Semler Scientific operates two distinct businesses: a healthcare technology products business built around its core product QuantaFlo, and a bitcoin treasury strategy. QuantaFlo is an FDA-cleared, non-invasive point-of-care device that measures arterial blood flow to help diagnose peripheral arterial disease (PAD). The test takes about four minutes and can be administered by non-specialists in a standard office setting, unlike traditional vascular tests that require trained technicians. Semler sells primarily to Medicare Advantage Organizations (MAOs), physician groups, risk assessment companies, hospitals, and retailers. Semler's two largest customers are large U.S. diversified healthcare companies that together accounted for about 71% of FY24 revenues. Semler generates recurring revenue from QuantaFlo primarily through a software licensing model — customers pay a fixed monthly fee for access, or a per-test variable fee — with hardware sales as a secondary revenue stream. A key headwind is CMS's three-year phase-in of removing the PAD risk adjustment code, which has reduced economic incentives for MAO customers to screen with QuantaFlo. In May 2024, Semler adopted bitcoin as its primary treasury reserve asset, funding purchases through operating cash flow, equity offerings, and debt. Semler measures bitcoin performance through "BTC yield," tracking whether bitcoin accumulation is accretive on a per-share basis. Because Semler uses fair value accounting for bitcoin, price changes flow directly through net income, creating significant reported earnings volatility unrelated to healthcare operations.