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 in the new value-based world announced financial results for the third quarter of fiscal 2016, which ended October 31, 2016.

Revenues for the three-month period ended October 31, 2016 were $6.6 million, down approximately 10% compared to $7.4 million in Q2 2016, but up approximately 4% when excluding the $1 million in perpetual license revenue in that quarter.  Revenue was down approximately 7% as compared to $7.2 million in the same quarter year ago. Recurring revenue comprised 84% of total revenue in the quarter. 

Adjusted EBITDA for the third quarter 2016 was approximately $.2 million, down from $1.6 million in Q2 2016, and $1.7 million in Q3 2015 due primarily to the acquisition of Opportune IT during the quarter and the many attendant one-time costs that were associated with the transaction.  Net loss for the third quarter of 2016 was $1.9 million.

"Our third quarter financial performance, although down from Q2 2016 levels, was as expected given that we did not close a perpetual license revenue contract in the quarter as we had in the previous quarter.  Additionally, along with the incremental expense from the Opportune IT acquisition, we made additional investments to accelerate the roadmap of the acquired technologies, which also impacted our Adjusted EBITDA performance," stated David Sides, President and Chief Executive Officer, Streamline Health.  "However, we are very excited about the opportunities for growth both with our new Coding Audit Services and the benefits of integrating our existing coding technology with the new software.  Additionally, as we had projected, our bookings improved substantially over the first half of this year as many of the investments in sales have started to gain traction."

Highlights for the third quarter ended October 31, 2016 included:

• Revenue for the third quarter 2016 was $6.6 million;

• Adjusted EBITDA for the third quarter 2016 was $.2 million;

• Net loss for the third quarter 2016 was $1.9 million;

• New sales bookings for the quarter were $3.2 million; and

• Backlog at the end of the quarter was $54.9 million.