Here are 1-2 analogies for HealthStream (HSTM):

• The Workday for healthcare organizations, focused on workforce development and talent management.
• The Veeva Systems for healthcare systems, providing specialized cloud software for managing their workforce and provider credentials.

• Learning Management System (LMS): Provides a cloud-based platform for healthcare organizations to deliver, track, and manage employee education, compliance training, and professional development.
• Competency & Performance Management: Offers solutions to assess, track, and develop the clinical and professional competencies of healthcare staff and manage their performance.
• Clinical Development Solutions: Delivers platforms and tools for clinical education, simulation-based training, and skill assessment to enhance patient care and safety.
• Provider Credentialing & Enrollment: Provides software and services to streamline the complex processes of credentialing, privileging, and enrolling healthcare providers.

HealthStream (symbol: HSTM) sells primarily to other companies, specifically within the healthcare industry (B2B).

HealthStream serves thousands of healthcare organizations across the United States. According to their financial filings (e.g., 10-K reports), no single customer accounts for 10% or more of their total revenues. Consequently, HealthStream does not have specific "major customers" that are individually named and publicly disclosed due to revenue concentration. Instead, their customer base is diverse and primarily includes the following categories of healthcare organizations:

• Hospitals and Health Systems: This category encompasses a wide range of healthcare providers, from large multi-hospital systems and integrated delivery networks to standalone community hospitals and academic medical centers. These organizations utilize HealthStream's platforms for workforce development, talent management, compliance training, and clinical education.
• Post-Acute Care Providers: This segment includes various facilities and services that cater to patients after hospitalization, such as skilled nursing facilities, home health agencies, hospice providers, and rehabilitation centers. HealthStream helps them manage staff competencies and regulatory compliance.
• Other Healthcare Providers: This broader category can include physician groups, outpatient clinics, urgent care centers, diagnostic imaging centers, and other specialized healthcare facilities that require solutions for staff training, credentialing, and operational efficiency.

Amazon.com, Inc. (AMZN)

Robert A. Frist Jr., Chief Executive Officer and Chairman

Robert A. Frist Jr. co-founded HealthStream in 1990 and has served as Chief Executive Officer and Chairman of the Board of Directors since then. Under his leadership, he grew HealthStream from a dot-com startup into the nation's largest ecosystem of SaaS-based workforce and provider solutions in the healthcare industry. He is a co-founder and currently serves as Chairman of the Board of Nashville's Entrepreneur Center, and previously served as Chairman of the Nashville Health Care Council. Mr. Frist was named "Entrepreneur of the Year" for the southeastern region by Ernst & Young and has been recognized as one of the "Most Admired CEOs" among public companies multiple times. He graduated with a Bachelor of Science degree in business from Trinity University.

Scott A. Roberts, Chief Financial Officer and Senior Vice President, Accounting and Finance

Scott A. Roberts joined HealthStream in 2002 and held various roles within the Finance and Accounting Department before being promoted to Vice President, Accounting and Finance in 2015. He was appointed Interim Chief Financial Officer in February 2019 and subsequently named Chief Financial Officer and Senior Vice President, Accounting and Finance in September 2019. In his current role, Mr. Roberts leads all of HealthStream's financial functions, including accounting, audit, financial reporting, treasury management, and corporate finance. He is a Certified Public Accountant who previously worked at Ernst & Young and earned a Bachelor of Business Administration degree in Accounting from Middle Tennessee State University.

Michael Collier, Executive Vice President, Corporate Strategy, Development, and Operations

Michael M. Collier joined HealthStream in 2011 as Vice President & General Counsel and now serves as Executive Vice President, Corporate Strategy, Development, and Operations. He is responsible for establishing and overseeing HealthStream's enterprise growth strategy and operations, with direct oversight over departments such as Legal, Human Resources, Business Enablement, Enterprise Partnerships, Success Management, Implementations, and Customer Onboarding. As head of the Company's M&A program, he has led over two dozen successful acquisitions for HealthStream. Prior to joining HealthStream, he was a corporate & securities attorney at Bass, Berry & Sims. Mr. Collier holds a J.D. from the University of California, Berkeley School of Law and M.A. and B.A. degrees from the University of Tennessee-Knoxville.

Trisha L. Coady, Executive Vice President, Workforce Development Solutions

Trisha L. Coady joined HealthStream in 2013 and was named Executive Vice President, Workforce Development Solutions in February 2025, after serving as Senior Vice President. She is responsible for a suite of solutions including competency development, clinical education, resuscitation, quality and safety, and revenue cycle, often working with HealthStream's key partners. Ms. Coady holds a Bachelor of Science degree in Nursing from the University of Moncton.

Jeffrey Cunningham, Chief Technology Officer and Senior Vice President

Jeffrey Cunningham joined HealthStream as Senior Vice President and Chief Technology Officer (CTO) in July 2017. He is responsible for leading all aspects of platform and product development for HealthStream. Mr. Cunningham brings over 20 years of experience in healthcare technology, having led the design, development, and delivery of large-scale solutions with a focus on advanced service-based architectures, big-data analytics, and ecosystem-wide interoperability. Before his tenure at HealthStream, he served as Chief Technology Officer of Informatics Corporation of America (ICA) and was a partner and senior strategist for Computer Science Corporation's (CSC's) National Customer Solutions Consulting Practice.

Major Electronic Health Record (EHR) system vendors (e.g., Oracle Health (formerly Cerner), Epic Systems) are increasingly expanding their native capabilities and acquiring companies to offer more comprehensive and integrated human capital management (HCM), learning, and credentialing solutions directly to their healthcare provider clients. This threatens HealthStream by pushing healthcare organizations to consolidate their IT vendors and utilize an integrated, 'good enough' solution from their primary EHR provider, rather than specialized best-of-breed systems.

HealthStream (HSTM) provides a suite of software-as-a-service (SaaS) solutions primarily focused on workforce development, credentialing, and patient experience for the healthcare industry in the United States. The addressable markets for their main products and services are as follows:

Workforce Development and Learning Management Solutions

• Healthcare Learning Management System (LMS) Market: The global healthcare learning management system market size was valued at USD 2.53 billion in 2024 and is projected to reach USD 19.43 billion by 2033, growing at a compound annual growth rate (CAGR) of 25.42% from 2025 to 2033. North America was the largest regional market for healthcare learning management systems in 2024.
• Healthcare Workforce Management System Market: The global healthcare workforce management system market size was estimated at USD 1.9 billion in 2023 and is projected to reach USD 4.5 billion by 2030, with a CAGR of 13.2% from 2024 to 2030. In the U.S., the healthcare workforce management system market generated USD 662.8 million in revenue in 2023 and is expected to reach USD 1,513.5 million by 2030, at a CAGR of 12.5% from 2024 to 2030. HealthStream has also expanded its addressable market to include approximately 1,000,000 nursing students and over 1,000 nursing schools across the U.S.

Provider Credentialing, Privileging, and Enrollment Solutions

• Credentialing Software Market: The global credentialing software market was valued at USD 2,751.5 million in 2024 and is expected to expand at a CAGR of 15.20% from 2024 to 2031. North America held the largest share of the global credentialing software market, accounting for over 40% of the revenue with a market size of USD 1,100.60 million in 2024, projected to grow at a CAGR of 13.4% from 2024 to 2031. The U.S. alone had a market size of USD 868.37 million in 2024, with a projected CAGR of 13.2% during the forecast period. The U.S. credentialing software and services in healthcare market size was estimated at USD 267.72 million in 2024 and is expected to grow at a CAGR of 6.95% from 2025 to 2033. Another report estimates the U.S. market at USD 268.35 billion in 2024, projected to reach approximately USD 526.41 billion by 2034, with a CAGR of 6.97% from 2025 to 2034.

Patient Experience Solutions

• Patient Experience Technology Market: The global patient experience technology market was estimated at USD 6.31 billion in 2024 and is projected to grow to USD 18.78 billion by 2035, at a CAGR of 10.42% from 2025 to 2035. North America leads the patient experience technology market, holding approximately 60% of the global share. The North America patient engagement solutions market size was valued at USD 11.1 billion in 2023 and is predicted to grow at a CAGR of 14.5%. The U.S. patient engagement solutions market size was USD 7.59 billion in 2024 and is expected to grow at a CAGR of 19.77% from 2025 to 2030. Another source indicates the U.S. market accounted for USD 7.40 billion in 2025 and is predicted to increase to approximately USD 25.21 billion by 2034, expanding at a CAGR of 14.68% from 2025 to 2034.

1. Continued Growth of Core SaaS Solutions: HealthStream anticipates revenue growth from its key Software-as-a-Service (SaaS) offerings, including CredentialStream, ShiftWizard, and Competency Suite. These solutions have consistently demonstrated strong growth, with CredentialStream growing by 23-26%, ShiftWizard by 21-29%, and Competency Suite by 18% in recent quarters. The company's focus on expanding these core offerings is a significant driver.
2. Strategic Acquisitions and Market Expansion: Acquisitions are a driver of growth, as evidenced by the recent purchase of Virsys12, which is expected to contribute approximately $900,000 to fourth-quarter revenue in 2025 and enhance HealthStream's provider data management capabilities and market reach within the payer and health plan space. Earlier acquisitions in 2024, such as Total Clinical Placement System and The Clinical Hub, also expanded their clinical rotation management businesses.
3. Expansion and Adoption of the hStream Platform and New Applications: HealthStream is concentrating on expanding its hStream platform and other SaaS applications. The hStream technology platform integrates learning management, credentialing, and scheduling tools, and has secured large bundled deals with new health system clients. Additionally, the HealthStream Learning Experience (HLX), a new AI-driven personalized learning subscription product, is expected to contribute to future revenue as its adoption ramps up.
4. Transition to Higher-Margin Proprietary Content: The company is transitioning from a model reliant on third-party content to one with more proprietary content. This shift is expected to improve margins and contribute to overall revenue growth through the introduction of higher-margin products.
5. Diminishing Impact of Legacy Product Declines: While declines in legacy products have previously offset some growth, their impact is becoming less material to HealthStream's financial outlook. As these older product lines recede, the strong growth from newer subscription products is expected to be more evident, thereby contributing positively to overall revenue.

Share Repurchases

• HealthStream authorized a new share repurchase program on May 8, 2025, allowing for the repurchase of up to $25 million of outstanding common stock.
• The $25 million share repurchase program was completed during the three months ended September 30, 2025.
• A total of $25.0 million (905,786 shares) was repurchased in 2025 under this program.

Share Issuance

• Executives received common shares upon Restricted Share Unit (RSU) vesting; for example, on October 30, 2025, an executive acquired 2,566 common shares, with 625 shares withheld for taxes.

Outbound Investments

• On October 8, 2025, HealthStream acquired Virsys12 for $13.0 million in cash, plus up to $4.0 million in contingent payments, to expand its credentialing and provider data management solutions.
• On November 5, 2024, HealthStream acquired Total Clinical Placement System (TCPS) for up to $1.65 million in cash and The Clinical Hub, Inc. for up to $600,000 in cash, enhancing its clinical rotations offerings.

Capital Expenditures

• Capital expenditures incurred during the third quarter of 2025 were $7.8 million.
• Year-to-date capital expenditures for the nine months ended September 30, 2025, totaled $25.0 million.
• Expected capital expenditures for the full year 2025 are projected to range between $31 million and $34 million, primarily focused on organic investments in the company's platform and SaaS applications.