Q2 2024 HealthStream Inc Earnings Call Transcript
Key Points
- HealthStream Inc (HSTM) reported year-over-year increases in major financial categories for Q2 2024.
- Strong sales pipeline, particularly in CredentialStream, ShiftWizard, and the new enterprise competency suite.
- Ongoing progress towards key development milestones on the HealthStream platform, enhancing interoperability.
- 96% of revenues are subscription-based, providing predictable and recurring income.
- HealthStream Inc (HSTM) has no interest-bearing debt and a strong cash balance of $83 million.
- A timing anomaly at a large customer led to a temporary revenue shortfall, expected to self-correct over the year.
- The bankruptcy of Steward Health Care System negatively impacted net income, adjusted EBITDA, earnings per share, and operating income.
- Revenue from the ANSOS scheduling product declined by 15% year-over-year.
- The consumption-based billing model caused revenue volatility and is not planned for expansion.
- The impact of the Steward Health Care System bankruptcy may push HealthStream Inc (HSTM) towards the lower end of its revenue guidance range.
Good morning, and welcome to HealthStream second quarter 2024 earnings conference call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen only mode.
At the request of the company, we will open the conference up for questions-and-answers after the presentation. I will now turn the conference over to Mollie Condra, Vice President and Investor Relations and Communications. Please go ahead, Ms. Condra.
Thank you. Good morning, and thank you for joining us today to discuss our second quarter 2024 results. Also in the conference call with me is Robert A. Frist, Jr, CEO and Chairman of HealthStream, and Scott A. Roberts, CFO and Senior Vice President of Finance and Accounting.
I would also like to remind you that this conference call may contain forward-looking statements regarding future events and the future performance of HealthStream that involve risks and uncertainties that could cause
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