First Quarter 2019: Revenues $5.4 Million; Net Income $0.3 Million; Adjusted EBITDA $1.1 Million
ATLANTA, GA / ACCESSWIRE / June 12, 2019 / Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises, today announced financial results for the first quarter of fiscal 2019, which ended April 30, 2019.
Revenues for the three-month period ended April 30, 2019 were approximately $5.4 million, down slightly from revenues for the quarter ended January 31, 2019, and down approximately 14% from the comparable quarter of fiscal 2018. Recurring revenue comprised 77% of total revenue in the quarter ended April 30, 2019.
Net Income for the first quarter was approximately $0.3 million as compared to a net loss of ($0.6 million) in the comparable period a year ago.
Adjusted EBITDA for the first quarter of 2019 was approximately $1.1 million, up substantially from $0.6 million in the first quarter of last fiscal year.
'We generated approximately $1.4 million in bookings in the first quarter, including our first sale of our Outpatient eValuator™ solution. We are seeing the pace and size of our sales opportunities accelerate and we are trending up to the level we have established as our on-going quarterly bookings objectives of $2 to $3 million,' stated David Sides, President and Chief Executive Officer, Streamline Health.
'David Driscoll, our new Chief Revenue Officer, has been on-board for four months and we are pleased with the progress we have made with our selling efforts to this point. In just the last few months we have added three new sales representatives and added new Advisory Board members to our newly created Strategic Advisory Board designed to help us gain more access to the C-Suites at large healthcare providers throughout the country. Today, we have new eValuator deals in our pipeline that could close in the second and third quarters of this year which are two and three times larger than the average annual revenue of our current eValuator clients.'
Highlights for the first quarter ended April 30, 2019 included:
Revenue for the first quarter 2019 was $5.4 million;
Net income for the first quarter 2019 was $0.3 million;
Adjusted EBITDA for the first quarter 2019 was $1.1 million;
Bookings for the first quarter 2019 were $1.4 million.
The Company will conduct a conference call to review the results on Thursday, June 13, 2019 at 9:00 AM ET. Interested parties can access the call by joining the live webcast: click here to register. You can also join by phone by dialing 877-269-7756.
A replay of the conference call will be available from Thursday, June 13, 2019 at 12:00 PM ET to Thursday June 20, 2019 at 12:00 PM ET by dialing 877-660-6853 and entering passcode 13691300. An online replay of the presentation will also be available for six months following the presentation in the Investor Relations section of the Streamline Health website, www.streamlinehealth.net.
*Non-GAAP Financial Measures
Streamline Health reports its financial results in accordance with U.S. generally accepted accounting principles ('GAAP'). Streamline Health's management also evaluates and makes operating decisions using various other measures. One such measure is adjusted EBITDA, which is a non-GAAP financial measure. Streamline Health's management believes that this measure provides useful supplemental information regarding the performance of Streamline Health's business operations.
Streamline Health defines 'adjusted EBITDA' as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, stock-based compensation expense, significant non-recurring operating expenses, and transactional related expenses including: gains and losses on debt and equity conversions, associate severances and related restructuring expenses, associate inducements, and professional and advisory fees. A table illustrating this measure is included in this press release.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a healthcare industry leader in capturing, aggregating, and translating enterprise data into knowledge - actionable insights that support revenue cycle optimization for healthcare enterprises. We deliver integrated solutions and analytics that enable providers to drive reimbursement in a value-based world. We share a common calling and commitment to advance the quality of life and the quality of healthcare - for society, our clients, the communities they serve, and the individual patient. For more information, please visit our website at www.streamlinehealth.net.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein. Forward-looking statements contained in this press release include, without limitation, statements regarding the Company's growth prospects, estimates of backlog, industry trends and market growth, results of investments in sales and marketing, adjusted EBITDA, success of future products and related expectations and assumptions. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive solutions and pricing, solution demand and market acceptance, new solution development and enhancement of current solutions, key strategic alliances with vendors and channel partners that resell the Company's solutions, the ability of the Company to control costs, the effects of cost-containment measures implemented by the Company, availability of solutions from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry generally and the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.
SVP, Chief Marketing Officer
STREAMLINE HEALTH SOLUTIONS, INC.