Allscripts’ Earnings Report Shows Continued Slump
Chicago-based electronic health record (EHR) software provider, Allscripts continues to find itself in a slump, according to the results of its first full quarter earnings report since the company made significant leadership changes.
The company, which had a notable quarter for its high-profile acquisitions of dbMotion and Jardogs, reported that its bookings of $177.7 million were down from $194.6 million in the first quarter of 2012 and $180.7 million in the fourth quarter of 2012. Overall revenue was down from of $364.7 million a year ago to $347.1 million this past quarter. The company posted an operating loss of $28.3 million in the first quarter, compared with an operating income of $13.0 million in the first quarter of 2012.
The past year has been an interesting one for Allscripts as dealt with the removal of former CEO Glen Tullman and subsequent appointment of former Cerner COO Paul Black. It’s also dealt with its share of legal battles and rumors of it being bought out by a private equity firm.
News of the company’s earnings has dropped its stock price from $13.85 per share at the end of day yesterday to $13.28 per share (press time).
"We are making progress in key areas including an unwavering client focus, delivering on our commitments and driving operational effectiveness," Paul M. Black, president CEO of Allscripts, said in a statement. “We are investing heavily in both our clients and our products and so while our financial results for the quarter are not surprising, they are not satisfactory and not indicative of our long term potential. This is a rebuilding year for Allscripts and I remain confident we are taking the right steps forward."
The complete report can be found here.
