Financial Performance - The company reported a net loss of $2.8 million for the second quarter of fiscal 2024, compared to a net loss of $2.5 million in the same quarter of fiscal 2023 [1][5] - Adjusted EBITDA improved to a loss of $0.3 million for the second quarter of fiscal 2024, compared to a loss of $0.9 million for the same period in fiscal 2023 [1][7] - Total revenue for the second quarter of fiscal 2024 was $4.5 million, down from $5.8 million in the second quarter of fiscal 2023 [3][19] - SaaS revenue for the second quarter of fiscal 2024 totaled $3.1 million, representing 69% of total revenue, compared to $3.5 million or 61% of total revenue in the same quarter of fiscal 2023 [4][19] Revenue Insights - For the six months ended July 31, 2024, total revenue was $8.8 million, down from $11.1 million in the same period of fiscal 2023 [3][19] - The decline in total revenue was attributed to client non-renewals, offset by new SaaS contracts [3] - On a pro forma basis, excluding revenue from non-renewed contracts, SaaS revenue grew by 19% in the second quarter of fiscal 2024 compared to the same quarter in fiscal 2023 [4] Strategic Updates - The company reiterated its expectation for a SaaS ARR adjusted EBITDA breakeven run rate of $15.5 million, but updated the timeline for achieving this from the second half of fiscal 2024 to the second half of fiscal 2025 due to client non-renewals [1][10] - As of July 31, 2024, the total Booked SaaS Annual Contract Value (ACV) was $13.6 million, down from $15.0 million as of January 31, 2024 [8] - The company won new contracts totaling $0.8 million of ACV during the second quarter of fiscal 2024, while experiencing non-renewals totaling $2.8 million of ACV [8] Cash Position - Cash and cash equivalents as of July 31, 2024, were $3.5 million, an increase from $3.2 million as of January 31, 2024 [6][21] - The company had no outstanding balance on its revolving credit facility as of July 31, 2024, compared to $1.5 million as of January 31, 2024 [6] Management Commentary - The CEO highlighted the company's focus on enhancing the value provided to healthcare revenue cycles through product improvements and maintaining high client service standards [11]

ATLANTA, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. ("Streamline" or the "Company") (Nasdaq: STRM), a leading provider of solutions that enable healthcare providers to proactively address revenue leakage and improve financial performance, today announced that it will release its financial results for the three month period ended July 31, 2024 on Wednesday September 11, 2024 after the close of the financial markets. The Company will conduct a conference call on Thursday, September 1 ...

ATLANTA, July 16, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced that it has expanded its contract for the use of RevID with a 425-bed, Oracle-EHR based health system and extended the term for an additional 5 years. Streamline Health is leading an industry movement to improve hospital financial performance through pre-bill technology solutions. RevID's automated charge rec ...

ATLANTA, July 16, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ:STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced that it has expanded its contract for the use of RevID with a 425-bed, Oracle-EHR based health system and extended the term for an additional 5 years. "We are pleased with the continued trust our client places in our products and our team," stated Ben Stilwill, President and Chief Executive Officer, Streamline ...

ATLANTA, July 02, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced that it has signed a new contract for the use of eValuator with a 750-bed, Epic-EHR based medical center in Texas. During the pursuit of this relationship eValuator was TX-RAMP certified, enabling Streamline to pursue business with all Texas state funded health systems. Streamline Health Solutions, Inc. (Nasd ...

ATLANTA, July 02, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of solutions that enable healthcare providers to improve financial performance, announced that it has signed a new contract for the use of eValuator with a 750-bed, Epic-EHR based medical center in Texas. During the pursuit of this relationship eValuator was TX-RAMP certified, enabling Streamline to pursue business with all Texas state funded health systems. Streamline Health is leading an industr ...

Revenue Performance - For the three months ended April 30, 2024, total revenues decreased by $1,002,000, or 19%, to $4,330,000 compared to $5,332,000 for the same period in 2023[113] - Revenue from Software as a Service (SaaS) decreased by $452,000, or 14%, primarily due to a client non-renewal that contributed to a $944,000 decrease[113] - Revenue from maintenance and support decreased by $267,000, or 23%, compared to the same period in the prior year[115] - Revenue from professional fees and licenses decreased by $283,000, or 28%, compared to the same period in the prior year[116] - The Company anticipates maintenance and support revenue will decline in fiscal 2024 due to expected contract non-renewals and limited new sales[115] Cost Management - The Company expects to realize approximately $5,800,000 in annualized cost savings from a Strategic Restructuring that included a reduction of 26 employees, or 24% of the workforce[111] - Cost of sales for the three months ended April 30, 2024, decreased by $509,000, or 18%, to $2,277,000 compared to $2,786,000 for the same period in 2023[120] - General and administrative expenses decreased by $373,000, or 14%, to $2,246,000 for the three months ended April 30, 2024[128] - Sales and marketing expenses decreased by $276,000, or 23%, to $946,000 for the three months ended April 30, 2024[128] - Research and development expenses for the three months ended April 30, 2024, decreased by $590,000 (35%) to $1,111,000 compared to $1,701,000 in the prior year period[130] - Capitalized research and development costs for the same period decreased by $157,000 (39%) to $247,000 from $404,000[131] Financial Position - Cash and cash equivalents increased to approximately $3,979,000 as of April 30, 2024, from $3,190,000 at January 31, 2024[147] - The company has a term loan facility with a maximum principal amount of $10,000,000, with interest rates tied to the Prime Rate plus 1.5%[148] - As of April 30, 2024, the company was in compliance with all debt covenants under the Second Amended and Restated Loan Agreement[149] - Significant cash obligations include a term loan of $8,839,000 and notes payable of $3,587,000 as of April 30, 2024[151] Net Loss and Cash Flow - Net loss for the three months ended April 30, 2024, was $2,739,000, a slight improvement from a net loss of $2,901,000 in the same period last year[153] - Net cash used in operating activities increased to $1,199,000 for the three months ended April 30, 2024, compared to a cash provided of $126,000 in the prior year[153] - Cash used in investing activities was $232,000 for the three months ended April 30, 2024, down from $433,000 in the same period last year, primarily due to capitalized software development costs[154] - Proceeds from notes payable amounted to $4,400,000 for the three months ended April 30, 2024, compared to a payment of $125,000 in the same period last year[155] - Net cash provided by financing activities was $2,220,000 for the three months ended April 30, 2024, compared to a cash used of $304,000 in the prior year[155] Adjusted EBITDA and Other Income - Adjusted EBITDA improved to a loss of $703,000 for the three months ended April 30, 2024, compared to a loss of $1,337,000 in the prior year, resulting in an Adjusted EBITDA margin of (16%) versus (25%)[145] - Interest expense increased by $217,000 (88%) to $465,000 for the three months ended April 30, 2024, compared to $248,000 in the prior year[133] - Total other income decreased by $637,000 (430%) to a loss of $489,000 for the three months ended April 30, 2024, from income of $148,000 in the prior year[133] - The company recorded an income tax expense of $53,000 for the three months ended April 30, 2023, while no tax benefit was recorded for the same period in 2024[136] - Non-cash adjustments to net loss were $1,795,000 for the three months ended April 30, 2024, compared to $1,306,000 in the prior year[153] Future Expectations - The company expects continued capitalizable projects associated with its flagship products, although the rate of capitalization may decrease due to the Strategic Restructuring announced in October 2023[154] - The company anticipates the acquisition earnout liability to be settled by October 31, 2024, reflecting the cash balance expected to be paid out[152]

Streamline Health Solutions, Inc. (NASDAQ:STRM) Q1 2024 Earnings Conference Call June 12, 2024 9:00 AM ET Company Participants Jacob Goldberger - Vice President, Finance Ben Stilwill - Chief Executive Officer BJ Reeves - Chief Financial Officer Conference Call Participants Matt Hewitt - Craig-Hallum Operator Hello and welcome to the Streamline Health Solutions First Quarter 2024 Earnings Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Ins ...

Net loss of ($2.7 million) during the first quarter of fiscal 2024 compared to net loss of ($2.9 million) during the first quarter of fiscal 2023 Adjusted EBITDA improved to a loss of ($0.7 million) during the first quarter of fiscal 2024 vs. a loss of ($1.3 million) during the first quarter of fiscal 2023 $15.6 million of Booked SaaS ACV as of April 30, 2024 vs. $15.0 million of booked SaaS ACV as of January 31, 2024 Company reiterated $15.5 million implemented SaaS ARR adjusted EBITDA breakeven run rate e ...

ATLANTA, June 04, 2024 (GLOBE NEWSWIRE) -- Streamline Health Solutions, Inc. ("Streamline" or the "Company") (Nasdaq: STRM), a leading provider of solutions that enable healthcare providers to proactively address revenue leakage and improve financial performance, today announced that it will release its financial results for the three month period ended April 30, 2024 on Tuesday June 11, 2024 after the close of the financial markets. The Company will conduct a conference call on Wednesday, June 12, 2024, at ...