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Allscripts reports 20% revenue increase, but $20 million loss in first quarter

CREDIT: This post was originally published on this site

Dive Brief:

  • In a recent earnings call, Allscripts reported revenue had increased by 20% compared to the first quarter of 2016. However, the company also had a net loss of $20 million in the first quarter of 2017 compared to a net income of $2 million in the first quarter of 2016.

  • Allscripts pointed to a few reasons for its positive outlook, including “continued momentum and client expansions and renewals for the Sunrise suite” for health systems and hospitals. It also mentioned add-on and new sales of Allscripts’ TouchWorks EHR and Allscripts’ Professional EHR for independent physician groups.

  • Allscripts’ population health platform, CareInMotion, also “continues to grow,” according to the health IT company.

Dive Insight:

Allscripts officials pointed to an $11 million stock-related charge from the company’s merger with Netsmart in April 2016 as part of the reason for the first-quarter loss.    

The company reaffirmed its financial outlook for the year, which includes revenue between $1.71 billion and $1.74 billion and adjusted EBITDA of between $345 million and $365 million.

Allscripts’ earnings call came days after another health IT company, athenahealth, reported a disappointing first quarter because of declining physician visits and payments.

Allscripts works with 45,000 physician practices, 180,000 physicians, 2,500 hospitals and 7.2 million patients through the FollowMyHeart patient engagement platform.


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