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Streamline Health Solutions, Inc. (STRM)

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Streamline Health Solutions, Inc. (STRM)

Q4 2018 Earnings Conference Call

April 23, 2019 09:00 AM ET

Company Participants

Randy Salisbury - Senior Vice President and Chief Marketing Officer

David Sides - President and Chief Executive Officer

Tom Gibson - Senior Vice President and Chief Financial Officer

Dave Driscoll - Chief Revenue Officer

Conference Call Participants

Lucas Baranowski - Craig-Hallum

Presentation

Operator

Greetings and welcome to the Streamline Health Solutions' Fourth Quarter and Full Year 2018 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Randy Salisbury, Senior Vice President and Chief Marketing Officer. Please go ahead sir.

Randy Salisbury

Thank you for joining us to review the financial results of Streamline Health Solutions for the fourth quarter and fiscal year end of 2018, which ended January 31st of 2019.

As the conference call operator indicated my name is Randy Salisbury. As Senior Vice President and Chief Marketing Officer here at Streamline Health here, I manage all communications including Investor Relations.

Joining me on the call today is David Sides, President and Chief Executive Officer; Tom Gibson, Senior Vice President and Chief Financial Officer; and Dave Driscoll Chief Revenue 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 website at streamlinehealth.net or at numerous financial websites.

Before we begin with prepared remarks, we want to be sure we are clear for everyone on the record how certain information which may be provided today as with all of our earnings calls should be viewed. We therefore submit for the record following statement.

First, statements made during on this conference call that are not historical facts are considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These are subject to risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from those we may discuss.

Please refer to the company's press releases and filings made with the U.S. Securities and Exchange Commission including our most recent Form 10-K annual report for our -- for more information about these risks uncertainties and assumptions and other factors.

As always we are presenting management's current analysis of these items as of today. Our participants on this call should take into account these risks when evaluating the topics we will discuss. Please note Streamline Health is not undertaking any commitment or obligation to publicly revise any such forward-looking statements made today.

Second, we'll discuss non-GAAP financial measures such as adjusted EBITDA. Management uses these measures to help provide better insight into our financial performance. However, certain items of income and expense are not included in these measures, so these calculations may differ from those which another entity may reach using their own non-GAAP measures.

To help you compare these amounts on a consistent term please refer to our website at streamlinehealth.net and our earnings release for a reconciliation of such non-GAAP measures for the most comparable GAAP measures.

With that said let me turn the call over to David Sides, President and Chief Executive Officer. David?

David Sides

Thank you, Randy. This morning I want to focus my comments around our plans for topline revenue growth and let Tom Gibson cover more of the specifics of our financial performance from Q4 and fiscal year 2018.

As Randy mentioned in his opening remarks, I've asked Dave Driscoll, our new Chief Revenue Officer to join us this morning to discuss these plans and strategies to help us accelerate the pace of new client acquisitions and expansion within our current client base.

Before I begin, let me summarize some key financial metrics from yesterday's announcement of our fourth quarter and fiscal year performance. For the fourth quarter of fiscal 2018 which ended January 31st of 2019, we generated revenue of approximately $5.5 million, up slightly as compared with the previous quarter's revenue, but down approximately 11% from the fourth quarter of 2017.

Recurring revenues were approximately 86% of total revenue for the fourth quarter, up from 77% in the fourth quarter a year ago. For the fiscal year 2018, recurring revenues were 80% of total revenues, which is same as fiscal 2017.

For the fiscal year 2018, we generated $22.4 million in revenue, as compared to $24.3 million of revenue in the fiscal year 2017. This was partially attributable to the decline of $1.4 million in Professional Services, as our new eValuator solution requires less effort in terms of implementation, as compared with our other software solutions.

For instance, an implementation for eValuator should only require 30 to 60 days and can be done remotely, but we are realizing fewer dollars in professional fees for implementation work, as compared with prior years.

Additionally, we experienced revenue attrition in legacy solutions such as ECM and Clinical Analytics that comprise the remainder of the difference in revenue from 2017 to 2018.

Looking ahead, we believe the revenue attrition of these legacy solutions will slow as they not only represent less than half of our revenue base and we've locked in most of our existing clients into three-year renewal contracts. I will discuss the estimated impact of this important component of our future performance when I discuss our 2019 guidance at the close of our prepared remarks.

Read the rest of this transcript on seekingalpha.com