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STREAMLINE HEALTH SOLUTIONS INC. [STRM], a leading provider of healthcare document workflow and analytics solutions, announced its financial results for the second quarter of 2023. The company reported a net loss of $2.5 million for the quarter, compared to a net loss of $3.3 million in the same period last year. Quarterly revenue stood at $5.8 million, representing a year-over-year decline of 3%. Despite challenges in the operating environment, Streamline Health Solutions managed to maintain a stable financial position.
Streamline Health Solutions recorded total revenues of $11.1 million for the first half of 2023, a decrease of 7% compared to the same period last year. Operating expenses for the six-month period amounted to $16.7 million, resulting in an operating loss of $5.6 million. This represents an improvement from the operating loss of $5.8 million in the previous year. The company incurred interest expenses of $515,000 and had acquisition earnout valuation adjustments of $723,000. After considering income tax expense of $61,000, Streamline Health Solutions reported a net loss of $5.4 million for the first half of 2023.
In terms of revenue breakdown, software-as-a-service (SaaS) revenues contributed $6.7 million, an increase of 13% from the previous year. Maintenance and support revenues remained relatively stable at $2.3 million, while professional fees and licenses revenues declined by 43% to $2.1 million.
Streamline Health Solutions exhibited a stable financial position during the first half of 2023. The company's total assets stood at $53.3 million, with current assets amounting to $8.7 million. Non-current assets, including property and equipment, capitalized software development costs, intangible assets, and goodwill, totaled $44.6 million. On the liability side, Streamline Health Solutions had $22.2 million in total liabilities, including current liabilities of $13.3 million. The company's stockholders' equity amounted to $31.1 million.
The basic and diluted earnings per share for the six-month period were both reported at $(0.10), compared to $(0.13) in the previous year. The weighted average number of common shares increased to 56.2 million from 47.1 million.
Looking ahead, Streamline Health Solutions remains committed to its mission of empowering healthcare organizations with innovative solutions. The company will continue to focus on driving revenue growth and improving operational efficiencies. Streamline Health Solutions also aims to leverage its strong expertise in healthcare analytics to further enhance its competitive edge in the market.
Despite the challenges faced in the second quarter of 2023, Streamline Health Solutions Inc. demonstrated resilience and stability in its financial performance. The company's ability to generate stable revenues, manage expenses, and improve operating loss indicates progress towards its long-term goals. As the healthcare industry continues to evolve, Streamline Health Solutions remains well-positioned to support organizations in streamlining their document workflow and analytics processes.