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Semler Scientific, Inc. (NASDAQ:SMLR), a medical technology company currently valued at $461 million, released preliminary unaudited financial information for the third quarter ended September 30, 2025, and provided an update on its business outlook and Bitcoin holdings, according to a press release statement filed with the Securities and Exchange Commission. According to InvestingPro analysis, the company appears overvalued at its current price of $30.56, despite maintaining impressive gross profit margins of 90.84%.
For the third quarter, Semler Scientific expects revenues between $6.9 million and $7.5 million. Operating expenses are estimated at $12.8 million to $13.4 million, which include approximately $2.1 million in non-cash stock compensation and depreciation and $2.1 million in non-recurring merger-related consulting and professional fees. InvestingPro data shows the company’s revenue has declined 30.39% over the last twelve months, with analysts forecasting a further 41% decrease for the full year 2025. The company reported an unrealized gain of approximately $30.0 million from the change in fair value of its Bitcoin holdings since June 30, 2025. As of September 30, Semler Scientific held 5,048 Bitcoins, with a market value of $575.8 million based on the price reported on the Coinbase exchange at the quarter’s end. The company also reported cash, restricted cash, and cash equivalents of about $10.3 million.
Semler Scientific disclosed that a customer representing more than 10% of revenue in both the second and third quarters of 2025 has ceased use of its QuantaFlo devices. The company anticipates that fourth quarter 2025 revenues will be at least 60% lower compared to third quarter 2025 expected revenue, citing decreased usage of QuantaFlo devices following changes in the Centers for Medicare and Medicaid Services reimbursement landscape and a recent settlement with the U.S. Department of Justice.
Between August 1 and September 30, 2025, Semler Scientific acquired 27 Bitcoins for $3.1 million at an average price of $114,119 per Bitcoin using proceeds from its at-the-market (ATM) offering program. As of September 30, 2025, the company had issued and sold 5,207,036 shares of common stock for net proceeds of approximately $203.8 million under the ATM program. Total basic shares issued and outstanding as of September 30 were 15,142,195.
These financial results are preliminary and unaudited, and the company noted they are subject to change following completion of its financial closing procedures. Investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro, which includes detailed financial health metrics showing an overall GOOD rating despite current challenges. The platform’s exclusive Pro Research Report provides in-depth analysis of Semler Scientific among 1,400+ top US stocks, helping investors make informed decisions based on expert insights and advanced metrics.
In other recent news, Semler Scientific announced that it has entered into an Agreement and Plan of Merger with Strive, Inc. This all-stock acquisition is subject to customary closing conditions, and each Semler Scientific share will be exchanged for 21.05 Class A common shares of Strive. The acquisition values Semler Scientific at a 210% premium to its previous closing price. Additionally, Benchmark has adjusted its price target for Semler Scientific, lowering it to $86 from $101, while maintaining a Buy rating, following the acquisition announcement.
In financial developments, Semler Scientific has secured a $20 million loan from Coinbase Credit, collateralized by Bitcoin. This loan agreement allows the company to borrow cash or digital assets, secured by a first priority security interest in Bitcoin. At its recent annual shareholder meeting, Semler Scientific’s shareholders approved an increase in shares but rejected a proposal for preferred stock. Furthermore, William H.C. Chang was elected as a Class I director to serve until the 2028 annual meeting.
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