Streamline Health Solutions (STRM)

Q4 2010 Earnings Call

April 12, 2011 4:30 pm ET


Richard Leach - Chief Marketing Officer

Robert Watson - Chief Executive Officer and President

Robert Blum - Lytham Partners

Donald Vick - Interim Chief Financial Officer, Interim Corporate Secretary, Interim Treasurer and Controller


Sam Rebotsky - SER Asset Management

William Bunn



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Good afternoon, and welcome to the Streamline Health Solutions Fourth Quarter Fiscal Year 2010 Financial Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Robert Blum. Please go ahead.

Robert Blum

Thank you, Amy, and thank you for joining us to review the financial results of Streamline Health Solutions for the fourth quarter of fiscal year 2010, which ended January 31, 2011. As the conference call operator indicated, my name is Robert Blum. I'm with Lytham Partners. We are the Investor Relations consulting firm for Streamline Health.

With us on the call representing the company today are Bob Watson, President and Chief Executive Officer; Don Vick, Interim Chief Financial Officer; Gary Winzenread, Senior Vice President and Chief Operating Officer; and Rick Leach, Senior Vice President and Chief Marketing 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 the release, you can retrieve it from the company’s website at or numerous financial websites.

Before we begin with prepared remarks, we submit for the record the following statement. Statements made by the management team of Streamline Health Solutions during the course of this conference call that are not historical facts are considered to be forward-looking statements subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for such forward-looking statements. The words believe, expect, anticipate, estimate, will, and other similar statements of expectation identify forward-looking statements. The forward-looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements included herein.

These risks and uncertainties include, but are not limited to, the impact of competitive products and pricing; product demand and market acceptance; new product development; key strategic alliances with vendors that resell the company's products; the ability of the company to control costs; availability of products produced from third-party vendors; the healthcare regulatory environment; healthcare information systems budgets; availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems; fluctuations in operating results and other risks detailed from time to time in the Streamline Health Solutions' filings with the U.S. Securities and Exchange Commission.

Participants on this call are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

With that said, let me turn the call over to Bob Watson, President and Chief Executive Officer of Streamline Health Solutions. Bob?

Robert Watson

Thank you, Robert, and good afternoon to all of you participating on today's call. All of us at Streamline Health appreciate your continued interest in and support of the company. Thank you for your time today.

As most of you know, I recently joined the company as President and Chief Executive Officer. In the 10 weeks since my appointment, I've spent the majority of my time reviewing the company's core technologies, operations and personnel, with an eye toward developing a strategic business plan that leverages the competitive advantages of our technology and services, while matching those competitive advantages with the right human capital to advance this company in the coming year.

I've also had opportunity to meet many of our clients during this period. As a result of those meetings, one of the primary areas of focus for this management team as we move forward together is to leverage our relationships with those clients to guide our product development and to ensure their satisfaction, and ultimately, their retention. As it relates to my background, I have over 20 years in the healthcare information technology industry. The details of my career history are available on our website, but it is worthy to note that this is the fourth time in my career when I have joined a team as the replacement for a founder CEO at the request of a Board of Directors.

As I noted a moment ago, I have engaged in a thorough review of the company. Based upon that review, I am convinced that Streamline has a solid portfolio of products and services that will enable healthcare organizations to drive operational and financial efficiencies, while substantially assisting and meeting the requirements of meaningful use as outlined in the HITECH [Health Information Technology for Economic and Clinical Health] Act. By meeting meaningful use, these healthcare organizations will become eligible for significant incentive payments.

I have concluded that the well-documented global push to the electronic medical record confirms the long-term relevancy of our product set. You cannot complete electronic records without the capture, storage and intelligent distribution of the enormous quantities of unstructured data: some on paper, some in the form of web-based forms, some coming from certain medical devices that exist at all touch points in the patient care continuum. Our track record of successful and meaningful integration with the legacy EMR vendors, GE, Cerner, Allscripts and Epic, for example, is a clear and demonstrable advantage of our product positioning in the marketplace.

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