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Streamline Health Solutions – STRM – 22% Increase In Revenue

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Streamline Health Solutions, Inc. (Nasdaq: STRM) announced financial results for the second quarter of fiscal year 2012, ended July 31, 2012.

Revenues for the three-month period ended July 31, 2012, were $5,049,000 as compared to $4,146,000 in the comparable period of fiscal 2011.  The quarterly increase was primarily attributable to revenues provided by increases in recurring maintenance and SaaS revenues.

Robert E. Watson, President and Chief Executive Officer of Streamline Health said, “We continue to make meaningful progress on our journey to become a high-growth, profitable, world-class healthcare information technology company.  Revenue growth continues to track as planned, and our net new sales performance continues to be ahead of plan. Most importantly, during this quarter, we were able to successfully recruit new associates to fill roles that are required to address the implementation of these new sales.”

STRM – Highlights for the quarter included:

  • Recorded net loss of $463,000 (net profit of $61,000 excluding non-recurring items related to the acquisition of Meta Health Technology Inc. subsequent to the end of the quarter);
  • Adjusted EBITDA* for second quarter 2012 was $1.5 million, an increase of 61% over second quarter 2011;
  • Recurring maintenance revenues improved by 4% over the prior year comparable quarter;
  • Software as a Service (SaaS) revenues for the quarter increased 21% over the prior year comparable quarter, excluding $630,000 of incremental SaaS revenue from the acquired operations of Interpoint Partners;
  • New sales bookings for the quarter were $4.7 million;
  • Maintenance and SaaS contract renewals for the quarter were $1.2 million;
  • Backlog at the end of the quarter was $32.2 million.

Operating expenses for the three-month period ending July 31, 2012 were $5,07 3,000, compared to $4,126,000 in the comparable prior year period; an increase of $947,000 or 23% over the prior year comparable period.  These values include $524,000 dollars of non-recurring expenses related to the acquisition of Meta Health Technology Inc. that closed on August 16, 2012. Note that $26,000 of non-recurring expense related to the Meta transaction was recorded in the first quarter.  In addition, management estimates that an additional non-recurring expense of approximately $110,000 dollars related to the Meta acquisition will be recorded during the third quarter of this fiscal year.

About Streamline Health – STRM

Streamline Health (STRM) provides solutions that help hospitals and physician groups improve efficiencies and business processes across the enterprise to enhance and protect revenues. STRM enterprise content management solutions transform unstructured data into digital assets that seamlessly integrate with disparate clinical, administrative, and financial information systems. STRM business analytics solutions provide real-time access to key performance metrics that enable healthcare organizations to identify and manage opportunities to maximize financial performance. STRM integrated workflow systems automate and manage critical business activities to improve organizational accountability to drive both operational and financial performance. Across the revenue cycle, STRM solutions offer a flexible, customizable way to optimize the clinical and financial performance of any healthcare organization.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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