Healthstream, Inc. · NASDAQ:HSTM
Healthstream — Q4 2025 Earnings Presentation
32 slides from Healthstream's earnings presentation, Feb 24, 2026
Slide 1: 4Q & FY 25 Investor Presentation
4Q & FY 25 Investor Presentation 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation includes certain forward - looking statements (statements other than solely with respect to historical fact), including statements regarding expectations for the financial performance for 2026 that involve risks and uncertainties regarding HealthStream. These
Slide 3: HealthStream Overview
HealthStream Overview HEALTHCARE EXPANDING HEALTHCARE STRONG FINANCIALS MARKET LEADER WORKFORCE SUPPORTING GROWTH #1 Workforce Platform # 1Largest Increase in Record Quarterly Revenue in Healthcare Hiring in U.S. economy & Adjusted EBITDA • A market leader of • Hospital hiring alone averaged • Marke
Slide 4: Focused on the Healthcare Industry
Focused on the Healthcare Industry … $5.3 trillion industry 18% of GDP Hospital Care = approx. 1/3 Fastest growing sector of U.S. economy
Slide 5: …and its Growing Workforce
…and its Growing Workforce Healthcare ¼ of all new 189,000 + new 40 % increase Workforce grew jobs will be in Registered Nurse in Nurse by 1,000,000 in healthcare in job openings per Practitioners 2025 alone , the the U.S. over the year expected expected fastest growing next decade over the next thr
Slide 6: Market Focus: 13.7 Million Individuals Focused on Healthcare Delivery
Market Focus: 13.7 Million Individuals Focused on Healthcare Delivery * Nursing Students 1,000,000 5,800,000 Additional Care Settings: • Skilled Nursing Acute Care 6,900,000 • Home Health Employees • Ambulatory Surgery * Sources: U.S. Bureau of Labor Statistics; American Association of Colleges of N
Slide 7: Healthcare Organizations Use HealthStream Enterprise Applications to:
Healthcare Organizations Use HealthStream Enterprise Applications to: Develop Clinical Workforce Meet Compliance Requirements Improve Resuscitation Outcomes Manage Credentialing & Privileging Optimize Workforce Scheduling 7
Slide 8: Three Core Enterprise Application Suites
Three Core Enterprise Application Suites LEARNING SUITE CREDENTIALING SUITE SCHEDULING SUITE
Slide 9: Ranked #1 in Best Healthcare Software by G2
Ranked #1 in Best Healthcare Software by G 2.
Slide 10: HealthStream Learning Experience: New AI-driven Application
HealthStream Learning Experience : TM New AI -driven Application Optimizing Healthcare Professionals ’ Learning Journey Empower individuals with curated skills and professional pathways Engage the healthcare workforce with social features and mentoring Retain staff with career mobility and personali
Slide 11: Ranked #5 in Best Healthcare Software by G2
Ranked #5 in Best Healthcare Software by G2.
Slide 12: Credentialing Solutions: Best-in-Class Application Suite
Credentialing Solutions: Best-in-Class Application Suite Shortening Time to Revenue for Physicians Rated highest Credentialing Software on prestigious G 2 site Industry first : Solution that accelerates entire physician onboarding process Industry first: Solution for Health Plans within Hospitals In
Slide 13: Highest-rated Staff Scheduling Solution for Hospitals by Capterra
Highest -rated Staff Scheduling Solution for Hospitals by Capterra.
Slide 14: Shiftwizard: Employee Scheduling Application
Shiftwizard ® : Employee Scheduling Application Highest - rated Staff Scheduling Solution for Hospitals Top - rated: Consistently listed by G2 as a “top hospital scheduling software” application Mission - critical workflow dependency : Supports patient safety, labor cost control, and regulatory comp
Slide 15: hStream AI
hStreamAl AI, built for the healthcare workforce hStream® Al brings intelligence directly into the Stream platform—the system already supporting learning, clinical development, credentialing, and scheduling. Purpose-built for healthcare, it turns everyday workforce activity into clear direction for
Slide 16: HealthStream is Positioned to Deliver Increasing Value in an Expanding AI Environment
HealthStream is Positioned to Deliver Increasing Value in an Expanding AI Environment Healthcare HealthStream HealthStream AI is a core HealthStream ’s Workforce, our solutions serve as is a data element of Ecosystem user base, is a “system of “originator, ” not our hStream creates durable significa
Slide 17: The platform that connects everything in the HealthStream ecosystem
The platform that connects everything in the HealthStream ecosystem and includes exclusive applications, services, discounts, content, and other benefits
Slide 18: The HealthStream Ecosystem
The HealthStream Ecosystem Millions of Users Dozens of Access & Dozen of Marketplace Platform Partners Partners Content Marketplace MedTech Hundreds of Developer Learning Credentialing Scheduling Portal Suite Suite Suite Members Thousands of Customer Organizations 18
Slide 19: Three Professional Career Networks
Three Professional Career Networks Students CNAs, HHAs, & Direct Nurses Caregivers
Slide 20: Nurses Nursegrid
Nurses Nursegrid # 1 RATED APP BY NURSES 4.9/5 150 k+ Reviews 670 ,300 + nurses as monthly active users ~9.7M social connections on Nursegrid
Slide 21: myClinicalExchange
myClinicalExchange Engage clinical students. Streamline clinical placements. • ~200,000 clinical students used mCE in 2025 • Over 98,000 MAU in 4Q 2025 • Compliance and scheduling of students, instructors, preceptors • Facilitates recruiting pipeline, engaging with future clinicians
Slide 22: MissionCare Collective
MissionCare Collective Expanding the Homecare Workforce to Meet Growing Demand • Over 5.2 million professionals in the myCNAjobs caregiver community. • # 1 Career Network to address the urgent, growing need for CNAs, Home Health Aides, and Direct Caregivers throughout the healthcare industry. • Over
Slide 23: High-level Growth Strategies
High -level Growth Strategies • Grow the MAUs on Career Networks • Expand Customer Network; Add new enterprise customers • Cross - sell more solutions; Increase the value of each account • Grow new revenue streams via Partners & PaaS capabilities • Execute on complementary M&A opportunities 23
Slide 24: 8x Increase in Revenue per Employee over 20 Years
8x Increase in Revenue per Employee over 20 Years California - based Health System with 38,000 Employees $6.50 Annual Revenue $55.16 Annual Revenue Per Employee Per Employee in 2006 in 2026 SUBSCRIPTIONS ADDED OVER TIME • Learning Center • Competency Center • Signma Clinical Leadership • Clinical Co
Slide 25: 15x Increase in Revenue per Employee over 22 Years
15x Increase in Revenue per Employee over 22 Years Tennessee Health System with 24,000 + Employees $6.25Annual Revenue $92.86 Annual Revenue Per Employee Per Employee in 2004 in 2026 SUBSCRIPTIONS ADDED OVER TIME • hStream • EBSCO Dynamic Health • SafetyQ • HLC • CE Unlimited • Video • Red Cross • Q
Slide 26: Revenue
Revenue* ($ in millions) 304.1 291.6 279.1 256.7 266.8 254.1 244.8 231.6 214.9 192.1 174.8 138.8 103.8 78.6 58.1 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *2011- 2018 Full- Year revenue metrics adjusted retroactively to exclude PX business.
Slide 27: Adjusted EBITDA
Adjusted EBITDA * ($ in millions) 71.8 66.8 61.3 52.7 53.4 47.2 46 42.4 38.1 36.8 33.4 28.7 20.6 17.1 13.2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * (1) Adjusted EBITDA is a non - GAAP measure. See “Disclaimers: Financial Information. ” A reconciliation of Adjusted
Slide 28: 2026 Financial Outlook
2026 Financial Outlook Revenue Growth 6.2 – 8.5% $323M – $330 M Adjusted EBITDA Growth 1.7 – 7.2% $73M – $77M Net Income Growth 11.5– 24.6 % $20.4 M – $22.8M Capital Expenditures $31M – $34M
Slide 29: Cash Dividend Program
Cash Dividend Program 12.9% increase of quarterly dividend Dividend Program announced initiated in February Feb. 23, 2026 . 2023.
Slide 30: Independent Research Coverage
Independent Research Coverage Initiated December 2023
Slide 31: Investor Relations Contact
HEALTHSTREAM INVESTOR RELATIONS CONTACT: Mollie Condra, Ph.D. Head, Investor Relations & Communications mollie.condra@healthstream.com
Slide 32: Thank you
HealthStream. Thank you Bl f BereneTvrcare PRODUC; ET yealthStrean, Ss | He 6 G2.com/best 6 ae