SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  For example, here is how to disable FireFox ad content blocking while on Silicon Investor.

   Biotech / MedicalHealthStream (HSTM)


Next 10 
From: JakeStraw4/24/2006 10:02:49 AM
   of 21
 
HSTM downgraded today by Avondale Partners from Market Outperform to Market Perform

Share RecommendKeepReplyMark as Last Read


From: JakeStraw4/26/2006 8:03:24 AM
   of 21
 
HealthStream Announces First Quarter 2006 Results
biz.yahoo.com
Tuesday April 25, 4:30 pm ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--April 25, 2006--HealthStream, Inc. (NASDAQ/NM:HSTM):

Highlights:

Revenues of $7.5 million in the first quarter of 2006, up 32% over the first quarter of 2005
Net income of $658,000 in the first quarter of 2006, compared to $144,000 in the first quarter of 2005
EBITDA of $1.3 million in the first quarter of 2006, compared to $661,000 in the first quarter of 2005
1,259,000 healthcare professional subscribers fully implemented on our Internet-based learning network at March 31, 2006
Sixth Annual Learning Summit held in April with over 700 healthcare education attendees
HealthStream, Inc. (NASDAQ/NM:HSTM - News), a leading provider of learning solutions for the healthcare industry, announced today results for the first quarter ended March 31, 2006.

Financial Results:

First Quarter 2006 Compared to First Quarter 2005

Revenues for the first quarter of 2006 increased by $1.8 million, or 32 percent, to $7.5 million, compared to $5.7 million for the first quarter of 2005. Revenue increases of $1.2 million resulted primarily from the March 28, 2005 acquisition of Data Management and Research, Inc. (DMR). Revenues from our HealthStream Learning Center(TM) (HLC) subscriber base increased $429,000, or 15 percent, while courseware subscription revenues were up modestly compared to the prior year quarter. Revenues from our pharmaceutical and medical device business increased modestly over the prior year quarter, primarily associated with live events, but was somewhat offset by declines in other project-based services.

The portion of revenues derived from our Internet-based subscription products, which includes revenues from the HLC, courseware subscriptions, online training services (RepDirect(TM)), and HospitalDirect(TM), increased by $532,000, or 14 percent over the prior year quarter. Since DMR products are not Internet-based, the percentage of total revenues from Internet-based subscription products approximated 59 percent for the first quarter of 2006, down from 68 percent during the first quarter of 2005.

Gross margins, which we define as revenues less cost of revenues (excluding depreciation and amortization) divided by revenues, improved to 66 percent for the first quarter of 2006 from approximately 64 percent for the first quarter of 2005. This improvement is a result of the increased revenues associated with our HLC subscriber base. Cost of revenues increases were associated with DMR revenues, increased royalties paid by us, and increased direct costs associated with live events.

Net income for the first quarter of 2006 was $658,000, or $0.03 per share (basic and diluted), compared to $144,000, or $0.01 per share (basic and diluted), for the first quarter of 2005. The increase over 2005 resulted from the addition of DMR, as well as improvements in HLC revenues, but was partially offset by $149,000 of share-based compensation expense resulting from the adoption of SFAS 123R during the first quarter of 2006.

EBITDA (which we define as earnings before interest, taxes, share-based compensation, depreciation, and amortization) improved to earnings of $1.3 million for the first quarter of 2006, compared to $661,000 for the first quarter of 2005. This improvement is consistent with the factors mentioned above.

Other Financial Indicators

At March 31, 2006, the Company had cash, investments, and related interest receivable of $12.0 million, compared to $12.2 million at December 31, 2005. This decrease resulted from pass-through payments associated with live events (which will be reimbursed during the remainder of 2006), capital expenditures and feature enhancements, as well as payments of year-end bonuses to employees. Cash receipts from customers partially offset these uses of cash.

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) improved to 60 days for the first quarter of 2006 from approximately 66 days for the first quarter of 2005. This year over year improvement is the result of the full quarter impact of DMR during 2006, but was somewhat offset by longer collection cycles from PMD customers.

Hospital-based Customer Channel (HCO) Update

Our learning solutions are helping healthcare organizations improve their required regulatory training, while also offering an opportunity to train their employees in multiple clinical areas. In addition, our products are designed to improve knowledge of medical devices, thereby improving patient safety and reducing organizational risks.

At March 31, 2006, approximately 1,259,000 healthcare professionals were fully implemented to use our Internet-based HealthStream Learning Center(TM) for training and education. This number is up from approximately 1,084,000 at March 31, 2005, a 16 percent increase. The total number of contracted subscribers at March 31, 2006 was approximately 1,324,000, up from 1,170,000 at March 31, 2005, a 13 percent increase. "Contracted subscribers" include both those already implemented (1,259,000) and those in the process of implementation (65,000). Revenue recognition commences when a contract is fully implemented.

During the first quarter, we experienced a significant increase over the same quarter prior year in the volume of our HealthStream Learning Center customers' accounts that were up for renewal. We measure our renewal rates by the number of full time equivalents (FTEs) renewed and by the annual contract value renewed. For the quarter ended March 31, 2006, approximately 93 percent of FTEs renewed, and the annual contract value renewal rate was approximately 100 percent.

We are continuing our discussions with HCA regarding a revised longer-term agreement. Our current agreement with HCA was automatically renewed on October 1, 2005 in accordance with its terms, for one year, following the expiration of the initial four-year term. Either party may terminate the agreement upon 45-days notice to the other party.

Learning Summit 2006: Review

In support of learning in healthcare organizations, HealthStream held its sixth Annual Learning Summit for its existing and prospective customers on April 18 - 21, 2006 in Nashville, Tennessee. Attended by a record 710 participants, representing 46 states, the Summit offered insight from thought leaders in healthcare education, provided updates on industry trends, and provided a forum for participants to exchange ideas with their peers. Sessions were held with key accounts, while HealthStream's senior relationship managers and client executives held customer meetings throughout the event. Twenty-two industry vendors exhibited their products to the Summit participants at this unique gathering of healthcare educators--the largest of its kind in the healthcare industry.

At the Summit, the "next generation" HealthStream Learning Center (HLC) was introduced, giving our customers a preview of a robust set of enhancements that will be provided as part of the base HLC subscription. The enhancements will be rolled out in the second half of 2006. Driven by our customers' needs, these enhancements include many new features, as well as powerful capabilities to support new, add-on products.

HealthStream announced three upcoming new products, each expected to begin being marketed and sold in the second half of 2006. HealthStream's Virtual Class(TM) will provide customers with an application to provide real-time, synchronous courses for their students. Fully integrated with the HLC, Virtual Class will be powered by Microsoft Office Live Meeting.

The second new product is HealthStream's Community Healthcare Education Center (CHEC), an application that will allow our customers to offer and manage healthcare education to their local communities. Developed in partnership with one of our customers, Sutter Health, CHEC provides a powerful tool for healthcare organizations to track, manage, and coordinate their educational initiatives to others outside of their facilities.

The third product offering announced at the Summit is HeartCode BLS and ACLS for healthcare providers. HealthStream will offer these online programs that incorporate the American Heart Association's (AHA) new 2005 guidelines for hospital-based healthcare professionals to obtain BLS and ACLS certification--as required by their organizations. HealthStream has partnered with Laerdal Medical Corporation, who shares a 10-year collaborative relationship with the AHA, to deliver these updated, microsimulation-driven programs designed to improve the effectiveness of the learning experience.

Pharmaceutical and Medical Device Customer Channel (PMD) Update

HealthStream works with its pharmaceutical and medical device company customers to develop education initiatives that reach hospital-based healthcare professionals. Our innovative learning solutions are also used by these customers in their product launch plans and in support of their sales training efforts.

Commercially supported by 50 pharmaceutical and medical device company customers, HealthStream offered 67 educational activities for OR nurses at the annual Association of periOperative Registered Nurses (AORN) Congress, held March 19 - 23, 2006 in Washington, D.C. For the second consecutive year, nurses who participated in these educational activities were given the option to complete the requirements for earning nursing contact hours online or offline.

Executive Personnel Announcements

As previously announced in our 2005 year-end earnings release, Arthur Newman was promoted to executive vice president, which became effective with the filing of our 2005 Form 10-K on March 30, 2006. He has served as HealthStream's chief financial officer and senior vice president since 2000, where he has played a key role in HealthStream's executive leadership. In his new role, Mr. Newman will assume executive leadership of all IT systems applications, customer services, and human resources.

Also previously announced in our 2005 year-end earnings release, Susan Brownie, previously senior vice president of finance and human resources, was promoted to chief financial officer and senior vice president, which also became effective with the filing of our Form 10-K. Since joining HealthStream in November 1999, Mrs. Brownie has had day-to-day responsibility for all accounting and financial operations, while also holding numerous leadership roles throughout the Company.

Financial Expectations

Revenues for the second quarter of 2006 are expected to approximate $7.8 to $8.0 million, an increase of approximately $1.0 to $1.2 million over the same quarter in the prior year. We expect our hospital-based survey and platform business will account for most of the increase over the prior year, while our pharmaceutical and medical device business is expected to be comparable with the prior year.

We anticipate slightly lower gross margins for the second quarter resulting from direct expenses associated with growth in our survey business as well as the impact of certain project-based services for the pharmaceutical and medical device business. We also expect increases of $0.4 million in marketing expenses associated with our annual Learning Summit during the second quarter. As noted in our previous guidance, we anticipate modest improvement in net income when compared to the same prior year quarter.

We continue to anticipate full year revenue growth of approximately 13 to 15 percent over 2005, with revenues for each quarter improving over the same quarter from the prior year. With the exception of the second quarter, we expect gross margins to be comparable to 2005 levels. We anticipate net income for the full year 2006 will be comparable to 2005, however, timing of survey business revenues during the second half of 2006 may result in variation when compared to 2005 quarterly results. We continue to estimate the impact of implementation of SFAS 123R will result in share-based compensation expense of $0.6 million for 2006.

Robert A. Frist, Jr., chief executive officer, commented, "Last week, HealthStream welcomed over 700 attendees to our sixth annual Learning Summit--and I can't remember a time that I have seen more enthusiasm for the role of learning in hospitals--and the impact it is having on our customers' workforce. At HealthStream, we share our customers' excitement over the next-generation HLC and new products that were announced at the Summit. Their initiatives are driving innovation that, we believe, will lead the industry."

Share RecommendKeepReplyMark as Last Read


From: JakeStraw4/26/2006 9:04:21 AM
   of 21
 
HealthStream to Present at RedChip Small-Cap Conference in Hollywood, Florida, April 28, 2006
biz.yahoo.com
Wednesday April 26, 8:30 am ET

ORLANDO, FL--(MARKET WIRE)--Apr 26, 2006 -- RedChip Visibility, a division of RedChip Companies, announced that HealthStream will be a presenting company at the RedChip Small Cap Investor Conference at the Hard Rock Hotel & Casino in Hollywood, Florida on April 28, 2006.

The Conference will feature 26 companies representing the following industries: Homeland Security, VOIP, Business Services, Alternative Energy, Computer Hardware, Natural Resources, and others. This is the first investor conference to be video streamed live. Investors all over the world will be able to see and hear presenters at the conference in real time on redchip.com. Additionally, Ray Dirks will give a keynote speaker presentation to attendees on his experiences exposing the Equity Funding Corporation scandal.

Those who would like to attend the conference are encouraged to visit redchip.com or call 1-800-Red-Chip (733-2447).

Share RecommendKeepReplyMark as Last Read


From: phatrx77/10/2006 4:57:17 PM
   of 21
 
They seem to be similar to FFBU - Fit For Business.

Share RecommendKeepReplyMark as Last Read


From: JakeStraw7/26/2006 9:34:49 AM
   of 21
 
HealthStream Announces Second Quarter 2006 Results
biz.yahoo.com
Tuesday July 25, 4:30 pm ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--July 25, 2006--HealthStream, Inc. (NASDAQ: HSTM):
Highlights:

Revenues of $8.2 million in the second quarter of 2006, up $1.4 million, or 21%, over the second quarter of 2005
Net income of $289,000 in the second quarter of 2006, compared to $23,000 in the second quarter of 2005
EBITDA of $1.0 million in the second quarter of 2006, compared to $740,000 in the second quarter of 2005
1,309,000 healthcare professional subscribers fully implemented on our Internet-based learning network at June 30, 2006
Established new $7.0 million line of credit
HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning solutions for the healthcare industry, announced today results for the second quarter ended June 30, 2006.

Financial Results:

Second Quarter 2006 Compared to Second Quarter 2005

Revenues for the second quarter of 2006 increased by $1.4 million, or 21 percent, to $8.2 million, compared to $6.8 million for the second quarter of 2005. Revenue increases of $1.2 million resulted from our hospital-based business and were split evenly between growth in survey and research products and our HealthStream Learning Center(TM) subscriber base. Courseware subscription revenues were up modestly compared to the prior year quarter. Revenues from our pharmaceutical and medical device business improved 20 percent over the prior year quarter, primarily associated with growth in live events of $212,000.

The portion of revenues derived from our Internet-based subscription products, which includes revenues from the HLC, courseware subscriptions, online training services (RepDirect(TM)), and HospitalDirect(TM), increased by $601,000, or 15 percent, over the prior year quarter. Since our survey and research products are not Internet-based, the percentage of total revenues from Internet-based subscription products decreased to 56 percent for the second quarter of 2006 from 59 percent for the second quarter of 2005, primarily due to the growth in our survey and research products mentioned above. Revenues from our survey and research products increased by 50 percent when compared to the second quarter of 2005.

Gross margins, which we define as revenues less cost of revenues (excluding depreciation and amortization) divided by revenues, declined to 62 percent for the second quarter of 2006 from 64 percent for the second quarter of 2005. This decline resulted from lower margins within our pharmaceutical and medical device business, primarily associated with a loss on a specific large live event held during the quarter. This decline was partially offset by improved gross margins associated with our Internet-based products and our research products, which resulted from the increases in revenues mentioned above.

Net income for the second quarter of 2006 was $289,000, or $0.01 per share (basic and diluted), compared to $23,000, or $0.00 per share (basic and diluted), for the second quarter of 2005. The improvement over 2005 primarily resulted from increased revenues and related gross margin from our hospital-based business, and was partially offset by the loss on the specific live event mentioned above. Our net income was also impacted by increased expense associated with our Sixth Annual Learning Summit held in April 2006, which was attended by a record number of customers and prospects. Spending for the Summit approximated $475,000 during the second quarter of 2006, compared to $350,000 for the second quarter of 2005. We also experienced increases in product development and account management expenses due to additional personnel as well as increased share-based compensation. Share-based compensation expense resulting from the adoption of SFAS 123R was $228,000 during the second quarter of 2006 compared to $0 for the second quarter of 2005. Depreciation and amortization expenses declined over the prior year quarter by $93,000 resulting from certain assets reaching the end of their useful lives.

EBITDA (which we define as earnings before interest, taxes, share-based compensation, depreciation, and amortization) improved to $1.0 million for the second quarter of 2006, compared to $740,000 for the second quarter of 2005. This improvement is consistent with the factors mentioned above.

Other Financial Indicators

At June 30, 2006, the Company had cash, investments, and related interest receivable of $13.4 million, compared to $12.0 million at March 31, 2006. The increase in cash and investment balances resulted from cash receipts from customers, including reimbursements of pass-through expenses which we paid during the first quarter of 2006, and cash proceeds from stock option exercises. Capital expenditures, investments in feature enhancements, increased costs associated with our Learning Summit, and the loss on a specific live event partially offset these cash increases.

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, improved to 47 days for the second quarter of 2006 from approximately 54 days for the second quarter of 2005. This improvement resulted from strong collections from both customer channels.

New Line of Credit

On July 21, 2006, HealthStream signed a new $7.0 million line of credit with SunTrust Bank. The line of credit agreement provides flexibility as we continue to invest in our learning platform and look to acquire complementary technologies and companies. The commitment from SunTrust Bank adds financial strength to fund the Company's growth strategy.

The unsecured note matures on July 21, 2009 and bears interest at a variable rate based on the 30 Day LIBOR Rate plus 150 basis points. Unused balances are subject to a 10 basis point commitment fee. The facility includes certain financial and other covenants, including a maximum leverage ratio and a minimum tangible net worth requirement.

Hospital-based Customer Channel (HCO) Update

Our learning solutions are helping healthcare organizations improve their required regulatory training, while also offering an opportunity to train their employees in multiple clinical areas. In addition, our products are designed to improve knowledge of medical devices, thereby improving patient safety and reducing organizational risks.

At June 30, 2006, approximately 1,309,000 healthcare professionals were fully implemented to use our Internet-based HealthStream Learning Center(TM) for training and education. This number is up from approximately 1,113,000 at June 30, 2005, an 18 percent increase. The total number of contracted subscribers at June 30, 2006 was approximately 1,377,000, up from 1,222,000 at June 30, 2005, a 13 percent increase. "Contracted subscribers" include both those already implemented (1,309,000) and those in the process of implementation (68,000). Revenue recognition commences when a contract is fully implemented.

Customers representing approximately 93 percent of full-time equivalents (FTEs) renewed in the second quarter of 2006, while our renewal rate based on the annual contract value was approximately 112 percent. This experience compares to an FTE renewal rate of 99 percent during the second quarter of 2005 and 105 percent for the annual contract value renewal rate.

Several of our customers that renewed in the second quarter also chose to increase the number of users, as well as services and products received from HealthStream--as reflected in the annual contract value renewal rate that exceeds 100 percent. CHRISTUS Health, for example, renewed with HealthStream, which more than tripled the total contract value from their first three-year agreement. They added several products, including Authoring Pro, AccessPass, and a Physician Learning Center. Stanford Health System also renewed their contract, adding their Lucile Packard Children's Hospital to the agreement--which increased their total number of learners on HealthStream's platform from 6,400 to 10,500.

Sales from our survey and research products grew significantly during the second quarter of 2006. The 50 percent growth in revenues associated with our survey and research products resulted from growth from our existing customers and the services that we provide to them, as well as growth in new customer accounts.

We are continuing our negotiations with HCA regarding a revised longer-term agreement. Our current agreement with HCA was automatically renewed on October 1, 2005 in accordance with its terms, for one year, following the expiration of the initial four-year term. Either party may terminate the agreement upon 45-days notice to the other party.

Pharmaceutical and Medical Device Customer Channel (PMD) Update

HealthStream works with its pharmaceutical and medical device company customers to develop education initiatives that reach hospital-based healthcare professionals. Our innovative learning solutions are also used by these customers in their product launch plans and in support of their sales training efforts.

In May 2006, HealthStream produced the 2006 Global Education Symposium (live event) through a grant provided by Zimmer Dental. The event focused on advances in implant dentistry, and was attended by over 700 dentists. HealthStream worked with the Colorado Dental Association to develop the educational activities for this event that earned high marks by attendees with a 4.4 out of 5.0 rating for the overall program. While the event was a success for Zimmer Dental, HealthStream experienced a financial loss from this event due to both a revenue shortfall from lower than projected registration fees as well as expense overages in production costs, neither of which HealthStream was able to fully pass on to Zimmer Dental due to contract limitations.

During the second quarter, several of our long-term existing customers contracted for additional products and services. A leading medical device company customer selected HealthStream to develop and produce a series of live workshops for physicians and sales representatives on a product that is anticipated to soon receive approval in the U.S. This customer also opted to add the development of several online courses and preceptorships to their current services procured from HealthStream.

Executive Personnel Announcements

During the second quarter of 2006, we announced that J. Edward ("Eddie") Pearson joined the Company as senior vice president. In this position, Eddie will assume responsibility for the development and growth of our survey and research products. With over 22 years of experience in the healthcare industry, he has a strong background in providing Internet-based solutions for healthcare organizations, both with publicly traded and privately held companies.

Eddie's most recent position was president and chief executive officer (CEO) of DigiScript, an Internet-based training and communication solutions provider for the life sciences industry. Other executive-level positions held by Eddie include CEO for Medibuy, Inc., an Internet-based healthcare exchange and supply chain efficiency solutions provider, chief financial officer (CFO) and then CEO for empactHealth.com, a healthcare e-commerce company, CFO for HIE, Inc., a healthcare IT company and provider of decision support services, and CFO and executive vice president for Inforum, Inc., a strategic planning and decision support solutions provider for healthcare organizations.

Financial Expectations

Revenues for the third quarter of 2006 are expected to approximate $7.0 to $7.2 million, an increase of approximately $0.2 to $0.4 million over the same quarter in the prior year, resulting from growth in our hospital-based channel, split between survey and research products and our HealthStream Learning Center subscriber base. Revenues for the third quarter of 2006 from our hospital-based channel are expected to be comparable with the second quarter of 2006, with growth in our courseware subscriptions expected to offset seasonal declines in our survey and research product revenues. We expect revenues from our pharmaceutical and medical device channel to be lower during the third quarter of 2006 as compared to the same quarter in the prior year and the second quarter of 2006, due to declines in project-based revenues.

We anticipate gross margins for the third quarter of 2006 will be comparable with the same quarter in the prior year. Product development and sales expenses are expected to increase over both the same quarter in the prior year and the second quarter of 2006, while marketing expenses are expected to decline from levels experienced during the second quarter of 2006 (as a result of the Learning Summit) but are expected to increase moderately over the same quarter in the prior year. Net income for the third quarter of 2006 is expected to approximate $50,000 to $250,000, a decline from the same quarter in the prior year due to investment in product development, sales and account management personnel, increased spending on marketing associated with new product launches, and share-based compensation. Net income expectations also reflect a decline over the second quarter of 2006, attributable to both the decline in project-based revenues and increased amortization expense associated with new product launches.

We continue to anticipate full-year 2006 revenue growth of 13 to 15 percent, with revenue for each quarter during the second half of 2006 reflecting improvement over the same quarter in the prior year. We also anticipate gross margins to be comparable with 2005 levels, but anticipate lower net income during the second half of 2006 as we continue to invest in product development, sales and account management personnel, and marketing associated with product launches. We still anticipate net income for 2006 to be comparable with 2005 results. We are increasing our full year estimate of share-based compensation expense resulting from the adoption of SFAS 123 R to $0.7 million for 2006, primarily due to additional stock-option grants to new management personnel.

Commenting on second quarter results, Robert A. Frist, Jr., chief executive officer, said, "We are excited to welcome Eddie Pearson as an outstanding addition to our executive team. His executive-level experience in healthcare and technology adds high visibility and industry contacts to the Company. We are also gaining visibility in the financial community, as demonstrated by Noble Financial Group's decision to initiate coverage of us--as Avondale Partners currently does--and by our addition to the William Blair Healthcare IT Index. We believe these developments will increase investor awareness of the Company, helping to broaden our shareholder base."

Share RecommendKeepReplyMark as Last Read


From: JakeStraw8/29/2006 9:44:43 AM
   of 21
 
HealthStream to Deliver Online Learning Solution to Cedars Sinai Medical Center
biz.yahoo.com
Tuesday August 29, 9:25 am ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 29, 2006--HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning solutions for the healthcare industry, today announced that it has been selected by Cedars Sinai Medical Center to provide learning solutions to its employees, with a five-year contract signed by both parties. The HealthStream Learning Center(TM), HealthStream's online learning platform, is expected to be rolled out during the fourth quarter of this year to Cedars Sinai's approximately 5,000 employees who comprise their core clinical staff. HealthStream's Authoring Center(TM) will also be provided, empowering Cedars Sinai managers to author online courses.

According to the new agreement, HealthStream's Internet-based HealthStream Learning Center will be used by Cedars Sinai's employees to meet regulatory training requirements as mandated by the Occupational Safety & Health Administration (OSHA) and the Joint Commission on Accreditation of Healthcare Organizations (JCAHO). With the convenience and accessibility of online learning, HealthStream's regulatory courses cover a wide range of topics, including Pain Management, General Safety, and Emergency Preparedness. Cedars Sinai will also incorporate HealthStream's Patient Safety Course Library into their training program, which includes, for example, courses on Medication Safety, Preventing Patient Falls, and Ventilator Safety.

"Cedars Sinai's firm commitment to quality education and training of our clinical staff is reflected in our decision to use the HealthStream Learning Center," said Robert Messerly RN, Clinical Informatics Coordinator, Cedars Sinai Medical Center. "With Internet-based learning that addresses the specialized educational needs in healthcare--including patient safety--HealthStream will assist us in more efficiently meeting accreditation and compliance requirements."

As the first hospital in California to earn the prestigious Magnet designation, Cedars Sinai Medical Center is one of the largest nonprofit academic medical centers in the Western United States. Ranked among the top 10 non-university hospitals in the nation for its research activities, Cedars Sinai is internationally renowned for its broad spectrum of programs and services as well as breakthroughs in biomedical research and medical education.

"As a world-class healthcare organization, Cedars Sinai's decision to partner with HealthStream further validates our commitment to provide superior learning solutions exclusively for healthcare professionals," commented Robert A. Frist, Jr., chief executive officer, HealthStream. "We look forward to supporting their high level of education excellence through our new partnership."

Share RecommendKeepReplyMark as Last Read


From: JakeStraw10/2/2006 9:54:43 AM
   of 21
 
HealthStream Signs New Four-Year Agreement with HCA
biz.yahoo.com
Monday October 2, 9:25 am ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning solutions for the healthcare industry, today announced that HCA Information Technology & Services, Inc., a subsidiary of HCA, Inc., has entered into a new four-year agreement with HealthStream for enterprise-wide learning services. The agreement becomes effective October 1, 2006, and includes an optional one-year renewal following the expiration of the initial four-year term.

HealthStream reiterates its 2006 financial expectations that include revenue growth of 13 to 15 percent over 2005 and net income that is comparable to 2005.

Share RecommendKeepReplyMark as Last Read


From: JakeStraw10/11/2006 12:07:25 PM
   of 21
 
HealthStream Selected to Provide Enterprise Learning Solutions for Resurrection Health Care
biz.yahoo.com

Wednesday October 11, 10:23 am ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning solutions for the healthcare industry, today announced that it has been selected by Chicago-based Resurrection Health Care to deliver online training through HealthStream's Internet-based learning system to their 15,000+ employees over a four-year period. The HealthStream Learning Center(TM), HealthStream's online learning platform, is expected to be rolled out during the fourth quarter of this year to Resurrection Health's eight hospitals. HealthStream's Authoring Center(TM) will also be provided, empowering Resurrection Health Care managers to author online courses.

Recognized as a premier health care system in the Chicago-area, Resurrection Health Care's launch of online learning further supports their commitment to educational excellence and professional development for their personnel. Along with the HealthStream Learning Center(TM), Resurrection Health Care also purchased an AccessPass(TM) package--which enables the distribution of additional clinical and professional courseware to their hospital facilities as they are needed over the four-year agreement.

"Our rigorous evaluation required us to choose a learning partner that has an extensive knowledge of the hospital environment, the professional training needs of our employees, and the breadth of experience to provide system-wide service. Without question, HealthStream was our first choice," commented George Chessum, senior vice president and chief information officer, Resurrection Health Care.

Resurrection Health Care has an expansive and long-standing commitment to education. The Resurrection Learning Institute offers a basic Certified Nurse Assistant Program, a variety of residency programs, a wide range of continuing education offerings, and an active community education service. In addition, the West Suburban College of Nursing and the Saint Francis School of Radiography are educational institutions within Resurrection Health Care.

Share RecommendKeepReplyMark as Last Read


From: JakeStraw10/25/2006 8:53:43 AM
   of 21
 
HealthStream Announces Third Quarter 2006 Results
biz.yahoo.com
Tuesday October 24, 4:30 pm ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthStream, Inc. (NASDAQ: HSTM):

Highlights:

Revenues of $7.5 million in the third quarter of 2006, up $650,000, or 9.5%, over the third quarter of 2005
Net income of $474,000 in the third quarter of 2006, including $166,000 of share-based compensation expense, compared to $554,000 in the third quarter of 2005
EBITDA of $1.2 million in the third quarter of 2006, compared to $1.1 million in the third quarter of 2005
1,334,000 healthcare professional subscribers fully implemented on our Internet-based learning network at September 30, 2006
New four-year agreement signed with HCA, as of October 1, 2006
Gerard M. Hayden, Jr. and Dale W. Polley join board of directors

HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning solutions for the healthcare industry, announced today results for the third quarter ended September 30, 2006.

Financial Results:

Third Quarter 2006 Compared to Third Quarter 2005

Revenues for the third quarter of 2006 increased by $650,000, or 9.5 percent, to $7.5 million, compared to $6.8 million for the third quarter of 2005. Revenues from our hospital-based business increased $894,000 compared to the prior year quarter, including growth of $636,000 from our HealthStream Learning Center(TM) (HLC) subscriber base and $341,000 related to growth from our survey and research products. Revenues from our survey and research products increased by 26 percent when compared to the third quarter of 2005 due to growth in sales to existing customers as well as growth in new customer accounts. Revenues from our pharmaceutical and medical device business declined $244,000 compared to the prior year quarter, primarily associated with a decline in live events of $354,000, which was offset by modest revenue increases in other products.

The portion of revenues derived from our Internet-based subscription products, which includes revenues from the HLC, courseware subscriptions, online training services (RepDirect(TM)), and HospitalDirect(TM), increased by $627,000, or 15 percent, over the prior year quarter. The percentage of total revenues from Internet-based subscription products improved to approximately 64 percent for the third quarter of 2006 from 60 percent for the third quarter of 2005, primarily due to the growth in these products.

Gross margins, which we define as revenues less cost of revenues (excluding depreciation and amortization) divided by revenues, improved to 68 percent from 65 percent for the third quarter of 2005. This change resulted from the change in revenue mix and improved margins associated with growth in our Internet-based subscription products and survey and research products, as mentioned above.

Net income for the third quarter of 2006 was $474,000, or $0.02 per share (basic and diluted), compared to $554,000, or $0.03 per share (basic) and $0.02 per share (diluted), for the third quarter of 2005. Consistent with our adoption of SFAS 123R beginning on January 1, 2006, share-based compensation expense was $166,000 during the third quarter of 2006 compared to $0 for the third quarter of 2005. Share-based compensation expense is allocated to all operating categories consistent with the classification of related personnel. We also experienced increases in sales and marketing expenses, other general and administrative expenses, and product development expenses, all primarily due to additional personnel. Amortization of capitalized content and feature enhancements also increased over the same quarter in the prior year. Interest income also improved over the same quarter in the prior year due to both higher cash and investment balances in 2006 and improved rates of return.

EBITDA (which we define as earnings before interest, taxes, share-based compensation, depreciation, and amortization) improved to $1.2 million for the third quarter of 2006, compared to $1.1 million for the third quarter of 2005. This improvement is consistent with the factors mentioned above.

Other Financial Indicators

At September 30, 2006, the Company had cash, investments, and related interest receivable of $13.3 million, compared to $13.4 million at June 30, 2006. The primary change in cash and investment balances resulted from capital expenditures and investments in new product development and feature enhancements totaling approximately $1.3 million during the third quarter of 2006, which was virtually offset by cash generated from operations. The Company also maintains full availability under the $7.0 million line of credit put in place during July 2006.

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, improved to 54 days for the third quarter of 2006 from approximately 57 days for the third quarter of 2005, primarily due to improvements in the collection of receivables for the hospital-based business.

Hospital-based Customer Channel (HCO) Update

Our learning solutions are helping healthcare organizations improve their required regulatory training, while also offering an opportunity to train their employees in multiple clinical areas. In addition, our products are designed to improve knowledge of medical devices, thereby improving patient safety and reducing organizational risks.

Subsequent to the close of the third quarter, we announced that HCA Information Technology & Services, Inc., a subsidiary of HCA, Inc., entered into a new four-year agreement with HealthStream for enterprise-wide learning services. The agreement became effective October 1, 2006, and includes an option for HCA to renew for one additional year following the expiration of the initial four-year term.

At September 30, 2006, approximately 1,334,000 healthcare professionals were fully implemented to use our Internet-based HealthStream Learning Center(TM) for training and education. This number is up from approximately 1,130,000 at September 30, 2005, an 18 percent increase. The total number of contracted subscribers at September 30, 2006 was approximately 1,418,000, up from 1,229,000 at September 30, 2005, a 15 percent increase. "Contracted subscribers" include both those already implemented (1,334,000) and those in the process of implementation (84,000). Revenue recognition commences when a contract is fully implemented.

Customers representing approximately 104 percent of full-time equivalents (FTEs) renewed in the third quarter of 2006, while our renewal rate based on the annual contract value was approximately 117 percent. Our renewal rates reflect the addition of subscribers, as well as increased pricing at renewal, compared to previously contracted amounts. The renewal rates for the third quarter of 2006 compare to an FTE renewal rate of 90 percent and an annual contract value renewal rate of 88 percent during the third quarter of 2005. Our third quarter renewal activity excludes our new four-year agreement with HCA, which became effective October 1, 2006.

Pharmaceutical and Medical Device Customer Channel (PMD) Update

HealthStream works with its pharmaceutical and medical device company customers to develop education initiatives that reach hospital-based healthcare professionals. Our innovative learning solutions are also used by these customers in their product launch plans and in support of their sales training efforts.

During the third quarter, several of our long-term existing customers contracted for additional products and services. A leading medical device company customer selected HealthStream to develop and produce a series of two live workshops for physicians. Similarly, another leading medical device company customer extended services procured from HealthStream with the purchase of a proctorship product training activity for physicians.

Additions to Board of Directors

We announced the addition of Gerard M. Hayden, Jr. and Dale W. Polley to the Company's Board of Directors in August and September, respectively. During the October board meeting, Mr. Hayden and Mr. Polley were appointed to our Audit Committee.

As an experienced leader of healthcare technology companies, Mr. Hayden brings broad industry experience in finance, mergers and acquisitions, and accounting to the Company's board. Currently an independent consultant, Mr. Hayden's prior experience includes serving as chief financial officer for such companies as Private Business, Inc., Covation, Meridian Occupational Healthcare Associates, Inc., ENVOY (now part of WebMD), Allied Clinical Laboratories, Inc., and others.

Mr. Polley has held several highly visible positions, including director for the Federal Reserve Bank of Atlanta, Nashville branch, from 1995 to 2001. Prior to his retirement, he served as president and vice chairman of the Board of Directors of First American Corporation and First American National Bank. Prior to joining First American in 1991, Mr. Polley served in various executive management positions for C&S/Sovran Financial Corporation, Sovran Financial Corporation, and Commerce Union Corporation--including chief financial officer.

Financial Expectations

Revenues for the fourth quarter of 2006 are expected to approximate $8.2 to $8.4 million, an increase of approximately $0.2 to $0.4 million over the fourth quarter of 2005, resulting from the overall growth in our hospital-based business, primarily from our HealthStream Learning Center subscriber base, and to a lesser extent from research and survey services and courseware subscriptions. Revenues for the fourth quarter of 2006 from our hospital-based channel are expected to increase compared to the third quarter of 2006 resulting from seasonal increases in our survey and research product revenues and, to a lesser degree, increases in courseware subscriptions. We expect revenues from our pharmaceutical and medical device channel to experience seasonal increases associated with live events during the fourth quarter of 2006 as compared to the third quarter of 2006, but are anticipated to be lower than the fourth quarter of 2005.

For the year-to-date period ended September 30, 2006, revenues from learning and survey products provided to HCA represented approximately 12 percent of our revenues, down from approximately 14 percent for the year ended December 31, 2005. We anticipate that our fourth quarter 2006 renewal rate based on annual contract value will range from 70 to 80 percent due to pricing under the new HCA agreement, while the FTE renewal rate will be positively impacted because 100 percent of the subscribers associated with the HCA account renewed.

We anticipate gross margins for the fourth quarter of 2006 will be moderately higher than the fourth quarter of 2005, but moderately lower than the third quarter of 2006 due to the changes in revenue mix. Product development and sales expenses in the fourth quarter of 2006 are expected to increase over both the same quarter in the prior year and the third quarter of 2006 as we launch our next generation platform and grow our sales team. Depreciation and amortization is also expected to increase during the fourth quarter resulting from amortization of capitalized feature enhancements and content rights. Net income for the fourth quarter of 2006 is expected to approximate $400,000 to $600,000, or $0.02 to $0.03 per basic share, a decline from the same quarter in the prior year due to investment in product development, sales and account management personnel, increased marketing spending, and share-based compensation.

We anticipate full-year 2006 revenue of approximately $31.4 to $31.6 million, an increase of approximately 15 percent over 2005. Net income is expected to approximate $1.8 to $2.0 million, or $0.08 to $0.09 per basic share, which is comparable to 2005, but includes an incremental $700,000 of share-based compensation expense during 2006.

Commenting on the third quarter, Robert A. Frist, Jr., chief executive officer, said, "With Gerry Hayden and Dale Polley, we made two outstanding additions to our board of directors that bring extensive business and financial expertise. We are excited to have them join HealthStream's board, and I look forward to their contributions in the coming months and years."

Share RecommendKeepReplyMark as Last Read


From: JakeStraw6/28/2007 10:01:14 AM
   of 21
 
HealthStream's Learning Solutions Selected to Support Leading Catholic Healthcare System's Learning Strategy
biz.yahoo.com
Thursday June 28, 9:30 am ET

NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthStream, Inc. (NASDAQ: HSTM), a leading provider of learning and research solutions for the healthcare industry, today announced that Catholic Health Initiatives (CHI), one of the largest health care organizations in the United States, has signed a three-year agreement for use of a learning management system (LMS); the LMS will be the HealthStream Learning Center(TM). A separate agreement was signed by CHI for professional implementation services of the HealthStream Learning Center(TM) for their initial 30,000 users.

Share RecommendKeepReplyMark as Last Read
Next 10