Allscripts Healthcare Results Miss Expectations
November 03 2016 - 5:50PM
Dow Jones News
Allscripts Healthcare Solutions Inc. said third-quarter revenue
rose 11% but missed expectations, and the health-care
information-technology company also issued disappointing earnings
guidance for the final quarter of the year.
Revenue increased to $392.4 million from $354.5 million a year
earlier. Analysts polled by Thomson Reuters had projected revenue
of $414.9 million.
For the fourth quarter, Allscripts forecast per-share earnings
of 14 cents to 16 cents, below analysts' expectations for 17 cents
a share.
Allscripts and private-equity firm GI Partners in April
completed their acquisition of health-care information-technology
company Netsmart Technologies from Genstar Capital. Under the deal,
Netsmart was then combined with Allscripts' home-care software
business unit.
The Netsmart acquisition contributed $38 million in revenue for
the third quarter. Excluding deferred revenue adjustments related
to the Netsmart acquisition, Allscripts' revenue rose 14%.
The Chicago company, which provides software and services to
hospitals and other health-care providers, also reported that its
bookings rose 7% to $291 million in the latest quarter, with a
boost from Netsmart.
Over all, Allscripts Healthcare broke even, compared with a
year-earlier loss $5.2 million. On a per-share basis, which
reflects convertible preferred stock impacts, Allscripts reported a
per-share loss of 6 cents, compared with a year-earlier loss of 3
cents.
Excluding stock-based compensation and other items, per-share
earnings were 14 cents, below analysts' average estimates of 15
cents.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
November 03, 2016 17:35 ET (21:35 GMT)
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