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Streamline Health(STRM) - 2025 Q3 - Quarterly Results
STRMStreamline Health(STRM)2024-12-16 21:59

Financial Performance - Net loss for Q3 fiscal 2024 was (2.5million),asignificantimprovementfromanetlossof(2.5 million), a significant improvement from a net loss of (11.9 million) in Q3 fiscal 2023[6]. - Total revenue for Q3 fiscal 2024 was 4.4million,downfrom4.4 million, down from 6.1 million in Q3 fiscal 2023, attributed to client non-renewals offset by new SaaS contracts[4]. - SaaS revenue for Q3 fiscal 2024 was 2.9million,representing662.9 million, representing 66% of total revenue, compared to 3.9 million (64%) in Q3 fiscal 2023[5]. - Adjusted EBITDA for Q3 fiscal 2024 was a loss of (0.3million),comparedtoagainof0.3 million), compared to a gain of 0.4 million in Q3 fiscal 2023[8]. - Total revenues for the three months ended October 31, 2024, were 4,419,000,adecreaseof284,419,000, a decrease of 28% compared to 6,133,000 for the same period in 2023[21]. - Net loss for the nine months ended October 31, 2024, was 8,018,000,comparedtoanetlossof8,018,000, compared to a net loss of 17,327,000 for the same period in 2023, representing a 54% improvement[23]. - For the three months ended October 31, 2024, the net loss was 2,476,000,comparedtoanetlossof2,476,000, compared to a net loss of 11,911,000 for the same period in 2023, representing an improvement of 79%[24]. - The company’s total adjusted EBITDA for the nine months ended October 31, 2024, was (1,331,000),animprovementfrom(1,331,000), an improvement from (1,817,000) in the same period last year[24]. Cash and Liquidity - Cash and cash equivalents as of October 31, 2024, were 0.8million,adecreasefrom0.8 million, a decrease from 3.2 million as of January 31, 2024[7]. - Cash and cash equivalents decreased to 754,000asofOctober31,2024,downfrom754,000 as of October 31, 2024, down from 3,190,000 at the beginning of the period[22]. - The Company had no outstanding balance on its revolving credit facility as of October 31, 2024, compared to 1.5 million as of January 31, 2024[7]. Operating Expenses and Cost Management - The strategic restructuring at the end of fiscal 2023 resulted in reductions in cost of sales, SG&A, and R&D expenses of 1.9 million and 5.3million,respectively[6].−TotaloperatingexpensesfortheninemonthsendedOctober31,2024,were5.3 million, respectively[6]. - Total operating expenses for the nine months ended October 31, 2024, were 19,670,000, down from 35,776,000forthesameperiodin2023,areductionof4535,776,000 for the same period in 2023, a reduction of 45%[21]. - The company incurred 1,134,000 in research and development expenses for the three months ended October 31, 2024, compared to 1,304,000forthesameperiodin2023[21].−Thecompanyincurredinterestexpensesof1,304,000 for the same period in 2023[21]. - The company incurred interest expenses of 496,000 for the three months ended October 31, 2024, compared to 266,000intheprioryear,reflectinganincreaseof86266,000 in the prior year, reflecting an increase of 86%[24]. - Depreciation and amortization expenses were 1,187,000 for the three months ended October 31, 2024, slightly up from 1,105,000inthesameperiodlastyear[24].−Thecompanyreportedacquisition−relatedcostsof1,105,000 in the same period last year[24]. - The company reported acquisition-related costs of 16,000 for the three months ended October 31, 2024, down from 213,000inthesameperiodlastyear[24].−Restructuringchargesamountedto213,000 in the same period last year[24]. - Restructuring charges amounted to 749,000 for the three months ended October 31, 2023, with no charges reported in the current period[24]. Revenue and Contract Value - Total Booked SaaS Annual Contract Value (ACV) as of October 31, 2024, was 14.1million,downfrom14.1 million, down from 15.0 million as of January 31, 2024[9]. - The Company expects to achieve an adjusted EBITDA breakeven run rate of 15.5millioninimplementedSaaSARRbythefirsthalfoffiscal2025[11].BalanceSheetandEquity−Thecompanyhasatotalstockholders′equityof15.5 million in implemented SaaS ARR by the first half of fiscal 2025[11]. Balance Sheet and Equity - The company has a total stockholders' equity of 13,914,000 as of October 31, 2024, down from 18,814,000asofJanuary31,2024[22].−TotalliabilitiesasofOctober31,2024,were18,814,000 as of January 31, 2024[22]. - Total liabilities as of October 31, 2024, were 22,052,000, a slight decrease from 22,921,000asofJanuary31,2024[22].−Accountsreceivabledecreasedto22,921,000 as of January 31, 2024[22]. - Accounts receivable decreased to 2,824,000 as of October 31, 2024, from 4,237,000asofJanuary31,2024[22].GoodwillandImpairment−Theimpairmentofgoodwillwasrecordedat4,237,000 as of January 31, 2024[22]. Goodwill and Impairment - The impairment of goodwill was recorded at 9,813,000 for the nine months ended October 31, 2023, with no impairment recorded in the current period[24].