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Streamline Health® Reports Second Quarter 2017 Revenues Of $5.9 Million; ($1.1 Million) Net Loss; Adjusted EBITDA Of $0.5 Million
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PR Newswire
ATLANTA, Sept. 13, 2017
ATLANTA, Sept. 13, 2017 /PRNewswire/ -- 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 second quarter and first half of fiscal 2017, which ended July 31, 2017.
Revenues for the three-month period ended July 31, 2017 decreased approximately 20% to $5.9 million over the revenues for the three-month period ended July 31, 2016 of $7.4 million, which included $1.0 million of perpetual license revenue. Revenue was down approximately 7% year-over-year in the second quarter of fiscal 2017 when excluding the perpetual license revenue for the same period in 2016 ($5.9 million as compared to $6.4 million). Recurring revenue comprised 82% of total revenue in the quarter. Revenues for the first six months of fiscal year 2017 were $11.8 million, down approximately 16% as compared to $14.1 million in the first half of fiscal 2016. Revenue for the first six months of fiscal 2017 was down approximately 9% from the same period in 2016 when excluding the perpetual license revenue for the same period in 2016.
Net loss for the second quarter of fiscal 2017 was $(1.1 million) as compared to a ($.7 million) net loss in the same period a year ago. Net loss for the six months of fiscal 2017 was ($3.1 million) as compared to ($2.2 million) net loss for the same period in 2016.
Adjusted EBITDA for the second quarter of fiscal 2017 was $0.5 million, down from $1.6 million in the second quarter of 2016. Adjusted EBITDA for the first six months of fiscal 2017 was break-even, as compared to $2.2 million in the first half of fiscal 2016.
"Our second quarter financial performance started to show some of the promise we envisioned when we refocused our efforts to the middle of the revenue cycle. During the quarter, we sold auditing services to four new clients such as Iora Health headquartered in Boston, Union General in Louisiana and St. Francis Medical Center in Missouri," stated David Sides, President and Chief Executive Officer, Streamline Health. "Although these new contracts are small in terms of initial revenue contribution, we believe there is the opportunity for growth within each of these as we bring new technology to the relationships. Our pipeline for our new Streamline Health eValuator™ remains robust. We closed a new client after the second quarter ended which we believe will be one of many throughout the second half of our fiscal year. We continue to believe that we will generate incremental growth in our bookings in the second half of this year and into 2018.
Our balance sheet was mostly unchanged from the first quarter of this year as our cash on hand decreased the same amount as our debt. Going forward, we do not foresee paying down our debt at such an accelerated pace; rather we plan to grow our cash on hand."
Highlights for the three months ended July 31, 2017 included:
- Revenue for the second quarter 2017 was $5.9 million;
- Net loss for the second quarter 2017 was $(1.1 million);
- Adjusted EBITDA for the second quarter 2017 was $0.5 million;
- New sales bookings for the quarter were $1.1 million; and
- Backlog at the end of the quarter was $46.3 million.
Conference Call Information
An accompanying conference call will be hosted by David Sides, Chief Executive Officer and Nicholas Meeks, Senior Vice President and Chief Financial Officer. The call will be held at 9:00 AM ET, on Thursday, September 14, 2017 and will be accompanied by a live webcast. Please refer to the information below for conference call dial-in information and webcast registration.
Conference Date: September 14, 2017, 9:00 AM ET
Webcast Registration: Click Here
Conference Dial-In: 866-564-2842
Conference Passcode: 5680323
Conference Call Name: Streamline Health Solutions Second Quarter 2017 Results Call
Following the call, a replay will be available on the Company's website, www.streamlinehealth.net, in the Investor Relations section.
*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, professional and advisory fees, and internal direct costs incurred to complete transactions. 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 – providing 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 estimates of future revenue, backlog, results of investments in sales and marketing, 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, 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.
Company Contact:
Randy Salisbury
SVP, Chief Marketing Officer
(404) 229-4242
randy.salisbury@streamlinehealth.net
| STREAMLINE HEALTH SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| ||||||||
| | | Three Months Ended | | Six Months Ended | ||||
| | | July 31, | | July 31, | ||||
| | | 2017 | | 2016 | | 2017 | | 2016 |
| Revenues: | | | | | | | | |
| Systems sales | $ | 328,692 | $ | 1,364,771 | $ | 707,415 | $ | 1,876,038 |
| Professional services | | 571,812 | | 548,080 | | 991,847 | | 1,238,695 |
| Audit Services | | 291,441 | | -- | | 639,460 | | -- |
| Maintenance and support | | 3,278,562 | | 3,732,488 | | 6,633,334 | | 7,488,041 |
| Software as a service | | 1,442,652 | | 1,728,724 | | 2,867,784 | | 3,438,510 |
| Total revenues | | 5,916,159 | | 7,374,063 | | 11,839,840 | | 14,041,284 |
| | | | | | | | | |
| Operating expenses: | | | | | | | | |
| Cost of systems sales | | 596,799 | | 671,631 | | 1,162,850 | | 1,417,115 |
| Cost of professional services | | 543,206 | | 529,024 | | 1,258,421 | | 1,167,788 |
| Cost of Audit Services | | 391,439 | | -- | | 832,078 | | -- |
| Cost of maintenance and support | | 768,140 | | 835,353 | | 1,574,662 | | 1,693,171 |
| Cost of software as a service | | 285,832 | | 455,370 | | 625,208 | | 939,613 |
| Selling, general and administrative | | 2,790,171 | | 3,341,949 | | 6,163,699 | | 6,940,790 |
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