Streamline Health(US:STRM) Globenewswire·2024-12-16 21:33Core Insights - Streamline Health Solutions, Inc. reported a net loss of $2.5 million in Q3 fiscal 2024, a significant improvement from a net loss of $11.9 million in Q3 fiscal 2023 [1][5] - The company reiterated its expectation for a $15.5 million implemented SaaS ARR adjusted EBITDA breakeven run rate and has accelerated this expectation to the first half of fiscal 2025 [1][10] Financial Performance - Total revenue for Q3 fiscal 2024 was $4.4 million, down from $6.1 million in Q3 fiscal 2023. For the nine months ended October 31, 2024, revenue totaled $13.2 million compared to $17.2 million in the same period of fiscal 2023 [3][21] - SaaS revenue for Q3 fiscal 2024 was $2.9 million, representing 66% of total revenue, compared to $3.9 million (64% of total revenue) in Q3 fiscal 2023. For the nine months ended October 31, 2024, SaaS revenue was $8.7 million (66% of total revenue) compared to $10.6 million (62% of total revenue) in the same period of fiscal 2023 [4][21] Cost Management - The net loss for the nine months ended October 31, 2024, was $8.0 million, down from $17.3 million in the same period of fiscal 2023. This improvement was attributed to lower total revenues and higher interest expenses, offset by reductions in cost of sales, SG&A, and R&D expenses totaling $1.9 million and $5.3 million, respectively [5][7] - Adjusted EBITDA for Q3 fiscal 2024 was a loss of $0.3 million, compared to a gain of $0.4 million in Q3 fiscal 2023. For the nine months ended October 31, 2024, adjusted EBITDA was a loss of $1.3 million, an improvement from a loss of $1.8 million in the same period of fiscal 2023 [7][10] Cash Position - As of October 31, 2024, cash and cash equivalents were $0.8 million, down from $3.2 million as of January 31, 2024. The company had no outstanding balance on its revolving credit facility as of October 31, 2024, compared to $1.5 million as of January 31, 2024 [6][21] - The company received a $1.0 million draw from its revolving line of credit on November 20, 2024 [6] Strategic Outlook - The company’s total Booked SaaS Annual Contract Value (ACV) was $14.1 million as of October 31, 2024, down from $15.0 million as of January 31, 2024. However, $12.0 million of the Booked SaaS ACV was implemented as of October 31, 2024, compared to $11.1 million as of January 31, 2024 [8][10] - Management expressed optimism about expanding client relationships and improving financial performance, leading to an accelerated timeline for achieving adjusted EBITDA breakeven [11]