Business
HealthStream Announces First Quarter 2024 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, 2024.\n\n\nFirst Quarter 2024\n\n\n\nRevenues of $72.8 million in the first quarter of 2024, up 6% from $68.9 million in the first quarter of 2023\n\n\n\nOperating income of $5.7 million in the first quarter of 2024, up 97% from $2.9 million in the first quarter of 2023\n\n\n\nNet income of $5.2 million in the first quarter of 2024, up 99% from $2.6 million in the first quarter of 2023\n\n\n\nEarnings per share (EPS) of $0.17 per share (diluted) in the first quarter of 2024, up from $0.09 per share (diluted) in the first quarter of 2023\n\n\n\nAdjusted EBITDA1 of $17.1 million in the first quarter of 2024, up 24% from $13.7 million in the first quarter of 2023\n\n\n\nBoard of Directors declared a quarterly cash dividend of $0.028 per share, payable on May 17, 2024 to holders of record on May 6, 2024\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\nFinancial Results:\nFirst Quarter 2024 Compared to First Quarter 2023\nRevenues for the first quarter of 2024 increased by $3.8 million, or six percent, to $72.8 million, compared to $68.9 million for the first quarter of 2023. Subscription revenues increased $4.2 million, or six percent, and professional services revenues declined by $0.4 million.\n\n\nOperating income was $5.7 million for the first quarter of 2024, up 97 percent from $2.9 million in the first quarter of 2023. The improvement in operating income was primarily attributable to increased revenues, a reduction in labor costs (primarily resulting from $1.0 million of severance charges incurred during the first quarter of 2023 in connection with the Company’s restructuring under a single platform strategy), a decrease in professional fees, and an increase in capitalized labor associated with software development activities, which were partially offset by increases in software, cloud hosting expenses, royalties, amortization, and general marketing expenses.\n\n\nNet income was $5.2 million in the first qua...