HealthStream(US:HSTM)2021-10-26 20:21Financial Data and Key Metrics Changes - For Q3 2021, revenues were $64.1 million, reflecting a 5% increase compared to the same period last year, despite a $9.2 million decline in legacy resuscitation revenues [24][54] - Year-to-date revenues increased by 5% and adjusted EBITDA rose by 15% compared to the first nine months of the previous year [23][51] - Adjusted EBITDA for Q3 was $12.5 million, an increase of 11.5% year-over-year, with an EBITDA margin of 19.5% compared to 18.4% last year [53][56] Business Line Data and Key Metrics Changes - Workforce Solutions revenues were $51.2 million, up 4%, while Provider Solutions revenues were $12.9 million, up 10.7% [53] - Excluding legacy resuscitation revenues, consolidated revenues grew by approximately 24%, with 10.5% organic growth and 13.7% from acquisitions [54] Market Data and Key Metrics Changes - The company noted a regional impact on client operations due to COVID-19, leading to delays in implementation and sales cycles [113] - The ongoing impact of COVID-19 has caused longer sales cycles and delayed decisions from customers, particularly those with high COVID patient admissions [60] Company Strategy and Development Direction - The company is transitioning to a one-platform model with hStream, which will interconnect various application suites, including learning and development, credentialing and privileging, and scheduling and capacity management [65][68] - The focus is on enhancing the functionality of applications through the hStream platform, which allows for better data mobility and integration across services [73][75] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to grow despite challenges posed by the pandemic and employee turnover, indicating a strong hiring environment [20][58] - The company anticipates that the turnover rate will stabilize, allowing for more effective hiring and operational efficiency in the coming quarters [21][29] Other Important Information - The company hosted its second annual Nurse Well-being Week, engaging over 6,500 nurses in activities focused on well-being [104] - A virtual Users Group conference called Thrive21 is scheduled for November 2 and 3, focusing on credentialing industry trends [106] Q&A Session Summary Question: Update on the health of the client base and ED volumes - Management noted that client operations have been regionally impacted by COVID-19, causing delays in implementation and creating "air gaps" in business operations [113]