HealthStream Announces Fourth Quarter & Full Year 2011 Results
NASHVILLE, Tenn.--(BUSINESS WIRE)--
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 EBITDA1 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 EBITDA1 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.
Revenues from HealthStream Learning increased by $3.7 million, or 31
percent, when compared to the fourth quarter of 2010. Revenues from our
Internet-based subscription products increased by approximately $3.0
million, or 26 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 $380,000 over the prior
year quarter. SimVentures—our collaborative arrangement with Laerdal
Medical A/S recognizing its first revenues from new products in the
second quarter of 2011—delivered $355,000 in revenues in the fourth
quarter of 2011.
Revenues from HealthStream Research increased by $517,000, or nine
percent, when compared to the fourth quarter of 2010. Revenues from
Patient Insights™ surveys—a survey research product that generates
recurring revenues—increased by $614,000, or 15 percent, when compared
to the fourth quarter of 2010. Revenues from other surveys, which are
conducted on annual or bi-annual cycles, decreased by approximately
$97,000, or seven percent, when compared to the fourth quarter of 2010.
Cost of revenues (excluding depreciation and amortization) approximated
39 percent of revenues for the fourth quarter of 2011 compared to 37
percent of revenues for the fourth quarter of 2010. In the aggregate,
all other operating expenses increased by $1.0 million, or 10 percent,
over the prior year fourth quarter.
Operating income for the fourth quarter of 2011 increased by 85 percent
to $3.0 million, compared to $1.6 million for the fourth quarter of
2010, primarily resulting from the strong revenue growth mentioned above.
Net income for the fourth quarter of 2011 was $1.8 million, or 49
percent, above net income of $1.2 million in the fourth quarter of 2010.
Earnings per share were $0.07 per share (diluted) in the fourth quarter
of 2011, an increase of 40 percent over $0.05 per share (diluted) for
the fourth quarter of 2010.
Adjusted EBITDA (which we define as net income before interest, income
taxes, share-based compensation, and depreciation and amortization) was
$4.7 million for the fourth quarter of 2011, an increase of 63 percent
when compared to $2.9 million for the fourth quarter of 2010.
Year-to-Date 2011 Compared to Year-to-Date 2010
For 2011, revenues were $82.1 million, an increase of 25 percent over
revenues of $65.8 million in 2010. Operating income for 2011 improved by
61 percent to $11.3 million, compared to $7.1 million for 2010. Net
income for 2011 increased by 67 percent to $6.9 million, compared to
$4.2 million for 2010. Earnings per share for 2011 increased by 61
percent to $0.29 per share (diluted), compared to $0.18 per share
(diluted) for 2010.
Other Financial Indicators
At December 31, 2011, the Company had cash and marketable securities of
$89.5 million, compared to $30.3 million at September 30, 2011 and $23.6
million at December 31, 2010. The increase in cash and marketable
securities balances resulted primarily from the issuance of
approximately 3.6 million shares of our common stock in an underwritten
public offering, raising approximately $55 million. Capital expenditures
totaled $1.5 million for the fourth quarter of 2011.
Our days sales outstanding (DSO), which we calculate by dividing the
accounts receivable balance, excluding unbilled and other receivables,
by average daily revenues for the quarter, approximated 67 days for the
fourth quarter of 2011 compared to 58 days for the fourth quarter of
2010 and 59 days for the third quarter of 2011. The increase in DSO is
primarily due to higher balances with several customers that were billed
in advance for annual fees rather than on a monthly subscription basis.
HealthStream Learning Update
HealthStream provides a range of software-as-a-service (SaaS) delivered
solutions for training & developing healthcare professionals; competency
management; performance appraisal and management;
authoring/self-publishing courseware; managing simulation-based
education programs; and offering learning activities sponsored by
pharmaceutical and medical device companies. By using our solutions,
healthcare providers can improve their clinical and business outcomes,
create safer hospitals, and deliver excellence in patient care.
At December 31, 2011, approximately 2,572,000 healthcare professionals
were fully implemented to use our Internet-based HLC for training and
education. This number is up from approximately 2,250,000 fully
implemented users at December 31, 2010. The total number of contracted
subscribers at December 31, 2011 was approximately 2,749,000, up from
approximately 2,450,000 at December 31, 2010. "Contracted subscribers"
include both the 2,572,000 subscribers already implemented and the
177,000 subscribers in the process of implementation.
Customers representing approximately 101 percent of subscribers that
were up for renewal in the fourth quarter of 2011 renewed, while our
renewal rate based on the annual contract value was approximately 110
percent. Our renewal rates reflect the addition of subscribers compared
to previously contracted amounts combined with any pricing adjustments
that may occur at renewal. The renewal rates for the fourth quarter of
2011 compare to a subscriber renewal rate of 99 percent and an annual
contract value renewal rate of 91 percent during the fourth quarter of
2010.
For the trailing four quarters ended December 31, 2011, customers
representing approximately 99 percent of subscribers that were up for
renewal did renew during the trailing four quarter period, while our
renewal rate based on the annual contract value was approximately 106
percent. The trailing four quarter renewal measurements are calculated
on the same basis as the quarter results.
In late January 2012, HealthStream and Laerdal Medical—through their
collaborative arrangement: SimVentures—announced the launch of
SimManager, a SaaS application for managing simulation-based training,
and SimView™, a powerful new debriefing system for simulation—based
training. SimManager simplifies administrative tasks; it is a
comprehensive application for managing all aspects of a simulation-based
training program. Scheduling training, assigning learning activities,
coordinating instructor schedules, tracking progress, delivering
reports, and managing the logistics of simulation rooms and equipment
are all streamlined through the use of SimManager. SimView enables users
of advanced patient simulators to easily capture simulation video,
audio, data logs, and "patient" responses, creating a powerful tool to
optimize learning and enhance assessment. Both were debuted in San
Diego, California at the International Meeting for Simulation in
Healthcare in January 2012.
HealthStream Research Solutions Update
We support healthcare organizations with research solutions that provide
valuable insight about patients' experiences, workforce engagement,
physician relations, and community perceptions of hospital services.
This insight, in turn, provides data-driven roadmaps for organizational
and workforce development—which can be achieved through HealthStream's
learning solutions. Our primary research solutions include Patient
Insights™, Employee Insights™, Physician Insights™, and Community
Insights™ surveys that deliver insight, analysis, and industry
benchmarks to healthcare organizations.
In the fourth quarter of 2011, HealthStream launched the Clinicians &
Groups Consumer Assessment of Healthcare Providers Survey (CG-CAHPS).
With the increasing number of newly formed patient centered medical
homes (PCMHs), the need for measuring patient experiences of care
received in physician and clinical group offices is growing. The
National Committee for Quality Assurance requires the measurement of
patient experiences in one of its six standards for being recognized as
a PCMH. Similarly, CG-CAHPS are also a required component in the
formation of an accountable care organization (ACO). Multiple versions
of our CG-CAHPS are available to meet different needs.
HCAHPS Monitor, a mobile application (app) enabling Apple iPad and
iPhone users to compare hospital HCAHPS scores, was launched by
HealthStream in December 2011. Through HCAHPS Monitor, meaningful
comparisons of hospitals' performance—based on patients' reported
experiences—can be made relative to national and state averages, as well
as any local market. The new app, available for free download from
Apple's App Store at http://itunes.apple.com/us/app/healthstream-hcahps-monitor/id466282654?mt=8,
utilizes the most recent HCAHPS data made publicly available by the U.S.
Centers for Medicare and Medicaid Services (CMS).
Follow-on Public Offering of HealthStream Common Stock
On November 23, 2011, we completed our public offering of 3,587,500
shares of our common stock. The net proceeds to the Company were
approximately $55 million. William Blair & Company, LLC served as the
sole book-running manager of the public offering, and Avondale Partners,
LLC and Craig-Hallum Capital Group, LLC served as co-managers of the
public offering.
Financial Outlook for 2012
The Company anticipates that consolidated revenues for the full year
2012 will grow by 21 percent to 25 percent when compared to the full
year 2011. We anticipate revenue growth in the Learning segment to be in
the 28 percent to 32 percent range and the Research segment's revenue to
increase by approximately six percent to nine percent.
We expect that operating income will increase between 20 percent and 26
percent for the full year of 2012 versus our 2011 results.
We believe that equivalent shares for purposes of calculating diluted
earnings per share will be between 27.4 million and 27.6 million as a
result of our follow-on offering in November 2011. We anticipate that
our effective book income tax rate will be between 39 percent and 40
percent. Actual tax payments will be substantially less than our income
tax provision as we continue to utilize our federal and state net
operating loss carry-forwards of approximately $14.5 million and $12.6
million, respectively, to offset taxable income.
We expect that capital expenditures, including hardware, software,
capitalized software development and additional office space will range
between $8.0 and $9.0 million during the full year of 2012.
"2011 was an outstanding year both financially and operationally for
HealthStream," said Robert A. Frist, Jr., chief executive officer,
HealthStream. "Compared to the prior year, top-line revenues increased
25 percent, while net income grew 67 percent and operating income grew
61 percent. Important operational objectives were achieved in 2011,
including the launch of SimCenter, the expansion of our learning
eco-system to include approximately 30 additional content partners, and
the continued growth of our suite of SaaS-based solutions for hospitals
to develop their workforce. As we move forward in 2012, our financial
positioning is strengthened with a strong cash balance—both from organic
growth and our follow-on public offering of our common stock in November
that raised approximately $55 million, bringing our cash and marketable
securities balance to $89.5 million. I believe our results for 2011
provide a foundation for dynamic growth opportunities for 2012 and
beyond."
A conference call with Robert A. Frist, Jr., chief executive officer,
Gerard M. Hayden, Jr., senior vice president and chief financial
officer, and Mollie Condra, associate vice president of investor
relations and corporate communications, will be held on Wednesday,
February 22, 2012 at 9:00 a.m. (EDT). To listen to the conference,
please dial 877-647-2842 (no conference ID needed) if you are calling
within the domestic U.S. or Canada. If you are an international caller,
please dial 914-495-8564 (no conference ID needed). The conference may
also be accessed by going to http://ir.healthstream.com/events.cfm
for the simultaneous Webcast of the call, which will subsequently
be available for replay. The replay telephone numbers are 855-859-2056
(conference ID #52224112) for U.S. and Canadian callers and 404-537-3406
(conference ID #52224112) for international callers.
About HealthStream
HealthStream (NASDAQ: HSTM) is dedicated to improving patient outcomes
through the development of healthcare organizations' greatest asset:
their people. Our unified suite of software-as-a-service (SaaS)
solutions are used by, collectively, over 2.7 million healthcare
employees in the U.S. for training & learning management, talent
management, performance assessment, and managing simulation-based
education programs. Our research solutions provide valuable insight to
healthcare providers to meet HCAHPS requirements, engage their
workforce, and enhance physician alignment. Based in Nashville,
Tennessee, HealthStream has an additional office in Laurel, Maryland.
For more information, visit http://www.healthstream.com
or call 800-933-9293.
1 Adjusted EBITDA is a non-GAAP financial measure. A
reconciliation of adjusted EBITDA to net income is included in this
release.
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HEALTHSTREAM, INC.
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Summary Financial Data
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(In thousands, except per share data)
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Three Months Ended
December 31,
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Year Ended
December 31,
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2011
|
|
2010
|
|
2011
|
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2010
|
|
Revenues
|
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$
|
21,891
|
|
$
|
17,640
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|
|
$
|
82,066
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$
|
65,754
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|
|
|
|
|
|
|
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Operating expenses:
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Cost of revenues (excluding depreciation and amortization)
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8,443
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|
6,548
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|
|
|
31,066
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|
|
24,191
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|
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Product development
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1,829
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|
|
1,990
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|
|
|
7,473
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|
|
6,989
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|
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Sales and marketing
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4,343
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|
|
3,685
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|
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16,017
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|
|
13,054
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Other general and administrative
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|
|
2,751
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|
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2,696
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|
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10,760
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|
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9,581
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|
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Depreciation and amortization
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|
1,544
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|
|
1,111
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|
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5,412
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|
|
4,880
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|
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Total operating expenses
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18,910
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|
|
16,030
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|
|
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70,728
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|
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58,695
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|
|
|
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|
|
|
|
|
|
|
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Operating income
|
|
|
2,981
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|
|
1,610
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|
|
|
11,338
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|
|
7,059
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|
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Other income (expense)
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|
|
2
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|
|
(2
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)
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|
|
10
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|
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(21
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)
|
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Income before income taxes
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|
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2,983
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|
|
1,608
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|
|
|
11,348
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|
|
7,038
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|
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Income tax provision
|
|
|
1,191
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|
|
404
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|
|
|
4,404
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|
|
2,884
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|
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Net income
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$
|
1,792
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|
$
|
1,204
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|
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$
|
6,944
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$
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4,154
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Net income per share:
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Net income per share, basic
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$
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0.08
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$
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0.06
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|
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$
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0.31
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$
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0.19
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|
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Net income per share, diluted
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$
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0.07
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$
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0.05
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|
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$
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0.29
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$
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0.18
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Weighted average shares outstanding:
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Basic
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23,776
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|
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21,790
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|
|
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22,445
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|
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21,767
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Diluted
|
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25,176
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|
|
22,878
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|
|
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23,748
|
|
|
22,488
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HealthStream, Inc.
|
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Condensed Consolidated Balance Sheets
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(In thousands)
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December 31,
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December 31,
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2011
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2010(1)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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76,904
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$
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17,868
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Marketable securities — short term
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6,552
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5,703
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Accounts and unbilled receivables, net(2)
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17,330
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12,383
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Prepaid and other current assets
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5,213
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|
|
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4,880
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Deferred tax assets, current
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5,080
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3,437
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Total current assets
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111,079
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44,271
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Marketable securities — long term
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|
5,996
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|
--
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Capitalized software development, net
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7,940
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4,333
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Property and equipment, net
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6,087
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|
|
3,825
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Goodwill and intangible assets, net
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23,104
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|
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|
23,991
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Deferred tax assets, non-current
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|
--
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|
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5,347
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Other assets
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31
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244
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Total assets
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$
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154,237
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$
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82,011
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
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Accounts payable, accrued and other liabilities
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$
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9,689
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$
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8,006
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Deferred revenue
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22,759
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16,740
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Total current liabilities
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32,448
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24,746
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Deferred tax liabilities, non-current
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323
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--
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Other long-term liabilities
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551
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474
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Total liabilities
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33,322
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25,220
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Shareholders' equity:
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Common stock
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154,409
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97,227
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Comprehensive loss
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(7
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)
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|
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(5
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Accumulated deficit
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(33,487
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)
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(40,431
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)
|
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Total shareholders' equity
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120,915
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|
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56,791
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Total liabilities and shareholders' equity
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$
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154,237
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$
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82,011
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|
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(1) Derived from audited financial statements contained
in the Company's filing on Form 10-K for the year ended December
31, 2010.
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(2) Includes unbilled receivables of $1,316 and $1,314
and other receivables of $0 and $14 at December 31, 2011 and 2010,
respectively.
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HealthStream, Inc.
|
|
Condensed Consolidated Statement of Cash Flows
|
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(In thousands)
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|
|
|
|
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Year Ended
|
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|
|
December 31,
|
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December 31,
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|
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2011
|
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2010
|
|
|
|
|
|
|
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Operating activities:
|
|
|
|
|
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Net income
|
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$
|
6,944
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$
|
4,154
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
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Depreciation and amortization
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5,412
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|
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4,880
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Deferred income taxes
|
|
|
4,048
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|
|
2,674
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|
Share-based compensation
|
|
|
788
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|
|
664
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Excess tax benefits from equity awards
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|
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(21)
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|
|
--
|
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Provision for doubtful accounts
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50
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65
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Changes in assets and liabilities:
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Accounts and unbilled receivables
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(4,997)
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|
|
(1,232)
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Prepaid and other assets
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|
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(251)
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|
|
(1,442)
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Accounts payable, accrued and other liabilities
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|
|
1,764
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|
|
1,847
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Deferred revenue
|
|
|
6,018
|
|
|
4,507
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|
Net cash provided by operating activities
|
|
|
19,755
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|
|
16,117
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|
|
|
|
|
|
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Investing activities:
|
|
|
|
|
|
Changes in marketable securities
|
|
|
(6,928)
|
|
|
(5,710)
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Purchases of property and equipment
|
|
|
(4,115)
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|
|
(2,623)
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Payments associated with capitalized software development
|
|
|
(6,065)
|
|
|
(2,044)
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|
Net cash used in investing activities
|
|
|
(17,108)
|
|
|
(10,377)
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|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
55,131
|
|
|
--
|
|
Proceeds from exercise of stock options
|
|
|
1,242
|
|
|
536
|
|
Excess tax benefits from equity awards
|
|
|
21
|
|
|
--
|
|
Repurchase of common stock
|
|
|
--
|
|
|
(379)
|
|
Payments on capital leases and note payable
|
|
|
(5)
|
|
|
(316)
|
|
Net cash provided by financing activities
|
|
|
56,389
|
|
|
(159)
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
59,036
|
|
|
5,581
|
|
Cash and cash equivalents at beginning of period
|
|
|
17,868
|
|
|
12,287
|
|
Cash and cash equivalents at end of period
|
|
$
|
76,904
|
|
$
|
17,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA
|
|
(In thousands, except per share data)
|
|
|
|
Income before interest, taxes, share-based compensation,
depreciation and amortization, or adjusted EBITDA(1):
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net income
|
|
$
|
1,792
|
|
|
$
|
1,204
|
|
|
$
|
6,944
|
|
|
$
|
4,154
|
|
|
Interest income
|
|
|
(15
|
)
|
|
|
(7
|
)
|
|
|
(51
|
)
|
|
|
(19
|
)
|
|
Interest expense
|
|
|
13
|
|
|
|
10
|
|
|
|
48
|
|
|
|
41
|
|
|
Income tax provision
|
|
|
1,191
|
|
|
|
404
|
|
|
|
4,404
|
|
|
|
2,884
|
|
|
Share-based compensation expense
|
|
|
191
|
|
|
|
165
|
|
|
|
788
|
|
|
|
664
|
|
|
Depreciation and amortization
|
|
|
1,544
|
|
|
|
1,111
|
|
|
|
5,412
|
|
|
|
4,880
|
|
|
Adjusted EBITDA
|
|
$
|
4,716
|
|
|
$
|
2,887
|
|
|
$
|
17,545
|
|
|
$
|
12,604
|
|
|
|
|
|
|
(1) In order to better assess the Company's financial
results, management believes that income before interest, income
taxes, share-based compensation, depreciation and amortization
("adjusted EBITDA") is an appropriate measure for evaluating the
operating performance of the Company at this stage in its life
cycle because adjusted EBITDA reflects net income adjusted for
non-cash and non-operating items. Adjusted EBITDA is also used by
many investors to assess the Company's results from current
operations. Adjusted EBITDA is a non-GAAP financial measure and
should not be considered as a measure of financial performance
under generally accepted accounting principles. Because adjusted
EBITDA is not a measurement determined in accordance with
generally accepted accounting principles, it is susceptible to
varying calculations. Accordingly, adjusted EBITDA, as presented,
may not be comparable to other similarly titled measures of other
companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
This press release includes certain forward-looking statements
(statements other than solely with respect to historical fact),
including statements regarding expectations for the financial
performance for 2012 that involve risks and uncertainties regarding
HealthStream. These statements are based upon management's beliefs, as
well as assumptions made by and data currently available to management.
This information has been, or in the future may be, included in reliance
on the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such results or events
predicted in these statements may differ materially from actual future
events or results. The forward-looking statements are subject to
significant uncertainties and other risks referenced in the Company's
Annual Report on Form 10-K and in the Company's other filings with the
Securities and Exchange Commission. Consequently, such forward-looking
information should not be regarded as a representation or warranty by
the Company that such projections will be realized. Many of the factors
that will determine the Company's future results are beyond the ability
of the Company to control or predict. Readers should not place undue
reliance on forward-looking statements, which reflect management's views
only as of the date hereof. The Company undertakes no obligation to
update or revise any such forward-looking statements.
HealthStream, Inc.
Gerard M. Hayden, Jr., 615-301-3163
Chief
Financial Officer
ir@healthstream.com
or
Media:
Mollie
Condra, Ph.D., 615-301-3237
Associate Vice President, Investor
Relations & Communications
mollie.condra@healthstream.com
Source: HealthStream, Inc.
News Provided by Acquire Media
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