The following is a summary of the HealthStream, Inc. (HSTM) Q1 2024 Earnings Call Transcript:
Financial Performance:
HealthStream achieved record revenue of $72.8 million, a 6% increase, and adjusted EBITDA of $17.1 million, up 24% for Q1 of 2024.
Subscription revenues accounted for 96% of total revenues, showing a growth of 6%.
Maintained their financial guidance ranges for the full year of 2024.
Ended the quarter with $83.7 million in cash and investments, a $12.6 million increase from the previous quarter.
Free cash flows saw an improvement by 9%, equal to $1.1 million.
Business Progress:
HealthStream developed advanced commerce capabilities to facilitate various levels of purchasing, and has seen a boost in one-time license sales.
Entered the nursing school market with plans for full roll-out of the HealthStream platform by Q2.
The ShiftWizard SaaS scheduling solution continues to grow, reinforced by its integration with other hStream applications.
Expanded its business into the payer market with a new customer, Arkansas Blue Cross Blue Shield.
HealthStream's emphasis shifted towards the enterprise-level purchasing of their products while maintaining a focus on individual and department-level tools.
Efforts on product renewals, new product addition, and customer relationship broadening have been increased.
Business strategy includes migration of customers from legacy platforms to SaaS stacks.
They are considering additional metrics for reporting, discounting expansion into new business areas.
More details: HealthStream IR
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