Streamline Health Solutions, Inc. (NASDAQ: STRM), provider of the
eValuator™ Revenue Integrity Program to help healthcare providers
proactively address revenue leakage and compliance exposure, today
announced financial results for the fourth quarter and fiscal year
2020, which ended January 31, 2021.
Total revenues for the fourth quarter of fiscal
2020 were $3.0 million, compared to $2.7 million in the prior year
period. SaaS revenue was up $349,000, approximately 50%, compared
to the same quarter a year ago. The revenue growth during the
quarter was driven by higher revenue from SaaS, system sales and
professional services offset by lower revenue form audit services
and maintenance and support. Recurring revenue comprised 75% of
fourth quarter fiscal 2020 revenue compared to 80% of fourth
quarter fiscal 2019 revenue.
Fiscal year 2020 revenue was $11.3 million,
compared to $11.9 million during fiscal 2019. SaaS revenue in
fiscal 2020 grew 46% to $3.7 million compared to $2.5 million
during fiscal 2019. Recurring revenue comprised 74% of revenue
during fiscal 2020 compared to 68% during the prior year.
Net loss for the fourth quarter of fiscal 2020
was ($1.2 million) as compared to a net loss of ($2.4 million)
during the fourth quarter of fiscal 2019. Fourth quarter fiscal
2020 net loss included $400,000 income from gain from sale, and
discontinued operations of the Company’s legacy ECM business which
closed February 24, 2020, compared to $18,000 income from
discontinued operations during the fourth quarter of fiscal 2019.
Income from discontinued operations was offset by a loss from
continuing operations for the three months ended January 31, 2021
and 2020 of ($1.6 million) and ($2.4 million), respectively.
The company recorded $0.3 million of net income
for the fiscal year 2020, compared to a net loss of ($2.9 million)
during fiscal 2019. Fiscal year 2020 net income included $5.1
million income from discontinued operations in connection with the
sale of the Company’s legacy ECM business which closed February 24,
2020, compared to $3.3 million income from discontinued operations
during fiscal 2019. The income from discontinued operations was
offset by a loss from continuing operations during fiscal 2020 of
($4.8 million) as compared to a loss of ($6.2 million) during
fiscal 2019.
Adjusted EBITDA for the fourth quarter of fiscal
2020 was a loss of ($0.1 million), compared to an adjusted EBITDA
loss of ($0.6 million) in the fourth quarter of fiscal 2019. Fiscal
year 2020 adjusted EBITDA was a loss of ($1.9 million) compared to
a loss of ($2.3 million) during fiscal 2019. The profitability
improvements have come from cost containment activities in all
areas of our business.
“Last year was a very difficult and challenging
one, especially for COVID patients and healthcare providers
throughout the country. Today, with more Americans receiving
vaccinations, we believe a ‘return to normalcy’ during the second
half of this year is a real possibility. And that should free up
departmental decision making, helping us generate more eValuator
contracts from our pipeline which grew throughout 2020”, stated Tee
Green, President and Chief Executive Officer, Streamline
Health.
“As the pandemic slowed contract closings, we
asked our employees to focus on improving operations and preparing
for growth. This internal focus enabled us to develop a top-level
product management team to continually expand and improve our
eValuator technology and build a superior customer success team to
ensure customer satisfaction. I believe all of this will serve us
well going forward.”
Highlights from the fourth
quarter ended January
31,
2021
included:
- Revenue for the fourth quarter of
fiscal 2020 was $3.0 million; SaaS revenue grew 50% compared to the
fourth quarter of fiscal 2019;
- Loss from continuing operations for the fourth quarter of
fiscal 2020 was ($1.6 million);
- Adjusted EBITDA for the fourth
quarter of fiscal 2020 was ($0.1 million);
- Total bookings (total contract
value) for the fourth quarter of fiscal 2020 were $1.8
million.
Conference Call
The Company will conduct a conference call to
review the results on Thursday, April 22, 2021 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 22, 2021 at 12:00 PM ET to Thursday,
April 29, 2021 at 12:00 PM ET by dialing 877-660-6853 or
201-612-7415 with conference ID 13716445. 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 is included in this press release.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM)
is a leader in pre-bill revenue integrity solutions for healthcare
providers. Our eValuator™ Revenue Integrity Program includes
integrated solutions, technology-enabled services and analytics
that drive compliant revenue and improved financial performance
across the enterprise. 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 |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Systems sales |
$ |
356,000 |
|
|
$ |
153,000 |
|
|
$ |
590,000 |
|
|
$ |
1,121,000 |
|
Professional services |
|
145,000 |
|
|
|
78,000 |
|
|
|
618,000 |
|
|
|
1,163,000 |
|
Audit Services |
|
393,000 |
|
|
|
446,000 |
|
|
|
1,891,000 |
|
|
|
1,712,000 |
|
Maintenance and support |
|
1,030,000 |
|
|
|
1,303,000 |
|
|
|
4,586,000 |
|
|
|
5,356,000 |
|
Software as a service |
|
1,050,000 |
|
|
|
701,000 |
|
|
|
3,661,000 |
|
|
|
2,501,000 |
|
Total revenues |
|
2,974,000 |
|
|
|
2,681,000 |
|
|
|
11,346,000 |
|
|
|
11,853,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of systems sales |
|
116,000 |
|
|
|
457,000 |
|
|
|
501,000 |
|
|
|
1,004,000 |
|
Cost of professional
services |
|
264,000 |
|
|
|
330,000 |
|
|
|
1,040,000 |
|
|
|
1,592,000 |
|
Cost of audit services |
|
400,000 |
|
|
|
306,000 |
|
|
|
1,558,000 |
|
|
|
1,255,000 |
|
Cost of maintenance and
support |
|
156,000 |
|
|
|
172,000 |
|
|
|
684,000 |
|
|
|
676,000 |
|
Cost of software as a
service |
|
653,000 |
|
|
|
352,000 |
|
|
|
1,906,000 |
|
|
|
824,000 |
|
Selling, general and
administrative |
|
1,706,000 |
|
|
|
2,021,000 |
|
|
|
8,565,000 |
|
|
|
9,606,000 |
|
Research and development |
|
987,000 |
|
|
|
940,000 |
|
|
|
2,933,000 |
|
|
|
2,690,000 |
|
Executive Transition
Costs |
|
- |
|
|
|
168,000 |
|
|
|
- |
|
|
|
789,000 |
|
Rationalization Charges |
|
- |
|
|
|
388,000 |
|
|
|
- |
|
|
|
388,000 |
|
Transaction Costs |
|
- |
|
|
|
230,000 |
|
|
|
- |
|
|
|
230,000 |
|
Loss on exit of membership
agreement |
|
- |
|
|
|
- |
|
|
|
105,000 |
|
|
|
- |
|
Total operating expenses |
|
4,282,000 |
|
|
|
5,364,000 |
|
|
|
17,292,000 |
|
|
|
19,054,000 |
|
Operating loss |
|
(1,308,000 |
) |
|
|
(2,683,000 |
) |
|
|
(5,946,000 |
) |
|
|
(7,201,000 |
) |
Other expense: |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(12,000 |
) |
|
|
(70,000 |
) |
|
|
(51,000 |
) |
|
|
(309,000 |
) |
Miscellaneous expense |
|
6,000 |
|
|
|
(167,000 |
) |
|
|
(62,000 |
) |
|
|
(366,000 |
) |
Loss before income taxes |
|
(1,314,000 |
) |
|
|
(2,920,000 |
) |
|
|
(6,059,000 |
) |
|
|
(7,876,000 |
) |
Income tax benefit |
|
(276,000 |
) |
|
|
498,000 |
|
|
|
1,260,000 |
|
|
|
1,632,000 |
|
Loss from continuing
operations |
$ |
(1,590,000 |
) |
|
$ |
(2,422,000 |
) |
|
$ |
(4,799,000 |
) |
|
$ |
(6,244,000 |
) |
Add: Redemption of Series A
Preferred Stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,894,000 |
|
Net (loss) income from
continuing operations |
|
(1,590,000 |
) |
|
|
(2,422,000 |
) |
|
|
(4,799,000 |
) |
|
|
(1,350,000 |
) |
Income from discontinued
operations: |
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of discontinued operations |
|
- |
|
|
|
- |
|
|
|
6,013,000 |
|
|
|
- |
|
Income from discontinued operations |
|
51,000 |
|
|
|
522,000 |
|
|
|
356,000 |
|
|
|
5,035,000 |
|
Income tax benefit (expense) |
|
352,000 |
|
|
|
(504,000 |
) |
|
|
(1,274,000 |
) |
|
|
(1,654,000 |
) |
Income from discontinued
operations |
|
403,000 |
|
|
|
18,000 |
|
|
|
5,095,000 |
|
|
|
3,381,000 |
|
Net (loss) income |
$ |
(1,187,000 |
) |
|
$ |
(2,404,000 |
) |
|
$ |
296,000 |
|
|
$ |
2,031,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share: |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.06 |
) |
Discontinued operations |
|
0.01 |
|
|
|
- |
|
|
|
0.17 |
|
|
|
0.14 |
|
Net (loss) income |
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.01 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares - basic |
|
30,528,863 |
|
|
|
29,653,550 |
|
|
|
30,152,383 |
|
|
|
22,739,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Share: |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.27 |
) |
Discontinued operations |
|
0.01 |
|
|
|
- |
|
|
|
0.17 |
|
|
|
0.13 |
|
Net (loss) income |
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.01 |
|
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
common shares – diluted |
|
31,211,252 |
|
|
|
30,096,177 |
|
|
|
30,640,742 |
|
|
|
25,083,061 |
|
STREAMLINE HEALTH SOLUTIONS,
INC.CONSOLIDATED AND
CONDENSED BALANCE
SHEETS(Unaudited)
Assets |
|
|
January 31, |
|
|
January 31, |
|
|
2021 |
|
|
2020 |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
2,409,000 |
|
$ |
1,649,000 |
Accounts receivable, net |
|
2,929,000 |
|
|
2,016,000 |
Contract receivables |
|
174,000 |
|
|
803,000 |
Prepaid hardware
and other current assets |
1,216,000 |
|
|
501,000 |
Current Assets from
discontinued operations |
|
587,000 |
|
|
1,585,000 |
Total current assets |
|
7,315,000 |
|
|
6,554,000 |
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
Property and equipment,
net |
|
104,000 |
|
|
98,000 |
Right of use asset on
operating lease |
|
391,000 |
|
|
- |
Capitalized
software development costs, net |
5,945,000 |
|
|
5,782,000 |
Intangible assets, net |
|
624,000 |
|
|
1,115,000 |
Goodwill |
|
10,712,000 |
|
|
10,712,000 |
Other non-current assets |
|
873,000 |
|
|
611,000 |
Long-term assets
from discontinued operations |
13,000 |
|
|
6,826,000 |
Total non-current assets |
|
18,662,000 |
|
|
25,144,000 |
|
$ |
25,977,000 |
|
$ |
31,698,000 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
272,000 |
|
$ |
756,000 |
Accrued expenses |
|
908,000 |
|
|
1,395,000 |
Current portion of term
loan |
|
1,534,000 |
|
|
3,872,000 |
Deferred revenues |
|
3,862,000 |
|
|
3,593,000 |
Royalty liability |
|
- |
|
|
969,000 |
Current portion of operating lease obligation |
198,000 |
|
|
- |
Current
liabilities from discontinued operations |
595,000 |
|
|
5,053,000 |
Total current liabilities |
|
7,369,000 |
|
|
15,638,000 |
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
Term loan, net of current
portion |
|
767,000 |
|
|
- |
Deferred revenues, less
current portion |
|
130,000 |
|
|
55,000 |
Operating Lease obligations, less current portion |
222,000 |
|
|
- |
Total non-current
liabilities |
|
1,119,000 |
|
|
55,000 |
Total liabilities |
|
8,488,000 |
|
|
15,693,000 |
|
|
|
|
|
|
Stockholders' equity |
|
17,489,000 |
|
|
16,005,000 |
|
$ |
25,977,000 |
|
$ |
31,698,000 |
STREAMLINE HEALTH SOLUTIONS,
INC.CONSOLIDATED AND
CONDENSED STATEMENT OF CASH
FLOWS(Unaudited)
|
|
Fiscal Year Ended |
|
|
January 31, |
|
|
2021 |
|
|
|
2020 |
|
Cash flows from continuing
operating activities: |
|
|
|
|
|
Loss from continuing operations |
$ |
(4,799,000 |
) |
|
$ |
(6,244,000 |
) |
Depreciation |
|
64,000 |
|
|
|
43,000 |
|
Amortization of
capitalized software development costs |
1,662,000 |
|
|
|
1,494,000 |
|
Amortization of intangible
assets |
|
491,000 |
|
|
|
554,000 |
|
Amortization of other deferred
costs |
|
359,000 |
|
|
|
480,000 |
|
Valuation adjustments |
|
31,000 |
|
|
|
64,000 |
|
Loss on exit of membership
agreement |
|
105,000 |
|
|
|
- |
|
Loss on early extinguishment
of debt |
|
- |
|
|
|
150,000 |
|
Share-based compensation
expense |
|
1,403,000 |
|
|
|
934,000 |
|
Benefit for accounts
receivable allowance |
|
(31,000 |
) |
|
|
(201,000 |
) |
Benefit for income taxes |
|
(1,274,000 |
) |
|
|
(1,654,000 |
) |
Changes in assets and
liabilities |
|
(1,504,000 |
) |
|
|
(1,329,000 |
) |
Net cash used in operating
activities |
|
(3,493,000 |
) |
|
|
(5,709,000 |
) |
Net cash from
operating activities - discontinued operations |
(2,264,000 |
) |
|
|
5,701,000 |
|
|
|
|
|
|
|
Cash flows used in investing
activities: |
|
|
|
|
|
Purchases of property and
equipment |
|
(44,000 |
) |
|
|
(52,000 |
) |
Capitalization of software
development costs |
|
(1,784,000 |
) |
|
|
(2,800,000 |
) |
Proceeds from sale of ECM
assets |
|
11,288,000 |
|
|
|
- |
|
Net cash provided by (used in)
investing activities |
|
9,460,000 |
|
|
|
(2,852,000 |
) |
Net cash used in
investing activities - discontinued operations |
- |
|
|
|
(558,000 |
) |
|
|
|
|
|
|
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 |
|
2,301,000 |
|
|
|
4,000,000 |
|
Principal payments on term
loan |
|
(4,000,000 |
) |
|
|
(4,030,000 |
) |
Redemption of Series A Convertible Preferred Stock |
|
|
|
|
(5,791,000 |
) |
Other |
|
(1,244,000 |
) |
|
|
(440,000 |
) |
Net cash used in financing
activities |
|
(2,943,000 |
) |
|
|
2,691,000 |
|
Net decrease in cash and cash
equivalents |
|
760,000 |
|
|
|
(727,000 |
) |
Cash and cash equivalents at
beginning of year |
|
1,649,000 |
|
|
|
2,376,000 |
|
Cash and cash equivalents at
end of year |
|
2,409,000 |
|
|
$ |
1,649,000 |
|
STREAMLINE HEALTH SOLUTIONS,
INC.New
Bookings(Unaudited)
|
|
January 31, 2021 |
|
|
Three Months Ended |
|
|
Twelve Months Ended |
Systems Sales |
$ |
203,000 |
|
$ |
560,000 |
Professional Services |
|
175,000 |
|
|
808,000 |
Audit Services |
|
37,000 |
|
|
114,000 |
Maintenance and Support |
|
203,000 |
|
|
583,000 |
Software as a Service |
|
1,200,000 |
|
|
5,327,000 |
Q4 2020 Bookings |
$ |
1,818,000 |
|
$ |
7,392,000 |
Q4 2019 Bookings (1) |
$ |
763,000 |
|
$ |
7,892,000 |
|
|
|
|
|
|
(1) January 31,
2020 excludes bookings from the ECM business of approximately
$242,000 for the three months ended January 31, 2020 and
$731,000 for the twelve months ended January 31, 2020. |
STREAMLINE HEALTH SOLUTIONS,
INC.Reconciliation of loss from
continuing operations to non-GAAP Adjusted
EBITDA (in
thousands)(Unaudited)
|
|
Three Months Ended January 31, |
|
|
Twelve Months Ended January 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Loss from continuing
operations |
$ |
(1,590 |
) |
|
$ |
(2,422 |
) |
|
$ |
(4,799 |
) |
|
$ |
(6,244 |
) |
|
|
Interest expense |
|
12 |
|
|
|
70 |
|
|
|
51 |
|
|
|
309 |
|
|
|
Income tax (benefit)
expense |
|
276 |
|
|
|
(498 |
) |
|
|
(1,260 |
) |
|
|
(1,632 |
) |
|
|
Depreciation |
|
17 |
|
|
|
11 |
|
|
|
64 |
|
|
|
43 |
|
|
|
Amortization of
capitalized software development costs |
534 |
|
|
|
661 |
|
|
|
1,662 |
|
|
|
1,494 |
|
|
|
Amortization of intangible
assets |
|
121 |
|
|
|
130 |
|
|
|
491 |
|
|
|
554 |
|
|
|
Amortization of other
costs |
|
117 |
|
|
|
272 |
|
|
|
359 |
|
|
|
480 |
|
|
|
EBITDA |
|
(513 |
) |
|
|
(1,776 |
) |
|
|
(3,432 |
) |
|
|
(4,996 |
) |
|
|
Share-based compensation
expense |
|
400 |
|
|
|
214 |
|
|
|
1,403 |
|
|
|
934 |
|
|
|
Impairment of long-lived
assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Loss on disposal of fixed
assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Non-cash valuation
adjustments |
|
(9 |
) |
|
|
17 |
|
|
|
31 |
|
|
|
64 |
|
|
|
Loss on exit of operating lease |
|
- |
|
|
|
- |
|
|
|
105 |
|
|
|
- |
|
|
|
Other non-recurring operating
expenses |
|
- |
|
|
|
786 |
|
|
|
- |
|
|
|
1,342 |
|
|
|
Other non-recurring
expenses |
|
- |
|
|
|
150 |
|
|
|
- |
|
|
|
308 |
|
|
|
Adjusted EBITDA |
$ |
(122 |
) |
|
$ |
(609 |
) |
|
$ |
(1,893 |
) |
|
$ |
(2,348 |
) |
|
|
Adjusted EBITDA per
diluted share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share –
diluted |
$ |
(0.05 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.27 |
) |
|
|
Adjusted EBITDA per adjusted
diluted share (1) |
$ |
- |
|
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares (2) |
|
30,528,863 |
|
|
|
29,653,550 |
|
|
|
30,152,383 |
|
|
|
22,739,679 |
|
|
|
Includable
incremental shares — Adjusted EBITDA (3) |
|
682,389 |
|
|
|
442,627 |
|
|
|
488,359 |
|
|
|
2,343,382 |
|
|
|
Adjusted diluted shares |
|
31,211,252 |
|
|
|
30,096,177 |
|
|
|
30,640,742 |
|
|
|
25,083,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjusted EBITDA per adjusted diluted share
for our common stock is computed using the more dilutive of the
two-class method or the if-converted method. |
(2) Diluted EPS for our common stock was computed
using the if-converted method, which yields the same result as the
two-class method. |
(3) The number of incremental shares that would
be dilutive under an assumption that the Company is profitable
during the reported period, which is only applicable for a period
in which the Company reports a GAAP net loss. If a GAAP profit is
earned in the reported periods, no additional incremental shares
are assumed. |
|
|
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