HealthStream Inc. (HSTM, Financial) filed Quarterly Report for the period ended 2009-06-30.
Healthstream Inc. is pioneering a Web-based solution to meet the training and education needs of the healthcare industry utilizing our proprietary system. Through strategic relationships with medical institutions and commercial organizations the company has amassed hours of training and education courses. The company distributes hours of these courses online to allied healthcare professionals nurses doctors and other healthcare workers. HealthStream Inc. has a market cap of $84.04 million; its shares were traded at around $3.93 with a P/E ratio of 19.65 and P/S ratio of 1.63.
Revenues for HealthStream Learning increased $1.1 million, or 14.0%, over the second quarter of 2008. Revenues from our Internet-based subscription learning products increased by $1.2 million, and were comprised of revenue increases from the HLC of $696,000 and from courseware subscriptions of $505,000. Revenues from our Internet-based subscription products increased 18.0% over the prior year quarter due to a higher number of subscribers and more courseware consumption by more subscribers. Our HLC subscriber base increased to 1,863,000 fully-implemented subscribers and 1,945,000 contracted subscribers at June 30, 2009 compared to 1,639,000 fully-implemented subscribers and 1,758,000 contracted subscribers at June 30, 2008. Revenues associated with implementation, development, and consulting services increased $287,000 over the prior year quarter due to increased courseware development service revenues compared to the prior year. These increases in revenues were partially offset by a decline in revenues from live events, study guides, and other project-based activities, which collectively declined $376,000 from the second quarter of 2008 due to a de-emphasis on live events and other similar project-based services.
Cost of Revenues (excluding depreciation and amortization). Cost of revenues increased approximately $365,000, or 7.5%, to $5.2 million for the three months ended June 30, 2009 from $4.9 million for the three months ended June 30, 2008. Cost of revenues as a percentage of revenues were 35.8% of revenues for the three months ended June 30, 2009 down favorably from 37.4% of revenues for the three months ended June 30, 2008. Cost of revenues for HealthStream Learning increased approximately $159,000 to $2.9 million and approximated 31.2% and 33.7% of revenues for the three months ended June 30, 2009 and 2008, respectively. The expense increase was primarily associated with increased royalties paid by us resulting from growth in courseware subscription revenues and were partially offset by expense decreases associated with the declines in live events and other project-based revenues. Cost of revenues for HealthStream Research increased approximately $206,000 to $2.3 million and approximated 44.0% and 43.6% of revenues for the three months ended June 30, 2009 and 2008, respectively. The increase in cost of revenues for HealthStream Research is primarily a result of the costs associated with increased survey volumes compared to the same quarter in the prior year.
Revenues. Revenues increased approximately $3.8 million, or 15.4%, to $28.2 million for the six months ended June 30, 2009 from $24.4 million for the six months ended June 30, 2008. Revenues for 2009 consisted of $18.3 million, or 65% of total revenue, for HealthStream Learning and $9.9 million, or 35% of total revenue, for HealthStream Research. In 2008, revenues consisted of $15.7 million, or 64% of total revenue, for HealthStream Learning and $8.8 million, or 36% of total revenue, for HealthStream Research.
Revenues for HealthStream Learning increased $2.6 million, or 16.8%, over the first six months of 2008. Revenues from our Internet-based subscription learning products accounted for $2.5 million of the increase, and were comprised of revenue increases from the HLC of $1.3 million and from courseware subscriptions of $1.1 million. Revenues from Internet-based subscription products increased 18.0% over the prior year period due to a higher number of subscribers and more courseware consumption by more subscribers. Our HLC subscriber base increased to 1,863,000 fully-implemented subscribers and 1,945,000 contracted subscribers at June 30, 2009 compared to 1,639,000 fully-implemented subscribers and 1,758,000 contracted subscribers at June 30, 2008. Revenues associated with implementation, development, and consulting services increased $846,000 over the prior year period due to increased courseware development service revenues compared to the prior year. These increases in revenues were partially offset by a decline in revenues from live events, study guides, and other project-based activities, which collectively declined $676,000 from the prior year period due to a de-emphasis on live events and other similar project-based services.
Cost of Revenues (excluding depreciation and amortization). Cost of revenues increased approximately $1.1 million, or 11.8%, to $10.5 million for the six months ended June 30, 2009 from $9.4 million for the six months ended June 30, 2008. Cost of revenues as a percentage of revenues were 37.2% of revenues for the six months ended June 30, 2009 down favorably from 38.4% of revenues for the six months ended June 30, 2008. Cost of revenues for HealthStream Learning increased approximately $708,000 to $5.9 million and approximated 32.3% and 33.2% of revenues for the six months ended June 30, 2009 and 2008, respectively. The expense increase was primarily associated with increased royalties paid by us resulting from growth in courseware subscription revenues as well as increased costs to support the growth in implementation, development, and consulting revenues, and was partially offset by expense decreases associated with the declines in live events and other project-based revenues. Cost of revenues for HealthStream Research increased approximately $398,000 to $4.6 million and approximated 46.3% and 47.7% of revenues for the six months ended June 30, 2009 and 2008, respectively. The increase in cost of revenues for HealthStream Research is primarily a result of the costs associated with increased survey volumes compared to the prior year. The decrease in cost of revenues as a percentage of revenues resulted from improved operating efficiencies compared to the same period in the prior year.
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Healthstream Inc. is pioneering a Web-based solution to meet the training and education needs of the healthcare industry utilizing our proprietary system. Through strategic relationships with medical institutions and commercial organizations the company has amassed hours of training and education courses. The company distributes hours of these courses online to allied healthcare professionals nurses doctors and other healthcare workers. HealthStream Inc. has a market cap of $84.04 million; its shares were traded at around $3.93 with a P/E ratio of 19.65 and P/S ratio of 1.63.
Highlight of Business Operations:
Revenues. Revenues increased approximately $1.6 million, or 12.1%, to $14.6 million for the three months ended June 30, 2009 from $13.0 million for the three months ended June 30, 2008. Revenues for 2009 consisted of $9.3 million, or 64% of total revenue, for HealthStream Learning and $5.3 million, or 36% of total revenue, for HealthStream Research. In 2008, revenues consisted of $8.2 million, or 63% of total revenue, for HealthStream Learning and $4.8 million, or 37% of total revenue, for HealthStream Research.Revenues for HealthStream Learning increased $1.1 million, or 14.0%, over the second quarter of 2008. Revenues from our Internet-based subscription learning products increased by $1.2 million, and were comprised of revenue increases from the HLC of $696,000 and from courseware subscriptions of $505,000. Revenues from our Internet-based subscription products increased 18.0% over the prior year quarter due to a higher number of subscribers and more courseware consumption by more subscribers. Our HLC subscriber base increased to 1,863,000 fully-implemented subscribers and 1,945,000 contracted subscribers at June 30, 2009 compared to 1,639,000 fully-implemented subscribers and 1,758,000 contracted subscribers at June 30, 2008. Revenues associated with implementation, development, and consulting services increased $287,000 over the prior year quarter due to increased courseware development service revenues compared to the prior year. These increases in revenues were partially offset by a decline in revenues from live events, study guides, and other project-based activities, which collectively declined $376,000 from the second quarter of 2008 due to a de-emphasis on live events and other similar project-based services.
Cost of Revenues (excluding depreciation and amortization). Cost of revenues increased approximately $365,000, or 7.5%, to $5.2 million for the three months ended June 30, 2009 from $4.9 million for the three months ended June 30, 2008. Cost of revenues as a percentage of revenues were 35.8% of revenues for the three months ended June 30, 2009 down favorably from 37.4% of revenues for the three months ended June 30, 2008. Cost of revenues for HealthStream Learning increased approximately $159,000 to $2.9 million and approximated 31.2% and 33.7% of revenues for the three months ended June 30, 2009 and 2008, respectively. The expense increase was primarily associated with increased royalties paid by us resulting from growth in courseware subscription revenues and were partially offset by expense decreases associated with the declines in live events and other project-based revenues. Cost of revenues for HealthStream Research increased approximately $206,000 to $2.3 million and approximated 44.0% and 43.6% of revenues for the three months ended June 30, 2009 and 2008, respectively. The increase in cost of revenues for HealthStream Research is primarily a result of the costs associated with increased survey volumes compared to the same quarter in the prior year.
Revenues. Revenues increased approximately $3.8 million, or 15.4%, to $28.2 million for the six months ended June 30, 2009 from $24.4 million for the six months ended June 30, 2008. Revenues for 2009 consisted of $18.3 million, or 65% of total revenue, for HealthStream Learning and $9.9 million, or 35% of total revenue, for HealthStream Research. In 2008, revenues consisted of $15.7 million, or 64% of total revenue, for HealthStream Learning and $8.8 million, or 36% of total revenue, for HealthStream Research.
Revenues for HealthStream Learning increased $2.6 million, or 16.8%, over the first six months of 2008. Revenues from our Internet-based subscription learning products accounted for $2.5 million of the increase, and were comprised of revenue increases from the HLC of $1.3 million and from courseware subscriptions of $1.1 million. Revenues from Internet-based subscription products increased 18.0% over the prior year period due to a higher number of subscribers and more courseware consumption by more subscribers. Our HLC subscriber base increased to 1,863,000 fully-implemented subscribers and 1,945,000 contracted subscribers at June 30, 2009 compared to 1,639,000 fully-implemented subscribers and 1,758,000 contracted subscribers at June 30, 2008. Revenues associated with implementation, development, and consulting services increased $846,000 over the prior year period due to increased courseware development service revenues compared to the prior year. These increases in revenues were partially offset by a decline in revenues from live events, study guides, and other project-based activities, which collectively declined $676,000 from the prior year period due to a de-emphasis on live events and other similar project-based services.
Cost of Revenues (excluding depreciation and amortization). Cost of revenues increased approximately $1.1 million, or 11.8%, to $10.5 million for the six months ended June 30, 2009 from $9.4 million for the six months ended June 30, 2008. Cost of revenues as a percentage of revenues were 37.2% of revenues for the six months ended June 30, 2009 down favorably from 38.4% of revenues for the six months ended June 30, 2008. Cost of revenues for HealthStream Learning increased approximately $708,000 to $5.9 million and approximated 32.3% and 33.2% of revenues for the six months ended June 30, 2009 and 2008, respectively. The expense increase was primarily associated with increased royalties paid by us resulting from growth in courseware subscription revenues as well as increased costs to support the growth in implementation, development, and consulting revenues, and was partially offset by expense decreases associated with the declines in live events and other project-based revenues. Cost of revenues for HealthStream Research increased approximately $398,000 to $4.6 million and approximated 46.3% and 47.7% of revenues for the six months ended June 30, 2009 and 2008, respectively. The increase in cost of revenues for HealthStream Research is primarily a result of the costs associated with increased survey volumes compared to the prior year. The decrease in cost of revenues as a percentage of revenues resulted from improved operating efficiencies compared to the same period in the prior year.
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