at March 31 , 2021 increased to $ 26.5 million from $ 11.2 million SANTA CLARA , Calif . , May 3 , 2021 / PRNewswire / -- Semler Scientific , Inc. ( OTCQB : SMLR ) , a company that provides technology solutions to improve the clinical effectiveness and efficiency of healthcare providers , today reported financial results for the three months ended March 31 , 2021 . " Our intent is for the use of QuantaFloⓇ to become the standard of care for peripheral arterial disease ( PAD ) testing , " said Doug Murphy - Chutorian , M.D. , chief executive officer of Semler Scientific . " We are seeing growing awareness among primary care practitioners of the importance of prevention for their patients with PAD . " FINANCIAL RESULTS For the quarter ended March 31 , 2021 , compared to the quarter ended March 31 , 2020 , Semler Scientific reported : • Revenues of $ 13.2 million , an increase of $ 3.8 million , or 40 % , compared to $ 9.4 million • Cost of revenues of $ 1.6 million , an increase of $ 0.7 million , or 86 % , compared to $ 0.9 million . As a percentage of revenues , cost of revenues was 12 % , compared to 9 % • Total operating expenses , which includes cost of revenues , of $ 7.2 million , an increase of $ 1.2 million , or 20 % , compared to $ 6.0 million • Pre - tax net income of $ 6.0 million , an increase of $ 2.5 million , or 74 % , compared to $ 3.5 million • Net income of $ 4.9 million , or $ 0.73 per basic share and $ 0.60 per diluted share , an increase of $ 2.2 million , or 82 % , compared to $ 2.7 million , or $ 0.41 per basic share and $ 0.33 per diluted share . As a percentage of revenues , net income was 37 % compared to 28 % • Cash of $ 26.5 million , an increase of $ 15.3 million , compared to $ 11.2 million FIRST QUARTER 2021 MAJOR ACCOMPLISHMENTS Among the achievements during the first quarter of 2021 were : 1. Highest quarterly revenues since inception of the company . 2. Consecutive quarterly profitability since the fourth quarter of 2017 . 3. Cash position increased to $ 26.5 million . The company's two largest customers comprised 38.3 % and 30.4 % of quarterly revenues . In the first quarter of 2021 compared to the corresponding period of 2020 , fixed fee license revenues were approximately $ 7.2 million , an increase of $ 0.7 million , or 11 % compared to $ 6.5 million ; variable fee license revenues were approximately $ 5.7 million , an increase of $ 3.0 million , or 109 % compared to $ 2.7 million ; and other product sales were were unchanged at $ 0.3 million . In 2021 , Semler Scientific expects continued profitability and generation of cash from operating activities , as well as increased spending to support anticipated growth in its business . It is the company's intent to grow annual revenues at a faster rate than annual expenses and to remain profitable . OTHER SUBSEQUENT EVENTS In April 2021 , Semler Scientific entered into an exclusive marketing and distribution agreement for the United States , including Puerto Rico , except for selected accounts , with one of the companies in which it made a private investment in 2020. Under this distribution agreement , Semler Scientific agreed to purchase $ 2.0 million of product inventory . Additionally , in April 2021 , Semler Scientific exercised its option to " put " shares of one of its private company investments back to the sellers in exchange for the shares of Semler Scientific common stock originally issued to the sellers . Following this transfer , Semler Scientific holds only the shares of preferred stock acquired in December 2020 . Notice of Conference Call Semler Scientific will host a conference call today at 4:30 p.m. ET . The call will address results of the first quarter ended March 31 , 2021 as well as provide a business update on the company's market outlook and strategies for the near - term future . Participants are encouraged to pre - register for the conference call using the following link : https://dpregister.com/sreg/10155556/e779a2c07c . Callers who pre - register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator . Participants may pre - register at any time , including up to and after the call start time . Those without internet access or who are unable to pre - register