Streamline Health Reports First Quarter 2017 Revenues of $5.9M
Staff Report From Metro Atlanta CEO
Tuesday, June 13th, 2017
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 first quarter of 2017, which ended April 30, 2017.
Revenues for the three-month period ended April 30, 2017 decreased approximately 11% to $5.9 million over the April 30, 2016 quarter revenue of $6.7 million. Recurring revenue comprised 83% of total revenue in the quarter. Net loss for the first quarter was $(2.0) million as compared to a $(1.5) million net loss in the same period a year ago. Adjusted EBITDA for the first quarter 2017 was a negative $(0.4) million, down from $0.6M in first quarter of 2016.
"Our first quarter financial performance was as previously communicated, with a decline in revenue from Q4 of 2016 based primarily upon the anticipated revenue attrition of approximately $0.5 million combined with the negative net effect of selling our Scheduling solution suite while adding code auditing services," stated David Sides, President and Chief Executive Officer, Streamline Health. "However, as we look at the remainder of the year, we are encouraged by the sales activity we are experiencing primarily with our new cloud-based pre-bill audit solution we call eValuator. We acquired the initial concept for this new solution in September, invested development resources into it in the second half of last year and formally launched it at the HIMSS conference in February. In just four months, the top of our sales pipeline has expanded substantially with more than 50 current clients and new prospects interested in eValuator. We anticipate closing our first of several new contracts in this quarter, and ramping up our bookings and recurring revenue performance in subsequent quarters this year and next.
"Our balance sheet was also as expected, with heavier uses of cash in the first quarter as usual. Bookings were below our expectations as some software contracts were pushed out, and the contract size for new auditing services clients was smaller by nature, but the acquisition of new clients we believe will lead to greater growth opportunities with each one."
Highlights for the first quarter ended April 30, 2017 included:
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Revenue for the first quarter 2017 was $5.9 million;
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Net loss for the first quarter 2017 was $(2.0) million;
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Adjusted EBITDA for the first quarter 2017 was $(0.4) million;
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New sales bookings for the quarter were $0.5 million; and
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Backlog at the end of the quarter was $47.9 million.