Allscripts Healthcare Solutions, Inc. (MDRX) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $7.40 million, or $ 0.04 a share in the quarter, against a net profit of $16.30 million, or $0.09 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $26.40 million, or $0.14 a share compared with $25.50 million or $0.13 a share, a year ago.
Revenue during the quarter grew 23.09 percent to $425.40 million from $345.60 million in the previous year period. Gross margin for the quarter contracted 71 basis points over the previous year period to 43.79 percent. Total expenses were 97.06 percent of quarterly revenues, up from 93.32 percent for the same period last year. That has resulted in a contraction of 375 basis points in operating margin to 2.94 percent.
Operating income for the quarter was $12.50 million, compared with $23.10 million in the previous year period.
However, the adjusted operating income for the quarter stood at $60.90 million compared to $44.10 million in the prior year period. At the same time, adjusted operating margin improved 156 basis points in the quarter to 14.32 percent from 12.76 percent in the last year period.
"2016 marks the second consecutive year we crossed the $1 billion mark for bookings," Paul M. Black, chief executive officer of Allscripts, said. "We grew bookings 18 percent for the year, this off of a record 2015 performance. Our results are a byproduct of healthy demand for Allscripts solution platforms across core clinical and financial software and services, population health, global and post-acute segments. Allscripts' ongoing commitment to sustainable investment across our offerings is driving accelerating bookings and revenue performance. We have excellent momentum heading into 2017."
For financial year 2017, Allscripts Healthcare Solutions, Inc. projects adjusted revenue to be in the range of $1,710 million to $1,740 million.
Operating cash flow improves significantly
Allscripts Healthcare Solutions, Inc. has generated cash of $269 million from operating activities during the year, up 27.13 percent or $57.40 million, when compared with the last year.
The company has spent $1,154 million cash to meet investing activities during the year as against cash outgo of $289 million in the last year.
Cash flow from financing activities was $865.30 million for the year, up 508.08 percent or $723 million, when compared with the last year.
Cash and cash equivalents stood at $96.60 million as on Dec. 31, 2016, down 17.37 percent or $20.30 million from $116.90 million on Dec. 31, 2015.
Debt increases substantially
Allscripts Healthcare Solutions, Inc. has witnessed an increase in total debt over the last one year. It stood at $1,331.50 million as on Dec. 31, 2016, up 112.84 percent or $705.90 million from $625.60 million on Dec. 31, 2015.
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