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S Semler Scientific Semler Reports Second Quarter and First Half of 2021 Financial Results August 2 , 2021 2021 Q2 HIGHLIGHTS compared to the corresponding period of 2020 : - Revenues were $ 14.3 million , an increase of 125 % compared to $ 6.4 million - Pre - tax net income of $ 6.5 million , an increase of $ 5.5 million , or 554 % , compared to $ 1.0 million - Net income was $ 6.7 million , or $ 1.00 per basic share and $ 0.83 per diluted share , compared to $ 1.1 million , or $ 0.16 per basic share and $ 0.13 per diluted share - Cash at June 30 , 2021 increased to $ 28.5 million from $ 13.7 million SANTA CLARA , Calif . , Aug. 2 , 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 and six months ended June 30 , 2021 . " Increased orders for QuantaFloⓇ from current and new customers led to record results again during the second quarter , " said Doug Murphy- Chutorian , M.D. , chief executive officer of Semler Scientific . " Our main focus is on the expansion of QuantaFloⓇ for peripheral arterial disease ( PAD ) testing , as we attempt to evolve into a multi - product company offering enterprise solutions that service an enlarging client base . " FINANCIAL RESULTS For the quarter ended June 30 , 2021 , compared to the corresponding period of 2020 , Semler Scientific reported : • Revenues of $ 14.3 million , an increase of $ 7.9 million , or 125 % , compared to $ 6.4 million • Cost of revenues of $ 1.0 million , an increase of $ 0.3 million , or 42 % , compared to $ 0.7 million . As a percentage of revenues , cost of revenues was 7 % , compared to 11 % • Total operating expenses , which includes cost of revenues , of $ 7.8 million , an increase of $ 2.4 million , or 45 % , compared to $ 5.4 million • Pre - tax net income of $ 6.5 million , an increase of $ 5.5 million , or 554 % , compared to $ 1.0 million • Net income of $ 6.7 million , or $ 1.00 per basic share and $ 0.83 per diluted share , an increase of $ 5.6 million , or 522 % , compared to $ 1.1 million , or $ 0.16 per basic share and $ 0.13 per diluted share . As a percentage of revenues , net income was 47 % compared to 17 % For the six months ended June 30 , 2021 , compared to the corresponding period of 2020 , Semler Scientific reported : • Revenues of $ 27.5 million , an increase of $ 11.7 million , or 74 % , compared to $ 15.8 million • Cost of revenues of $ 2.6 million , an increase of $ 1.0 million , or 66 % , compared to $ 1.6 million . As a percentage of revenues , cost of revenues was 9 % , compared to 10 % • Total operating expenses , which includes cost of revenues , of $ 15.0 million , an increase of $ 3.6 million , or 32 % , compared to $ 11.4 million • Pre - tax net income of $ 12.5 million , an increase of $ 8.1 million , or 181 % , compared to $ 4.4 million • Net income of $ 11.6 million , or $ 1.72 per basic share and $ 1.42 per diluted share , an increase of $ 7.8 million , or 209 % , compared to $ 3.7 million , or $ 0.57 per basic share and $ 0.47 per diluted share . As a percentage of revenues , net income was 42 % compared to 24 % Semler Scientific had cash of $ 28.5 million as of June 30 , 2021 compared to $ 22.1 million as of December 31 , 2020 . SECOND QUARTER 2021 MAJOR ACCOMPLISHMENTS AND OTHER DETAILS Among the achievements during the second quarter of 2021 were : 1. Highest quarterly revenues since inception . 2. Consecutive quarterly profitability since the fourth quarter of 2017 . 3. Cash position increased to $ 28.5 million . In the second quarter of 2021 compared to the corresponding period of 2020 , fixed fee license revenues were approximately $ 7.6 million , an increase of $ 1.7 million , or 28 % compared to $ 6.0 million ; variable fee license revenues were approximately $ 6.5 million , an increase of $ 6.2 million compared to $ 0.3 million ; and other product sales were approximately $ 0.2 million , an increase of $ 0.1 million , or 46 % compared to $ 0.1 million . In the second quarter of 2020 , Semler Scientific experienced decreased test volumes due to COVID - 19 related " social distancing " and other executive orders mandating " shelter - in - place " or similar restrictions , which limited patient visits . As such restrictions have been lifted around the country and non - emergency medical services resumed in late 2020 , Semler Scientific's business has returned to and even exceeded pre - COVID - 19 levels . Semler Scientific's two largest customers comprised 38 % and 33 % of quarterly revenues . In 2021 , Semler Scientific expects continued profitability and generation of cash from operating activities , as well as increased spending to support