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HealthStream Announces Third 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 third quarter ended September 30, 2013.

Highlights:
  • Revenues of $33.7 million in the third quarter of 2013, up 28% from revenues of $26.4 million in the third quarter of 2012
  • Operating income of $3.9 million in the third quarter of 2013, up four percent from operating income of $3.7 million in the third quarter of 2012
  • Net income of $2.3 million in the third quarter of 2013, up 16% from net income of $2.0 million in the third quarter of 2012, and earnings per share (EPS) of $0.08 per share (diluted) in the third quarter of 2013, compared to EPS of $0.07 in the third quarter of 2012
  • Adjusted EBITDA 1 of $6.3 million in the third quarter of 2013, up 10% from $5.7 million in the third quarter of 2012
  • Acquired substantially all of the assets of Baptist Leadership Group on September 9, 2013

Financial Results:

Third Quarter 2013 Compared to Third Quarter 2012

Revenues for the third quarter of 2013 increased $7.3 million, or 28 percent, to $33.7 million, compared to $26.4 million for the third quarter of 2012.

Revenues from HealthStream Learning & Talent Management increased by $6.2 million, or 31 percent, when compared to the third quarter of 2012. Revenues from our Internet-based subscription products increased by approximately $5.4 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 third quarter of 2013 were positively influenced by courseware subscriptions associated with, among other products, ICD-10 training. Revenues from ICD-10 training were approximately $3.9 million in the third quarter of 2013, up $3.3 million over the prior year third quarter. Revenues from our credentialing software product, an installed solution, contributed $1.0 million during the third quarter of 2013. Revenues from SimVentures, our collaborative arrangement with Laerdal Medical A/S, increased by $146,000, or 35 percent, over the prior year third quarter to $565,000. Revenues from project-based services decreased $220,000 from the prior year quarter due to fewer content development projects.

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