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HealthStream reports on healthcare technology platforms for clinical workforce solutions used by healthcare organizations, professionals, payers, nursing schools and students. Company news commonly covers financial results, earnings calls, dividend declarations, share repurchase authorizations and operating updates tied to its platform-delivered learning, clinical development, credentialing and scheduling applications.
Updates also include additions to HealthStream’s workforce ecosystem, such as the MissionCare Collective caregiver network and myCNAjobs.com career network, as well as Virsys12 and the V12 Enterprise Suite for provider onboarding, credentialing, data governance and network management. Partnership announcements and workforce-development initiatives reflect the company’s focus on healthcare staffing, training, engagement and retention.
HealthStream (Nasdaq: HSTM) has acquired substantially all assets of myClinicalExchange LLC for approximately $4.5 million. This acquisition enhances HealthStream's capabilities by integrating myClinicalExchange’s SaaS application, which supports healthcare organizations in managing clinical rotation educational requirements for students. Currently, the application serves around 400 hospitals and 1,000 colleges, facilitating the education of approximately 50,000 healthcare students annually. The deal is expected to create synergies in workforce management and improve compliance tracking for clinical rotations.
HealthStream (Nasdaq: HSTM) has acquired Change Healthcare’s staff scheduling business, including the ANSOS™ Staff Scheduling application, for approximately $67.5 million in cash. This acquisition enhances HealthStream’s Workforce Solutions segment, aiming to improve its offerings in workforce management within the healthcare industry. The integration is expected to bolster HealthStream’s capabilities in workforce development and support healthcare organizations in optimizing staff scheduling and management.
HealthStream (Nasdaq: HSTM) announced an agreement to acquire Change Healthcare's staff scheduling business, including the ANSOS™ application, for approximately $67.5 million in cash. This acquisition is expected to enhance HealthStream's Workforce Solutions segment by consolidating staffing solutions used by over 300 hospitals. The deal is projected to positively impact financial results in 2021, contributing an estimated $16.5 to $19.5 million in revenue, despite some initial write-downs and investment costs. Closing is anticipated in Q4 2020.
HealthStream (Nasdaq: HSTM) has launched its Resuscitation Specialty Sims, a simulation-based training program for healthcare professionals to enhance their resuscitation skills. The inaugural focus is on Operating Rooms, featuring scenarios for respiratory arrest and pulmonary embolism. These simulations target five critical roles in resuscitation events and can be completed quickly on mobile devices. Additionally, HealthStream has received a Notice of Allowance for a patent on its unique role-based education methodology. A webinar previewing the simulations is scheduled for today at 1:00 p.m. CT.
HealthStream (HSTM) reported Q3 2020 revenues of $60.9 million, a 3% decline from Q3 2019, primarily driven by a decrease in legacy resuscitation product sales. Operating income fell 16% to $3.1 million, with income from continuing operations down 24% to $2.6 million, resulting in an EPS of $0.08. Despite the challenges, the company reported cash and cash equivalents of $149.7 million. Adjusted EBITDA also decreased by 3% to $11.1 million. A significant acquisition of ShiftWizard for approximately $32 million was completed in October 2020.
HealthStream, Inc. (Nasdaq: HSTM) will hold a conference call on October 27, 2020, at 9:00 a.m. ET to discuss its third quarter financial results for the period ending September 30, 2020. Results will be released post-market on October 26, 2020. The call can be accessed domestically at 877-647-2842 and internationally at 914-495-8564, with a live webcast available at ir.healthstream.com/events.cfm.
HealthStream provides workforce and provider solutions for healthcare organizations, aiming to enhance patient outcomes through workforce development.
HealthStream (Nasdaq: HSTM) announced the acquisition of ShiftWizard, Inc. for approximately $32 million in cash. ShiftWizard is a SaaS provider focused on workforce management solutions, enhancing scheduling, productivity, and forecasting for healthcare organizations. This acquisition expands HealthStream's portfolio, previously bolstered by its acquisition of NurseGrid. ShiftWizard boasts a 97% customer retention rate and was recognized as a Category Leader in scheduling applications by KLAS. The deal aims to improve staffing efficiency and support increased demands in healthcare environments.
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