VERADIGM INC - MDRX STOCK NEWS

Veradigm (NASDAQ: MDRX) announced that its solution, Practice Fusion, ranked first in Allergy and Immunology and second in Rheumatology in Black Book’s 2023 Ambulatory EHR by Physician Specialty category. Practice Fusion, designed for independent practices, supports over 31,000 clinicians and facilitates care for 5 million patients monthly. The EHR system enhances operational efficiency through features like clinical charting and e-prescribing. Tom Langan, President and CCO of Veradigm, emphasized the company’s commitment to empowering independent healthcare providers with cost-effective tools and cloud technology.

Veradigm Inc. (NASDAQ: MDRX) announced a delay in filing its Form 10-K due to expanded audit procedures necessitated by internal control deficiencies in revenue recognition. The cumulative revenue impact has escalated from an initial estimate of $20 million to approximately $40 million, which will require restating financial statements for 2021. Nasdaq has notified the company of non-compliance with timely filing requirements, but this has no immediate impact on stock trading. For fiscal 2023, revenue guidance has been revised downward to $615-$635 million, slightly reducing from the previous range. Non-GAAP earnings per share are forecasted to be between $0.80 and $0.90.

Veradigm Inc. (NASDAQ: MDRX) announced internal control failures related to revenue recognition over the last six quarters due to errors in a software tool implemented for compliance with FASB’s ASC 606 rule. This has resulted in an estimated revenue misstatement of approximately $20 million, impacting reported Operating Income and Net Income, while cash flows remain unaffected. Consequently, the company has filed a Form 12b-25 with the SEC to extend its Form 10-K filing deadline by 15 days. Financial guidance for Fiscal 2023 has been revised, projecting revenue between $625 million and $645 million and Non-GAAP EPS between $0.80 and $0.90.

Veradigm Inc. (NASDAQ: MDRX) has appointed Susan Rodriguez and Shih-Yin Ho, MD, to its Board of Directors. Rodriguez brings over 30 years in the biopharmaceutical sector, currently serving as Chief Commercial Officer at Ardelyx, with prior leadership roles at Tolmar Pharmaceuticals and Abbott Laboratories. Dr. Ho, a digital health entrepreneur, has over 20 years of experience in health information and analytics, previously leading Aetion Inc. and co-founding Last Mile Research. Their expertise aims to enhance Veradigm's efforts in building the Veradigm Network, benefiting stakeholders significantly.