Q2 2024 Streamline Health Solutions Inc Earnings Call Transcript
Key Points
- Pro forma SaaS revenue grew 21% during the first six months of fiscal 2024.
- Successful closure of contracts with an aggregate SaaS ACV of $800,000 in the second quarter.
- Significant cost savings achieved through strategic restructuring, reducing operating expenses.
- Development of impactful solutions focused on identifying financial opportunities and providing automated workflows.
- Positive client feedback on the service model, with clients appreciating the hands-on education, optimization, and insights provided.
- Notifications of non-renewals and renewals at lower rates for contracts with an aggregate value of $2.8 million of SaaS ACV.
- Total revenue for the second quarter of fiscal 2024 was $4.5 million, down from $5.8 million in the same period of fiscal 2023.
- Net loss for the second quarter of fiscal 2024 was $2.8 million, compared to a loss of $2.5 million in the second quarter of fiscal 2023.
- Unexpected churn during the fiscal quarter, impacting the adjusted EBITDA breakeven timing expectation.
- Anticipation of a sequential decline in total revenue by approximately $300,000 in the third quarter of fiscal 2024.
Greetings. Welcome to Streamline Health Solutions' second quarter 2024 earnings conference call. (Operator Instructions) Please note that this conference is being recorded. I would now like to turn the conference over to Jacob Goldberger, Vice President of Finance. Thank you. You may begin.
Thank you for joining us for the corporate update and financial results review of Streamline Health Solutions for the second quarter of fiscal 2024, which was the three-month period that ended July 31, 2024.
As the conference call operator indicated, my name is Jacob Goldberger. Joining me on the call today are Ben Stilwill, President and Chief Executive Officer; and BJ Reeves, Chief Financial Officer. At the conclusion of today's prepared remarks, we will open the call for a question-and-answer session.
If anyone participating on today's call does not have a full text copy of our press release announcing these results, you can retrieve it from the company's
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