Allscripts Q2 bookings up 9 percent
Allscripts announced its second quarter financial results on Thursday, and bookings were strong: $234 million, up 9 percent compared with Q2 2013.
For the first six months of 2014, bookings totaled $457 million – an increase of 17 percent compared with the first half of 2013.
The second quarter successes come thanks to sales of the Allscripts Sunrise electronic health record platform to new clients in the U.S. and abroad, company officials note, as well as client demand for enhancements across the entire Allscripts product portfolio.
Allscripts officials point out that the market is strong for population health management tools and managed IT services such as remote hosting and outsourcing.
In Q2 2014, bookings, revenue and adjusted EBITDA all grew year-over-year for the first time in more than two years. Client renewals were also strong in the quarter, according to Allscripts.
Total revenue increased 2 percent on a non-GAAP and GAAP basis (to $354 and $351 million, respectively) compared to the same period last year. Total operating expenses, meanwhile, declined 6 and 9 percent on a non-GAAP and GAAP basis, respectively, year-over-year.
"We had a strong quarter that reflects the impact of a consistent focus on client execution," said Paul M. Black, president and CEO of Allscripts, in a press statement. "We have strengthened our core clinical and revenue cycle solutions, partnered with our clients to achieve their meaningful use 2 objectives, solidified our leadership in growth markets like population health management and have moved aggressively to become more operationally efficient."
Highlights of Q2 2014 include:
- Allscripts Sunrise was selected by an international government defense agency and will be integrated with various healthcare institutions in its home country to support care delivery to servicemen and women.
- Iowa-based Shenandoah Medical Center selected Allscripts Sunrise to help the hospital system manage its shift to value-based care.
- Children's of Alabama extended its commitment to Allscripts Sunrise through 2023 and intends to leverage a suite of Allscripts open platform solutions to support its efforts to meet regulatory requirements and manage population health.
- Memorial Sloan Kettering Cancer Center selected Allscripts dbMotion interoperability and population health analytics tools, and extended its commitment to Allscripts Sunrise through 2020.
- Wheeling Hospital renewed its commitment to Allscripts Sunrise and expanded its relationship to add Allscripts Sunrise Financial Manager revenue cycle management technology.
"We signed two new Allscripts Sunrise agreements in the second quarter, including a major new international client, totaling 25 new Allscripts Sunrise client site commitments since January 2013," said Black, in a statement. "Looking ahead, our pipeline of new business is strengthening globally," he added. "We continue to see ample opportunities to grow with our clients, increase our footprint and help providers transform healthcare by delivering on the promise of consumer engagement and wellness and prevention services."