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HealthStream Announces Second Quarter 2013 Results

HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning, talent management, and research solutions for the healthcare industry, announced today results for the second quarter ended June 30, 2013.

Highlights:

  • Revenues of $31.9 million in the second quarter of 2013, up 24% from revenues of $25.8 million in the second quarter of 2012
  • Operating income of $4.1 million in the second quarter of 2013, up 2% from operating income of $4.0 million in the second quarter of 2012
  • Net income of $2.4 million in both the second quarter of 2013 and the second quarter of 2012, and earnings per share (EPS) of $0.09 per share (diluted) for both the second quarter of 2013 and the second quarter of 2012
  • Adjusted EBITDA 1 of $6.4 million in the second quarter of 2013, up 8% from $5.9 million in the second quarter of 2012

Financial Results:

Second Quarter 2013 Compared to Second Quarter 2012

Revenues for the second quarter of 2013 increased $6.1 million, or 24 percent, to $31.9 million, compared to $25.8 million for the second quarter of 2012.

Revenues from HealthStream Learning & Talent Management increased by $5.8 million, or 30 percent, when compared to the second quarter of 2012. Revenues from our Internet-based subscription products increased by approximately $5.0 million, or 28 percent, over the prior year quarter due to a higher number of subscribers and more courseware consumption by subscribers. Revenues in the second quarter of 2013 were positively influenced by courseware subscriptions associated with ICD-10 training. Revenues from SimVentures, our collaborative arrangement with Laerdal Medical A/S, increased by $410,000, or 105 percent, over the prior year second quarter to $802,000 due, in part, to the fulfillment of backorders of a recently upgraded product. Revenues from our credentialing software product (which was acquired through the Sy.Med Development acquisition in October 2012 and is not an Internet-based product) contributed $1.1 million during the second quarter of 2013. Revenues from project-based services decreased $636,000 from the prior year quarter due to the completion of a large content development project.

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