Semler Scientific, Inc. (SMLR) · 10+ Years of Financial Ratios

Profitability	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	105.71	44.68	41.57
Return on Assets (%)	- -	-254.98	-139.56	-97.9	-160.71	-83.04	-41.31	83.87	116	52.93	40.37	25.27	29.25
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	-23.65	- -	2,070.51	104.67	44.28	41.4
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	234.63	- -	62.07	44.38	26.61	29.89
Gross Margin (%)	54.11	69.64	79.38	80.96	59.33	74.8	79.5	87.42	88.83	91.31	88.45	92.5	89.76
EBITDA Margin (%)	-555.06	-195.58	-87.73	-114.03	-115.75	-22.96	-2.36	27.2	34.61	42.84	37.85	31.39	34.6
Operating Margin (%)	-562.97	-201.42	-93.4	-119.42	-120.25	-29.04	-6.85	24.86	32.68	41.35	36.67	30.35	33.72
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	68.54	47.59	90.01	24.15	-61.27	50.33
Pretax Margin (%)	-593.04	-228.36	-98.2	-124.21	-121.43	-34.36	-12.13	23.45	32.66	42.71	36.69	31.21	35.35
Profit Margin (%)	-593.67	-228.61	-98.2	-124.21	-121.43	-34.36	-12.13	23.33	46.03	36.28	32.48	25.27	30.19
Net Income to Common Margin (%)	-593.67	-235.7	-98.2	-124.21	-121.43	-34.36	-12.13	23.33	46.03	36.28	32.48	25.27	30.19
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	0.52	- -	15.04	11.48	19.03	14.59
Dvd Payout Ratio (%)	- -	3.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	105.71	44.68	41.57

Credit	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	- -	2	- -	3	3	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	2	- -	- -	1	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	3	2	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	-0.27	-0.16	-0.14	-0.48	- -	-1.53	-9.94	- -	- -	- -	0.02	0.01	0.01
Net Debt/EBITDA	-0.14	0.22	0.29	1.03	0.05	-1.17	-4.99	-0.56	-0.68	-1.34	-1.86	-1.29	-2.42
Total Debt/EBIT	-0.27	-0.15	-0.13	-0.46	- -	-1.21	-3.43	- -	- -	- -	0.02	0.01	0.01
Net Debt/EBIT	-0.14	0.21	0.27	0.98	0.05	-0.92	-1.72	-0.61	-0.72	-1.38	-1.92	-1.34	-2.49
EBITDA to Interest Expense	-27.41	-19.54	-18.47	-23.69	-109.51	-4.37	-0.63	19.61	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-30.33	-21.12	-22.56	-26.21	-124.43	-6.45	-2.73	16.78	- -	- -	- -	- -	- -
EBIT to Interest Expense	-27.8	-20.12	-19.67	-24.81	-113.77	-5.52	-1.84	17.93	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-649.41	-482.25	-542.29	-184.83	-726.31	-811.1	-623.55	-277.39	-34.6	22.17	49.14	62.57	76.62
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.54	0.29	0.1
Long-Term Debt/Capital (%)	-9.55	-4.46	-6.88	- -	- -	-11.35	-7.1	- -	- -	- -	0.97	0.41	0.12
Long-Term Debt/Total Assets (%)	55.34	18.29	9.45	- -	- -	82.42	39.36	- -	- -	- -	0.48	0.26	0.09
Total Debt/Equity (%)	-100.64	-10.43	-91.53	58.21	- -	-89.52	-113.16	- -	- -	- -	0.71	0.44	0.22
Total Debt/Capital (%)	-12.09	-6.16	-11.4	-16.86	- -	-11.72	-12.44	- -	- -	- -	1.29	0.62	0.27
Total Debt/Total Assets (%)	70.03	25.27	15.66	26.67	- -	85.06	68.97	- -	- -	- -	0.64	0.39	0.2
Net Debt to Equity	-53.3	14.35	195.25	-123.86	37.78	-68.21	-56.76	-78.27	-59.21	-74.11	-81.94	-41.34	-79.67
Net Debt/Capital (%)	-6.36	7.56	18.56	23.49	1.78	-8.68	-5.87	13.3	55.03	153.34	308.56	-139.83	-2,064.98
EBITDA	-2	-2	-2	-4	-8	-2	- -	6	11	17	20	18	24
EBITDA-CapEx	-2	-3	-2	-5	-9	-3	-1	5	10	15	19	16	23
Operating Income (Loss)	-2	-2	-2	-4	-8	-2	-1	5	11	16	19	17	23

Liquidity	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.04	0.62	0.4	1.54	0.1	0.19	0.28	0.94	1.49	4.89	7.65	6.28	9.23
Current Ratio	0.07	0.7	0.54	1.66	0.43	0.49	0.56	1.78	2.2	5.82	9.33	7.13	10.64
Quick Ratio	0.06	0.68	0.52	1.63	0.41	0.46	0.54	1.73	2.16	5.51	8.39	6.85	10.21
CFO/Avg Current Liab	- -	-1.87	-0.79	-1.29	-1.01	-0.49	0.15	1.09	2.92	3.17	3.42	2.98	3.27
Common Equity/Total Assets	-649.41	-482.25	-542.29	-184.83	-726.31	-811.1	-623.55	-277.39	-34.6	22.17	49.14	62.57	76.62
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.54	0.29	0.1
Long-Term Debt/Capital (%)	-9.55	-4.46	-6.88	- -	- -	-11.35	-7.1	- -	- -	- -	0.97	0.41	0.12
Long-Term Debt/Total Assets (%)	55.34	18.29	9.45	- -	- -	82.42	39.36	- -	- -	- -	0.48	0.26	0.09
Total Debt/Equity (%)	-100.64	-10.43	-91.53	58.21	- -	-89.52	-113.16	- -	- -	- -	0.71	0.44	0.22
Total Debt/Capital (%)	-12.09	-6.16	-11.4	-16.86	- -	-11.72	-12.44	- -	- -	- -	1.29	0.62	0.27
Total Debt/Total Assets (%)	70.03	25.27	15.66	26.67	- -	85.06	68.97	- -	- -	- -	0.64	0.39	0.2
CFO/Total Liabilities	-111.55	-36.05	-59.04	-94.05	-99.61	-30.11	9.1	133.32	244.11	318.14	313.29	248.87	340.19
CFO/CapEx	-6.82	-9.58	-2.7	-8.67	-3.75	-2.22	0.64	5.57	7.5	14.53	19.46	8.08	25.76
Altman's Z-Score	-18.61	-11.63	-10.93	-2.25	-15.96	-11.18	-2.96	36.94	40.96	80.03	77.45	22.26	33.79

Working Capital	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	24.98	15.01	12.47	8.57	6.9	11.36	10.44	10.42	12.27	16.5	15.11	13.62
Days Sales Outstanding	- -	14.61	24.32	29.27	42.57	52.9	32.13	34.95	35.02	29.76	22.12	24.16	26.79
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.74	13.76	8.35	15.28
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.49	26.53	43.74	23.88
Accounts Payable Turnover	- -	3.55	2.75	4.02	6.14	2.91	5.44	7.04	11.85	7.28	11.31	6.53	11.25
Accounts Payable Turnover Days	- -	102.78	132.69	90.72	59.49	125.6	67.05	51.85	30.81	50.12	32.28	55.92	32.44
Cash Conversion Cycle	- -	-88.17	-108.37	-61.45	-16.92	-72.69	-34.93	-16.9	4.21	-1.87	16.37	11.97	18.24
Inventory to Cash Days	- -	14.61	24.32	29.27	42.57	52.9	32.13	34.95	35.02	11.27	-4.41	-19.58	2.91
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -

Enterprise Value	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	9	13	7	47	207	324	616	628	219	313
- Cash & Cash Equivalents	- -	1	1	6	- -	1	1	3	8	22	37	23	57
+ Preferred Equity and Hybrid Capital	- -	1	7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	2	- -	3	3	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	6	5	13	9	48	204	316	594	591	177	256
Total Capital	-4	-6	-2	-12	-22	-22	-24	-21	-6	8	25	39	60
Total Debt/Capital (%)	-12.09	-6.16	-11.4	-16.86	- -	-11.72	-12.44	- -	- -	- -	1.29	0.62	0.27
Total Debt / EV	1.06	1.12	0.04	0.42	- -	0.29	0.06	- -	- -	- -	- -	- -	- -
EV/Sales	1.41	0.28	2.75	1.32	1.79	1.23	3.89	9.5	9.66	15.4	11.14	3.12	3.75
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	34.93	27.91	35.94	29.43	9.93	10.85
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	38.22	29.55	37.24	30.38	10.27	11.14
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	44.8	40.89	24.86	38.55	36.79	10.12	12
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	23.61	34.98	21.94	36.07	34.99	9	11.55
Diluted Market Cap	- -	- -	- -	8	12	7	43	250	399	742	756	262	356
Diluted Enterprise Value	- -	- -	6	4	12	9	45	247	391	720	719	240	298
EV per Share	0.16	0.12	1.33	1.02	2.45	1.79	8.25	32.28	48.45	88.71	87.41	26.4	37.19
TTM Sales	- -	1	2	4	7	7	12	21	33	39	53	57	68
TTM EBITDA	-2	-2	-2	-4	-8	-2	- -	6	11	17	20	18	24
TTM Operating Income	-2	-2	-2	-4	-8	-2	-1	5	11	16	19	17	23
TTM Cash Flow to Firm	-1	-2	-1	-4	-4	-1	1	5	13	15	16	17	21
TTM Free Cash Flow to Firm	-1	-2	-1	-3	-3	-1	2	6	14	16	17	20	22

Multiples	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	39.77	21.2	43.25	36.31	15.4	14.87
Price/Earnings Average	- -	- -	- -	-3.54	-1.95	-3.71	-13.71	22.48	18.45	24.94	42.69	20.57	9.52
Price/Earnings High	- -	- -	- -	-6.27	-3.19	-5	-29.49	46.74	21.67	42.61	58.1	43.2	14.77
Price/Earnings Low	- -	- -	- -	-1.78	-1.03	-2.73	-5.19	8.67	14.95	14.48	32.05	13.03	6.31
Price/Book Value	- -	- -	- -	-0.65	-0.58	-0.29	-1.78	-9.69	-51.24	80.27	25.21	5.6	5.23
Price/Book Value Average	- -	- -	- -	-1.32	-0.77	-0.38	-0.85	-5.48	-44.6	46.29	29.64	7.47	3.35
Price/Book Value High	- -	- -	- -	-2.35	-1.26	-0.51	-1.83	-11.39	-52.39	79.07	40.34	15.69	5.2
Price/Book Value Low	- -	- -	- -	-0.67	-0.41	-0.28	-0.32	-2.11	-36.13	26.87	22.25	4.73	2.22
Price/Tangible Book Value	- -	- -	- -	2.64	-12.09	-2.46	-18.2	49.44	24.8	20.69	13.78	3.94	4.36
Price/Tangible Book Value Average	- -	- -	- -	5.34	-16.05	-3.24	-8.71	27.95	21.58	11.93	16.21	5.27	2.79
Price/Tangible Book Value High	- -	- -	- -	9.47	-26.34	-4.37	-18.75	58.11	25.35	20.38	22.05	11.06	4.33
Price/Tangible Book Value Low	- -	- -	- -	2.69	-8.51	-2.39	-3.3	10.78	17.49	6.93	12.17	3.34	1.85
Price/Sales	- -	- -	- -	2.17	1.78	0.96	3.47	9.28	9.76	15.69	11.79	3.89	4.49
Price/Sales Average	- -	- -	- -	4.39	2.36	1.27	1.66	5.24	8.49	9.05	13.87	5.2	2.88
Price/Sales High	- -	- -	- -	7.79	3.88	1.72	3.58	10.9	9.98	15.46	18.87	10.92	4.46
Price/Sales Low	- -	- -	- -	2.21	1.25	0.94	0.63	2.02	6.88	5.25	10.41	3.29	1.9
Price/Cash Flow	- -	- -	- -	-2.06	-3.02	-3.98	69.63	42.45	25.12	39.29	38.94	12.64	14.35
Price/Cash Flow Average	- -	- -	- -	-4.18	-4	-5.25	33.33	23.99	21.86	22.66	45.79	16.88	9.19
Price/Cash Flow High	- -	- -	- -	-7.41	-6.57	-7.07	71.72	49.89	25.68	38.71	62.32	35.44	14.25
Price/Cash Flow Low	- -	- -	- -	-2.11	-2.12	-3.86	12.62	9.25	17.71	13.15	34.38	10.69	6.09
Price/Free Cash Flow	- -	- -	- -	-2.33	-4.11	-7.25	27.16	45.17	27.63	45.04	44.78	13.37	16.05
Price/Free Cash Flow Average	- -	- -	- -	-4.72	-5.46	-9.56	13	25.53	24.05	25.98	52.66	17.86	10.27
Price/Free Cash Flow High	- -	- -	- -	-8.38	-8.96	-12.89	27.98	53.08	28.25	44.37	71.66	37.51	15.93
Price/Free Cash Flow Low	- -	- -	- -	-2.38	-2.89	-7.04	4.92	9.85	19.48	15.08	39.54	11.31	6.8
EV/Sales	1.41	0.28	2.75	1.32	1.79	1.23	3.89	9.5	9.66	15.4	11.14	3.12	3.75
EV/Sales Average	1.41	0.28	2.75	3.88	2.4	1.54	1.93	5.3	8.38	8.64	13.22	4.77	2.1
EV/Sales High	1.41	0.28	2.75	7.78	3.97	1.98	4.01	11.19	9.88	15.16	18.24	10.46	3.72
EV/Sales Low	1.41	0.28	2.75	1.37	1.24	1.21	0.8	1.95	6.74	4.77	9.75	2.87	1.11
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	34.93	27.91	35.94	29.43	9.93	10.85
EV/EBITDA Average	-0.25	-0.14	-3.13	-3.4	-2.07	-6.71	-81.55	19.5	24.2	20.16	34.93	15.2	6.08
EV/EBITDA High	-0.25	-0.14	-3.13	-6.82	-3.43	-8.64	-169.7	41.15	28.55	35.39	48.2	33.32	10.76
EV/EBITDA Low	-0.25	-0.14	-3.13	-1.2	-1.08	-5.25	-33.97	7.18	19.47	11.14	25.76	9.16	3.21
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	38.22	29.55	37.24	30.38	10.27	11.14
EV/EBIT Average	-0.25	-0.14	-2.94	-3.25	-2	-5.31	-28.11	21.34	25.63	20.89	36.06	15.72	6.24
EV/EBIT High	-0.25	-0.14	-2.94	-6.52	-3.31	-6.83	-58.49	45.03	30.23	36.66	49.75	34.46	11.04
EV/EBIT Low	-0.25	-0.14	-2.94	-1.15	-1.04	-4.15	-11.71	7.85	20.62	11.55	26.6	9.47	3.29
Last Price	- -	- -	- -	1.92	2.53	1.4	8	32.8	49.64	92.01	92.88	32.8	45.47
High Price	- -	- -	- -	6.9	5.51	2.49	8.24	38.55	50.75	90.64	148.63	92	45.15
Low Price	- -	- -	- -	1.96	1.78	1.36	1.45	7.15	35	30.8	82	27.75	19.28
Enterprise Value	- -	- -	6	5	13	9	48	204	316	594	591	177	256
Enterprise Value Average	- -	- -	6	14	17	11	24	114	274	333	701	270	143
Enterprise Value High	- -	- -	6	28	28	15	50	241	324	585	967	593	254
Enterprise Value Low	- -	- -	6	5	9	9	10	42	221	184	517	163	76

Per Share Data Items	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	3	3	5	5	5	5	6	6	7	7	7	7	7
Diluted Weighted Avg Shares	3	3	5	4	5	5	5	8	8	8	8	8	8
Basic Weighted Avg Shares	3	3	5	4	5	5	5	6	6	7	7	7	7
Revenue per Share	0.11	0.43	0.48	0.89	1.42	1.45	2.3	3.54	5.09	5.86	7.88	8.43	10.13
EBITDA per Share	-0.63	-0.84	-0.42	-1.01	-1.64	-0.33	-0.05	0.96	1.76	2.51	2.98	2.64	3.5
Operating Income per Share	-0.64	-0.86	-0.45	-1.06	-1.71	-0.42	-0.16	0.88	1.66	2.42	2.89	2.56	3.41
Basic EPS, GAAP	-0.67	-1.01	-0.47	-1.1	-1.72	-0.5	-0.28	0.82	2.34	2.13	2.56	2.13	3.06
Basic EPS from Cont Ops	-0.67	-0.98	-0.47	-1.1	-1.72	-0.5	-0.28	0.82	2.34	2.13	2.56	2.13	3.06
Diluted EPS, GAAP	-0.67	-1.01	-0.47	-1.1	-1.72	-0.5	-0.28	0.66	1.88	1.74	2.12	1.79	2.63
Diluted EPS from Cont Ops	-0.67	-0.98	-0.47	-1.1	-1.72	-0.5	-0.28	0.66	1.88	1.74	2.12	1.79	2.63
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.46	-0.65	-0.25	-0.93	-0.84	-0.35	0.11	0.77	1.98	2.34	2.39	2.6	3.17
Free Cash Flow per Basic Share	-0.52	-0.72	-0.35	-1.04	-1.06	-0.51	-0.06	0.63	1.71	2.18	2.26	2.27	3.05
Cash & Equivalents per Share	0.01	0.26	0.16	1.33	0.08	0.12	0.25	0.52	1.19	3.3	5.52	6.44	8.31
Book Value per Share	-1.56	-2.54	-1.99	-2.94	-4.36	-4.86	-4.5	-3.39	-0.97	1.15	3.68	5.86	8.69
Tangible Book Value per Share	-0.17	-1.52	-1.49	0.73	-0.21	-0.57	-0.44	0.66	2	4.45	6.74	8.32	10.43

Semler Scientific, Inc.

SMLR US

38.54

38.54