Five things to know about the Chicago-based EHR vendor’s financial performance:
1. Allscripts posted $1.75 billion in revenue for the year, up 17 percent from $1.5 billion in 2017.
2. Software delivery, support and maintenance accounted for most of the company’s revenue in 2018 at $1.13 billion, up 18 percent from 2017. Allscripts attributed its remaining 2018 revenue ($621.7 million) to client services.
3. Allscripts posted $266.4 million in non-GAAP — or generally accepted accounting principles — operating income, up less than 1 percent from $266.2 million in 2017.
4. The company said its total principal debt outstanding was reduced to $696 million after it sold its interests in Netsmart. Allscripts closed the sale of its stake in Netsmart, a developer of behavioral health, human services and post-acute care technologies, in December 2018.
5. Allscripts expects its non-GAAP revenue for the first quarter of its 2019 fiscal year to be in the range of $430 million and $440 million. In 2018, the company posted $519 million in non-GAAP revenue for the first quarter.
“We successfully sold our interests in Netsmart for a significant gain and believe we have positioned Allscripts with the most robust and diversified solutions portfolio in the industry,” Allscripts CEO Paul M. Black said in a news release. “Looking ahead, we believe we will continue to benefit from organic growth in the provider end markets as well as double-digit growth from our Veradigm platform, while our strong balance sheet provides us flexibility for balanced capital deployment.”
Allscripts rebranded its payer and life sciences division under the name “Veradigm” in late 2018.
More articles on EHRs and interoperability:
HL7 launches FHIR accelerator program
Cerner to debut ‘longitudinal patient records’ by next year
HIMSS Analytics Stage 7 hospitals more likely to report physician satisfaction with EMRs, survey finds
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.