Streamline Health Reports Second Quarter 2019 Revenues of $4.8M
Friday, September 13th, 2019
Streamline Health Solutions, Inc., provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises, announced financial results for the second quarter and first half of fiscal 2019, which ended July 31, 2019.
Revenues for the three-month period ended July 31, 2019 decreased approximately 9% to $4.8 million over the July 31, 2018 quarter revenue of $5.3 million. Recurring revenue comprised 82% of total revenue in the quarter. Revenues for the first six months of fiscal 2019 were $10.2 million, down approximately 12% as compared to $11.5 million in the first half of fiscal 2018. Recurring revenue comprised 79% of total revenue for the first half of fiscal 2019.
Net loss for the second quarter was ($0.6 million) as compared to a ($1.5 million) net loss in the same period a year ago. Net loss for the first six months of fiscal 2019 was ($0.3 million) as compared to ($2.1 million) net loss for the same period in 2018.
Adjusted EBITDA for the second quarter 2019 was $0.2 million versus $0.4 million in the second quarter of 2018. Adjusted EBITDA for the first six months of 2019 was $1.3 million, up approximately 35% from $1.0 million in the first half of fiscal 2018.
"One of my primary objectives is to help our company create greater velocity in all the things we do. As an innovative company, we want to be constantly improving so that our clients find our people, products and services to be indispensable,” stated Tee Green, Interim President and Chief Executive Officer, Streamline Health. “With our eValuator cloud-based pre-bill coding analysis platform, I believe we are at the forefront of a pre-bill movement with an immense amount of opportunity in both the short and long term. Our second quarter bookings performance of nearly $3.8 million was far superior to the that of previous quarters. This level of bookings performance demonstrates that the company has been executing on a good plan for sales growth, and I want to find ways to increase the velocity on that plan.”
“I’m pleased to report that our nationwide search for a new President and Chief Executive Officer is going well, although it’s in the early stages,” continued Tee Green. “We have already interviewed a number of highly qualified candidates who are excited about the potential they see in our company. I will keep you updated as to the board’s progress on this front, but I am excited to be working closely with the talented folks we have on our team."
Highlights for the second quarter ended July 31, 2019 included:
New sales bookings for the second quarter 2019 were $3.8 million;
Revenue for the second quarter 2019 was $4.8 million;
Net loss for the second quarter 2019 was ($0.6 million);
Adjusted EBITDA for the second quarter 2019 was $0.2 million.