Meditech posted $114.7 million in revenue for the third quarter of 2020, down 5.3 percent from $121.2 million during the same time last year.
Five things to know about the Westwood, Mass.-based EHR vendor's financial performance for the third quarter, which ended Sept. 30:
1. Meditech reported $27.4 million in product revenue for the third quarter, down 29.7 percent from $39 million during the third quarter of 2019.
2. The company's service revenue for the quarter did increase to $87.4 million, rising 6.3 percent from $82.2 million during the same time last year.
3. Meditech attributed the decrease in product revenue primarily to implementation delays caused by the COVID-19 pandemic and said the uptick in service revenue stems from more customers going live on its software and providing more services.
4. Meditech posted $30.6 million in net income for the third quarter compared to $90.8 million during the third quarter of 2019.
5. For the nine months ended Sept. 30, the company reported total revenue of $373.3 million, up 4.7 percent from $356.5 million during the same time last year.