In This Story
Streamline Health Solutions Inc. (STRM-2.96%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing total revenues of $4,419,000, a decrease from $6,133,000 in the same quarter the previous year. The decline is attributed to a previously announced client non-renewal.
Cost of sales for the quarter was $2,385,000, compared to $2,878,000 in the same quarter of the previous year, reflecting a reduction in infrastructure and personnel costs.
The company reported an operating loss of $1,980,000 for the quarter, compared to a loss of $12,947,000 in the previous year, with the prior year's loss including a $9,813,000 impairment of goodwill.
Interest expense increased to $496,000 from $266,000 due to interest accrued on notes payable issued in February 2024.
Net loss for the quarter was $2,476,000, compared to $11,911,000 in the previous year. The previous year's net loss included significant impairment charges.
Cash used in operating activities was $2,638,000, while cash used in investing activities was $667,000, primarily for capitalized software development costs.
Streamline Health had cash and cash equivalents of $754,000 as of October 31, 2024. The company acknowledges the need for additional liquidity in the next twelve months.
The filing details a reverse stock split that was effective on October 4, 2024, consolidating every 15 shares into one share of common stock.
Streamline Health executed a Fifth Modification to its loan agreement on November 13, 2024, amending certain financial covenants to maintain compliance.
The company continues to focus on expanding its SaaS business despite challenges in the healthcare industry, including personnel shortages and IT project backlogs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Streamline Health Solutions Inc. quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.