Q1 2024 Streamline Health Solutions Inc Earnings Call Transcript
Key Points
- Pro forma SaaS revenue grew 22% during the first quarter of fiscal 2024.
- Booked SaaS ACV has grown to $15.9 million, with $13.1 million already implemented.
- Significant cost savings achieved through strategic restructuring, reducing total operating expenses.
- Successful implementation of new SaaS contracts offsetting client non-renewals.
- Positive feedback and financial impact from AI model deployments, enhancing client satisfaction and usability.
- Total revenue for the first quarter of fiscal 2024 decreased to $4.3 million from $5.3 million in the same period of fiscal 2023.
- Net loss for the first quarter of fiscal 2024 was $2.7 million, only a slight improvement from a $2.9 million loss in the first quarter of fiscal 2023.
- Increased cash and noncash interest expenses impacted financial results.
- Noncash valuation adjustment expense of $24,000 compared to a valuation adjustment gain of $364,000 in the first quarter of fiscal 2023.
- Dependence on successful implementation of remaining backlog to achieve adjusted EBITDA breakeven run rate.
Hello, and welcome to the Streamline Health Solutions first-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Jacob Goldberger, Vice President of Finance. Jacob, please go ahead.
Thank you for joining us for the corporate update and financial results review of Streamline Health Solutions for the first quarter of fiscal 2024, which was the 3-month period that ended April 30, 2024.
As the conference call operator indicated, my name is Jacob Goldberger. Joining me on the call today are Ben Stilwell, 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 from the company's website at
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