Semler Scientific Reports Significant Q4 Profit Increase Due To New Accounting Standards

According to BlockBeats, on February 19, Semler Scientific (SMLR) reported a substantial increase in its fourth-quarter net profit for 2024, following the adoption of new 'fair value' accounting standards for its Bitcoin assets. This revaluation led to an appreciation of $28.85 million in its holdings. The accounting standard, introduced by the Financial Accounting Standards Board (FASB) in March 2024, mandates companies to report digital assets at market value starting from the first quarter of 2025, with the option for early adoption. This adjustment resulted in a surge in Semler's Q4 net profit to $29.2 million, with earnings per share (EPS) reaching $3.64. This marks a significant increase compared to the same period last year, where net profit was $4.2 million, or $0.62 per share. Following this announcement, Semler's stock price rose by 2.1% on Tuesday.