HealthStream Announces First Quarter 2012 Results

HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning and research solutions for the healthcare industry, announced today results for the first quarter ended March 31, 2012.

Highlights:
  • Revenues of $23.7 million in the first quarter of 2012, up 28% over the first quarter of 2011
  • Operating income of $2.3 million in the first quarter of 2012, compared to $2.6 million in the first quarter of 2011: annual customer Summit net costs of approximately $520,000 incurred in the first quarter of 2012 versus the second quarter of 2011
  • Net income of $1.4 million in the first quarter of 2012, compared to net income of $1.5 million in the first quarter of 2011, and earnings per share (EPS) of $0.05 per share in the first quarter of 2012, compared to EPS of $0.07 per share in the first quarter of 2011
  • Adjusted EBITDA 1 of $4.1 million in the first quarter of 2012, up 8% from $3.8 million in the first quarter of 2011

Financial Results:

First Quarter 2012 Compared to First Quarter 2011

Revenues for the first quarter of 2012 increased $5.2 million, or 28 percent, to $23.7 million, compared to $18.5 million for the first quarter of 2011. Revenues for HealthStream Learning and HealthStream Research grew by 37 percent and six percent, respectively, over the prior year first quarter.

Revenues from HealthStream Learning increased by $4.9 million, or 37 percent, when compared to the first quarter of 2011. Revenues from our Internet-based subscription products increased by approximately $3.5 million, or 28 percent, over the prior year quarter due to a higher number of subscribers and more courseware consumption by subscribers. Revenues from project-based services increased $595,000 over the prior year quarter. SimVentures, our collaborative arrangement with Laerdal Medical A/S, delivered $374,000 in revenues in the first quarter of 2012, which compares to no revenue in the first quarter of 2011.

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