Shares of Streamline Health Solutions Inc (NASDAQ:STRM) were under selling pressure after the recent jump. The stock has gained 8% over the past week.
Market Reaction
On Tuesday, STRM stock went down 1.73% to close at $1.70 with more than 33k shares, compared to its average volume of 82k shares. The stock has moved within a range of $1.7000 – 1.7752 after opening the trade at $1.73.
Earnings Recap
Provider of eValuator Revenue Integrity Program, Streamline Health Solutions Inc (NASDAQ:STRM), on November 9, 2021, announced financial results for quarter two of the current fiscal, ending July 31, 2021.
Streamline Health Solutions, which assists healthcare providers, proactively address compliance issues and revenues leakage, confirmed that the total revenues for quartertwo were $2.9 million. The SaaS revenues grew by about 59%, higher revenues from SaaS were offset by lower revenues from software licenses, professional services, and maintenance and support.
The company confirmed that recurring revenues were 84% of quarter two of 2021 fiscal as compared to 71% of second-quarter fiscal 2020 revenue.
Tee Green, President, and Chief Executive Officer, Streamline, said that the team’s execution on restructuring has put it on the growth path and it is entering a fresh chapter with the latest acquisition of Avelead. He added that the Delta variant of Covid deferred reporting of successes on the sales side but it has continued improving processes and systems enabling growth.
The company is of the view that it is more capable than ever to support healthcare provider customers through pre-bill revenue cycle solutions for ensuring improved financial performance as well as revenue integrity.
The company also confirmed on being invited to participate in the 12th Annual Craig-Hallum Alpha Select Conference, taking place virtually on 16/11.
Key Quote
“As a result of our team’s execution to restructure and position Streamline for growth, we were thrilled to enter a new chapter with our recent acquisition of Avelead. Thanks to our focus on improved sales and customer success, we are ready to capitalize on our tremendous market opportunity while maintaining strong relationships with our existing customers.” stated Tee Green, President and Chief Executive Officer, Streamline.
Traders Review
STRM stock is trading below the 50-Day and 200-Day Moving averages of $1.71 and $1.84 respectively. However, the stock is trading above the 20-Day moving average of $1.68. The stock is up 10% over the past 3-month.
