Allscripts Ousts Chairman, Shares Fall

June 25, 2013
Chicago-based Allscripts Healthcare Solutions, Inc., a big-name provider of EMR/EHR software solutions, announced its first-quarter results and they weren’t favorable. Additionally, the company’s Chairman of the Board, Phil Pead, has also been fired.

Chicago-based Allscripts Healthcare Solutions, Inc., a big-name provider of EMR/EHR software solutions, announced its first-quarter results and they weren’t favorable. Additionally, the company’s Chairman of the Board, Phil Pead, has also been fired.

Allscript’s bookings were $194.6 million, down from $212.4 million in the first quarter of 2011. While revenue was up from a year-ago ($364.7 million in 2012, $335.3 in 2011), the company’s net income, profit and earnings per share were down. Also down is the company’s stock, which fell 42.53 percent (press time), or $6.82 per share, to $9.20, from $16.02 at the end of trading yesterday. CEO Glen Tullman blamed the low sales on “lower than expected sales.”

Allscripts simultaneously announced the departure of two executives, Bill Davis, chief financial officer, who is leaving for other opportunities, and Pead, who has been fired as Chairman of the Board. Following this, Allscripts announced several board members (Catherine M. Burzik, Eugene V. Fife and Edward A. Kangas) informed the Company that they have resigned as directors of the Board. They expect several people to be added.

Allscript’s EMR/EHR vendor rival, Cerner, posted much more favorable financial results yesterday.

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