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4 Q & FY 25 Investor Presentation 1
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Safe Harbor Statement This presentation includes certain forward - looking statements (statements other than solely with respect to historical fact), including statements regarding expectations for the financial performance for 2026 that involve risks and uncertainties regarding HealthStream. These statements are based upon management ’ s beliefs, as well as assumptions made by and data currently available to management. This information has been, or in the future may be, included in reliance on the “ safe harbor ” provisions of the Private Securities Litigation Reform Act of 1995 . Investors are cautioned that such results or events predicted in these statements may differ materially from actual future events or results. The forward - looking statements are subject to significant uncertainties and other risks referenced in the Company ’ s Annual Report on Form 10 - K and in the Company ’ s other filings with the Securities and Exchange Commission. Consequently, such forward - looking information should not be regarded as a representation or warranty by the Company that such projections will be realized. Many of the factors that will determine the Company ’ s future results are beyond the ability of the Company to control or predict. Readers should not place undue reliance on forward - looking statements, which reflect management ’ s views only as of the date hereof. The Company undertakes no obligation to update or revise any such forward - looking statements.
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HealthStream Overview 3 HEALTHCARE MARKET LEADER #1 Workforce Platform in Healthcare • A market leader of enterprise workforce solutions for U.S. healthcare organizations for learning, credentialing, and scheduling. • PaaS - enabled platform with industry’s largest ecosystem of solutions for the healthcare workforce EXPANDING HEALTHCARE WORKFORCE # 1 Largest Increase in Hiring in U.S. economy • Hospital hiring alone averaged 13,600 new personnel monthly in 2025 . • Large and growing workforce marketplace of applications and content for healthcare organizations. • Serves highly regulated healthcare industry, which is undergoing challenges to improve patient safety and retain their workforce. STRONG FINANCIALS SUPPORTING GROWTH Record Quarterly Revenue & Adjusted EBITDA • Market Cap: ~$ 640 M (as of close, 25 Feb. 2026 ) • 4 Q 2025 Revenues: $ 79.7 M; Quarterly adjusted EBITDA: $ 18.8 M • FY 2025 Revenues: $ 304.1 M; FY 2025 adjusted EBITDA: $ 71.8 M • Strong balance sheet: $ 57.0 M cash (as of 4 Q 2025 ); $ 50 M unused credit facility; no debt • Quarterly Dividend Program
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Focused on the Healthcare Industry … $ 5.3 trillion industry 18 % of GDP Hospital Care = approx. 1 / 3 Fastest growing sector of U.S. economy
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…and its Growing Workforce Source: Bureau of Labor Statistics Healthcare Workforce grew by 1,000,000 in 2025 alone , the fastest growing sector of the economy ¼ of all new jobs will be in healthcare in the U.S. over the next decade 189,000 + new Registered Nurse job openings per year expected over the next decade 40 % increase in Nurse Practitioners expected through 2034
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Market Focus: 13.7 Million Individuals Focused on Healthcare Delivery * Additional Care Settings: • Skilled Nursing • Home Health • Ambulatory Surgery 6,900,000 5,800,000 1,000,000 Acute Care Employees Includes total number of healthcare professionals working in provider organizations, along with pre - professionals (current nursi ng students) Nursing Students * Sources: U.S. Bureau of Labor Statistics; American Association of Colleges of Nursing
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Healthcare Organizations Use HealthStream Enterprise Applications to: Meet Compliance Requirements Manage Credentialing & Privileging Improve Resuscitation Outcomes Develop Clinical Workforce Optimize Workforce Scheduling 7
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SCHEDULING SUITE CREDENTIALING SUITE LEARNING SUITE Three Core Enterprise Application Suites
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Ranked # 1 in Best Healthcare Software by G 2 .
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10 HealthStream Learning Experience : New AI - driven Application Empower individuals with curated skills and professional pathways Engage the healthcare workforce with social features and mentoring Retain staff with career mobility and personalized experiences First hStream platform - native software announced in January 2025 Optimizing Healthcare Professionals ’ Learning Journey TM
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Ranked #5 in Best Healthcare Software by G2.
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12 Credentialing Solutions: Best - in - Class Application Suite Rated highest Credentialing Software on prestigious G 2 site Industry first : Solution that accelerates entire physician onboarding process Industry first: Solution for Health Plans within Hospitals Industry first: National benchmarks for credentialing, privileging, and enrollment Shortening Time to Revenue for Physicians
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Highest - rated Staff Scheduling Solution for Hospitals by Capterra.
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14 Shiftwizard ® : Employee Scheduling Application Top - rated: Consistently listed by G2 as a “top hospital scheduling software” application Mission - critical workflow dependency : Supports patient safety, labor cost control, and regulatory compliance. Seamlessly integrated: Only healthcare scheduling solution with Workday - certified integration Highest - rated Staff Scheduling Solution for Hospitals
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HealthStream is Positioned to Deliver Increasing Value in an Expanding AI Environment 16 Healthcare Workforce, our user base, is significantly expanding. HealthStream solutions serve as a “ system of record ” for customers. HealthStream is a data “ originator, ” not simply a data aggregator. AI is a core element of our hStream platform. HealthStream ’ s Ecosystem creates durable value, which can enhance AI.
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The platform that connects everything in the HealthStream ecosystem and includes exclusive applications, services, discounts, content, and other benefits
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The HealthStream Ecosystem 18 Thousands of Customer Organizations Millions of Users Hundreds of Developer Portal Members MedTech Content Marketplace Dozen of Platform Partners Scheduling Suite Learning Suite Credentialing Suite Dozens of Access & Marketplace Partners
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Nurses CNAs, HHAs, & Direct Caregivers Students Three Professional Career Networks
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6 70 , 3 00 + nurses as monthly active users ~ 9.7 M social connections on Nursegrid # 1 RATED APP BY NURSES 4.9 /5 1 5 0 k+ Reviews Nurses Nursegrid
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myClinicalExchange • ~ 200,000 clinical students used mCE in 2025 • Over 98,000 MAU in 4 Q 2025 • Compliance and scheduling of students, instructors, preceptors • Facilitates recruiting pipeline, engaging with future clinicians Engage clinical students. Streamline clinical placements.
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MissionCare Collective • Over 5.2 million professionals in the myCNAjobs caregiver community. • # 1 Career Network to address the urgent, growing need for CNAs, Home Health Aides, and Direct Caregivers throughout the healthcare industry. • Over 8,000 healthcare providers have used one or more solutions. • Acquired by HealthStream on Dec. 15 , 2025 . Expanding the Homecare Workforce to Meet Growing Demand
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High - level Growth Strategies • Grow the MAUs on Career Networks • Expand Customer Network; Add new enterprise customers • Cross - sell more solutions; Increase the value of each account • Grow new revenue streams via Partners & PaaS capabilities • Execute on complementary M&A opportunities 23
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$ 6.50 $ 55.16 • Learning Center • Clinical Content ( 3 solutions) • SafetyQ • Credentialing Solution • Competency Center • Red Cross Pilot • Checklist • CE Unlimited S U B S C R I P T I O N S A D D E D O V E R T I M E Annual Revenue Per Employee Annual Revenue Per Employee in 2006 in 2026 • Signma Clinical Leadership • Enterprise Visibility • Quality OB • EBSCO Dynamic Health California - based Health System with 38,000 Employees 8 x Increase in Revenue per Employee over 20 Years
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• hStream • HLC • Red Cross • EBSCO Dynamic Health • CE Unlimited • Quality OB S U B S C R I P T I O N S A D D E D O V E R T I M E • SafetyQ • Video • Association content partners $ 6.25 $ 92.86 Annual Revenue Per Employee Annual Revenue Per Employee in 2004 in 2026 Tennessee Health System with 24,000 + Employees 15 x Increase in Revenue per Employee over 22 Years
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Revenue* * 2011 - 2018 Full - Year revenue metrics adjusted retroactively to exclude PX business. 58.1 78.6 103.8 138.8 174.8 192.1 214.9 231.6 254.1 244.8 256.7 266.8 279.1 304.1 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 291.6 ($ in millions)
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13.2 17.1 20.6 28.7 38.1 33.4 36.8 42.4 47.2 46 52.7 53.4 71.8 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA * (1) Adjusted EBITDA is a non - GAAP measure. See “ Disclaimers: Financial Information. ” A reconciliation of Adjusted EBITDA to net income, the corresponding GAAP financial measure, is provided in the Appendix hereto. (2) 2011 - 2018 Full - Year Adjusted EBITDA metrics adjusted retroactively to exclude PX business. * 61.3 ($ in millions) 66.8
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2026 Financial Outlook Revenue Growth Adjusted EBITDA Growth Net Income Growth Capital Expenditures 6.2 – 8.5 % 1.7 – 7.2 % 11.5 – 24.6 % $ 323 M – $ 330 M $ 73 M – $ 77 M $ 20.4 M – $ 22.8 M $ 31 M – $ 34 M
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Cash Dividend Program 12.9 % increase of quarterly dividend announced Feb. 23 , 2026 . Dividend Program initiated in February 2023 .
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Independent Research Coverage Initiated December 2023
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HEALTHSTREAM INVESTOR RELATIONS CONTACT: Mollie Condra, Ph.D. Head, Investor Relations & Communications mollie.condra@healthstream.com
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Thank you 32