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Fourth-quarter revenue and income from operations rose while the medical-devices company holds 2,321 BTC.
By James Van Straten|Edited by Sheldon Reback
Jan 24, 2025, 9:57 a.m. UTC
What to know:
- Semler Scientific shares dropped as much as 15% after the medical-devices maker announced its first convertible note offering and fourth-quarter earnings highlights.
- The company plans to raise $75 million through the debt sale, with an option for an extra $15 million.
- Some of the proceeds will be used to add to its bitcoin holdings.
- Revenue rose to $12.5 million from $12.1 million and income from operations to $3.7 million from $3.4 million.
The analyst who wrote this piece owns shares of Semler Scientific (SMLR).
Medical-devices maker Semler Scientific (SMLR) tumbled as much as 15% after the close of U.S. trading on Thursday after saying it plans to sell $75 million of convertible senior notes and will use some of the funds to add to its bitcoin (BTC) holdings.
The shares dropped as low as $51 as the company also said fourth-quarter revenue rose 3.3% to $12.5 million and income from operations added 8.8% to $3.7 million. The unrealized gain from the change in fair value of bitcoin holdings was about $29 million.
A portion of the proceeds from the note sale, which includes an option for another $15 million, will be used to fund capped-call transactions to offset stock dilution from a potential note conversion, the company said.
The notes mature in 2030, with interest paid semiannually. They can be converted into cash, company stock or both. Full terms of the offering have not been released.
As of Jan. 17, Semler Scientific held 2,321 BTC, with an aggregate purchase price of $191.9 million and an average price of $82,689.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
