Press Release
<< Back
Streamline Health® Reports Fiscal First Quarter 2023 Financial Results
- First quarter fiscal 2023 SaaS revenue up 12% compared to first quarter fiscal 2022
$17.8 million of Booked SaaS ACV as ofApril 30, 2023 compared to$17.2 million as of January 31, 2023;$12.7 million of Booked SaaS ACV implemented as ofApril 30, 2023
Fiscal First Quarter 2023 GAAP Financial Results
Total revenue for the first quarter of fiscal 2023 was
Net loss for the first quarter of fiscal 2023 was
Fiscal First Quarter 2023 Non-GAAP Financial Results
Adjusted EBITDA for the first quarter of fiscal 2023 was
As of
Management Commentary
“We continue to execute against our growth and other corporate goals in fiscal 2023. Our service and innovation teams made significant strides during the first quarter to enable the continued growth of our SaaS revenues, and we believe that our current bookings, once implemented will provide sufficient revenue to achieve breakeven adjusted EBITDA in the third quarter of fiscal 2023.” Stated Tee Green, Chief Executive Officer,
Conference Call
The Company will conduct a conference call on
A replay of the conference call will be available from
About
Non-GAAP Financial Measures
Streamline reports its financial results in accordance with
Streamline defines “adjusted EBITDA” as net earnings (loss) plus interest expense, tax expense, depreciation and amortization expense of tangible and intangible assets, share-based compensation expense, significant non-recurring operating expenses, and transactional related expenses including: gains and losses on debt and equity conversions, associate severances and related restructuring expenses, associate inducements, and professional and advisory fees. A table reconciling this measure to “loss from continuing operations” is included in this press release.
Booked SaaS ACV represents the annualized value of all executed SaaS contracts, including contracts that have not been fully implemented, as of the measurement date, assuming any contract that expires during the twelve months following the measurement date is renewed on its existing terms unless the Company has knowledge of the non-renewal. Booked SaaS ACV should be viewed independently of revenue and does not represent revenue calculated in accordance with GAAP on an annualized basis, as it is an operating metric that can be impacted by contract execution start and end dates and renewal rates. Booked SaaS ACV is not intended to be a replacement for, or forecast of, revenue. There is no GAAP measure comparable to Booked SaaS ACV.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made by
Company Contact
Director, Investor Relations and FP&A
303-887-9625
Jacob.goldberger@streamlinehealth.net
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(rounded to the nearest thousand dollars, except share and per share information)
| Three Months Ended |
||||||||
| 2023 | 2022 | |||||||
| Revenues: | ||||||||
| Software as a service | $ | 3,175,000 | $ | 2,831,000 | ||||
| Maintenance and support | 1,157,000 | 1,110,000 | ||||||
| Professional fees and licenses | 1,000,000 | 1,994,000 | ||||||
| Total revenues | 5,332,000 | 5,935,000 | ||||||
| Operating expenses: | ||||||||
| Cost of software as a service | 1,589,000 | 1,497,000 | ||||||
| Cost of maintenance and support | 89,000 | 46,000 | ||||||
| Cost of professional fees and licenses | 1,108,000 | 1,666,000 | ||||||
| Selling, general and administrative expense | 3,806,000 | 4,501,000 | ||||||
| Research and development | 1,701,000 | 1,312,000 | ||||||
| Acquisition-related costs | 35,000 | 90,000 | ||||||
| Total operating expenses | 8,328,000 | 9,112,000 | ||||||
| Operating loss | (2,996,000 | ) | (3,177,000 | ) | ||||
| Other (expense) income: | ||||||||
| Interest expense | (248,000 | ) | (132,000 | ) | ||||
| Acquisition earnout valuation adjustments | 364,000 | 500,000 | ||||||
| Other | 32,000 | 33,000 | ||||||
| Loss before income taxes | (2,848,000 | ) | (2,776,000 | ) | ||||
| Income tax expense | (53,000 | ) | (11,000 | ) | ||||
| Net loss | $ | (2,901,000 | ) | $ | (2,787,000 | ) | ||
| Basic and Diluted Earnings Per Share: | ||||||||
| Net loss per common share – basic and diluted | $ | (0.05 | ) | $ | (0.06 | ) | ||
| Weighted average number of common shares – basic and diluted | 55,970,880 | 47,028,463 | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
(rounded to the nearest thousand dollars, except share and per share information)
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,987,000 | $ | 6,598,000 | ||||
| Accounts receivable, net of allowance for credit losses of |
4,280,000 | 7,719,000 | ||||||
| Contract receivables | 535,000 | 960,000 | ||||||
| Prepaid and other current assets | 717,000 | 710,000 | ||||||
| Total current assets | 11,519,000 | 15,987,000 | ||||||
| Non-current assets: | ||||||||
| Property and equipment, net of accumulated amortization of |
99,000 | 79,000 | ||||||
| Right-of use asset for operating lease | — | 32,000 | ||||||
| Capitalized software development costs, net of accumulated amortization of |
5,838,000 | 5,846,000 | ||||||
| Intangible assets, net of accumulated amortization of |
14,343,000 | 14,793,000 | ||||||
| 23,089,000 | 23,089,000 | |||||||
| Other | 1,598,000 | 1,695,000 | ||||||
| Total non-current assets | 44,967,000 | 45,534,000 | ||||||
| Total assets | $ | 56,486,000 | $ | 61,521,000 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 299,000 | $ | 626,000 | ||||
| Accrued expenses | 2,505,000 | 3,265,000 | ||||||
| Current portion of term loan | 875,000 | 750,000 | ||||||
| Deferred revenues | 7,382,000 | 8,361,000 | ||||||
| Current portion of operating lease obligation | — | 35,000 | ||||||
| Current portion of acquisition earnout liability | 3,374,000 | 3,738,000 | ||||||
| Total current liabilities | 14,435,000 | 16,775,000 | ||||||
| Non-current liabilities: | ||||||||
| Term loan, net of current portion and deferred financing costs | 8,742,000 | 8,964,000 | ||||||
| Deferred revenues, less current portion | 104,000 | 167,000 | ||||||
| Other non-current liabilities | 143,000 | 104,000 | ||||||
| Total non-current liabilities | 8,989,000 | 9,235,000 | ||||||
| Total liabilities | 23,424,000 | 26,010,000 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, |
586,000 | 576,000 | ||||||
| Additional paid in capital | 132,379,000 | 131,973,000 | ||||||
| Accumulated deficit | (99,903,000 | ) | (97,038,000 | ) | ||||
| Total stockholders’ equity | 33,062,000 | 35,511,000 | ||||||
| Total liabilities and stockholders’ equity | $ | 56,486,000 | $ | 61,521,000 | ||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Rounded to the nearest thousand dollars)
| Three Months Ended |
|||||||||
| 2023 | 2022 | ||||||||
| Net loss | $ | (2,901,000 | ) | $ | (2,787,000 | ) | |||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||
| Depreciation and amortization | 1,059,000 | 1,103,000 | |||||||
| Acquisition earnout valuation adjustments | (364,000 | ) | (500,000 | ) | |||||
| Provision for deferred income taxes | 39,000 | — | |||||||
| Share-based compensation expense | 572,000 | 326,000 | |||||||
| Provision for credit losses | — | 13,000 | |||||||
| Changes in assets and liabilities: | |||||||||
| Accounts and contract receivables | 3,900,000 | (678,000 | ) | ||||||
| Other assets | (15,000 | ) | 8,000 | ||||||
| Accounts payable | (327,000 | ) | 235,000 | ||||||
| Accrued expenses and other liabilities | (795,000 | ) | 739,000 | ||||||
| Deferred revenue | (1,042,000 | ) | 271,000 | ||||||
| Net cash provided by (used in) operating activities | 126,000 | (1,270,000 | ) | ||||||
| Cash flows from investing activities: | |||||||||
| Purchases of property and equipment | (29,000 | ) | — | ||||||
| Capitalization of software development costs | (404,000 | ) | (519,000 | ) | |||||
| Net cash used in investing activities | (433,000 | ) | (519,000 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Repayment of bank term loan | (125,000 | ) | — | ||||||
| Payments related to settlement of employee share-based awards | (179,000 | ) | (141,000 | ) | |||||
| Net cash used in financing activities | (304,000 | ) | (141,000 | ) | |||||
| Net decrease in cash and cash equivalents | (611,000 | ) | (1,930,000 | ) | |||||
| Cash and cash equivalents at beginning of period | 6,598,000 | 9,885,000 | |||||||
| Cash and cash equivalents at end of period | $ | 5,987,000 | $ | 7,955,000 | |||||
NEW BOOKINGS
(Unaudited, rounded to the nearest thousand dollars)
| Three Months Ended | |||
| Software as a service | 2,076,000 | ||
| Maintenance and support | - | ||
| Professional fees and licenses | 98,000 | ||
| Q1 2023 Bookings | $ | 2,174,000 | |
| Q1 2022 Bookings* | $ | 8,863,000 | |
*Amount includes a single, 10-year contracted booking for RevID under the Company’s VAR with Cerner.
RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA
(Unaudited, in thousands)
| Three Months Ended | ||||||||
2023 |
2022 |
|||||||
| Adjusted EBITDA Reconciliation | ||||||||
| Loss from continuing operations | $ | (2,901 | ) | $ | (2,787 | ) | ||
| Interest expense | 248 | 132 | ||||||
| Income tax expense | 53 | 11 | ||||||
| Depreciation and amortization | 1,031 | 1,083 | ||||||
| EBITDA | $ | (1,569 | ) | $ | (1,561 | ) | ||
| Share-based compensation expense | 572 | 326 | ||||||
| Non-cash valuation adjustments | (364 | ) | (500 | ) | ||||
| Acquisition-related cost, severance, and transaction-related bonuses | 57 | 501 | ||||||
| Other non-recurring expenses | (33 | ) | (48 | ) | ||||
| Adjusted EBITDA | $ | (1,337 | ) | $ | (1,282 | ) | ||
Source: Streamline Health Solutions, Inc.