Business
HealthStream Announces First Quarter 2023 Results
NASHVILLE, Tenn.--(BUSINESS WIRE)-- HealthStream, Inc. (the “Company”) (Nasdaq: HSTM), a leading healthcare technology platform for workforce solutions,
About this update from Healthstream, Inc.
[{"type":"text","content":" NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHealthStream, Inc. (the “Company”) (Nasdaq: HSTM), a leading healthcare technology platform for workforce solutions, announced today results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023\n\n\n\nRevenues of $68.9 million in the first quarter of 2023, up 5% from $65.4 million in the first quarter of 2022\n\n\n\nOperating income of $2.9 million in the first quarter of 2023, down 28% from $4.0 million in the first quarter of 2022, which comparison was negatively impacted by a $1.0 million severance charge in the first quarter of 2023 associated with the restructuring of HealthStream’s business under a single platform strategy, as further discussed below\n\n\n\nNet income of $2.6 million in the first quarter of 2023, down 9% from $2.9 million in the first quarter of 2022, which comparison was negatively impacted in the amount of $0.8 million by the severance charge in the first quarter of 2023 associated with HealthStream’s restructuring referenced above\n\n\n\nEarnings per share (EPS) of $0.09 per share (diluted) in both the first quarters of 2023 and 2022, which comparison was negatively impacted in the amount of $0.03 per share (diluted) by the severance charge in the first quarter of 2023 associated with HealthStream’s restructuring referenced above\n\n\n\nAdjusted EBITDA1 of $13.7 million in the first quarter of 2023, down 2% from $14.0 million in the first quarter of 2022, which comparison was negatively impacted by the $1.0 million severance charge in the first quarter of 2023 associated with HealthStream’s restructuring referenced above\n\n\n\nBoard of Directors declared first quarterly cash dividend of $0.025 per share, payable on April 28, 2023 to holders of record on April 17, 2023\n\n\n\n\n\n1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net income and disclosure regarding why we believe adjusted EBITDA provides useful information to investors is included later in this release.\n\n\n\n\n\n\n\nSecond Quarter 2023 Event\n\n\n\nBoard of Directors declared second quarterly cash dividend of $0.025 per share, payable on June 23, 2023 to holders of record on June 12, 2023\n\n\n\nFinancial Results:\n\n\nFirst Quarter 2023 Compared to First Quarter 2022\n\n\nRevenues for the first quarter of 2023 increased by $3.5 million, or fiv...