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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 |
| Operating 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 |
| Research And Development | - | 44.28 | 45.54 | 48.89 | 50.98 |
| Selling General And Administration | - | 81.01 | 81.41 | 82.29 | 82.16 |
| Total Expenses | - | 254.38 | 263.04 | 270.36 | 283.83 |
| Operating Income | - | 12.45 | 16.02 | 21.29 | 20.24 |
| Total Operating Income As Reported | - | 12.45 | 16.02 | 21.29 | 20.24 |
| EBITDA | - | 50.39 | 57.10 | 62.53 | 63.71 |
| Normalized EBITDA | - | 50.39 | 57.10 | 62.53 | 63.71 |
| EBIT | - | 12.45 | 16.02 | 21.29 | 20.24 |
| Interest Income | - | 0.44 | 2.36 | 3.83 | 3.34 |
| Net Interest Income | - | 0.44 | 2.36 | 3.83 | 3.34 |
| Other Non Operating Income Expenses | - | 2.69 | 0.14 | -0.32 | -0.36 |
| Other Income Expense | - | 2.69 | 0.14 | -0.32 | -0.36 |
| Interest Income Non Operating | - | 0.44 | 2.36 | 3.83 | 3.34 |
| Net Non Operating Interest Income Expense | - | 0.44 | 2.36 | 3.83 | 3.34 |
| Pretax Income | - | 15.58 | 18.51 | 24.80 | 23.22 |
| Tax Provision | - | 3.49 | 3.30 | 4.80 | 4.88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Net Income From Continuing And Discontinued Operation | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Net Income From Continuing Operation Net Minority Interest | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Net Income | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Net Income Common Stockholders | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Net Income Including Noncontrolling Interests | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Normalized Income | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Diluted NI Availto Com Stockholders | - | 12.09 | 15.21 | 20.01 | 18.34 |
| Basic Average Shares | - | 30.65 | 30.57 | 30.39 | 30.02 |
| Diluted Average Shares | - | 30.72 | 30.67 | 30.54 | 30.14 |
| Reconciled Depreciation | - | 37.94 | 41.08 | 41.24 | 43.48 |
| Reconciled Cost Of Revenue | - | 91.14 | 95.02 | 97.94 | 107.21 |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 37.94 | 41.08 | 41.24 | 43.48 |
| Depreciation And Amortization In Income Statement | - | 37.94 | 41.08 | 41.24 | 43.48 |
| General And Administrative Expense | - | 36.87 | 35.66 | 35.13 | 32.77 |
| Selling And Marketing Expense | - | 44.15 | 45.74 | 47.16 | 49.39 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| HealthStream, Inc.this co. | HSTM | $739M | 40.28 | 2.09 | 5.2% | 11.26 |
| BioAge Labs, Inc. | BIOA | $757M | -9.39 | 2.78 | -29.6% | -7.19 |
| EVMN | EVMN | $745M | -10.82 | 3.63 | -33.5% | -8.82 |
| Omeros Corporation | OMER | $742M | -221.45 | -6.12 | 2.8% | -7.97 |
| Bright Minds Biosciences Inc. | DRUG | $731M | -59.77 |
| - |
| - |
| - |
| - |
| - |
| 8.91 |
| -14.9% |
| -46.77 |
| Solid Biosciences Inc. | SLDB | $713M | -4.09 | 3.96 | -96.8% | -3.80 |
| CBLL | CBLL | $711M | -13.32 | 4.58 | -34.4% | -13.81 |
| Enhabit, Inc. | EHAB | $707M | -153.68 | 1.32 | -0.9% | 20.09 |
| Allogene Therapeutics, Inc. | ALLO | $704M | -3.69 | 2.41 | -65.3% | -4.15 |
| Peer Median | - | -12.07 | 3.20 | -31.6% | -7.58 | |