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HealthStream's CEO Discusses F2Q12 Earnings Results - Earnings Call Transcript

Robert A. Frist, Jr.

We’ll start by highlighting a few financials and then turn to operational performance and then turn to your questions shortly thereafter. On a financial highlights standpoint consolidated revenues were up 23% to $25.8 million in the second quarter over the prior year same quarter while operating income was up a strong 30% to $4 million in the same time period. Net income was up 33% to $2.4 million in the second quarter over the prior year same quarter an adjusted EBITDA was strong at about $5.9 million in the second quarter which is up 27% over the prior year same quarter. Gerry Hayden, our CFO will go into greater detail on the financials after I do a bit of an operational performance overview.

The sales execution during the quarter was very strong. We added approximately 125,000 new subscribers that were contracted to use the learning platform during the quarter. This performance exceeds the range of our long standing and well stated quarterly goal of contacting 20,000 to 50,000 net new subscribers in a quarter so we congratulation the sales organization for bringing in a strong lift to the counts including [Parkman] Health & Hospital System which importantly also contracted for the HealthStream Competency Center. Sharp Healthcare a large integrated delivery network based in San Diego California, Good Samaritan Hospital Medical Center, Evergreen Healthcare and the Ohio State Health Network were among many others during the quarter, but clearly a strong operational performance from the sales organization this quarter.

We look forward to celebrating with all our employees as we crossover the three million contracted subscriber milestone in the future. The good news also is the sales execution was well supported by execution of our implementation teams. We implemented approximately 124,000 new subscribers that were added to the learning platform during the second quarter. We now have 2.78 million healthcare subscribers implemented. That’s an important milestone because we begin revenue recognition once contracted subscribers become implemented subscribers.

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