Semler Scientific, Inc.

Good afternoon, and welcome to the Similar Scientific fourth quarter and full year 2024 financial results conference call. All participants will be in a listen-only mode. After today's prepared remarks, as time permits, management will take questions submitted prior to the call via email. Please note this event is being recorded. Before we begin, Similar 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 meeting of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. These include statements regarding the expectations for expansion of the business and development and marketing of additional products, including receipt and timing of an additional 510 clearance from Quantiflow and our Bitcoin treasury strategy and plans to acquire additional Bitcoin. Such forward-looking statements are subject to both known and unknown risk and uncertainties that could cause actual results to differ materially from such statements. Those risk and uncertainties are described in the press release and our SEC filings. The forward-looking statements made today are 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 press release, you may obtain one by visiting the investor relations page of the website, Similar Scientific, I would now like to introduce Dr. Doug Murphy-Katorian, CEO of Similar Scientific. Please go ahead, sir.

Good afternoon, everyone. Thank you for joining us for our 2024 fourth quarter and full year results call. we achieved strong performance and cash generation from our healthcare operations. In 2024, we deployed much of this cash and truly the proceeds from our ATM offering into the purchase of Bitcoin. Now, I'll hand it over to call to Eric Semler, our chairman. who will provide you with an update on our Bitcoin treasury strategy. Eric.

Thanks, Doug. And thank you all. Thank you to all of our stockholders for listening in today and for your support of our mission. 2024 was a transformational year for Semler Scientific. One of our major accomplishments was adopting Bitcoin as our primary treasury reserve asset in May 2024. In doing so, we became the second US public company to adopt a Bitcoin treasury strategy. Since that time, we have made substantial accretive purchases of Bitcoin, and we now own 3,192 Bitcoins valued at more than $300 million. In addition, we have generated a positive Bitcoin yield of 152% since the quarter after adopting our Bitcoin treasury strategy. According to bitcointreasuries.net, Similar Scientific is the 10th largest corporate holder of Bitcoin. The company's market capitalization has grown by more than 200% since adopting Bitcoin nine months ago. We have accumulated Bitcoin using our operating cash flow and using the proceeds from our at-the-market offering and from our recent $100 million convertible senior notes offering. We also recently monetized a portion of our minority investment in Monarch Medical. and used the $3.5 million of proceeds to buy more Bitcoin. In our healthcare operations, we achieved record cash generation of over $24 million in 2024. We also announced that we are seeking a new 5K-10K clearance for a product extension of our Quantiflow technology. In addition, as Jen will discuss later, we are pursuing other revenue opportunities in the cardiovascular space, that we believe will appeal to our strong and well-established customer base. We could not be more thrilled with the progress we are making in growing our Bitcoin stockpile. We were especially pleased with our successful convertible notes offering, which we completed in late January. The overnight offering had strong interest and demand from investors and was substantially oversubscribed. Given the robust demand, we decided to upsize the offering from the originally expected amount of $75 million to $85 million, and the initial purchasers exercised in full their option to acquire additional notes, resulting in 100 million of notes issued. Together with the capped call transactions, the notes have a conversion premium of 75% and carry a 4.25% interest rate, and they mature in August of 2030. As an operating business, we have strategically used cash flows alongside equity and debt issuances to acquire Bitcoin. To date, we have invested $280 million in Bitcoin, a move we believe is highly accretive to our equity. We have strong conviction in Bitcoin's long-term investment potential. We consider it digital gold. With this confidence, we remain committed to significantly growing our Bitcoin arsenal. Going forward, We will act prudently with equity or other financing options when we believe it is accretive to do so. All equity and financing options will be thoroughly evaluated and pursued methodically and responsibly as we seek to maximize stakeholder value. 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.