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Streamline HealthⓇ Streamline Health® Reports Fiscal Third Quarter 2021 Financial Results December 8 , 2021 Revenues of $ 5.5 Million ; 214 % SaaS Revenue Growth ; $ ( 4.3 ) Million Net Loss ; $ ( 0.3 ) Million Adjusted EBITDA TM Atlanta , GA , Dec. 08 , 2021 ( GLOBE NEWSWIRE ) Streamline Health Solutions , Inc. ( " Streamline " or the " Company " ) ( Nasdaq : STRM ) , provider of the evaluator Revenue Integrity Program to help healthcare providers proactively address revenue leakage and improve financial performance , today announced financial results for the third quarter of fiscal year 2021 , which ended October 31 , 2021 . Fiscal Third Quarter 2021 Financial Results The following financial results have been prepared in accordance with Generally Accepted Accounting Principles ( GAAP ) . Fiscal third quarter 2021 financial results represent the consolidation of the Company with Avelead , which was acquired by Streamline during the reporting period . Fiscal third quarter 2020 financial results do not reflect results from Avelead's operations . Streamline acquired Avelead on August 16 , 2021 , and the results of Avelead's operations are included from that date to the end of the fiscal quarter , October 31 , 2021 . Total revenues for the third quarter of fiscal 2021 were $ 5.5 million , a 109 % increase from $ 2.6 million during the third quarter of fiscal 2020. The increase in revenue was the result of higher revenue from SaaS and professional services as a result of the Avelead acquisition . For the first nine months of fiscal 2021 , total revenue was $ 11.3 million , a 35 % increase compared to $ 8.4 million ring the first nine months of fiscal 2020. Recur revenue comprised 71 % and 75 % of total revenue for the three- and nine - month periods ended October 31 , 2021 , respectively , as compared to 75 % and 74 % for the comparable prior year periods . The Company is focused on the growth of its SaaS solutions . During the third quarter of 2021 , SaaS revenue grew $ 1.9 million or 214 % compared to the third quarter of 2020 and $ 2.7 million or 103 % during the nine months ended October 31 , 2021 , compared to the first nine months of 2020 . Net loss for the third quarter of fiscal 2021 was $ ( 4.3 ) million as compared to a net loss of $ ( 1.1 ) million during the third quarter of fiscal 2020. Net loss from continuing operations during the quarter was impacted by approximately $ 1.9 million of non - routine costs and $ 0.5 million of other , non - operating expenses . The majority of the non - routine costs and non - operating costs are transaction costs associated with the acquisition of Avelead . The Company's net loss in the third quarter of 2021 was also impacted by operating cost and amortization cost from the Avelead acquisition . Net loss for the nine months ended October 31 , 2021 was $ ( 6.5 ) million , as compared to net income of $ 1.5 million for the same period of 2020. Net loss for the first nine months of 2021 included $ 0.4 million of income from discontinued operations , as compared to $ 4.7 million of income from a gain on sale and discontinued operations during the same period of 2020. Income from discontinued operations was offset by a $ ( 6.9 ) million loss from continuing operations in the first nine months of 2021 compared to a loss from continuing operations of $ ( 3.2 ) million during the same period of 2020 . For the nine months ended October 31 , 2021 , the Company reported $ 2.7 million in non - routine costs and a $ 2.3 million gain from forgiveness of its PPP loan and approximately $ 0.5 million in other expenses . Adjusted EBITDA for the third quarter of fiscal 2021 was a loss of $ ( 0.3 ) million , compared to an adjusted EBITDA loss of $ ( 0.7 ) million in the third quarter of fiscal 2020. Adjusted EBITDA for the nine months ended October 31 , 2021 was a loss of $ ( 1.7 ) million as compared to an adjusted EBITDA loss of $ ( 1.7 ) million during the comparable year - ago period . Fiscal Third Quarter 2021 Financial Results ( Pro Forma ) The following financial results are pro forma and have not been prepared in accordance with GAAP . Both fiscal third quarter 2021 and 2020 financial results represent the consolidation of the Company with Avelead as if Avelead's operations were fully recognized during both comparable periods . Pro forma , unaudited , consolidated revenue for the third quarter of fiscal 2021 was approximately $ 6.1 million , an increase of 17 % compared to approximately $ 5.2 million during the third quarter of fiscal 2020. SaaS revenue comprised approximately $ 3.1 million of this total , up 81 % from approximately $ 1.7 million during the third quarter of fiscal 2020. The pro forma consolidated revenue for the three months ended October 31 , 2021 and 2020 include $ 0.6 million and $ 2.6 million of revenue from Avelead's pre - acquisition operations , respectively . Pro forma , unaudited , consolidated revenue for the first nine months of fiscal 2021 was approximately $ 16.6 million , an increase of 18 % compared to approximately $ 14.1 million during the first nine months of fiscal 2020. SaaS revenue comprised approximately $ 8.6 million of this total , up 115 % from approximately $ 4.0 million during the first nine months of fiscal 2020. The pro forma consolidated revenue for the nine months ended October 31 , 2021 and 2020 include $ 5.3 million and $ 5.7 million of revenue from Avelead's pre - acquisition operations , respectively . Management Commentary " With the completion of our acquisition of Avelead during the period , we have taken major steps forward to drive more diversified , recurring revenue streams and better position our Company for long term growth , " stated Tee Green , President and Chief Executive Officer , Streamline Health . " Our combined technologies offer a more holistic approach to ensuring hospitals are able to collect 100 % of the revenue that they have earned . " " In the wake of the ongoing pandemic and with new variants still having an impact on healthcare providers , many operators are still experiencing significant disruptions , including suspending elective procedures , which has understandably delayed certain sales cycles . Despite these challenges we continue to grow our sales pipeline , both in terms of average contract values , and number of prospects , which we expect to translate into new sales in a more normalized environment . During the period we also completed the transformation of our evaluator sales team , which we believe will enable us to generate increased interest and acceptance of our technologies on a national footprint . The hospital revenue cycle continues to increase in