Streamline Health(STRM) - 2025 Q4 - Annual Results

Financial Performance Overview This section provides an overview of the company's financial performance, including management's strategic insights, detailed GAAP and non-GAAP results for fiscal year 2024, and future business outlook Management Commentary Management highlights over $210 million in annualized client financial impact and focuses on targeted innovation for fiscal 2025, including new denial prevention functionality - The company's solutions are delivering an annualized financial impact of more than $210 million to its clients[2] - Fiscal 2025 will focus on targeted innovation, highlighted by the new denial prevention functionality within the eValuator solution, designed to help clients prevent denials in real-time[2] Fiscal Fourth Quarter and Full Year 2024 GAAP Financial Results Fiscal 2024 GAAP results show total revenue decreased to $17.9 million, while net loss significantly improved to ($10.2 million) due to the absence of prior year impairment charges Fiscal Year Revenue Performance (GAAP) | Category | Fiscal Year 2024 | Fiscal Year 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $17.9 million | $22.6 million | -20.8% | | SaaS Revenue | $11.8 million | $14.1 million | -16.3% | Quarterly Revenue Performance (GAAP) | Category | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $4.7 million | $5.4 million | -13.0% | | SaaS Revenue | $3.1 million | $3.4 million | -8.8% | Net Loss Performance (GAAP) | Period | Net Loss 2024 | Net Loss 2023 | | :--- | :--- | :--- | | Fiscal Year | ($10.2 million) | ($18.7 million) | | Fourth Quarter | ($2.1 million) | ($1.4 million) | - The improvement in the full-year net loss was primarily the result of $10.8 million of non-cash impairment charges incurred in fiscal 2023 that did not recur in fiscal 2024[5] - As of January 31, 2025, cash and cash equivalents were $2.2 million, down from $3.2 million a year prior. The outstanding balance on the revolving credit facility was reduced to $1.0 million from $1.5 million[6] Fiscal Fourth Quarter and Full Year 2024 Non-GAAP Financial Results Fiscal 2024 Non-GAAP results show Adjusted EBITDA improved to a ($1.3 million) loss, while Booked SaaS ACV decreased to $14.0 million but is projected to recover Adjusted EBITDA Performance (Non-GAAP) | Period | Adjusted EBITDA 2024 | Adjusted EBITDA 2023 | | :--- | :--- | :--- | | Fiscal Year | ($1.3 million) | ($1.4 million) | | Fourth Quarter | $35,000 | $0.4 million | Booked SaaS Annual Contract Value (ACV) | Date | Total Booked SaaS ACV | Implemented ACV | Unimplemented ACV | | :--- | :--- | :--- | :--- | | Jan 31, 2024 | $15.0 million | N/A | N/A | | Jan 31, 2025 | $14.0 million | $12.3 million | $1.7 million | | Apr 30, 2025 (Expected) | $14.6 million | $13.1 million | $1.5 million | - The decrease in booked SaaS ACV was largely due to previously reported client non-renewals, which was partially offset by $3.5 million of new bookings during fiscal year 2025[8] Business Outlook The company expects to achieve a positive Adjusted EBITDA run rate in the first half of fiscal 2025 but refrains from specific bookings guidance due to timing unpredictability - The company reiterated its expectation to achieve an adjusted EBITDA positive run rate during the first half of fiscal 2025[10] - Due to continued unpredictability in the timing of closing new contracts, the Company has not provided more specific guidance related to the timing of bookings[10] Consolidated Financial Statements This section presents the company's consolidated financial statements, including detailed statements of operations, balance sheets, and cash flows for the reported periods Consolidated Statements of Operations Fiscal year 2024 statements of operations show total revenues decreased to $17.9 million, while operating expenses significantly declined, leading to a reduced net loss of ($10.2 million) Fiscal Year 2024 vs 2023 Statement of Operations Highlights | Metric | Fiscal Year 2024 | Fiscal Year 2023 | | :--- | :--- | :--- | | Total Revenues | $17,901,000 | $22,596,000 | | Total Operating Expenses | $25,930,000 | $42,243,000 | | Impairment Charges | $0 | $10,776,000 | | Operating Loss | ($8,029,000) | ($19,647,000) | | Net Loss | ($10,159,000) | ($18,697,000) | | Basic and Diluted EPS | ($2.53) | ($4.96) | Consolidated Balance Sheets As of January 31, 2025, total assets decreased to $35.6 million, primarily due to lower cash and receivables, resulting in a decline in total stockholders' equity to $12.3 million Balance Sheet Highlights (As of Jan 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,183,000 | $3,190,000 | | Total Current Assets | $5,777,000 | $8,836,000 | | Total Assets | $35,579,000 | $41,735,000 | | Total Current Liabilities | $23,062,000 | $13,682,000 | | Total Liabilities | $23,302,000 | $22,921,000 | | Total Stockholders' Equity | $12,277,000 | $18,814,000 | Consolidated Statements of Cash Flows Fiscal year 2024 cash flow statements show improved net cash used in operating activities at ($1.5 million), with a net decrease in cash and cash equivalents of ($1.0 million) for the period Cash Flow Summary (Fiscal Year) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,514,000) | ($2,215,000) | | Net cash used in investing activities | ($858,000) | ($1,621,000) | | Net cash provided by financing activities | $1,365,000 | $428,000 | | Net decrease in cash | ($1,007,000) | ($3,408,000) | | Cash at end of period | $2,183,000 | $3,190,000 | Supplemental Information This section provides supplemental financial data, including the reconciliation of GAAP net loss to non-GAAP Adjusted EBITDA, and details for the upcoming conference call Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA This section reconciles the GAAP net loss to non-GAAP Adjusted EBITDA, showing an Adjusted EBITDA loss of ($1.3 million) for fiscal year 2024 after various adjustments Reconciliation of Net Loss to Adjusted EBITDA (Fiscal Year) | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net loss | $(10,159) | $(18,697) | | Plus: Interest, Taxes, D&A | $6,357 | $5,254 | | Plus: Share-based compensation | $1,964 | $2,102 | | Plus: Impairment charges | $0 | $10,776 | | Other adjustments | $542 | $(821) | | Adjusted EBITDA | $(1,296) | $(1,386) | - Adjusted EBITDA is a non-GAAP measure defined as net earnings (loss) adjusted for interest, taxes, depreciation, amortization, share-based compensation, and other significant non-recurring or transactional expenses[15] Conference Call Information Details for the upcoming conference call on May 2, 2025, at 9:00 AM ET are provided, including access methods and replay availability - A conference call will be held on Friday, May 2, 2025, at 9:00 AM ET[11] - A replay of the call will be available by phone until May 9, 2025, and an online replay will be available for six months in the Investor Relations section of the company's website[12]