Streamline Health Reports First Quarter Revenues $6.3M
Friday, June 8th, 2018
Streamline Health Solutions, Inc., provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises in the new value-based world, announced financial results for the first quarter of fiscal year 2018, which ended April 30, 2018.
Revenues for the three-month period ended April 30, 2018 were $6.3 million, an increase of approximately 6% as compared to the three-months ended April 30, 2017. Adjusted EBITDA for the first quarter of fiscal 2018 was approximately $0.6 million, a substantial improvement over the $400,000 loss in the first quarter a year ago. Net loss for the first quarter of fiscal 2018 was approximately $569,000, a substantial improvement over the $2.0 million net loss in the same period a year ago.
"Our first quarter performance was very solid as we began to realize the benefits of focusing our selling efforts on solutions in the middle of the revenue cycle to help our clients capture the financial reimbursement they deserve for the patient care they provided. Bookings in the quarter improved significantly to $3.4 million as we sold Abstracting, Clinical Documentation Integrity and eValuator solutions to current and new clients," stated David Sides, President and Chief Executive Officer, Streamline Health. "Our continued focus on tighter cost controls delivered improved bottom line results as well. Total operating expenses decreased by approximately 15 percent as compared to first quarter a year ago reducing operating loss in the quarter to approximately $363,000, down from last year's first quarter operating loss of $1,874,000. And net loss for the first quarter was approximately $569,000, a marked improvement over a $2 million loss in the first quarter of last year."
"We remain committed to leading an industry movement to improve hospitals' financial performance by moving mid-cycle billing interventions upstream - to improve coding accuracy before billing, enabling our clients to reduce lost revenue, mitigate overbill risk, and reduce denials and days in accounts receivable."
Highlights for the first quarter ended April 30, 2018 included:
Revenues for the first quarter of 2018 were $6.3 million;
Adjusted EBITDA for the first quarter of 2018 was $0.6 million;
Net loss for the first quarter of 2018 was $569,000;
New sales bookings for the first quarter of 2018 were $3.4 million; and
Backlog at the end of the first quarter was $26.1 million.
The Company is planning to file its Form 10-Q for the first fiscal quarter during the week of June 11th.
The Company also announced the impending departure of its Chief Financial Officer, Nicholas Meeks, who will remain with the Company through June 15, 2018. Mr. Meeks is leaving the Company to pursue another opportunity with another company based in the Atlanta market. The Company is actively seeking his replacement and has begun interviewing potential candidates to fill this position.