Streamline Health Solutions, Inc. - STRM STOCK NEWS

Streamline Health Solutions (NASDAQ: STRM) reported fiscal 2020 revenues of $11.3 million, a decrease from $11.9 million in 2019. The fourth quarter revenue rose to $3.0 million, up 11.1% from $2.7 million in the previous year, largely driven by a 50% increase in SaaS revenue. The company achieved a net income of $0.3 million for FY 2020, compared to a loss of $2.9 million in 2019, bolstered by $5.1 million from discontinued operations. Adjusted EBITDA losses narrowed to ($1.9 million) from ($2.3 million) the prior year.

Streamline Health Solutions, Inc. (NASDAQ: STRM) will release its financial results for the three and twelve months ended January 31, 2021 on April 21, 2021, after the market closes. A conference call to discuss the results is scheduled for April 22, 2021, at 9:00 AM ET. Interested parties can access this call through a live webcast or by phone. The company is a leader in pre-bill revenue integrity solutions for healthcare providers, utilizing its eValuator™ program to enhance revenue compliance and financial performance.

Streamline Health Solutions (NASDAQ: STRM) has signed a contract with a 287-bed Meditech EMR-based health system in Northern Ohio to implement its eValuator™ Revenue Integrity Program. This cloud-based technology aims to enhance revenue integrity and compliance for inpatient and outpatient services. By preemptively addressing coding issues, the eValuator program helps prevent revenue leakage and denied claims. Streamline Health is focused on enabling healthcare providers to adopt pre-bill technology for better financial performance.

Streamline Health Solutions (NASDAQ: STRM) has secured a contract with a 1,300-bed health system in Arizona, utilizing its eValuator™ Revenue Integrity Program for enhanced revenue integrity in inpatient and outpatient services. The eValuator technology aims to identify and resolve coding issues pre- and post-billing, minimizing revenue leakage and compliance risks. This partnership reinforces the company's role in assisting providers as they shift to new payment models, supporting improved financial performance.

Streamline Health Solutions, Inc. (NASDAQ: STRM) has expanded its credit facility with Bridge Bank, transitioning to a ‘recurring revenue line of credit’ with a total capacity of $3 million. This new facility, with a two-year term, allows borrowing based on three months of trailing recurring revenue. The facility aims to boost growth and enhance the eValuator™ Revenue Integrity Program that helps healthcare providers address coding issues and improve financial performance before billing. Management sees this as a step towards advancing their capital structure.

Streamline Health Solutions (NASDAQ: STRM) announced an underwritten public offering of 8,750,000 shares at a price of $1.60 per share, potentially raising $14.0 million in gross proceeds. The offering includes a 30-day option for underwriters to purchase an additional 1,312,500 shares. The expected closing date is March 2, 2021, subject to customary conditions. Proceeds will be allocated for working capital and general corporate purposes.

Streamline Health Solutions (NASDAQ: STRM) has announced plans for an underwritten public offering of its common stock, with proceeds intended for working capital and general corporate purposes. The offering is contingent on market conditions, and the underwriter may purchase an additional 15% of shares to cover over-allotments. A shelf registration statement for the offering was previously filed with the SEC. Craig-Hallum Capital Group is the managing underwriter. The company continues to emphasize its role in providing revenue integrity solutions for healthcare providers.

Streamline Health Solutions (NASDAQ: STRM) reported its financial results for the third quarter and first nine months of fiscal 2020, concluding on October 31, 2020. Total revenues for Q3 were $2.6 million, down from $3.5 million a year earlier, despite a 48% increase in SaaS revenue. For the first nine months, revenues reached $8.4 million, a decrease from $9.2 million in 2019. The company posted a net income of $1.5 million for this period, attributed to discontinued operations. Adjusted EBITDA for Q3 saw a loss of $0.7 million, while improvements in costs were noted post-ECM business sale.

Streamline Health Solutions (NASDAQ: STRM) will announce its third quarter 2020 financial performance on December 8, 2020, after market close. A conference call to discuss results is scheduled for December 9, 2020, at 9:00 AM ET, accessible via webcast or by phone at 877-269-7756. A replay will be available from December 9 to December 16.