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Semler Scientific, Inc. (NASDAQ:SMLR), a company that develops, manufactures and markets innovative medical products and services that assist in evaluating and treating chronic diseases, today announced the appointment of a chief financial officer (CFO), record quarterly revenues expected for the second quarter of 2023 and a strategic streamlining.
"We are pleased to announce Ms. Renae Cormier will lead our accounting, finance, investor relations and business strategy efforts as chief financial officer," said Doug Murphy-Chutorian, Semler Scientific's interim chief executive officer. "In addition, we expect to report record high revenues for the quarter ending June 30, 2023. Furthermore, Semler Scientific will streamline its operations to provide enhanced efficiencies."
Appointment of CFO
Ms. Cormier has been named CFO effective July 10, 2023. She will play a pivotal role in shaping the company's financial strategy, seeking to improve operational efficiency, and supporting its continued growth and success.
Ms. Cormier will continue as Semler Scientific's head of corporate communications and business strategy, a role she has held since May 2022. In this capacity, Ms. Cormier has led investor relations and has been instrumental in helping to shape corporate strategy. She has a strong background in finance and accounting, having worked as an investment analyst and auditor for several years before joining Semler Scientific.
Second Quarter 2023 Revenues
Semler Scientific expects its revenues for the second quarter ending June 30, 2023 will be the highest quarterly revenues in its history, driven by continued sales of QuantaFlo® to existing and new customers to test for peripheral arterial disease. More detailed financial information will be provided in the second quarter earnings release, expected on or around August 10, 2023.
Strategic Corporate Streamlining
Semler Scientific also announced a strategic plan to streamline operations and reduce employee headcount by approximately 30% by September 15, 2023. This plan is meant to be proactive and seeks to drive operational efficiency, while still providing high quality service to its customers.
Semler Scientific currently estimates that it will incur severance costs in the range of $0.7 million to $0.9 million consisting of one-time termination benefits, which are expected to be paid by December 31, 2023. Semler Scientific anticipates this will result in a 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.
Posted In: SMLR
