Business
HealthStream Announces Third Quarter 2021 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, 2021.\n\n\nRevenues of $64.1 million in the third quarter of 2021, up 5% from $60.9 million in the third quarter of 2020, more than offsetting a $9.2 million decline in legacy resuscitation revenues.\n\n\nOperating income of $1.8 million in the third quarter of 2021, down 43% from $3.1 million in the third quarter of 2020.\n\n\nNet income of $1.5 million in the third quarter of 2021, down 43% from $2.6 million in the third quarter of 2020.\n\n\nEarnings per share (EPS) of $0.05 per share (diluted) in the third quarter of 2021 compared to $0.08 per share (diluted) in the third quarter of 2020.\n\n\nAdjusted EBITDA1 of $12.5 million in the third quarter of 2021, up 12% from $11.2 million in the third quarter of 2020.\n\n\nFinancial Results:\nThird Quarter 2021 Compared to Third Quarter 2020\nRevenues for the third quarter of 2021 increased by $3.2 million, or five percent, to $64.1 million, compared to $60.9 million for the third quarter of 2020.\n\nRevenues from our Workforce Solutions segment were $51.2 million for the third quarter of 2021, an increase of four percent compared to $49.2 million for the third quarter of 2020. The workforce segment achieved this four percent growth while overcoming a $9.2 million decline in revenues from the legacy resuscitation business. Revenues from recent acquisitions and growth in other solutions more than offset this decline in legacy resuscitation revenues. In addition, workforce revenues also benefitted from a $0.5 million increase in professional services revenues, primarily associated with recently acquired businesses.\n\nRevenues from our Provider Solutions segment were $12.9 million for the third quarter of 2021, compared to $11.7 million for the third quarter of 2020. This revenue growth of $1.2 million was primarily attributable to subscription revenues.\n\nGenerally accepted accounting principles (GAAP) require companies to write down beginning balances of acquired deferred revenue as part of “fair value” accounting. During the third quarter of 2021, HealthStream reported a reduction of $800,000 to revenue and operating income and a reduction of $630,000 to net in...