8-K
filed July 11, 2023, 7:59 PM ET
CIK 0001554859
other material
confidence high
sentiment neutral
materiality 0.75
Semler Scientific, Inc.: restructuring charge — Semler Scientific appoints CFO Renae Cormier, expects record Q2 revenue, plans 30% headcount reduction
Semler Scientific, Inc.
- Appointed Renae Cormier as CFO effective July 10, 2023; base salary $360,000 with 20% target incentive and 5,000 stock options at $25.47 per share.
- Expects record high quarterly revenues for Q2 2023, driven by continued sales of QuantaFlo for peripheral arterial disease testing.
- Plans to reduce headcount by ~30% by September 15, 2023, as part of strategic streamlining to improve operational efficiency.
- Anticipates quarterly OpEx reduction of $1.5M-$2.0M starting Q4 2023; severance costs of $0.7M-$0.9M to be paid by year-end 2023.
- Andrew B. Weinstein and Daniel E. Conger cease as principal financial and accounting officers; both remain for transition period.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.7
Semler Scientific, Inc. reported preliminary financial results for the quarter ended June 30, 2023.
- Period
- the quarter ended June 30, 2023
- Result
- preliminary results
Exact text from the filing
On July 11, 2023, Semler Scientific, Inc., or Semler, issued a press release in which it announced that it expects to report record quarterly revenues for the quarter ended June 30, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew B. Weinstein departed as Principal Financial Officer at Semler Scientific, Inc..
- Action
- cease to serve
- Role
- Principal Financial Officer
Exact text from the filing
Mr. Andrew B. Weinstein, senior vice president, finance and accounting will cease to serve as Semler’s principal financial officer and Mr. Daniel E. Conger, vice president, finance, will cease to serve as Semler’s principal accounting officer, in each case effective July 10, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Renae Cormier was appointed as Chief Financial Officer at Semler Scientific, Inc..
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
On July 7, 2023, the Board appointed Renae Cormier as Semler’s chief financial officer, principal financial officer and principal accounting officer effective July 10, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel E. Conger departed as Principal Accounting Officer at Semler Scientific, Inc..
- Action
- cease to serve
- Role
- Principal Accounting Officer
Exact text from the filing
Mr. Daniel E. Conger, vice president, finance, will cease to serve as Semler’s principal accounting officer
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Semler Scientific, Inc. announced a restructuring with charges of severance costs in the range of $0.7 million to $0.9 million (approximately 30%).
- Type
- restructuring
- Charge
- severance costs in the range of $0.7 million to $0.9 million
- Headcount
- approximately 30%
Exact text from the filing
On July 11, 2023, Semler announced the approval by its board of directors, or the Board, of a plan to strategically realign Semler’s operations and proactively improve its operating leverage through the implementation of a headcount reduction as well as the curtailment of other operating expenses. Through this plan Semler intends to streamline its activities and redeploy its resources to focus on goals expected to drive near-term value. The strategic plan to streamline operations will reduce Semler’s headcount by approximately 30%. Semler expects to complete its headcount reduction and the implementation of the curtailment on or around September 15, 2023. Semler currently anticipates this will result in the reduction in quarterly operating expenses of approximately $1.5 million to $2.0 million, which are expected to be realized during the fourth quarter ended December 31, 2023. Semler currently estimates that it will incur severance costs in the range of $0.7 million to $0.9 million co
View on SEC.gov
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