It’s amazing how they spin sales stories.
Lompoc is a 60 bed existing client which extended and is moving to Azure.
Shenandoah is an existing Critical Access client which is extending and moving to Azure.
Wilson N Jones is an existing Paragon client that is moving to Sunrise.
So - NO NEW CUSTOMERS which they didn’t state but tried to imply.
Also, apparently another quarter with no sales contributions from the new SVP.
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They are slowly taking away employee benefits. The latest is their flex PTO plan. Instead of accruing time, they have switched to a model of unlimited PTO at the managers discretion. I’ve been in this business long enough to realize this is not to the benefit of the employee.
If it weren't for the sales of EPSI and Careport, the stock would be $7 or $8 yet the board continues to load up PB and RP with stock. The company EMR operations add nothing to the company. The newly appointed SVP has put up ONE new Sunrise sale in the past 3 years !!! The CIO at Northwell is retiring in March and he has been the primary supporter to keep Allscripts alive for years. You can bet there will be Judy sighting there as soon as he is gone. When you listen to the earnings calls, the bulk of the analysts questions are around Veradigm which is likely to be the next piece to sell off after which they will have the Sunrise, Paragon and TouchWorks EMR businesses that are stagnant..... They can continue to sell PRO, but those deals are tiny in the grand scheme of things....
Not a business model that can survive to keep investors engaged !!!
Stating the obvious- They need to turn this around stat ! Implement a “solid and competitive” product in which they can be proud of. Repair “years” of employee neglect by resurrecting a company culture that includes “everyone.” But then again, they had years to do this prior to covid. Maybe the endgame is just to drive it into the ground. To all that remain, either prepare to go down with the ship or you’ll be apart of the biggest corporate comeback. Personally, I moved on and am much happier .
The board is well aware of what is going on. They are there to make sure they squeeze all the blood from the turnips
This should be a surprise to no one. Anyone looked at win wire on home page. Items displayed were from 1 Q and 2 Q. Titanic is sinking meanwhile the entertainment - the tap dancing and masterful spinning of the truth is top notch so the board doesn’t notice the sinking. The rats are still jumping though.
What's worse is that he had the nerve to say how "Professional Services" has improved over the past year which is whe he promoted his new SVP.
What has improved ?
Have margins improved?
Are customers happier?
Are the employees in that group happier?
It is just unbelieavable that that other leaders in this company that continue to perform above expectations quarter after quarter and year after year get no recognition and the one that has failed miserably gets one promotion after the next and gets a callout on an earnings call.