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 fourth quarter and fiscal year of 2017, which ended January 31, 2018.

Revenues for the three-month period ended January 31, 2018 were $6.1 million, a decline of approximately 5% as compared to the three-months ended January 31, 2017. Adjusted EBITDA for the fourth quarter of fiscal 2017 was $1.2 million, up appreciably over the $535,000 in the fourth quarter a year ago.  Net income for the fourth quarter of fiscal 2017 was $38,000, an improvement over the $1.0 million net loss in the same period a year ago.

Revenues for fiscal year 2017 were $24.3 million, down approximately 10% from the previous fiscal year.  Recurring revenues for the year constituted 80% of overall revenue, or $19.5 million. Adjusted EBITDA for the fiscal year was $2.8 million, down slightly from $2.9 million in fiscal year 2016.

"Fiscal year 2017 was the beginning of our new, more narrowly focused efforts to sell solutions and services in the middle of the revenue cycle – improving healthcare providers' coding accuracy to help them capture the financial reimbursement they deserve for the patient care they have provided," stated David Sides, President and Chief Executive Officer, Streamline Health. "We are 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. This enables providers to turn unpredictable revenue cycles into dynamic revenue streams.

By narrowing our focus to the middle of the revenue cycle we won 15 new clients in 2017. We believe we have a more distinct and compelling value proposition that can help us win more often.  And not just with hospitals, but with outpatient centers and clinics and physician practices as well.  Our coding solutions and services like CDI and Abstracting are established performers, and they were the primary contributors to a strong start to this new year.  Our new eValuator coding analysis platform helped us win more new clients last year. The eValuator technology is right for the market which is driving new attention to Streamline Health. Our current client base continues to show interest in eValuator, but we have an even greater number of new clients than existing clients signing up for the solution.

Importantly, we have instigated and maintained tight cost and investment controls so that the transition to focusing our efforts in the middle of the revenue cycle has not negatively affected our balance sheet."

Highlights for the fourth quarter and fiscal year ended January 31, 2018 included:

• Revenues for the fourth quarter 2017 were $6.1 million, and for the year were $24.3 million;

• Adjusted EBITDA for the fourth quarter 2017 was $1.2 million, and for the year was $2.8 million;

• Recorded net income of $38,000 for the fourth quarter ended January 31, 2018, and a net loss of $(3.1) million for the fiscal year 2017;

• New sales bookings for the quarter were $1.2 million and $4.8 million for the fiscal year; and

• Backlog at the end of the fourth quarter was $33 million.