HSTM
$28.30
Healthstream
$.45
1.62%
Earnings Details
2nd Quarter June 2021
Monday, July 26, 2021 4:30:00 PM
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Summary

HealthStream Raises Revenue Guidance

Healthstream (HSTM) reported 2nd Quarter June 2021 earnings of $0.08 per share on revenue of $64.8 million. The consensus estimate was a loss of $0.03 per share on revenue of $60.6 million. Revenue grew 7.0% on a year-over-year basis.

The company said it expects 2021 revenue of $253.0 million to $257.0 million. The company's previous guidance was revenue of $245.0 million to $255.0 million and the current consensus revenue estimate is $251.33 million for the year ending December 31, 2021.

HealthStream Inc provides SaaS-based workforce development solutions and research/patient experience solutions for healthcare organizations. It provides HealthStream Workforce Development Solutions & HealthStream Research/Patient Experience Solutions.

Results
Reported Earnings
$0.08
Earnings Whisper
-
Consensus Estimate
($0.03)
Reported Revenue
$64.8 Mil
Revenue Estimate
$60.6 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

HealthStream Announces Second Quarter 2021 Results

NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthStream, Inc. (Nasdaq: HSTM), a leading provider of workforce and provider solutions for the healthcare industry, announced today results for the second quarter ended June 30, 2021.

  • Revenues of $64.8 million in the second quarter of 2021, up 7% from $60.6 million in the second quarter of 2020, more than offsetting a $9.7 million decline in legacy resuscitation revenues.
  • Operating income of $3.4 million in the second quarter of 2021, down 20% from $4.3 million in the second quarter of 2020.
  • Net income of $2.4 million in the second quarter of 2021, down 29% from $3.4 million in the second quarter of 2020.
  • Earnings per share (EPS) of $0.08 per share (diluted) in the second quarter of 2021 compared to $0.11 per share (diluted) in the second quarter of 2020.
  • Adjusted EBITDA1 of $14.5 million in the second quarter of 2021, up 20% from $12.1 million in the second quarter of 2020.

1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net income and disclosure regarding why we believe adjusted EBITDA provides useful information to investors is included later in this release.

Financial Results:

Second Quarter 2021 Compared to Second Quarter 2020

Revenues for the second quarter of 2021 increased by $4.3 million, or seven percent, to $64.8 million, compared to $60.6 million for the second quarter of 2020.

Revenues from our Workforce Solutions segment were $52.2 million for the second quarter of 2021, an increase of 7% compared to $48.9 million for the second quarter of 2020. The workforce segment achieved this seven percent growth, while overcoming a $9.7 million decline in revenues from the legacy resuscitation business. Revenues from recent acquisitions and growth in other solutions more than offset the lost legacy resuscitation revenues. In addition, workforce revenues also benefited from a $0.5 million increase in professional services revenues, primarily associated with recently acquired businesses.

Revenues from our Provider Solutions segment were $12.7 million for the second quarter of 2021, compared to $11.7 million for the second quarter of 2020. This revenue growth of $1.0 million was primarily attributable to subscription revenues.

Generally accepted accounting principles (GAAP) require companies to write down beginning balances of acquired deferred revenue as part of “fair value” accounting. During the second quarter of 2021, HealthStream reported a reduction of $1.2 million to revenue and operating income and a reduction of $950,000 to net income as a result of deferred revenue write-downs from recent acquisitions. During the second quarter of 2020, HealthStream reported a reduction of $140,000 to revenue and operating income and a reduction of $100,000 to net income as a result of deferred revenue write-downs from acquisitions.

Operating income was $3.4 million for the second quarter of 2021 compared to $4.3 million from the second quarter of 2020. The decrease in operating income was primarily attributable to higher operating expenses and amortization, primarily associated with businesses acquired over the past year.

Net income was $2.4 million in the second quarter of 2021, down 29 percent from $3.4 million in the second quarter of 2020, and EPS was $0.08 per share (diluted) in the second quarter of 2021, compared to $0.11 per share (diluted) for the second quarter of 2020.

Adjusted EBITDA was $14.5 million for the second quarter of 2021, up 20 percent from $12.1 million in the second quarter of 2020.

At June 30, 2021, the Company had cash and cash equivalents and marketable securities of $55.1 million. Capital expenditures incurred during the second quarter of 2021 were $6.9 million.

Year-to-Date 2021 Compared to Year-to-Date 2020

For the first six months of 2021, revenues were $128.3 million, an increase of five percent over revenues of $122.1 million for the first six months of 2020. Operating income for the first six months of 2021 decreased by 42 percent to $6.7 million, compared to $11.5 million for the first six months of 2020. The decrease in operating income was primarily attributable to the $3.4 million one-time favorable contractual adjustment to royalty expense resulting in a reduction to cost of revenues in the first quarter of 2020. Also contributing to the decrease are higher operating expenses primarily associated with acquisitions completed over the past year. Partially offsetting these declines in operating income was a $1.0 million non-recurring, non-cash benefit during the first quarter of 2021 related to the reduction of paid time off (PTO) expense resulting from modifications to the Company’s PTO policy. Net income for the first six months of 2021 decreased to $4.7 million, compared to $10.5 million for the first six months of 2020. Earnings per share were $0.15 per share (diluted) for the first six months of 2021, compared to $0.33 per share (diluted) for the first six months of 2020. Adjusted EBITDA increased by 17 percent to $28.1 million for the first six months of 2021, compared to $24.0 million for the first six months of 2020.

Other Business Updates

At June 30, 2021, we had approximately 4.52 million contracted subscriptions to hStream™, our Platform-as-a-Service technology. hStream technology enables healthcare organizations and their respective workforces to easily connect to and gain value from the growing HealthStream ecosystem of applications, tools, and content.

Financial Outlook for 2021

The Company is updating its guidance for 2021 for the measures set forth below. For a reconciliation of projected adjusted EBITDA, a non-GAAP financial measure defined later in this release, to projected net income (the most comparable GAAP measure) for 2021, see the table included on page 10 of this release.

 

 

Full Year 2021 Guidance

Revenue

 

 

 

 

 

 

 

 

 

Workforce Solutions

 

$

203.5

 

-

$

206.5

 

million

Provider Solutions

 

 

49.5

 

-

 

50.5

 

million

Consolidated

 

$

253.0

 

-

$

257.0

 

million

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA1

 

$

48.0

 

-

$

50.0

 

million

 

 

 

 

 

 

 

 

 

 

Capital Expenditures

 

$

25.0

 

-

$

27.0

 

million

1 Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of projected adjusted EBITDA to projected net income (the most comparable GAAP measure) is included later in this release.

The Company’s guidance for 2021 as set forth above reflects the Company’s assumptions regarding, among other things, the COVID-19 pandemic as noted below, anticipated integration costs and additional investments in sales, marketing, and product development in 2021 for recently acquired companies, and estimated deferred revenue write-downs of $4.0 to $4.3 million during 2021 related to recent acquisitions, which would result in corresponding reductions to net revenues and operating income during 2021.

The Company’s financial guidance assumes that public health conditions associated with the pandemic and general economic conditions (including conditions impacting healthcare organizations) continue to improve over the course of the year, including that COVID-19 vaccines continue to be successfully distributed and perform according to current expectations and that new variants of the virus, or other unknown variants, do not further impede recovery from the pandemic.

Commenting on second quarter 2021 results, Robert A. Frist, Jr., Chief Executive Officer of HealthStream, said, “We remain laser-focused on growing the Company, which is why we were able to achieve another strong quarter in 2021 with top-line revenues increasing seven percent and adjusted EBITDA increasing 20 percent over the same period last year—offsetting anticipated headwinds presented by both legacy resuscitation revenues and acquisition-related deferred revenue write-downs.”

Frist added, “As we navigate the next two quarters to find a new normal, naturally, some expenses, like travel, will return. Macro workforce trends make recruiting, retention, and hiring more complex for everybody, so we’re working to catch up on our planned hiring. In addition, we are increasing our investment in our newly acquired scheduling businesses in the second half of 2021. Our new guidance reflects all these developments. We are proud of our employees for navigating us forward.”

A conference call with Robert A. Frist, Jr., Chief Executive Officer, Scott A. Roberts, Chief Financial Officer and Senior Vice President, and Mollie Condra, Vice President of Investor Relations and Corporate Communications, will be held on Tuesday, July 27, 2021, at 9:00 a.m. (ET). 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 #3741799) for U.S. and Canadian callers and 404-537-3406 (conference ID #3741799) for international callers.

Use of Non-GAAP Financial Measures

This press release presents adjusted EBITDA, a non-GAAP financial measure used by management in analyzing the Company’s financial results and ongoing operational performance.

In order to better assess the Company’s financial results, management believes that net income excluding the impact of the deferred revenue write-downs associated with fair value accounting for acquired businesses and before interest, income taxes, stock based compensation, depreciation and amortization, changes in fair value of non-marketable equity investments, the de-recognition of non-cash expense resulting from the PTO expense reduction in the first quarter of 2021 and the resolution of a mutual disagreement related to various elements of a past partnership which resulted in a reduction to cost of sales in the first quarter of 2020 (“adjusted EBITDA”) is a useful measure for evaluating the operating performance of the Company because adjusted EBITDA reflects net income adjusted for certain GAAP accounting, non-cash and non-operating items which may not, in any such case, fully reflect the underlying operating performance of our business. We also believe that adjusted EBITDA is useful to investors to assess the Company’s ongoing operating performance and to compare the Company’s operating performance between periods. In addition, beginning in 2021, executive bonuses are based on the achievement of adjusted EBITDA targets.

As noted above, the definition of adjusted EBITDA includes an adjustment for the impact of the deferred revenue write-downs associated with fair value accounting for acquired businesses. Following the completion of any acquisition by the Company, the Company must record the acquired deferred revenue at fair value as defined in GAAP, which may result in a write-down of deferred revenue. If the Company is required to record a write-down of deferred revenue, it may result in lower recognized revenue, operating income, and net income in subsequent periods. Revenue for any such acquired business is deferred and is typically recognized over a one-to-two year period following the completion of any particular acquisition, so our GAAP revenues for this one-to-two year period will not reflect the full amount of revenues that would have been reported if the acquired deferred revenue was not written down to fair value. Management believes that including an adjustment in the definition of adjusted EBITDA for the impact of the deferred write-downs associated with fair value accounting for acquired businesses provides useful information to investors because the deferred revenue write-down recognized in periods after an acquisition may, given the nature of this non-cash accounting impact, cause our GAAP financial results during such periods to not fully reflect our underlying operating performance and thus adjusting for this amount may assist in comparing the Company’s results of operations between periods.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered as a measure of financial performance under GAAP. Because adjusted EBITDA is not a measurement determined in accordance with GAAP, adjusted EBITDA is susceptible to varying calculations. Accordingly, adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools.

This non-GAAP financial measure should not be considered a substitute for, or superior to, measures of financial performance, which are prepared in accordance with GAAP. Investors are encouraged to review the reconciliations of adjusted EBITDA to net income (the most comparable GAAP measure), which is set forth below in this release.

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 solutions is contracted by healthcare organizations across the U.S. for workforce development, training & learning management, nurse & staff scheduling, clinical education, credentialing, privileging, provider enrollment, performance assessment, and managing simulation-based education programs. HealthStream’s corporate office is in Nashville, Tennessee. For more information, visit http://www.healthstream.com or call 800-521-0574.

HEALTHSTREAM, INC.

Condensed Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,
2021

 

 

June 30,
2020

 

 

June 30,
2021

 

 

June 30,
2020

 

Revenues, net

 

$

64,816

 

 

$

60,553

 

 

$

128,284

 

 

$

122,125

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (excluding depreciation and amortization)

 

 

22,657

 

 

 

22,935

 

 

 

45,518

 

 

 

43,294

 

Product development

 

 

10,336

 

 

 

7,830

 

 

 

19,861

 

 

 

15,298

 

Sales and marketing

 

 

9,462

 

 

 

8,236

 

 

 

18,481

 

 

 

17,424

 

Other general and administrative expenses

 

 

9,781

 

 

 

10,098

 

 

 

19,391

 

 

 

19,963

 

Depreciation and amortization

 

 

9,149

 

 

 

7,150

 

 

 

18,302

 

 

 

14,599

 

Total operating costs and expenses

 

 

61,385

 

 

 

56,249

 

 

 

121,553

 

 

 

110,578

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

3,431

 

 

 

4,304

 

 

 

6,731

 

 

 

11,547

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (loss) income, net

 

 

(65

)

 

 

199

 

 

 

(152

)

 

 

1,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax provision

 

 

3,366

 

 

 

4,503

 

 

 

6,579

 

 

 

13,453

 

Income tax provision

 

 

925

 

 

 

1,061

 

 

 

1,847

 

 

 

2,920

 

Net income

 

$

2,441

 

 

$

3,442

 

 

$

4,732

 

 

$

10,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.08

 

 

$

0.11

 

 

$

0.15

 

 

$

0.33

 

Diluted

 

$

0.08

 

 

$

0.11

 

 

$

0.15

 

 

$

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,553

 

 

 

31,997

 

 

 

31,528

 

 

 

32,166

 

Diluted

 

 

31,616

 

 

 

32,025

 

 

 

31,571

 

 

 

32,191

 

HEALTHSTREAM, INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

49,792

 

 

$

36,566

 

Marketable securities

 

 

5,349

 

 

 

9,928

 

Accounts and unbilled receivables, net

 

 

32,454

 

 

 

46,100

 

Prepaid and other current assets

 

 

22,572

 

 

 

22,131

 

Total current assets

 

 

110,167

 

 

 

114,725

 

 

 

 

 

 

 

 

 

 

Capitalized software development, net

 

 

29,918

 

 

 

26,631

 

Property and equipment, net

 

 

19,516

 

 

 

22,218

 

Operating lease right of use assets, net

 

 

26,384

 

 

 

28,081

 

Goodwill and intangible assets, net

 

 

275,604

 

 

 

279,155

 

Deferred tax assets

 

 

974

 

 

 

974

 

Deferred commissions

 

 

22,009

 

 

 

19,907

 

Other assets

 

 

11,730

 

 

 

8,622

 

Total assets

 

$

496,302

 

 

$

500,313

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued and other liabilities

 

$

26,376

 

 

$

38,266

 

Deferred revenue

 

 

79,542

 

 

 

81,176

 

Total current liabilities

 

 

105,918

 

 

 

119,442

 

Deferred tax liabilities

 

 

17,898

 

 

 

14,523

 

Deferred revenue, non-current

 

 

1,550

 

 

 

1,603

 

Operating lease liability, noncurrent

 

 

26,911

 

 

 

28,479

 

Other long-term liabilities

 

 

3,646

 

 

 

2,204

 

Total liabilities

 

 

155,923

 

 

 

166,251

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock

 

 

272,783

 

 

 

271,784

 

Accumulated other comprehensive income

 

 

586

 

 

 

1

 

Retained earnings

 

 

67,010

 

 

 

62,277

 

Total shareholders’ equity

 

 

340,379

 

 

 

334,062

 

Total liabilities and shareholders' equity

 

$

496,302

 

 

$

500,313

 

HEALTHSTREAM, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

4,732

 

 

$

10,533

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,302

 

 

 

14,599

 

Stock based compensation

 

 

1,398

 

 

 

1,107

 

Amortization of deferred commissions

 

 

4,509

 

 

 

4,254

 

Deferred income taxes

 

 

1,751

 

 

 

2,427

 

Provision for doubtful accounts

 

 

3

 

 

 

351

 

Loss on equity method investments

 

 

133

 

 

 

50

 

Non-cash paid time off expense

 

 

(1,011

)

 

 

 

Non-cash royalty expense

 

 

 

 

 

(3,440

)

Change in fair value of non-marketable equity investments

 

 

 

 

 

(1,181

)

Other

 

 

60

 

 

 

121

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and unbilled receivables

 

 

12,247

 

 

 

(3,759

)

Prepaid and other assets

 

 

(7,222

)

 

 

(2,006

)

Accounts payable, accrued and other liabilities

 

 

(8,839

)

 

 

(9,755

)

Deferred revenue

 

 

(1,739

)

 

 

231

 

Net cash provided by operating activities

 

 

24,324

 

 

 

13,532

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

Business combinations, net of cash acquired

 

 

(731

)

 

 

(21,449

)

Changes in marketable securities

 

 

4,526

 

 

 

9,241

 

Payments to acquire non-marketable equity investments

 

 

 

 

 

(1,000

)

Payments to acquire equity method investments

 

 

(1,750

)

 

 

 

Purchases of property and equipment

 

 

(2,407

)

 

 

(1,268

)

Payments associated with capitalized software development

 

 

(10,277

)

 

 

(7,619

)

Net cash used in investing activities

 

 

(10,639

)

 

 

(22,095

)

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

Taxes paid related to net settlement of equity awards

 

 

(399

)

 

 

(373

)

Repurchases of common stock

 

 

 

 

 

(10,009

)

Payment of cash dividends

 

 

(12

)

 

 

(31

)

Net cash used in financing activities

 

 

(411

)

 

 

(10,413

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(48

)

 

 

(28

)

Net increase (decrease) in cash and cash equivalents

 

 

13,226

 

 

 

(19,004

)

Cash and cash equivalents at beginning of period

 

 

36,566

 

 

 

131,538

 

Cash and cash equivalents at end of period

 

$

49,792

 

 

$

112,534

 

Reconciliation of GAAP to Non-GAAP Financial Measures(1)

(In thousands)

(Unaudited)

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

GAAP net income

 

$

2,441

 

 

$

3,442

 

 

$

4,732

 

 

$

10,533

 

Deferred revenue write-down

 

 

1,231

 

 

 

135

 

 

 

2,852

 

 

 

279

 

Interest income

 

 

(22

)

 

 

(237

)

 

 

(40

)

 

 

(831

)

Interest expense

 

 

33

 

 

 

25

 

 

 

65

 

 

 

50

 

Income tax provision

 

 

925

 

 

 

1,061

 

 

 

1,847

 

 

 

2,920

 

Stock based compensation expense

 

 

782

 

 

 

557

 

 

 

1,398

 

 

 

1,107

 

Depreciation and amortization

 

 

9,149

 

 

 

7,150

 

 

 

18,302

 

 

 

14,599

 

Non-cash paid time off expense

 

 

 

 

 

 

 

 

(1,011

)

 

 

 

Change in fair value of non-marketable equity investments

 

 

 

 

 

(29

)

 

 

 

 

 

(1,181

)

Non-cash royalty expense

 

 

 

 

 

 

 

 

 

 

 

(3,440

)

Adjusted EBITDA

 

$

14,539

 

 

$

12,104

 

 

$

28,145

 

 

$

24,036

 

(1) Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of projected adjusted EBITDA to projected net income (the most comparable GAAP measure) is included later in this release.

Reconciliation of GAAP to Non-GAAP Financial Measures

Financial Outlook for 2021

(In thousands)

(Unaudited)

 

 

 

Low

 

 

High

 

Net income

 

$

4,200

 

 

$

5,200

 

Deferred revenue write-down

 

 

4,300

 

 

 

4,000

 

Interest income

 

 

(100

)

 

 

(100

)

Interest expense

 

 

100

 

 

 

100

 

Income tax provision

 

 

1,700

 

 

 

2,000

 

Stock based compensation expense

 

 

2,600

 

 

 

3,000

 

Depreciation and amortization

 

 

36,200

 

 

 

36,800

 

Non-cash paid time off expense

 

 

(1,000

)

 

 

(1,000

)

Adjusted EBITDA

 

$

48,000

 

 

$

50,000

 

This press release includes certain forward-looking statements (statements other than solely with respect to historical fact), including statements regarding expectations for financial performance for 2021 as well as the anticipated impact of the COVID-19 pandemic on our financial results, 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. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the forward-looking statements, including, without limitation, as the result of developments related to the COVID-19 pandemic, including, without limitation, related to the length and severity of the pandemic; the timing and availability of medical treatments and vaccines with respect to COVID-19; the availability and effectiveness of currently available vaccines and associated levels of vaccination; the spread of potentially more contagious and/or virulent forms of the virus, including possible strains that may be resistant to currently available vaccines; the impact on the pandemic on healthcare organizations; measures we are taking to respond to the pandemic; and the impact of governmental action and regulation in connection with the pandemic (including the CARES Act); as well as risks referenced in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 25, 2021, and in the Company’s other filings with the Securities and Exchange Commission from time to time. Consequently, such forward-looking information should not be regarded as a representation or warranty or statement 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.

Scott A. Roberts
Chief Financial Officer
(615) 301-3182
ir@healthstream.com

Media:
Mollie Condra, Ph.D.
Vice President,
Investor Relations &
Communications
(615) 301-3237
mollie.condra@healthstream.com

Source: HealthStream, Inc.