Streamline Health Solutions, Inc. (STRM) saw its loss narrow to $1.02 million, or $0.05 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $1.40 million, or $0.09 a share. On an adjusted basis, earnings per share were at $0.02 for the quarter compared with $0.03 in the same period last year. Revenue during the quarter went up marginally by 0.19 percent to $6.38 million from $6.37 million in the previous year period. Gross margin for the quarter contracted 623 basis points over the previous year period to 51.65 percent. Operating margin for the quarter stood at negative 16.50 percent as compared to a negative 23.50 percent for the previous year period.
Operating loss for the quarter was $1.05 million, compared with an operating loss of $1.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.54 million compared with $0.47 million in the prior year period. At the same time, adjusted EBITDA margin improved 97 basis points in the quarter to 8.38 percent from 7.41 percent in the last year period.
"2016 was another year of significant improvement in terms of our balance sheet and operational efficiency as our cash on hand is effectively even with our bank debt," stated David Sides, president and chief executive officer, Streamline Health. "As importantly, during the year we made two strategic moves to enable us to place more emphasis on solutions and services with the greatest demand in the marketplace. Our acquisition of Opportune IT added coding audit services and technologies to our mix, and the sale of our scheduling solutions moved us more firmly into the middle of the revenue cycle where our primary decision makers of CFOs, HIM and Revenue Cycle directors are focused on improving the fiscal health of their organizations."
Operating cash flow drops significantly
Streamline Health Solutions, Inc. has generated cash of $1.01 million from operating activities during the year, down 82.85 percent or $4.87 million, when compared with the last year. The company has spent $1.88 million cash to meet investing activities during the year as against cash outgo of $0.52 million in the last year.
The company has spent $3.35 million cash to carry out financing activities during the year as against cash outgo of $2 million in the last year period.
Cash and cash equivalents stood at $5.65 million as on Jan. 31, 2017, down 42.78 percent or $4.23 million from $9.88 million on Jan. 31, 2016.
Working capital turns negative
Working capital of Streamline Health Solutions, Inc. has turned negative to $0.82 million on Jan. 31, 2017 from positive $2.09 million on Jan. 31, 2016. Current ratio was at 0.94 as on Jan. 31, 2017, down from 1.15 on Jan. 31, 2016.
Debt comes down significantly
Streamline Health Solutions, Inc. has recorded a decline in total debt over the last one year. It stood at $5.63 million as on Jan. 31, 2017, down 37.09 percent or $3.32 million from $8.95 million on Jan. 31, 2016. Total debt was 13.52 percent of total assets as on Jan. 31, 2017, compared with 17.85 percent on Jan. 31, 2016. Debt to equity ratio was at 0.48 as on Jan. 31, 2017, down from 0.56 as on Jan. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
