Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of
integrated solutions, technology-enabled services and analytics to
support revenue cycle optimization for healthcare enterprises,
today announced financial results for the fourth quarter and fiscal
year 2019 which ended January 31, 2020.
Total revenues for the fourth quarter of fiscal
year 2019 were $4.8 million, compared to $5.5 million in the prior
year period. Recurring revenue comprised 84% of fourth quarter 2019
revenue. Fiscal year 2019 revenue was $20.7 million, compared to
$22.4M in fiscal year 2018.
Net loss for the fourth quarter of fiscal year
2019 was ($2.4 million), compared to a loss of ($3.1 million)
during fourth quarter 2018. Fiscal year 2019 net loss was ($2.9
million) compared to a loss of ($5.9 million) during fiscal year
2018. The net loss for fiscal year 2019 included a number of
non-recurring and transaction costs incurred by the Company to
affect the sale of its enterprise content management (“ECM”)
business, which was closed and funded on February 24, 2020.
Adjusted EBITDA for the fourth quarter of fiscal
year 2019 was $479,000, compared to $1.1 million in the fourth
quarter of fiscal year 2018. Total Adjusted EBITDA for fiscal year
2019 was $3.1 million, up 8.4% compared to $2.9 million in fiscal
year 2018.
“I believe fiscal year 2019 was a
transformational one for our Company. In just the second half of
the year, we fundamentally transformed our Company for future
growth. It required numerous strategic moves such as raising
capital to retire the Company’s preferred shares and changing our
banking relationship,” stated Tee Green, President and Chief
Executive Officer, Streamline Health. “All of this was necessary to
sell our legacy ECM business and thereby remove the most
significant headwind to improving revenue growth while providing an
influx of capital so that we could remove our bank debt and invest
in our flagship eValuator™ technology.
“As we look ahead to 2020 and beyond, Streamline
Health is a smaller, more nimble, SaaS- based technology company
focused on helping healthcare provider customers improve efficiency
in the middle of their revenue cycle.
“While the novel Coronavirus has changed the
healthcare landscape, we believe that its effects will generate
greater demand for our solutions and services once hospitals return
to more normal operations. Our customers need every dollar of
revenue since postponed elective procedures provide better margins.
Our eValuator technology will help them better capture the full
reimbursement they deserve for the care they provide.”
Highlights from the fourth quarter ended
January 31, 2020 included
- Revenue for the fourth quarter 2019 was $4.8 million
- Net loss for the fourth quarter 2019 was ($2.4 million)
- Adjusted EBITDA for the fourth quarter 2019 was $479,000
- Bookings for the fourth quarter 2019 were $1.0 million
Highlights from the year ended January
31, 2020 included
- Revenue for fiscal 2019 was $20.7 million
- Net loss for fiscal 2019 was ($2.9 million)
- Adjusted EBITDA for fiscal 2019 was $3.1 million
- Bookings for fiscal 2019 were $8.9 million
Conference Call
The Company will conduct a conference call to
review the results on Thursday, April 23, 2020 at 9:00 AM ET.
Interested parties can access the call by joining the live
webcast: click here to register. You can also join by
phone by dialing 877-269-7756.
A replay of the conference call will be
available from Thursday, April 23, 2020 at 12:00 PM ET to Thursday,
April 30, 2020 at 12:00 PM ET by dialing 877-660-6853 or
201-612-7415 with conference ID 13701674. An online replay of the
presentation will also be available for six months following the
presentation in the Investor Relations section of the Streamline
Health website, www.streamlinehealth.net.
Non-GAAP Financial Measures
Streamline Health reports its financial results
in accordance with U.S. generally accepted accounting principles
("GAAP"). Streamline Health's management also evaluates and makes
operating decisions using various other measures. One such measure
is adjusted EBITDA, which is a non-GAAP financial measure.
Streamline Health's management believes that this measure provides
useful supplemental information regarding the performance of
Streamline Health's business operations.
Streamline Health defines "adjusted EBITDA" as
net earnings (loss) plus interest expense, tax expense,
depreciation and amortization expense of tangible and intangible
assets, stock-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
illustrating this measure and a reconciliation to comparable GAAP
measures is included in this press release.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ:
STRM) is a healthcare industry leader in capturing, aggregating,
and translating enterprise data into knowledge – providing
actionable insights that support revenue cycle optimization for
healthcare enterprises. We deliver integrated solutions, services
and analytics that enable providers to drive reimbursement in a
value-based world. We share a common calling and commitment to
advance the quality of life and the quality of healthcare—for
society, our clients, the communities they serve, and the
individual patient. For more information, please visit our website
at www.streamlinehealth.net.
Safe Harbor statement under the Private
Securities Litigation Reform Act of 1995
Statements made by Streamline Health Solutions,
Inc. that are not historical facts are forward-looking
statements that are subject to certain risks,
uncertainties and important factors that could cause actual results
to differ materially from those reflected in the forward-looking
statements included herein. Forward-looking statements
contained in this press release include, without limitation,
statements regarding the Company's growth prospects, estimates of
backlog, industry trends and market growth, results of
investments in sales and marketing, adjusted EBITDA, success of
future products and related expectations and
assumptions. These risks and uncertainties include, but are
not limited to, the timing of contract negotiations and execution
of contracts and the related timing of the revenue recognition
related thereto, the potential cancellation of existing contracts
or clients not completing projects included in the backlog, the
impact of competitive solutions and pricing, solution demand and
market acceptance, new solution development and enhancement of
current solutions, key strategic alliances with vendors and
channel partners that resell the Company's solutions, the
ability of the Company to control costs, the effects of
cost-containment measures implemented by the Company, availability
of solutions from third party vendors, the healthcare
regulatory environment, potential changes in legislation,
regulation and government funding affecting the healthcare
industry, healthcare information systems budgets, availability of
healthcare information systems trained personnel for implementation
of new systems, as well as maintenance of legacy systems,
fluctuations in operating results, effects of critical accounting
policies and judgments, changes in accounting policies or
procedures as may be required by the Financial Accounting Standards
Board or other similar entities, changes in economic, business and
market conditions impacting the healthcare industry generally and
the markets in which the Company operates and nationally, and the
Company's ability to maintain compliance with the terms of its
credit facilities, and other risks detailed from time to time in
the Streamline Health Solutions, Inc. filings with the U. S.
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
reflect management's analysis only as of the date hereof. The
Company undertakes no obligation to publicly release the results of
any revision to these forward-looking statements, which may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as required
by law.
ContactRandy SalisburySVP,
Chief Sales & Marketing Officer(404)
229-4242Randy.salisbury@streamlinehealth.net
STREAMLINE HEALTH SOLUTIONS, INC.
CONSOLIDATED AND CONDENSED STATEMENTS OF
OPERATIONS
(Unaudited)
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
January 31, |
|
|
January 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systems sales |
|
$ |
173,000 |
|
|
$ |
645,000 |
|
|
$ |
1,219,000 |
|
|
$ |
2,472,000 |
|
Professional services |
|
|
186,000 |
|
|
|
250,000 |
|
|
|
1,801,000 |
|
|
|
1,336,000 |
|
Audit Services |
|
|
446,000 |
|
|
|
277,000 |
|
|
|
1,712,000 |
|
|
|
1,118,000 |
|
Maintenance and support |
|
|
2,772,000 |
|
|
|
3,009,000 |
|
|
|
11,309,000 |
|
|
|
12,586,000 |
|
Software as a service |
|
|
1,228,000 |
|
|
|
1,284,000 |
|
|
|
4,702,000 |
|
|
|
4,853,000 |
|
Total revenues |
|
|
4,805,000 |
|
|
|
5,465,000 |
|
|
|
20,743,000 |
|
|
|
22,365,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of systems sales |
|
|
631,000 |
|
|
|
179,000 |
|
|
|
1,022,000 |
|
|
|
942,000 |
|
Cost of professional services |
|
|
487,000 |
|
|
|
578,000 |
|
|
|
2,103,000 |
|
|
|
2,657,000 |
|
Cost of audit services |
|
|
306,000 |
|
|
|
356,000 |
|
|
|
1,255,000 |
|
|
|
1,373,000 |
|
Cost of maintenance and support |
|
|
410,000 |
|
|
|
453,000 |
|
|
|
1,685,000 |
|
|
|
2,173,000 |
|
Cost of software as a service |
|
|
479,000 |
|
|
|
187,000 |
|
|
|
1,415,000 |
|
|
|
992,000 |
|
Selling, general and administrative |
|
|
2,066,000 |
|
|
|
2,394,000 |
|
|
|
9,811,000 |
|
|
|
10,554,000 |
|
Research and development |
|
|
1,170,000 |
|
|
|
959,000 |
|
|
|
3,555,000 |
|
|
|
4,261,000 |
|
Executive Transition Costs |
|
|
168,000 |
|
|
|
- |
|
|
|
789,000 |
|
|
|
- |
|
Restructuring Charges |
|
|
388,000 |
|
|
|
- |
|
|
|
388,000 |
|
|
|
- |
|
Transaction Costs |
|
|
861,000 |
|
|
|
- |
|
|
|
861,000 |
|
|
|
- |
|
Impairment of Long-lived Assets |
|
|
|
|
|
|
3,681,000 |
|
|
|
- |
|
|
|
3,681,000 |
|
Loss on exit of operating lease |
|
|
- |
|
|
|
(334,000 |
) |
|
|
- |
|
|
|
1,034,000 |
|
Total operating expenses |
|
|
6,966,000 |
|
|
|
8,453,000 |
|
|
|
22,884,000 |
|
|
|
27,667,000 |
|
Operating loss |
|
|
(2,161,000 |
) |
|
|
(2,988,000 |
) |
|
|
(2,141,000 |
) |
|
|
(5,302,000 |
) |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(70,000 |
) |
|
|
(52,000 |
) |
|
|
(309,000 |
) |
|
|
(384,000 |
) |
Miscellaneous expense |
|
|
(167,000 |
) |
|
|
(61,000 |
) |
|
|
(391,000 |
) |
|
|
(179,000 |
) |
Loss before income taxes |
|
|
(2,398,000 |
) |
|
|
(3,101,000 |
) |
|
|
(2,841,000 |
) |
|
|
(5,865,000 |
) |
Income tax benefit (expense) |
|
|
(6,000 |
) |
|
|
5,000 |
|
|
|
(22,000 |
) |
|
|
- |
|
Net Loss |
|
$ |
(2,404,000 |
) |
|
$ |
(3,096,000 |
) |
|
$ |
(2,863,000 |
) |
|
$ |
(5,865,000 |
) |
Add: Redemption of Series A
Preferred Stock |
|
|
4,894,000 |
|
|
|
- |
|
|
|
4,894,000 |
|
|
|
- |
|
Net income (loss) attributable
to common shareholders |
|
$ |
2,490,000 |
|
|
$ |
(3,096,000 |
) |
|
$ |
2,031,000 |
|
|
$ |
(5,865,000 |
) |
Net income (loss) per common
share – basic |
|
$ |
0.08 |
|
|
$ |
(0.16 |
) |
|
$ |
0.09 |
|
|
$ |
(0.30 |
) |
Weighted average number of
common shares – basic |
|
|
29,653,550 |
|
|
|
19,676,686 |
|
|
|
22,739,679 |
|
|
|
19,540,980 |
|
Net loss per common share -
diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.30 |
) |
Weighted average number of
common shares – diluted |
|
|
29,653,550 |
|
|
|
19,676,686 |
|
|
|
22,739,679 |
|
|
|
19,540,980 |
|
STREAMLINE HEALTH SOLUTIONS, INC.
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(Unaudited)
|
|
January 31, 2020 |
|
|
January 31, 2019 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,649,000 |
|
|
$ |
2,376,000 |
|
Accounts receivable, net |
|
|
3,166,000 |
|
|
|
2,933,000 |
|
Contract receivables |
|
|
820,000 |
|
|
|
1,263,000 |
|
Prepaid hardware and other
current assets |
|
|
919,000 |
|
|
|
1,048,000 |
|
Total current assets |
|
|
6,554,000 |
|
|
|
7,620,000 |
|
|
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
152,000 |
|
|
|
237,000 |
|
Contract Receivables, less
current portion |
|
|
- |
|
|
|
407,000 |
|
Capitalized software development costs |
|
|
7,598,000 |
|
|
|
5,698,000 |
|
Intangible assets, net |
|
|
1,115,000 |
|
|
|
1,669,000 |
|
Goodwill |
|
|
15,537,000 |
|
|
|
15,537,000 |
|
Other non-current assets |
|
|
695,000 |
|
|
|
572,000 |
|
Total non-current assets |
|
|
25,097,000 |
|
|
|
24,120,000 |
|
|
|
$ |
31,651,000 |
|
|
$ |
31,740,000 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,270,000 |
|
|
$ |
1,280,000 |
|
Accrued compensation |
|
|
866,000 |
|
|
|
789,000 |
|
Accrued other expenses |
|
|
671,000 |
|
|
|
1,025,000 |
|
Current portion of term loan |
|
|
3,825,000 |
|
|
|
597,000 |
|
Deferred revenues |
|
|
7,990,000 |
|
|
|
8,338,000 |
|
Royalty Liability |
|
|
969,000 |
|
|
|
- |
|
Other |
|
|
- |
|
|
|
94,000 |
|
Total current liabilities |
|
|
15,591,000 |
|
|
|
12,123,000 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
Term loan, net of current portion |
|
|
- |
|
|
|
3,351,000 |
|
Royalty liability |
|
|
- |
|
|
|
905,000 |
|
Deferred revenues, less current portion |
|
|
55,000 |
|
|
|
432,000 |
|
Other liabilities |
|
|
- |
|
|
|
41,000 |
|
Total non-current liabilities |
|
|
55,000 |
|
|
|
4,729,000 |
|
Total liabilities |
|
|
15,646,000 |
|
|
|
16,852,000 |
|
|
|
|
|
|
|
|
|
|
Series A 0% Convertible
Redeemable Preferred Stock |
|
|
- |
|
|
|
8,686,000 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
16,005,000 |
|
|
|
6,202,000 |
|
|
|
$ |
31,651,000 |
|
|
$ |
31,740,000 |
|
STREAMLINE HEALTH SOLUTIONS, INC.
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH
FLOWS
(Unaudited)
|
|
Fiscal Year |
|
|
|
2019 |
|
|
2018 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,863,000 |
) |
|
$ |
(5,865,000 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
137,000 |
|
|
|
450,000 |
|
Amortization of capitalized software development costs |
|
|
1,458,000 |
|
|
|
1,160,000 |
|
Amortization of intangible assets |
|
|
554,000 |
|
|
|
937,000 |
|
Amortization of other deferred costs |
|
|
480,000 |
|
|
|
415,000 |
|
Valuation adjustments |
|
|
64,000 |
|
|
|
126,000 |
|
Loss on early extinguishment of debt |
|
|
150,000 |
|
|
|
- |
|
Impairment of long-lived assets |
|
|
- |
|
|
|
3,681,000 |
|
Loss on exit of operating lease |
|
|
- |
|
|
|
1,034,000 |
|
Loss on disposal of fixed assets |
|
|
- |
|
|
|
7,000 |
|
Share-based compensation expense |
|
|
934,000 |
|
|
|
629,000 |
|
Provision for accounts receivable |
|
|
(201,000 |
) |
|
|
13,000 |
|
Changes in assets and liabilities |
|
|
(721,000 |
) |
|
|
(1,190,000 |
) |
Net cash (used in) provided by operating activities |
|
|
(8,000 |
) |
|
|
1,397,000 |
|
|
|
|
|
|
|
|
|
|
Cash flows used in investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(52,000 |
) |
|
|
(21,000 |
) |
Proceeds from sales of
property and equipment |
|
|
- |
|
|
|
21,000 |
|
Capitalization of software
development costs |
|
|
(3,358,000 |
) |
|
|
(3,003,000 |
) |
Net cash used in investing activities |
|
|
(3,410,000 |
) |
|
|
(3,003,000 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of
common stock |
|
|
9,663,000 |
|
|
|
- |
|
Payments for costs directly
attributable to the issuance of common stock |
|
|
(711,000 |
) |
|
|
- |
|
Proceeds from term loan |
|
|
4,000,000 |
|
|
|
- |
|
Principal payments on term loan |
|
|
(4,030,000 |
) |
|
|
(597,000 |
) |
Proceeds from exercise of
stock options and stock purchase plan |
|
|
8,000 |
|
|
|
44,000 |
|
Redemption of Series A
Convertible Preferred Stock |
|
|
(5,791,000 |
) |
|
|
- |
|
Fees paid for redemption of
Series A Convertible Preferred Stock |
|
|
(22,000 |
) |
|
|
- |
|
Payments related to settlement
of employee shared-based awards |
|
|
(99,000 |
) |
|
|
(62,000 |
) |
Payment of deferred financing
costs |
|
|
(325,000 |
) |
|
|
(23,000 |
) |
Other |
|
|
(2,000 |
) |
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
2,691,000 |
|
|
|
(638,000 |
) |
Net decrease in cash and cash
equivalents |
|
|
(727,000 |
) |
|
|
(2,244,000 |
) |
Cash and cash equivalents at beginning of year |
|
|
2,376,000 |
|
|
|
4,620,000 |
|
Cash and cash equivalents at end of year |
|
|
1,649,000 |
|
|
|
2,376,000 |
|
STREAMLINE HEALTH SOLUTIONS, INC.
New Bookings
(Unaudited)
Table B
|
|
January 31, 2020 |
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
Systems Sales |
|
$ |
92,000 |
|
|
$ |
1,209,000 |
|
Professional Services |
|
|
178,000 |
|
|
|
1,666,000 |
|
Audit Services |
|
|
9,000 |
|
|
|
288,000 |
|
Maintenance and Support |
|
|
28,000 |
|
|
|
1,679,000 |
|
Software as a Service |
|
|
698,000 |
|
|
|
4,004,000 |
|
|
|
$ |
1,005,000 |
|
|
$ |
8,846,000 |
|
Total FY 2018 bookings |
|
$ |
1,123,000 |
|
|
$ |
8,221,000 |
|
Total FY 2017 bookings |
|
$ |
1,192,000 |
|
|
$ |
4,756,000 |
|
Reconciliation of Non-GAAP Financial Measures |
(Unaudited) |
Table C |
|
This press release contains a non-GAAP financial measure under the
rules of the U.S. Securities and Exchange Commission for
Adjusted EBITDA. This non-GAAP information supplements and is not
intended to represent a measure of performance in accordance with
disclosures required by generally accepted accounting principles.
Non-GAAP financial measures are used internally to manage the
business, such as in establishing an annual operating budget.
Streamline Health’s management in its operating and financial
decision-making uses non-GAAP financial measures because management
believes these measures reflect ongoing business in a manner that
allows meaningful period-to-period comparisons. Accordingly, the
Company believes it is useful for investors and others to review
both GAAP and non-GAAP measures in order to (a) understand and
evaluate current operating performance and future prospects in the
same manner as management does and (b) compare in a consistent
manner the Company’s current financial results with past financial
results. The primary limitations associated with the use of
non-GAAP financial measures are that these measures may not be
directly comparable to the amounts reported by other companies and
they do not include all items of income and expense that affect
operations. The Company’s management compensates for these
limitations by considering the Company’s financial results and
outlook as determined in accordance with GAAP and by providing a
detailed reconciliation of the non-GAAP financial measures to the
most directly comparable GAAP measures in the tables attached to
this press release. Streamline Health defines “Adjusted EBITDA” as
net earnings (loss) plus interest expense, tax expense,
depreciation and amortization expense of tangible and intangible
assets, stock-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, professional and advisory fees, and internal direct
costs incurred to complete transactions. |
Reconciliation of net loss to non-GAAP
Adjusted EBITDA (in thousands):
(Unaudited)
|
|
Three Months Ended, |
|
|
Twelve Months Ended, |
|
|
|
January 31, 2020 |
|
|
January 31, 2019 |
|
|
January 31, 2020 |
|
|
January 31, 2019 |
|
Net loss |
|
$ |
(2,404 |
) |
|
$ |
(3,095 |
) |
|
$ |
(2,863 |
) |
|
$ |
(5,865 |
) |
Interest expense |
|
|
70 |
|
|
|
52 |
|
|
|
309 |
|
|
|
384 |
|
Income tax benefit |
|
|
6 |
|
|
|
(6 |
) |
|
|
22 |
|
|
|
- |
|
Depreciation |
|
|
24 |
|
|
|
39 |
|
|
|
137 |
|
|
|
450 |
|
Amortization of capitalized software development |
|
|
814 |
|
|
|
265 |
|
|
|
1,458 |
|
|
|
1,160 |
|
Amortization of intangible assets |
|
|
130 |
|
|
|
232 |
|
|
|
554 |
|
|
|
937 |
|
Amortization of other costs |
|
|
87 |
|
|
|
52 |
|
|
|
237 |
|
|
|
346 |
|
EBITDA |
|
|
(1,273 |
) |
|
|
(2,461 |
) |
|
|
(146 |
) |
|
|
(2,588 |
) |
Share-based compensation expense |
|
|
215 |
|
|
|
136 |
|
|
|
934 |
|
|
|
629 |
|
Impairment of long-lived assets |
|
|
- |
|
|
|
3,681 |
|
|
|
- |
|
|
|
3,681 |
|
Loss on disposal of fixed assets |
|
|
- |
|
|
|
2 |
|
|
|
- |
|
|
|
7 |
|
Non-cash valuation adjustments |
|
|
17 |
|
|
|
55 |
|
|
|
64 |
|
|
|
126 |
|
Executive transition costs (1) |
|
|
168 |
|
|
|
- |
|
|
|
725 |
|
|
|
- |
|
Rationalization Charges |
|
|
388 |
|
|
|
- |
|
|
|
388 |
|
|
|
- |
|
Transaction costs |
|
|
861 |
|
|
|
- |
|
|
|
861 |
|
|
|
- |
|
Loss on early extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
150 |
|
|
|
- |
|
Loss on exit of operating lease |
|
|
- |
|
|
|
(334 |
) |
|
|
|
|
|
|
1,034 |
|
Other non-recurring expenses |
|
|
103 |
|
|
|
- |
|
|
|
157 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
479 |
|
|
$ |
1,079 |
|
|
$ |
3,133 |
|
|
$ |
2,889 |
|
Adjusted EBITDA per diluted
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share –
diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.30 |
) |
Adjusted EBITDA per adjusted
diluted share (1) |
|
$ |
0.02 |
|
|
$ |
0.05 |
|
|
$ |
0.12 |
|
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares |
|
|
29,653,550 |
|
|
|
19,676,686 |
|
|
|
22,739,679 |
|
|
|
19,540,980 |
|
Includable incremental shares — Ad EBITDA (2) |
|
|
442,627 |
|
|
|
3,161,821 |
|
|
|
2,343,382 |
|
|
|
3,065,402 |
|
Adjusted diluted shares
(4) |
|
|
30,096,176 |
|
|
|
22,838,507 |
|
|
|
25,083,061 |
|
|
|
22,606,382 |
|
(1) Executive transition cost on the
consolidated statement of operations includes $64,000 in stock
compensation expense for fiscal 2019, which is included within
Share-based compensation expense in the Adjusted EBITDA calculation
above.
(2) Adjusted EBITDA as a percentage of GAAP net
revenues.
(3) Adjusted EBITDA per adjusted diluted share
for the Company’s common stock is computed using the more dilutive
of the two-class method or the if-converted method.
(4) The number of incremental shares that would
be dilutive under profit assumption, only applicable under a GAAP
net loss. If GAAP profit is earned in the current period, no
additional incremental shares are assumed.
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