Streamline Health® Reports Fiscal Second Quarter 2024 Financial Results

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]