Semler Scientific, Inc.

Good afternoon, and welcome to the Semler Scientific 2024 Second Quarter Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's prepared remarks, as time permits, management will take questions submitted prior to this call via email. Please note this event is being recorded. Before we begin, Semler Scientific needs to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Security Litigation Reform Act of 1995 as amended. These include statements regarding the expectations for expansion of the business and the development and the marketing of additional products, including receipt and timing of an additional 510K clearance for Quantiflow and our recently adopted Bitcoin treasury strategy and plans to acquire additional Bitcoin. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and our SEC filings. The forward-looking statements made today are as of the date of this call, and the company does not undertake any obligation to update the forward-looking statements. If you do not have a copy of today's release, you may obtain one by visiting the investor relations page of the website SemlerScientific.com. Now, I would like to introduce Doug Murphy-Katorian, CEO of Semler Scientific. Please go ahead.

Good afternoon, everybody. Thank you for joining our second quarter 2024 results call. Once again, we achieved a strong interim from operations and used most of our cash and cash equivalents to purchase Bitcoin. We now hold 929 Bitcoins as of August 5th, 2024. Now I'd like to hand the call over to Eric Semler, our chairman, who will discuss our Bitcoin strategy in more detail. Eric?

Thank you, Doug. It's great to be on the call today. In May, we announced that our board of directors adopted Bitcoin as our primary treasury reserve asset. We are very encouraged by the strong positive reaction to these announcements. We are in the fortunate position of being a company with a strong balance sheet driven by a high margin business that has consistently generated cash. We are also fortunate that our board members and executive officers collectively beneficially own approximately 30% of the company's outstanding chairs and are intensely focused on maximizing shareholder value. Our board and senior management have spent extensive time examining potential uses of cash, including acquisitions and stock repurchases. But after studying various alternatives, we decided that holding Bitcoin would be the best use of our cash. We view Bitcoin as a compelling investment. We are encouraged by the growing global acceptance and institutionalization of Bitcoin, which has been accelerated by the SEC's approval in January 2024 of 11 Bitcoin spot ETFs. These ETFs have reported tens of billions of dollars of net inflows with investments from a large number of institutions, including global banks, pensions, endowments, and registered investment advisors. It is currently estimated that more than 10% of all Bitcoins are now held by institutions. We believe Bitcoin has unique attributes as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability. Bitcoin is often compared to gold, which has been viewed as a dependable store of value throughout history. Like gold, Bitcoin is viewed as a scarce asset. The ultimate supply of Bitcoin is limited to 21 million coins, and approximately 94% of its supply already exists. We believe that Bitcoin's finite digital and decentralized nature, as well as its architectural resilience, make it preferable to gold, which has a market capitalization more than 16 times higher than the market cap of Bitcoin. Given our view that Bitcoin is a comparable and possibly better store of value than gold, we believe that Bitcoin will approach or exceed the value of gold over time. In light of the substantial gap in value between gold and Bitcoin, we believe that Bitcoin has the potential to generate outsized returns as it gains increasing acceptance as digital gold. We are highly committed to our Bitcoin strategy. As an operating company, we intend to use our cash flow as well as proceeds from equity capital raises to accumulate Bitcoin. Now, I'm pleased to introduce our COO, Jennifer Oliva Harrington, to provide an overview and update of our core medical products and services business. Jen?