- After growing 9% Y/Y in Q2, Allscripts' (NASDAQ:MDRX) bookings fell 5% Y/Y in Q3 to $223M. The company blames the drop on the fact 2013 bookings included "a significant agreement for expanded software, services and managed services with PIH Health." Excluding the deal, bookings were up 16%.
- Nonetheless, on the CC (transcript), CEO Paul M. Black admitted Allscripts "would have liked to have delivered a stronger [bookings] performance," and that pricing is an issue. "It's -- not that there's a cut to our pricing, it's just the size of the deals are starting smaller and then you grow onto them from there."
- Contracted backlog rose by $100M Q/Q to $3.4B. Gross margin fell 130 bps Y/Y to 42.3%, and GAAP opex fell 7% to $142.9M.
- Evercore ISI has downgraded Allscripts to Hold, and cut its target to $12.50.
-
Q3 results, PR