Veradigm - MDRX STOCK NEWS

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.

Veradigm, Inc. (NASDAQ: MDRX) will announce its financial results for the three and twelve months ending December 31, 2022, after market hours on March 1, 2023. The company plans to host a conference call at 4:30 p.m. ET to discuss these results. Participants can join via the Investor Relations website or by dialing 877-269-7756 for conference details.

A replay will be available for one year post-call. Veradigm specializes in healthcare technology, providing a network of data-driven solutions.

Veradigm and HealthVerity have announced a collaboration to enhance real-world research and patient care for cardiovascular disease and diabetes. This partnership incorporates Veradigm’s Cardiovascular and Metabolic Registry data with HealthVerity’s Marketplace, presenting a comprehensive data ecosystem. The Veradigm Cardiology Registry boasts over 102 million records from 18.9 million unique patients, while the Metabolic Registry has 79 million records covering 13.5 million patients. This interoperability enables clinical researchers to access HIPAA-compliant, research-ready data, improving analytics for these prevalent health conditions.

Veradigm Inc. (NASDAQ: MDRX) announces that its patient engagement platform, Veradigm FollowMyHealth, has been recognized by KLAS as the Most Improved Software Product in the 2023 Best in KLAS report. This distinction highlights the platform's enhanced customer satisfaction levels over the past year, showcasing its mobile-first approach that elevates patient accessibility and engagement. Veradigm FollowMyHealth aims to foster a collaborative healthcare environment by providing solutions tailored to diverse patient demographics, thereby driving better experiences for both patients and healthcare providers.

Veradigm (NASDAQ: MDRX) has announced the availability of its EHR data in the OMOP CDM format, enhancing delivery flexibility for its clients. This new format contains over 170 million patients from various EHR systems, providing essential real-world data for research purposes. The switch to OMOP version 5.3.1 aims to streamline data sales and improve analytics capabilities. Veradigm's Evalytica® platform will integrate with this data, allowing users to conduct efficient analysis and build reusable cohorts. This move represents a significant upgrade, ensuring that clients can address critical research questions effectively.

Veradigm Inc. (NASDAQ: MDRX) has approved a new share repurchase program allowing it to buy back up to $250 million of its common stock, replacing the previous program which was nearly fully used in 2022. The company repurchased $57 million in Q4 2022 for a total of $234 million for the year. Additionally, Veradigm provided initial financial guidance for Fiscal 2023, projecting revenue between $640 million and $660 million and non-GAAP EPS between $0.90 and $1.00.