Business
HealthStream Announces Third Quarter 2020 Results
NASHVILLE, Tenn.--(BUSINESS WIRE)-- HealthStream, Inc. (Nasdaq: HSTM), a leading provider of workforce and provider solutions for the healthcare industry,
About this update from Healthstream, Inc.
[{"type":"text","content":" NASHVILLE, Tenn.--(BUSINESS WIRE)--\nHealthStream, Inc. (Nasdaq: HSTM), a leading provider of workforce and provider solutions for the healthcare industry, announced today results for the third quarter ended September 30, 2020. In this earnings release, results for the three and nine months ended September 30, 2020 are presented for continuing operations only, as our results for the three and nine months ended September 30, 2019 reflect a gain on the sale of our previously divested Patient Experience business included in discontinued operations.\n\nThird Quarter 2020\n\n\nRevenues of $60.9 million in the third quarter of 2020, down 3% from $62.5 million in the third quarter of 2019.\n\n\nOperating income of $3.1 million in the third quarter of 2020, down 16% from $3.7 million in the third quarter of 2019.\n\n\nIncome from continuing operations of $2.6 million in the third quarter of 2020, down 24% from $3.5 million in the third quarter of 2019.\n\n\nEarnings per share (EPS) from continuing operations of $0.08 per share (diluted) in the third quarter of 2020 down from $0.11 per share (diluted) in the third quarter of 2019.\n\n\nAdjusted EBITDA1 from continuing operations of $11.1 million in the third quarter of 2020, down 3% from $11.5 million in the third quarter of 2019.\n\n\nFourth Quarter 2020 Event\n\n\nOn October 12, 2020, we acquired ShiftWizard, Inc., which provides a SaaS-based solution that integrates key workforce management capabilities, including scheduling, productivity, and forecasting.\n\n\nFinancial Results:\nThird Quarter 2020 Compared to Third Quarter 2019\nRevenues for the third quarter of 2020 decreased by $1.6 million, or 3 percent, to $60.9 million, compared to $62.5 million for the third quarter of 2019.\n\nRevenues from our Workforce Solutions segment were $49.2 million for the third quarter of 2020, compared to $51.0 million for the third quarter of 2019. The decrease in revenues from legacy resuscitation products drove this decline, as such products were $9.7 million in the third quarter of 2020 compared to $13.4 million in the third quarter of 2019, a decrease of $3.7 million. Other workforce revenues increased by $1.9 million, or five percent, and included growth in platform and content subscriptions of $2.6 million, or 7 percent, offset by a decline in professional services revenues of $0.7 million,...