The following is a summary of the HealthStream, Inc. (HSTM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• HealthStream achieved record revenue of $72.8 million, a 6% increase, and adjusted EBITDA of $17.1 million, up 24% for Q1 of 2024.

• Subscription revenues accounted for 96% of total revenues, showing a growth of 6%.

• Maintained their financial guidance ranges for the full year of 2024.

• Ended the quarter with $83.7 million in cash and investments, a $12.6 million increase from the previous quarter.

• Free cash flows saw an improvement by 9%, equal to $1.1 million.

Business Progress:

• HealthStream developed advanced commerce capabilities to facilitate various levels of purchasing, and has seen a boost in one-time license sales.

• Entered the nursing school market with plans for full roll-out of the HealthStream platform by Q2.

• The ShiftWizard SaaS scheduling solution continues to grow, reinforced by its integration with other hStream applications.

• Expanded its business into the payer market with a new customer, Arkansas Blue Cross Blue Shield.

• HealthStream's emphasis shifted towards the enterprise-level purchasing of their products while maintaining a focus on individual and department-level tools.

• Efforts on product renewals, new product addition, and customer relationship broadening have been increased.

• Business strategy includes migration of customers from legacy platforms to SaaS stacks.

• They are considering additional metrics for reporting, discounting expansion into new business areas.

More details: HealthStream IR

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