Josh Arnold
Long/short equity

HealthStream: Great Business But Expectations Are Unrealistic

Overview and Thesis

HealthStream, Inc. (NASDAQ:HSTM) provides internet-based learning, talent management and research solutions to healthcare providers in the US. The company operates in two segments: Learning and Talent Management, and Research. The Learning and Talent Management provides training, assessment and talent development and management solutions, management tools and finally, training. The Research segment provides surveys, data analysis of those surveys and research-based measurement tools. In addition to this, the company provides recommendations, benchmarking and consulting services to its clients. The company sells these services via a direct sales force to various healthcare providers in the US.

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Given that shares are making new all-time highs as I write this, the optimism from the investing community...

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