Semler Scientific, Inc.

Good afternoon and welcome to the Semler Scientific First Quarter 2025 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 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 Securities Litigation Reform Act of 1995 as amended. These include express or imply statements regarding the expectations for our Bitcoin treasury strategy, plans to acquire additional Bitcoin, opportunity to upsize and the price of Bitcoin, expansion on the healthcare business, and the development and marketing of additional products. including receipt and timing of an additional 510 clearance for Quantiflow and for our proposed settlement with the US Department of Justice. 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 SemlarScientific.com. I would now like to introduce Dr. Doug Murphy-Katorian, CEO of Semlar Scientific.

Good afternoon, everyone. Thank you for joining us on our first quarter 2025 results. We believe our healthcare business is well positioned this year as we pursue a new revenue opportunities in the cardiovascular space with our existing large enterprise client customer base. While we pursue a new rate of revenue opportunities, we will manage the healthcare business to generate cash, which we plan to primarily use for additional Bitcoin purchases. Now, I will hand a call over to Eric Klemler, who will provide you with an update on our preliminary study. Eric?

Thanks, Doug, and thank you to all our stakeholders for listening in today and for your support of our company. We were thrilled to participate in Strategy's Bitcoin for Corporations conference last week in Orlando, where we had a chance to meet many of our passionate stockholders and fellow Bitcoiners in person. A special thank you to Michael Saylor, Fong Lee, and the Strategy organization for all their wonderful support and for hosting such a fantastic, well-attended event. the corporate Bitcoin treasury movement is gaining powerful momentum and scale. We are a Bitcoin-first company. Nearly one year ago, we became the second U.S. public company to adopt the Bitcoin standard. Since then, we have intelligently and accretively acquired 3,808 Bitcoins that are now worth almost $400 million, which we believe makes us the fourth largest Bitcoin treasury company in the US and the ninth largest corporate holder of Bitcoin in the US. So far in 2025, we acquired 1,510 Bitcoins and had a BTC yield of 22.2%. This resulted in BTC gain of 510 Bitcoins and BTC dollar gain of $52 million. Since the quarter that we adopted Bitcoin as our primary treasury reserve asset on May 28, 2024, we have achieved 152.8% positive Bitcoin yield. This has resulted in a BTC gain of 1,447 Bitcoins and a BTC dollar gain of $139 million. Over that same period, our stock has appreciated 64% in less than 12 months versus only 9% for the S&P 500. We were able to generate these strong returns despite headwinds in our healthcare business. We have ambitious goals for growing our Bitcoin arsenal in 2025, and we have tremendous firepower backed by a new $500 million ATM program that became effective on April 22nd. During the first quarter of 2025, we completed a $100 million convertible note financing round, using most of the net proceeds to buy Bitcoin. As a result, we believe we now have the highest leverage ratio among publicly traded Bitcoin treasury companies, positioning us for outsized upside should Bitcoin prices rise. Semler Scientific is a pioneer in developing and marketing. We believe this is a defining moment for Bitcoin. It cannot be tariffed, it doesn't issue earnings or guidance, it doesn't have counterparty risk, and it continues to trade at a huge discount to gold. Most importantly, statements by the current administration suggest that Bitcoin may soon be considered for strategic reserve purchases by the US government. Our corporate strategy is underpinned by three core principles. Our Bitcoin treasury strategy is our highest priority. Our healthcare business must generate cash and compliment our Bitcoin treasury strategy. And we must intelligently and exponentially increase our Bitcoin holdings and hold them. We look forward to continuing to get out on the road to tell our story. We'll be participating at the BTC conference in Las Vegas at the end of this month and at BTC Prague in June. We hope to have the chance to meet many of you at these events. Now I'm pleased to introduce our COO, Jen Oliva-Harrington, to go over our healthcare business.