{"id":395891,"date":"2020-12-08T16:33:10","date_gmt":"2020-12-08T21:33:10","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=395891"},"modified":"2020-12-08T16:33:10","modified_gmt":"2020-12-08T21:33:10","slug":"streamline-health-reports-third-quarter-2020-revenues-of-2-6-million-1-1-million-net-loss-adjusted-ebitda-0-7-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/streamline-health-reports-third-quarter-2020-revenues-of-2-6-million-1-1-million-net-loss-adjusted-ebitda-0-7-million\/","title":{"rendered":"Streamline Health\u00ae Reports Third Quarter 2020 Revenues of $2.6 million; ($1.1 million) Net Loss; Adjusted EBITDA ($0.7 million)"},"content":{"rendered":"
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Total First Nine Months of Fiscal 2020 Revenues of $8.4 million; $1.5 million Net Income; Adjusted EBITDA ($1.7 million)<\/p>\n

\n Atlanta, GA, Dec. 08, 2020 (GLOBE NEWSWIRE) — Streamline Health Solutions, Inc. (NASDAQ: STRM), <\/strong>provider of the eValuator\u2122<\/sup> Revenue Integrity Program to help healthcare providers proactively address revenue leakage and compliance exposure, today announced financial results for the third quarter and first nine months of fiscal 2020, which ended October 31, 2020.<\/p>\n

Total revenues for the third quarter of fiscal 2020 were $2.6 million, compared to $3.5 million in the prior year period. SaaS revenue was up $287,000, or 48%, compared to the same quarter a year ago. The total revenue decline during the period was primarily attributable to one-time perpetual revenue during the third quarter of 2019 and lower professional services revenue offset by the significant growth of the Company\u2019s SaaS revenues. Recurring revenue comprised 74% of third quarter fiscal 2020 revenue compared to 55% of third quarter fiscal 2019 revenue. The Company has continued to experience headwinds as a result of the novel coronavirus. Hospitals are delaying final purchase decisions due to their need to focus on patient care, vaccine logistics and budgetary constraints.<\/p>\n

For the first nine months of fiscal 2020, total revenue was $8.4 million, compared to $9.2 million during the first nine months of fiscal 2019. Although total revenue was lower, growth was reported by the Company in its SaaS revenue. Recurring revenue comprised 73% of revenue for the first nine months of fiscal 2020 compared to 64% during the prior year period.\u00a0<\/p>\n

The Company\u2019s focus has been on the growth of its eValuator product. SaaS -based revenue grew by $287,000 or 48% in the third quarter and $761,000 or 43% in the nine months ended, October 31, 2020, over the corresponding previous periods. The Company grew SaaS -based revenue by 10%, sequentially, from Q2 to Q3 2020 and is projected to grow by that rate, again, in Q4 2020.<\/p>\n

Net loss for the third quarter of fiscal 2020 was ($1.1 million) as compared to ($0.2 million) during the third quarter of fiscal 2019. Third quarter fiscal 2020 net loss included a $14,000 income from discontinued operations, in connection with the sale of the Company\u2019s legacy ECM business which closed February 24, 2020, compared to a $1.4 million income from discontinued operations during the third quarter of fiscal 2019. Income from discontinued operations was offset by loss from continuing operations for the three months ended October 31, 2020 and 2019 of ($1.1 million) and ($1.5 million), respectively.<\/p>\n

The company recorded $1.5 million of net income for the nine months ended October 31, 2020, compared to a net loss of ($0.5 million) during the same period of 2019. The first nine months fiscal 2020 net income included a $4.7 million income from discontinued operations, in connection with the sale of the Company\u2019s legacy ECM business which closed February 24, 2020, compared to a $3.4 million income from discontinued operations during the first nine months of fiscal 2019. The income from discontinued operations was offset by loss from continuing operations for the first nine months of fiscal 2020 of ($3.2 million) as compared to ($3.8 million) for the same period in 2019.<\/p>\n

Adjusted EBITDA for the third quarter of fiscal 2020 was a loss of ($0.7 million), compared to an adjusted EBITDA loss of ($0.8 million) in the third quarter of fiscal 2019. For the nine months ended October 31, 2020, adjusted EBITDA was a loss of ($1.7 million) compared to an adjusted EBITDA loss of ($2.5 million) during the first nine months of fiscal 2019. The improvements have come from cost containment activities upon the sale of the ECM Business in February 2020.\u00a0<\/p>\n

\u201cWe thank our country\u2019s healthcare workers for the heroic job they do every day to provide care in their communities during these incredibly trying times,\u201d stated Tee Green, President and Chief Executive Officer, Streamline Health. \u201cLike all Americans, we look forward to the arrival of vaccines to help us control this pandemic and allow us to return to a state of normalcy.\u201d<\/p>\n

\u201cAlthough we are pleased with the growth in our SaaS-based revenues as more eValuator customers come online, we did not meet our bookings goal in the quarter, primarily due to our prospects needing to deal with the effects of the pandemic. We remain enthusiastic, however, as our sales team has continued to expand the number and dollar value of new eValuator opportunities. We believe that purchase decision-making for our automated, cloud-based pre-bill auditing technology will accelerate as our prospects complete their logistic planning for distribution of the promised vaccines.\u201d\u00a0<\/p>\n

\n Highlights from the third quarter ended October 31, 2020 included:<\/strong>\n <\/p>\n