HealthStream Announces Second Quarter 2023 Results

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 second quarter ended June 30, 2023.\n\n\n\nRevenues of $69.2 million in the second quarter of 2023, up 5% from $65.6 million in the second quarter of 2022\n\n\n\nOperating income of $4.0 million in the second quarter of 2023, up 36% from $3.0 million in the second quarter of 2022\n\n\n\nNet income of $4.1 million in the second quarter of 2023, up 34% from $3.1 million in the second quarter of 2022\n\n\n\nEarnings per share (EPS) of $0.13 per share (diluted) in the second quarter of 2023, up from $0.10 per share (diluted) in the second quarter of 2022\n\n\n\nAdjusted EBITDA1 of $15.3 million in the second quarter of 2023, up 17% from $13.1 million in the second quarter of 2022\n\n\n\nBoard of Directors declared a quarterly cash dividend of $0.025 per share, payable on September 29, 2023 to holders of record on September 18, 2023\n\n\n\nOn May 30, 2023, Dr. Alex Jahangir joined the Company’s Board of Directors\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:\nSecond Quarter 2023 Compared to Second Quarter 2022\n\n\nRevenues for the second quarter of 2023 increased by $3.6 million, or five percent, to $69.2 million, compared to $65.6 million for the second quarter of 2022. The revenue growth was attributable to growth in several product categories, including contributions from our recent acquisitions. Subscription revenues increased $4.1 million, or six percent, with professional services revenues declining by $0.5 million.\n\n\nOperating income was $4.0 million for the second quarter of 2023, up 36 percent from $3.0 million in the second quarter of 2022. The improvement in operating income was primarily attributable to increased revenues as well as an increase in capitalized labor associated with software development activities, which were partially offset by increases in amortization, software, and hosting expenses.\n\n\nNet income was $4.1 million in the second quarter of 2023, up 34 percent from $3.1 million in the se...

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