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Allscripts reports 20% revenue increase, but $20M loss in Q1

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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.

Filed Under: Health IT
Top image credit: Depositphotos

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