Healthstream Inc. (NASDAQ:HSTM) Q2 2020 Earnings Conference Call - Final Transcript

Jul 28, 2020 • 09:00 am ET

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Healthstream Inc. (NASDAQ:HSTM) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the HealthStream Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mollie Condra, Vice President, Investor Relations and Communications. Please, go ahead, ma'am.

Executive
Mollie Condra

Thank you and good morning. Thank you for joining us today to discuss our second quarter 2020 results. Also on the conference call with me are Robert A. Frist Jr., CEO and Chairman of HealthStream; and Scotty Roberts, CFO and Senior Vice President.

I would also like to remind you that this conference call may contain forward-looking statements regarding future events and the future performance of HealthStream that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning these risks and other factors that could cause the results to differ materially from those forward-looking statements are contained in the Company's filings with the SEC, including Forms 10-K, 10-Q and our earnings release.

So with that start, at this time, I'll turn it over to Bobby Frist.

Executive
Robert Frist, Jr.

Thank you, Molly. Good morning, everyone, and welcome to our second quarter 2020 earnings conference call. In our last conference call on April 28, we stated that the number of confirmed COVID-19 cases in the US was projected to soon reach over 1 million. And that actually happened the following day on April 29. Since that time, the number has more than quadrupled, now exceeding 4 million and the number of deaths in the US is now approximately 150,000. The CDC reports over 500 of those deaths were healthcare workers.

At HealthStream, we've never been more resolute in our mission to support the US healthcare workforce, the heroes who are literally putting their lives at risk to provide care to others. I want to start this call the same way we started our last call, by acknowledging and sincerely thanking healthcare workers the world over. Thank you.

Unfortunately, many of the ways we characterized the pandemic in our April call continue to apply. The impact of COVID-19 has been widespread, rapidly evolving and generally characterized by uncertainty. In attempt to contain the spread of COVID-19, authorities have implemented measures that have resulted in quarantines, travel bans and restrictions, shelter-in-place orders, the promotion of social distancing and limitations on business activity among other actions.

While many cities and states have elected to gradually lift some of these restrictions, the results have been discouraging, as summer has progressed with 44 of the 50 states currently experiencing increasing rates of infection. Several with record high levels of hospitalizations and deaths. These measures in the pandemic have continued to cause significant economic downturn in the US and globally.

Directly relevant to our business is the adverse impact the pandemic is having and will likely continue to have on the healthcare industry. Our business is focused on providing workforce and provider solutions to the healthcare organizations along the continuum of care, such that