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Streamline Health Solutions, Inc. (STRM)

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Previous Close1.4300
Open1.4300
Bid1.4200 x 800
Ask1.4400 x 1800
Day's Range1.4000 - 1.4305
52 Week Range0.5300 - 1.8600
Volume37,448
Avg. Volume72,226
Market Cap44.275M
Beta (5Y Monthly)0.71
PE Ratio (TTM)155.56
EPS (TTM)0.0090
Earnings DateSep 10, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est2.50
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  • GlobeNewswire

    Streamline Health® Reports Second Quarter 2020 Revenues of $2.9 million; ($1.1 million) Net Loss; Adjusted EBITDA ($0.4 million)

    Total First Half Fiscal 2020 Revenues of $5.7 million; $2.5 million Net Income; Adjusted EBITDA ($1.0 million) Atlanta, GA, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the eValuator™ Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, today announced financial results for the second quarter and first half of fiscal 2020, which ended July 31, 2020.Total revenues for the second quarter of fiscal 2020 were $2.9 million, an increase of approximately 16% compared to $2.5 million in the prior year period. SaaS revenue was up $254,000, or 46%, over the same quarter a year ago. The revenue growth during the period was primarily attributable to higher perpetual revenue and new eValuator customers offset by lower professional services revenues which were negatively impacted by the COVID-19 pandemic. Recurring revenue comprised 70% of second quarter fiscal 2020 revenue compared to 73% of second quarter fiscal 2019 revenue.For the first six months of fiscal 2020, total revenue was $5.7 million, up $78,000 compared to the first six months of fiscal 2019. SaaS revenue was up $474,000, or 40%, over the first six months of fiscal 2019. Recurring revenue comprised 72% of revenue for the first six months of fiscal 2020 compared to 69% during the prior year period.Net loss for the second quarter of fiscal 2020 was ($1.1 million) as compared to a ($0.6 million) net loss during the second quarter of fiscal 2019. Second quarter fiscal 2020 net loss included a $28,000 gain from discontinued operations, in connection with the sale of the Company’s legacy ECM business which closed February 24, 2020, compared to a $1.0 million gain from discontinued operations during the second quarter of fiscal 2019. Gain from discontinued operations was offset by loss from continuing operations for the three months ended July 31, 2020 and 2019 of $1.2 million and $1.7 million, respectively.The company recorded $2.5 million of net income for the six months ended July 31, 2020, compared to a net loss of ($0.3 million) during the same period of 2019. First half fiscal 2020 net income included a $4.7 million gain from discontinued operations, in connection with the sale of the Company’s legacy ECM business which closed February 24, 2020, compared to a $2.0 million gain from discontinued operations during the first half of fiscal 2019. Gain from discontinued operations was offset by loss from continuing operations for the first six months of fiscal 2020 of ($2.1 million) as compared to ($2.3 million) for the same period in 2019.Adjusted EBITDA for the second quarter of fiscal 2020 was a loss of ($0.4 million), compared to an adjusted EBITDA loss of ($1.4 million) in the second quarter of fiscal 2019. For the six months ended July 31, 2020, adjusted EBITDA was a loss of ($1.0 million) compared to an adjusted EBITDA loss of ($1.7 million) during the first six months of fiscal 2019.“Our admiration and respect for the country’s healthcare workers continues to grow as the effects of the novel coronavirus linger. We remain grateful for their incredible commitment to the health of the communities they serve,” stated Tee Green, President and Chief Executive Officer, Streamline Health.“We are pleased to report incremental growth of our eValuator client base during the period, while our management team continued to successfully control expenses. Our sales team is gaining traction into a robust prospect pipeline and our reseller opportunities are expanding.”“Even with the continuing negative financial impact the Coronavirus pandemic is having on our industry, the progress we are making and the performance we are generating builds our confidence that we are on the right path. With our eValuator automated, cloud-based, pre-bill coding analysis technology, we will lead an industry-wide movement to help healthcare providers improve revenue integrity.”Highlights from the second quarter ended July 31, 2020 included: * Revenue for the second quarter of 2020 was $2.9 million; SaaS revenue was up $254,000 for the second quarter; * Loss from continuing operations for the second quarter of 2020 was ($1.2 million); * Adjusted EBITDA for the second quarter of 2020 was ($0.4 million); * Bookings for the second quarter of 2020 were $2.9 million.Conference CallThe Company will conduct a conference call to review the results on Thursday, September 10, 2020 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, September 10, 2020 at 12:00 PM ET to Thursday, September 17, 2020 at 12:00 PM ET by dialing 877-660-6853 or 201-612-7415 with conference ID 13708474. 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 MeasuresStreamline 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 HealthStreamline Health Solutions, Inc. (NASDAQ: STRM) is a leader in pre-bill revenue integrity solutions for healthcare providers. Our eValuator™ Revenue Integrity Program includes integrated solutions, technology-enabled services and analytics that drive compliant revenue across the enterprise. 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 1995Statements 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.Contact Randy Salisbury SVP, Chief Sales & Marketing Officer (404) 229-4242 Randy.salisbury@streamlinehealth.netSTREAMLINE HEALTH SOLUTIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)  Three Months Ended  Six Months Ended   July 31  July 31   2020   2019   2020   2019  Revenues:             Systems sales$ 215,000  $ 111,000  $ 215,000  $ 332,000   Professional services  179,000    203,000    360,000    658,000   Audit Services  463,000    354,000    1,007,000    749,000   Maintenance and support  1,228,000    1,273,000    2,486,000    2,725,000   Software as a service  802,000    548,000    1,663,000    1,189,000   Total revenues  2,887,000    2,489,000    5,731,000    5,653,000               Operating expenses:             Cost of systems sales  125,000    27,000    202,000    91,000   Cost of professional services  293,000    462,000    557,000    888,000   Cost of audit services  373,000    321,000    733,000    624,000   Cost of maintenance and support  182,000    176,000    368,000    303,000   Cost of software as a service  379,000    140,000    761,000    247,000   Selling, general and administrative  2,284,000    2,402,000    4,576,000    4,823,000   Research and development  509,000    660,000    1,193,000    1,249,000   Executive Transition Costs  -    140,000    -    140,000   Loss on exit of membership agreement  -    -    105,000    -   Total operating expenses  4,145,000    4,328,000    8,495,000    8,365,000  Operating loss (1,258,000)  (1,839,000)  (2,764,000)  (2,712,000) Other expense:             Interest expense  (13,000)   (70,000)   (27,000)   (148,000)  Miscellaneous expense  (64,000)   (103,000)   (82,000)   (119,000) Loss before income taxes (1,335,000)  (2,012,000)  (2,873,000)  (2,979,000)  Income tax benefit  172,000    356,000    733,000    681,000  Loss from continuing operations$(1,163,000) $(1,656,000) $(2,140,000) $(2,298,000) Income from discontinued operations:             Gain on sale of discontinued operations  4,000    -    6,013,000    -   Income from discontinued operations  104,000    1,406,000    241,000    2,688,000   Income tax benefit (expense)  (80,000)   (358,000)  (1,576,000)   (685,000) Income from discontinued operations  28,000    1,048,000    4,678,000    2,003,000  Net (loss) income$(1,135,000) $ (608,000) $ 2,538,000  $ (295,000)              Basic Earnings per Share:            Continuing operations$ (0.04) $ (0.08) $ (0.07) $ (0.12) Discontinued operations  -    0.05    0.16    0.09  Net (loss) income per share$ (0.04) $ (0.03) $ 0.09  $ (0.03) Weighted average number of common shares - basic 30,026,658   19,913,658   29,897,236   19,853,510               Diluted Earnings per Share:             Continuing operations$ (0.04) $ (0.08) $ (0.07) $ (0.12)  Discontinued operations  -    0.05    0.15    0.09  Net (loss) income per share$ (0.04) $ (0.03) $ 0.08  $ (0.03) Weighted average number of common shares – diluted 30,421,473   23,076,807   30,229,595   22,950,923  STREAMLINE HEALTH SOLUTIONS, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)Assets   July 31,  January 31,   2020  2020 Current assets:       Cash and cash equivalents$ 5,707,000 $ 1,649,000  Accounts receivable, net  418,000   2,016,000  Contract receivables  1,193,000   803,000  Prepaid hardware and other current assets  747,000   501,000  Current Assets from discontinued operations  154,000   1,585,000 Total current assets  8,219,000   6,554,000        Non-current assets:       Property and equipment, net  101,000   98,000  Right of use asset on operating lease  473,000   -  Capitalized software development costs, net  6,263,000   5,782,000  Intangible assets, net  868,000   1,115,000  Goodwill  10,712,000   10,712,000  Other non-current assets  1,611,000   611,000  Long-term assets from discontinued operations  42,000   6,826,000 Total non-current assets 20,070,000   25,144,000  $ 28,289,000 $ 31,698,000 Liabilities and Stockholders' Equity Current liabilities:       Accounts payable$ 121,000  $ 756,000  Accrued expenses  1,892,000   1,395,000  Current portion of term loan  1,071,000   3,872,000  Deferred revenues  3,149,000   3,593,000  Royalty liability  1,000,000   969,000  Other  195,000   -  Current liabilities from discontinued operations  190,000   5,053,000 Total current liabilities  7,618,000   15,638,000        Non-current liabilities:       Term loan, net of current portion  1,229,000   -  Deferred revenues, less current portion  36,000   55,000  Other liabilities  309,000   - Total non-current liabilities  1,574,000   55,000  Total liabilities  9,192,000   15,693,000        Stockholders' equity  19,097,000   16,005,000  $ 28,289,000 $ 31,698,000 STREAMLINE HEALTH SOLUTIONS, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)   Six Months Ended    July 31,    2020   2019  Cash flows from continuing operating activities:       Loss from continuing operations $ (2,140,000) $ (2,298,000)  Adjustments to reconcile net loss to net cash used in operating activities:      Depreciation   31,000    22,000   Amortization of capitalized software development costs   651,000    236,000   Amortization of intangible assets   247,000    285,000   Amortization of other deferred costs   153,000    136,000   Valuation adjustments   31,000    31,000   Loss on exit of membership agreement   105,000    -   Share-based compensation expense   575,000    429,000   Benefit for accounts receivable allowance   (15,000)   (125,000) Benefit for income taxes   (733,000)   (683,000)  Changes in assets and liabilities   (876,000)   (1,108,000) Net cash used in operating activities   (1,971,000)   (3,075,000) Net cash from operating activities - discontinued operations   (2,374,000)   3,164,000          Cash flows used in investing activities:        Purchases of property and equipment   (34,000)   (46,000)  Capitalization of software development costs   (1,094,000)   (1,543,000)  Proceeds from sale of ECM assets   11,288,000    -  Net cash provided by (used in) investing activities   10,160,000    (1,589,000) Net cash used in investing activities - discontinued operations   -    (335,000)         Cash flows from financing activities:        Proceeds from term loan   2,301,000    1,000,000   Principal payments on term loan   (4,000,000)   (298,000)  Other   (58,000)   (14,000) Net cash used in financing activities   (1,757,000)   688,000  Net decrease in cash and cash equivalents   4,058,000    (1,147,000)  Cash and cash equivalents at beginning of year   1,649,000    2,376,000   Cash and cash equivalents at end of year $ 5,707,000  $ 1,229,000  STREAMLINE HEALTH SOLUTIONS, INC. New Bookings (Unaudited)  July 31, 2020   Three Months Ended Six Months Ended Systems Sales$ 245,000$ 337,000 Professional Services  236,000  414,000 Audit Services  26,000  35,000 Maintenance and Support  283,000  311,000 Software as a Service  2,075,000  2,773,000 Q2 2020 Bookings$ 2,865,000$ 3,870,000 Q2 2019 Bookings (1)$ 3,603,000$ 4,726,000       (1)     July 31, 2019 excludes bookings from the ECM business of approximately $180,000 for the three months ended July 31, 2019 and $280,000 for the six months ended July 31, 2019.Reconciliation of net earnings (loss) to non-GAAP Adjusted EBITDA (in thousands): (Unaudited)Adjusted EBITDA Reconciliation Three Months Ended July 31,  Six Months Ended July 31,     2020   2019   2020   2019    Loss from continuing operations$ (1,163) $ (1,656) $ (2,140) $ (2,298)    Interest expense  13    70    27    148     Income tax benefit  (172)   (356)   (733)   (681)    Depreciation  17    14    31    22     Amortization of capitalized software  development costs  362    110    651    236     Amortization of intangible assets  124    142    247    285     Amortization of other costs  78    70    153    136    EBITDA  (741)   (1,606)   (1,764)   (2,152)    Share-based compensation expense  349    160    613    429     Non-cash valuation adjustments  14    16    31    31    Loss on exit of operating lease  -    -    105    -    Adjusted EBITDA$ (378) $ (1,430) $ (1,015) $ (1,692)   Adjusted EBITDA per diluted share:              Net loss per common share – diluted$ (0.04) $ (0.03) $ 0.08  $ (0.03)   Adjusted EBITDA per adjusted diluted share (1)$ (0.01) $ (0.07) $ (0.03) $ (0.09)                  Diluted weighted average shares (2) 30,026,658   19,913,658   29,897,236   19,853,510     Includable incremental shares — Adjusted  EBITDA (3)  394,815    3,163,149    332,359    3,097,413    Adjusted diluted shares 30,421,473   23,076,807   30,229,595   22,950,923                   (1) Adjusted EBITDA per adjusted diluted share for our common stock is computed using the more dilutive of the two-class method or the if-converted method. (2) Diluted EPS for our common stock was computed using the if-converted method, which yields the same result as the two-class method. (3) The number of incremental shares that would be dilutive under an assumption that the Company is profitable during the reported period, which is only applicable for a period in which the Company reports a GAAP net loss. If a GAAP profit is earned in the reported periods, no additional incremental shares are assumed.

  • Benzinga

    Earnings Preview for Streamline Health Solns

    Streamline Health Solns (NASDAQ: STRM) releases its next round of earnings this Wednesday, September 09. Get the latest predictions in Benzinga's essential guide to the company's Q2 earnings report.Earnings and Revenue Analysts covering Streamline Health Solns have modeled for quarterly EPS loss of $0.05 on revenue of $2.27 million. In the same quarter last year, Streamline Health Solns reported a loss per share of $0.02 on revenue of $4.79 million. The Wall Street consensus estimate for earnings per share would represent a 150.0% decrease for the company. Here's how the company's EPS has stacked up against analyst estimates in the past:Quarter Q1 2020 Q4 2020 Q3 2020 Q2 2019 EPS Estimate -0.06 -0.05 0.03 0.01 EPS Actual -0.03 -0.03 0.01 -0.02 Revenue Estimate 2.58 M 2.94 M 5.66 M 4.70 M Revenue Actual 2.84 M 4.80 M 5.79 M 4.79 M Stock Performance Over the past 52-week period, shares of Streamline Health Solns have declined 10.38%.View more earnings on STRMConsidering these returns, long-term shareholders will likely be feeling unsatisfied going into this earnings release.Don't be surprised to see the stock move on comments made during its conference call. Streamline Health Solns is scheduled to hold the call at 09:00:00 ET and can be accessed here: https://78449.themediaframe.com/dataconf/productusers/strm/mediaframe/40237/indexl.htmlSee more from Benzinga * Stocks That Hit 52-Week Highs On Tuesday(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • GlobeNewswire

    Large Mid-Atlantic Health System Signs New Contract for Streamline Health® eValuator™

    Automated Coding Analysis for Inpatient and Outpatient CareAtlanta, GA, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the eValuator™ Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, today announced it has signed a contract with a large health system in the Mid-Atlantic region. The health system will use eValuator’s cloud-based automated pre- and post-bill coding analysis technology to help improve revenue integrity for their inpatient and outpatient services.Streamline Health is leading an industry movement to enable every hospital in the country to use pre-bill technology to improve financial performance. With eValuator, providers are identifying and addressing coding issues before they contribute to revenue leakage, denied claims and non-compliance exposure. The company combines this new technology with expert auditing services to deliver a complete Revenue Integrity Program to its clients. The eValuator program helps users optimize coding and documentation accuracy for every patient encounter prior to billing, substantially improving current financial performance while also assisting in the transition to new payment models.“We’re very excited that this client has entrusted Streamline Health to be their partner in driving pre-bill revenue integrity,” stated Tee Green, President and Chief Executive Officer, Streamline Health. “This client’s flagship facility is an Academic Medical Center and the primary care provider for its surrounding communities, and we’re proud to help support their mission of delivering quality care during these trying times.”About Streamline HealthStreamline Health Solutions, Inc. (NASDAQ: STRM) is a leader in pre-bill revenue integrity solutions for healthcare providers. Our eValuator™ Revenue Integrity Program includes integrated solutions, technology-enabled services and analytics that drive compliant revenue across the enterprise. 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.Disclosure Regarding Client RelationshipsThis announcement may contain statements regarding the availability and sale of solution offerings from Streamline Health Solutions, Inc. Readers should understand that inherent risks in contractual relationships, such as changes in duration, scope or volume and similar unanticipated events, may come into play, and readers are cautioned to consider such factors in any reliance on these statements.Company Contact: Randy Salisbury SVP, Chief Sales & Marketing Officer (404) 229-4242 randy.salisbury@streamlinehealth.net