HealthStream Announces Fourth Quarter & Full Year 2011 Results

HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning and research solutions for healthcare organizations, announced today results for the fourth quarter and full year ended December 31, 2011.

Highlights:

Fourth Quarter
  • Revenues of $21.9 million, up 24% from revenues of $17.6 million in the fourth quarter of 2010
  • Operating income of $3.0 million, up 85% from operating income of $1.6 million in the fourth quarter of 2010
  • Net income of $1.8 million, up 49% from net income of $1.2 million in the fourth quarter of 2010
  • Earnings per share (EPS) of $0.07 per share (diluted) in the fourth quarter of 2011, up 40% from EPS of $0.05 per share (diluted) in the fourth quarter of 2010
  • Adjusted EBITDA 1 of $4.7 million in the fourth quarter of 2011, up 63% from $2.9 million in the fourth quarter of 2010
  • Approximately $55 million raised in follow-on public offering of approximately 3.6 million shares of HealthStream common stock

Full Year
  • Revenues for the year of $82.1 million, up 25% from revenues of $65.8 million over 2010
  • Operating income of $11.3 million, up 61% from operating income of $7.1 million in 2010
  • Net income of $6.9 million, up 67% from net income of $4.2 million for 2010
  • EPS of $0.29 per share (diluted) for 2011, up 61% from EPS of $0.18 per share (diluted) for 2010
  • Adjusted EBITDA 1 of $17.5 million for 2011, up 39% from $12.6 million for 2010
  • 2,572,000 healthcare professional subscribers fully implemented on our Internet-based learning network at December 31, 2011, up 14% from 2,250,000 at December 31, 2010

Financial Results:

Fourth Quarter 2011 Compared to Fourth Quarter 2010

Revenues for the fourth quarter of 2011 increased $4.3 million, or 24 percent, to $21.9 million, compared to $17.6 million for the fourth quarter of 2010. Revenues for HealthStream Learning and HealthStream Research grew by 31 percent and nine percent, respectively, over the prior year fourth quarter.

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