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HealthStream, Inc. provides Software-as-a-Service (SaaS) based applications for healthcare organizations in the United States. The company offers hStream, a technology platform; CredentialStream, provides healthcare organizations with tools to support the provider lifecycle management from recruiting, application submission, verification of licensure and other credentials, privileging, appointments by credentialing committees, enrollment, network, management, onboarding, and performance evaluations of providers; ShiftWizard; and Competency Suite, AI/ML-driven clinical competency development system. It also provides applications for performance appraisal, competency management, disclosure management, clinical competency, assessment, development, simulation-based education, clinical rotation and onboarding management, quality management, and industry training. The company's solutions help healthcare organizations in meeting their ongoing learning, clinical development, credentialing, and scheduling needs. It serves the healthcare industry, including private, not-for-profit, and government entities, as well as pharmaceutical and medical device companies, and nursing schools and students. The company was incorporated in 1990 and is headquartered in Nashville, Tennessee.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $304M | $64M | $18M | $31M | 5.2% | 4.3% | -8.3% |
| 2024 | $292M | $63M | $20M | $30M | 5.6% | 4.5% | 31.5% |
| 2023 | $279M | $57M | $15M | $36M | 4.5% | 4.6% | 25.8% |
| 2022 | $267M | $50M | $12M | $26M | 3.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 266.83 | 279.06 | 291.65 | 304.06 |
| Cost Of Revenue | - | 91.14 | 95.02 | 97.94 | 107.21 |
| Gross Profit | - | 175.68 | 184.04 | 193.71 | 196.86 |
| Operating Expense | - | 163.23 | 168.02 | 172.42 | 176.62 |
| Operating Income | - | 12.45 | 16.02 | 21.29 | 20.24 |
| EBITDA | - | 50.39 | 57.10 | 62.53 | 63.71 |
| EBIT | - | 12.45 | 16.02 | 21.29 | 20.24 |
| Pretax Income | - | 15.58 | 18.51 | 24.80 | 23.22 |
| Tax Provision | - | 3.49 | 3.30 | 4.80 | 4.88 |
| Net Income | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Net Income Common Stockholders | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Total Expenses | - | 254.38 | 263.04 | 270.36 | 283.83 |
| Interest Income | - | 0.44 | 2.36 | 3.83 | 3.34 |
| Research And Development | - | 44.28 | 45.54 | 48.89 | 50.98 |
| Selling General And Administration | - | 81.01 | 81.41 | 82.29 | 82.16 |
| Normalized EBITDA | - | 50.39 | 57.10 | 62.53 | 63.71 |
| Normalized Income | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Market Cap | 624.50 | 624.50 | 624.50 | 624.50 | 624.50 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| HealthStream, Inc.this co. | HSTM | $641M | 34.05↑ premium | 1.76 | 5.2% | 9.46 |
| Solid Biosciences Inc. | SLDB | $694M | - | 3.09 | -96.8% | -2.97 |
| Ironwood Pharmaceuticals, Inc. | IRWD | $683M | 27.67 | -2.58 | -9.2% | 8.78 |
| Bioventus Inc. | BVS | $654M | 29.30 | 3.52 | 10.0% | 12.31 |
| Eton Pharmaceuticals, Inc. | ETON | $645M |
| - |
| - |
| - |
| - |
| - |
| - |
| 24.38 |
| -17.6% |
| 73.07 |
| Prime Medicine, Inc. | PRME | $638M | - | 5.17 | -166.4% | -2.81 |
| Arvinas, Inc. | ARVN | $628M | - | 1.44 | -18.6% | 0.43 |
| Aclaris Therapeutics, Inc. | ACRS | $624M | - | 5.23 | -63.0% | -6.08 |
| CorMedix Inc. | CRMD | $591M | 3.67 | 1.46 | 40.2% | 3.38 |
| Peer Median | - | 27.67 | 3.31 | -18.1% | 1.91 | |