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Streamline Health® Reports Fiscal Third Quarter 2024 Financial Results, Accelerates Anticipated Adjusted EBITDA Breakeven Timeline
STRMStreamline Health(STRM) GlobeNewswire·2024-12-16 21:33

Core Insights - Streamline Health Solutions, Inc. reported a net loss of 2.5millioninQ3fiscal2024,asignificantimprovementfromanetlossof2.5 million in Q3 fiscal 2024, a significant improvement from a net loss of 11.9 million in Q3 fiscal 2023 [1][5] - The company reiterated its expectation for a 15.5millionimplementedSaaSARRadjustedEBITDAbreakevenrunrateandhasacceleratedthisexpectationtothefirsthalfoffiscal2025[1][10]FinancialPerformance−TotalrevenueforQ3fiscal2024was15.5 million implemented SaaS ARR adjusted EBITDA breakeven run rate and has accelerated this expectation to the first half of fiscal 2025 [1][10] Financial Performance - Total revenue for Q3 fiscal 2024 was 4.4 million, down from 6.1millioninQ3fiscal2023.FortheninemonthsendedOctober31,2024,revenuetotaled6.1 million in Q3 fiscal 2023. For the nine months ended October 31, 2024, revenue totaled 13.2 million compared to 17.2millioninthesameperiodoffiscal2023[3][21]−SaaSrevenueforQ3fiscal2024was17.2 million in the same period of fiscal 2023 [3][21] - SaaS revenue for Q3 fiscal 2024 was 2.9 million, representing 66% of total revenue, compared to 3.9million(643.9 million (64% of total revenue) in Q3 fiscal 2023. For the nine months ended October 31, 2024, SaaS revenue was 8.7 million (66% of total revenue) compared to 10.6million(6210.6 million (62% of total revenue) in the same period of fiscal 2023 [4][21] Cost Management - The net loss for the nine months ended October 31, 2024, was 8.0 million, down from 17.3 million in the same period of fiscal 2023. This improvement was attributed to lower total revenues and higher interest expenses, offset by reductions in cost of sales, SG&A, and R&D expenses totaling 1.9 million and 5.3million,respectively[5][7]−AdjustedEBITDAforQ3fiscal2024wasalossof5.3 million, respectively [5][7] - Adjusted EBITDA for Q3 fiscal 2024 was a loss of 0.3 million, compared to a gain of 0.4millioninQ3fiscal2023.FortheninemonthsendedOctober31,2024,adjustedEBITDAwasalossof0.4 million in Q3 fiscal 2023. For the nine months ended October 31, 2024, adjusted EBITDA was a loss of 1.3 million, an improvement from a loss of 1.8millioninthesameperiodoffiscal2023[7][10]CashPosition−AsofOctober31,2024,cashandcashequivalentswere1.8 million in the same period of fiscal 2023 [7][10] Cash Position - As of October 31, 2024, cash and cash equivalents were 0.8 million, down from 3.2millionasofJanuary31,2024.ThecompanyhadnooutstandingbalanceonitsrevolvingcreditfacilityasofOctober31,2024,comparedto3.2 million as of January 31, 2024. 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 [6][21] - The company received a 1.0milliondrawfromitsrevolvinglineofcreditonNovember20,2024[6]StrategicOutlook−Thecompany’stotalBookedSaaSAnnualContractValue(ACV)was1.0 million draw from its revolving line of credit on November 20, 2024 [6] Strategic Outlook - The company’s total Booked SaaS Annual Contract Value (ACV) was 14.1 million as of October 31, 2024, down from 15.0millionasofJanuary31,2024.However,15.0 million as of January 31, 2024. However, 12.0 million of the Booked SaaS ACV was implemented as of October 31, 2024, compared to $11.1 million as of January 31, 2024 [8][10] - Management expressed optimism about expanding client relationships and improving financial performance, leading to an accelerated timeline for achieving adjusted EBITDA breakeven [11]