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HealthStream Announces Fourth Quarter & Full-Year 2023 Results; Increases Quarterly Dividend
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 fourth quarter and full-year ended December 31, 2023.\n\n\nFourth Quarter 2023\n\n\n\nRevenues of $70.6 million, up 3% from $68.5 million in the fourth quarter of 2022\n\n\n\nOperating income of $4.3 million, up 38% from $3.1 million in the fourth quarter of 2022\n\n\n\nNet income of $4.6 million, up 87% from $2.5 million in the fourth quarter of 2022\n\n\n\nEarnings per share (EPS) of $0.15 per share (diluted), up from $0.08 per share (diluted) in the fourth quarter of 2022\n\n\n\nAdjusted EBITDA1 of $16.0 million, up 17% from $13.6 million in the fourth quarter of 2022\n\n\n\nBoard of Directors has declared a quarterly cash dividend of $0.028 per share, an increase of 12% over the previous quarter’s dividend of $0.025 per share\n\n\n\nFull-Year 2023\n\n\n\nRevenues of $279.1 million, up 5% from $266.8 million in 2022\n\n\n\nOperating income of $16.0 million, up 29% from $12.4 million in 2022\n\n\n\nNet income of $15.2 million, up 26% from $12.1 million in 2022\n\n\n\nEarnings per share (EPS) of $0.50 per share (diluted) in 2023, compared to $0.39 per share (diluted) in 2022\n\n\n\nAdjusted EBITDA of $61.3 million, up 15% from $53.4 million in 2022\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:\nFourth Quarter 2023 Compared to Fourth Quarter 2022\nRevenues for the fourth quarter of 2023 increased by $2.1 million, or three percent, to $70.6 million, compared to $68.5 million for the fourth quarter of 2022. Subscription revenues increased $2.6 million, or four percent, and professional services revenues declined by $0.5 million.\n\n\nOperating income was $4.3 million for the fourth quarter of 2023, up 38% from $3.1 million for the fourth quarter of 2022. The improvement in operating income was primarily attributable to the growth in revenues, a reduction in labor costs, and an increase in labor capitalized for software development activities. Partially offsetting these improvements were higher costs for software, clou...