ATLANTA, Sept. 13, 2017 /PRNewswire/ -- Streamline
Health Solutions, Inc. (NASDAQ: STRM), provider of integrated
solutions, technology-enabled services and analytics supporting
revenue cycle optimization for healthcare enterprises, today
announced financial results for the second quarter and first half
of fiscal 2017, which ended July 31,
2017.
Revenues for the three-month period ended July 31, 2017 decreased approximately 20% to
$5.9 million over the revenues for
the three-month period ended July 31,
2016 of $7.4 million, which
included $1.0 million of perpetual
license revenue. Revenue was down approximately 7%
year-over-year in the second quarter of fiscal 2017 when excluding
the perpetual license revenue for the same period in 2016
($5.9 million as compared to
$6.4 million). Recurring
revenue comprised 82% of total revenue in the quarter. Revenues for
the first six months of fiscal year 2017 were $11.8 million, down approximately 16% as compared
to $14.1 million in the first half of
fiscal 2016. Revenue for the first six months of fiscal 2017
was down approximately 9% from the same period in 2016 when
excluding the perpetual license revenue for the same period in
2016.
Net loss for the second quarter of fiscal 2017 was $(1.1 million) as compared to a ($.7 million) net loss in the same period a year
ago. Net loss for the six months of fiscal 2017 was
($3.1 million) as compared to
($2.2 million) net loss for the same
period in 2016.
Adjusted EBITDA for the second quarter of fiscal 2017 was
$0.5 million, down from $1.6 million in the second quarter of 2016.
Adjusted EBITDA for the first six months of fiscal 2017 was
break-even, as compared to $2.2
million in the first half of fiscal 2016.
"Our second quarter financial performance started to show some
of the promise we envisioned when we refocused our efforts to the
middle of the revenue cycle. During the quarter, we sold
auditing services to four new clients such as Iora Health
headquartered in Boston, Union
General in Louisiana and St.
Francis Medical Center in Missouri," stated David Sides, President and Chief Executive
Officer, Streamline Health. "Although these new contracts are
small in terms of initial revenue contribution, we believe there is
the opportunity for growth within each of these as we bring new
technology to the relationships. Our pipeline for our new
Streamline Health eValuator™ remains robust. We closed a new
client after the second quarter ended which we believe will be one
of many throughout the second half of our fiscal year. We continue
to believe that we will generate incremental growth in our bookings
in the second half of this year and into 2018.
Our balance sheet was mostly unchanged from the first quarter of
this year as our cash on hand decreased the same amount as our
debt. Going forward, we do not foresee paying down our debt
at such an accelerated pace; rather we plan to grow our cash on
hand."
Highlights for the three months ended July 31, 2017 included:
- Revenue for the second quarter 2017 was $5.9 million;
- Net loss for the second quarter 2017 was $(1.1 million);
- Adjusted EBITDA for the second quarter 2017 was $0.5 million;
- New sales bookings for the quarter were $1.1 million; and
- Backlog at the end of the quarter was $46.3 million.
Conference Call Information
An accompanying conference
call will be hosted by David Sides,
Chief Executive Officer and Nicholas
Meeks, Senior Vice President and Chief Financial Officer.
The call will be held at 9:00 AM ET,
on Thursday, September 14, 2017 and
will be accompanied by a live webcast. Please refer to the
information below for conference call dial-in information and
webcast registration.
Conference Date: September 14,
2017, 9:00 AM ET
Webcast Registration: Click Here
Conference Dial-In: 866-564-2842
Conference Passcode: 5680323
Conference Call Name: Streamline Health Solutions Second
Quarter 2017 Results Call
Following the call, a replay will be available on the Company's
website, www.streamlinehealth.net, in the Investor Relations
section.
*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, professional and
advisory fees, and internal direct costs incurred to complete
transactions. A table illustrating this measure 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 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 estimates of future revenue, backlog, results of
investments in sales and marketing, 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, 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.
Company Contact:
Randy
Salisbury
SVP, Chief Marketing Officer
(404) 229-4242
randy.salisbury@streamlinehealth.net
STREAMLINE HEALTH
SOLUTIONS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
July
31,
|
|
July
31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenues:
|
|
|
|
|
|
|
|
|
Systems
sales
|
$
|
328,692
|
$
|
1,364,771
|
$
|
707,415
|
$
|
1,876,038
|
Professional
services
|
|
571,812
|
|
548,080
|
|
991,847
|
|
1,238,695
|
Audit
Services
|
|
291,441
|
|
--
|
|
639,460
|
|
--
|
Maintenance
and support
|
|
3,278,562
|
|
3,732,488
|
|
6,633,334
|
|
7,488,041
|
Software as a
service
|
|
1,442,652
|
|
1,728,724
|
|
2,867,784
|
|
3,438,510
|
Total
revenues
|
|
5,916,159
|
|
7,374,063
|
|
11,839,840
|
|
14,041,284
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Cost of
systems sales
|
|
596,799
|
|
671,631
|
|
1,162,850
|
|
1,417,115
|
Cost of
professional services
|
|
543,206
|
|
529,024
|
|
1,258,421
|
|
1,167,788
|
Cost of Audit
Services
|
|
391,439
|
|
--
|
|
832,078
|
|
--
|
Cost of
maintenance and support
|
|
768,140
|
|
835,353
|
|
1,574,662
|
|
1,693,171
|
Cost of
software as a service
|
|
285,832
|
|
455,370
|
|
625,208
|
|
939,613
|
Selling,
general and administrative
|
|
2,790,171
|
|
3,341,949
|
|
6,163,699
|
|
6,940,790
|
Research and
development
|
|
1,495,972
|
|
2,108,567
|
|
3,052,910
|
|
3,830,754
|
Total
operating expenses
|
|
6,871,559
|
|
7,941,894
|
|
14,669,828
|
|
15,989,231
|
Operating
loss
|
|
(955,400)
|
|
(567,831)
|
|
(2,829,988)
|
|
(1,947,947)
|
Other expense
(income):
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(120,377)
|
|
(120,014)
|
|
(247,645)
|
|
(282,026)
|
Miscellaneous
income (expenses)
|
|
(19,681)
|
|
(44,756)
|
|
(57,725)
|
|
21,466
|
Loss before income
taxes
|
|
(1,095,458)
|
|
(732,601)
|
|
(3,135,358)
|
|
(2,208,507)
|
Income tax
benefit (expense)
|
|
(2,607)
|
|
(1,701)
|
|
(5,215)
|
|
(3,402)
|
Net loss
|
$
|
(1,098,065)
|
$
|
(734,302)
|
$
|
(3,140,573)
|
$
|
(2,211,909)
|
Less: deemed
dividends on Series A
Preferred Shares
|
|
--
|
|
(418,506)
|
|
--
|
|
(803,225)
|
Net loss attributable
to common
shareholders
|
$
|
(1,098,065)
|
$
|
(1,152,808)
|
$
|
(3,140,573)
|
$
|
(3,015,134)
|
Basic net loss per
common share
|
$
|
(0.06)
|
$
|
(0.06)
|
$
|
(0.16)
|
$
|
(0.16)
|
Number of shares used
in basic per
common share computation
|
|
19,834,859
|
|
19,791,805
|
|
19,765,125
|
|
19,393,547
|
Diluted net loss per
common share
|
$
|
(0.06)
|
$
|
(0.06)
|
$
|
(0.16)
|
$
|
(0.16)
|
Number of shares used
in diluted per
common share computation
|
|
19,834,859
|
|
19,791,805
|
|
19,765,125
|
|
19,393,547
|
STREAMLINE HEALTH
SOLUTIONS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Assets
|
|
|
July
31,
|
|
January
31,
|
|
|
2017
|
|
2017
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
2,916,459
|
$
|
5,654,093
|
Accounts
receivable, net of allowance for doubtful
accounts of $286,084 and $198,449,
respectively
|
|
4,621,331
|
|
4,489,789
|
Contract
receivables
|
|
69,625
|
|
466,423
|
Prepaid
hardware and third party software for
future delivery
|
|
5,858
|
|
5,858
|
Prepaid client
maintenance contracts
|
|
710,309
|
|
595,633
|
Other prepaid
assets
|
|
861,300
|
|
732,496
|
Other current
assets
|
|
665
|
|
439
|
Total
current assets
|
|
9,185,547
|
|
11,944,731
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
Property and
equipment:
|
|
|
|
|
Computer equipment
|
|
3,081,856
|
|
3,110,274
|
Computer software
|
|
831,242
|
|
827,642
|
Office furniture, fixtures and equipment
|
|
683,443
|
|
683,443
|
Leasehold improvements
|
|
729,348
|
|
729,348
|
|
|
5,325,889
|
|
5,350,707
|
Accumulated
depreciation and amortization
|
|
(3,814,938)
|
|
(3,447,198)
|
Property and
equipment, net
|
|
1,510,951
|
|
1,903,509
|
|
|
|
|
|
Capitalized
software development costs, net of
accumulated amortization of $17,688,421
and
$16,544,797 respectively
|
|
4,285,069
|
|
4,584,245
|
Intangible
assets, net of accumulated amortization
of $6,473,451 and $5,807,338, respectively
|
|
6,330,485
|
|
6,996,599
|
Goodwill
|
|
15,537,281
|
|
15,537,281
|
Other
|
|
636,232
|
|
672,133
|
Total
non-current assets
|
|
28,300,018
|
|
29,693,767
|
|
$
|
37,485,565
|
$
|
41,638,498
|
STREAMLINE HEALTH
SOLUTIONS, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
Liabilities and
Stockholders' Equity
|
|
|
July
31,
|
|
January
31,
|
|
|
2017
|
|
2017
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
1,566,454
|
$
|
1,116,525
|
Accrued
compensation
|
|
481,528
|
|
496,706
|
Accrued other
expenses
|
|
188,172
|
|
484,391
|
Current
portion of term loan
|
|
596,980
|
|
655,804
|
Deferred
revenues
|
|
9,298,192
|
|
9,916,454
|
Current
portion of capital lease obligations
|
|
23,188
|
|
91,337
|
Total
current liabilities
|
|
12,155,214
|
|
12,761,217
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Term loan, net
of deferred financing cost of $181,477 and
|
|
|
|
|
$199,211, respectively
|
|
4,164,381
|
|
4,883,286
|
Warrants
liability
|
|
360
|
|
46,191
|
Royalty
liability
|
|
2,423,602
|
|
2,350,754
|
Lease
incentive liability
|
|
311,585
|
|
339,676
|
Deferred
revenues, less current portion
|
|
363,910
|
|
568,515
|
Total
non-current liabilities
|
|
7,263,838
|
|
8,188,422
|
Total
liabilities
|
|
19,419,052
|
|
20,949,639
|
|
|
|
|
|
Series A 0%
Convertible Redeemable Preferred stock, $.01 par
value per share, $8,849,985 redemption value, 4,000,000 shares
authorized, 2,949,995 issued and outstanding, net of
unamortized
preferred stock discount of $0
|
|
8,849,985
|
|
8,849,985
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock,
$.01 par value per share, 45,000,000 shares
authorized, 19,962,672 and 19,695,391 shares
issued and
outstanding, respectively
|
|
199,627
|
|
196,954
|
Additional
paid in capital
|
|
81,183,325
|
|
80,667,771
|
Accumulated
deficit
|
|
(72,166,424)
|
|
(69,025,851)
|
Total
stockholders' equity
|
|
9,216,528
|
|
11,838,874
|
|
$
|
37,485,565
|
$
|
41,638,498
|
|
|
|
|
|
|
|
STREAMLINE HEALTH
SOLUTIONS, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Six Months Ended
July 31,
|
|
|
2017
|
|
2016
|
Operating
activities:
|
|
|
|
|
Net
loss
|
$
|
(3,140,573)
|
$
|
(2,211,909)
|
Adjustments to
reconcile net loss to net cash
|
|
|
|
|
provided by (used in)
operating activities:
|
Depreciation
|
|
403,090
|
|
630,706
|
Amortization of
capitalized software development costs
|
|
1,143,624
|
|
1,425,962
|
Amortization of
intangible assets
|
|
666,114
|
|
650,892
|
Amortization of other
deferred costs
|
|
161,064
|
|
115,113
|
Valuation adjustment
for warrants liability
|
|
(45,831)
|
|
(61,856)
|
Share-based
compensation expense
|
|
555,229
|
|
909,411
|
Other valuation
adjustments
|
|
86,192
|
|
83,937
|
Loss on disposal of property and equipment
|
|
(720)
|
|
567
|
Provision for accounts receivable
|
|
166,170
|
|
88,472
|
Changes in
assets and liabilities, net of assets acquired:
|
|
|
|
|
Accounts and contract
receivables
|
|
99,086
|
|
357,774
|
Other
assets
|
|
(333,401)
|
|
(214,327)
|
Accounts
payable
|
|
449,929
|
|
(403,600)
|
Accrued
expenses
|
|
(352,132)
|
|
(472,420)
|
Deferred
revenues
|
|
(822,867)
|
|
(759,411)
|
Net cash (used
in) provided by operating activities
|
|
(965,026)
|
|
139,311
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
Purchases of property
and equipment
|
|
(9,812)
|
|
(60,518)
|
Capitalization of
software development costs
|
|
(844,448)
|
|
(936,560)
|
Net cash used
in investing activities
|
|
(854,260)
|
|
(997,078)
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
Principal repayments
on term loan
|
|
(813,197)
|
|
(2,075,172)
|
Principal payments on
capital lease obligation
|
|
(68,149)
|
|
(438,962)
|
Proceeds from exercise
of stock options and stock purchase plan
|
|
--
|
|
14,793
|
Payments related to
settlement of employee shared-based awards
|
|
(37,002)
|
|
(11,702)
|
Net cash used
in financing activities
|
|
(918,348)
|
|
(2,511,043)
|
Decrease in cash and
cash equivalents
|
|
(2,737,634)
|
|
(3,368,810)
|
Cash and cash
equivalents at beginning of period
|
|
5,654,093
|
|
9,882,136
|
Cash and cash
equivalents at end of period
|
$
|
2,916,459
|
$
|
6,513,326
|
STREAMLINE HEALTH
SOLUTIONS, INC.
Backlog
(Unaudited)
Table
A
|
|
|
July 31,
2017
|
|
January 31,
2017
|
|
July
31,
2016
|
Company Proprietary
Software
|
$
|
11,458,000
|
$
|
11,504,000
|
$
|
15,133,000
|
Third Party Hardware
and Software
|
|
50,000
|
|
150,000
|
|
200,000
|
Professional
Services
|
|
3,517,000
|
|
4,068,000
|
|
5,563,000
|
Audit
Services
|
|
1,454,000
|
|
1,847,000
|
|
--
|
Maintenance and
Support
|
|
16,583,000
|
|
19,193,000
|
|
19,569,000
|
Software as a
Service
|
|
13,300,000
|
|
13,861,000
|
|
13,177,000
|
Total
|
$
|
46,362,000
|
$
|
50,623,000
|
$
|
53,642,000
|
STREAMLINE HEALTH
SOLUTIONS, INC.
New
Bookings
(Unaudited)
Table
B
|
|
|
Three Months
Ended
|
|
|
July 31,
2017
|
|
|
Value
|
|
% of Total
Bookings
|
Streamline Health
Software licenses
|
$
|
59,000
|
|
5%
|
Software as a
service
|
|
47,000
|
|
4%
|
Maintenance and
support
|
|
122,000
|
|
11%
|
Audit
Services
|
|
108,000
|
|
10%
|
Professional
services
|
|
777,000
|
|
70%
|
Hardware & third
party software
|
|
--
|
|
0%
|
Total
bookings
|
$
|
1,113,000
|
|
100%
|
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. Non-GAAP financial
measures are used by Streamline Health's management in its
operating and financial decision-making 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 earnings (loss) to non-GAAP adjusted EBITDA (in
thousands)
|
|
|
|
|
|
Adjusted EBITDA
Reconciliation
|
|
Three Months
Ended,
|
|
Six Months
Ended,
|
|
|
July 31,
2017
|
|
July 31,
2016
|
|
July 31,
2017
|
|
July 31,
2016
|
Net loss
|
$
|
(1,098)
|
$
|
(734)
|
$
|
(3,134)
|
$
|
(2,212)
|
Interest expense
|
|
120
|
|
120
|
|
248
|
|
282
|
Income tax expense
|
|
3
|
|
2
|
|
5
|
|
3
|
Depreciation
|
|
200
|
|
310
|
|
403
|
|
631
|
Amortization of capitalized software
development costs
|
|
572
|
|
710
|
|
1,144
|
|
1,426
|
Amortization of intangible assets
|
|
333
|
|
325
|
|
666
|
|
651
|
Amortization of other costs
|
|
43
|
|
36
|
|
126
|
|
80
|
EBITDA
|
|
173
|
|
769
|
|
(549)
|
|
861
|
Share-based compensation expense
|
|
288
|
|
432
|
|
555
|
|
909
|
(Gain) Loss on disposal of fixed assets
|
|
--
|
|
—
|
|
(1)
|
|
1
|
Associate severances and other
costs
relating to transactions or corporate
restructuring
|
|
--
|
|
110
|
|
--
|
|
110
|
Non-cash
valuation adjustments to
assets and liabilities
|
|
23
|
|
14
|
|
40
|
|
22
|
Transaction related professional fees,
advisory fees and other internal direct
costs
|
|
--
|
|
236
|
|
--
|
|
255
|
Adjusted
EBITDA
|
$
|
484
|
$
|
1,561
|
$
|
45
|
$
|
2,158
|
Adjusted EBITDA
Margin(1)
|
|
8%
|
|
21%
|
|
--%
|
|
15%
|
Adjusted EBITDA
per diluted share
|
|
|
|
|
|
|
|
|
Loss per share –
diluted
|
$
|
(0.06)
|
$
|
(0.06)
|
$
|
(0.16)
|
$
|
(0.16)
|
Adjusted EBITDA per
adjusted diluted
share (2)
|
$
|
0.02
|
$
|
0.07
|
$
|
--
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares
|
|
19,834,859
|
|
19,791,805
|
|
19,765,125
|
|
19,393,547
|
Includable incremental shares —
adjusted EBITDA (3)
|
|
3,378,484
|
|
3,376,285
|
|
3,322,319
|
|
3,313,870
|
Adjusted diluted
shares
|
|
23,213,343
|
|
23,168,090
|
|
23,087,444
|
|
22,707,417
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA as a
percentage of GAAP revenues.
|
(2)
|
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.
|
(3)
|
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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SOURCE Streamline Health Solutions, Inc.