Streamline Health Solutions, Inc., provider of the Looking Glass platform of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises, announced financial results for the fourth quarter and fiscal year of 2016, which ended January 31, 2017.

Revenues for the three-month period ended January 31, 2017 were $6.4 million, same as the three-months ended January 31, 2016. Adjusted EBITDA for the fourth quarter was $0.5 million, same as the fourth quarter a year ago.  Net loss for the fourth quarter was $1.0 million, an improvement over the $1.4 million net loss in the same period a year ago.

Revenues for fiscal year 2016 were $27.1 million, down 4.4% from $28.3 million the previous fiscal year.  Recurring revenues for the year constituted 82.4% of overall revenue, or $22.3 million. Net loss for 2016 was $5.2 million. Adjusted EBITDA for the fiscal year was $2.9 million, up from $2.8 million in fiscal year 2015.

"2016 was another year of significant improvement in terms of our balance sheet and operational efficiency as our cash on hand is effectively even with our bank debt," stated David Sides, President and Chief Executive Officer, Streamline Health. "As importantly, during the year we made two strategic moves to enable us to place more emphasis on solutions and services with the greatest demand in the marketplace.  Our acquisition of Opportune IT added coding audit services and technologies to our mix, and the sale of our scheduling solutions moved us more firmly into the middle of the revenue cycle where our primary decision makers of CFOs, HIM and Revenue Cycle directors are focused on improving the fiscal health of their organizations."

"We continue to expand our reseller network to help us reach more potential clients, faster.  And we are investing in the development of new technologies in machine learning to give us a strategic advantage in the market, specifically in pre- and post-bill auditing."

Highlights for the fourth quarter and fiscal year ended January 31, 2017 included:

• Revenues for the fourth quarter 2016 were $6.4 million, and for the year were $27.1 million;

• Recorded net loss of $(1.0) million for the three-month period ended January 31, 2017, and $(5.2) million for the fiscal year 2016;

• Adjusted EBITDA for the fourth quarter 2016 was $0.5 million, and for the year was $2.9 million;

• New sales bookings for the quarter were $2.9 million and $8.3 million for the fiscal year; and

• Backlog at the end of the quarter was $50.6 million.