Allscripts withdraws financial outlook for 2020 due to uncertainty from COVID-19 pandemic

Allscripts’ first-quarter revenue was down $7 million to $10 million due to the impact of lower patient volumes for its provider clients amid the COVID-19 pandemic.

The electronic health record (EHR) vendor reported revenue of $417 million in the first quarter of 2020, down 3% from revenue of $432 million during the same quarter last year.

Allscripts’ customers also delayed purchase decisions, which drove lower non-recurring revenue for the company, said Allscripts President and Chief Financial Officer Rick Poulton during the company’s first-quarter 2020 earnings call Thursday.

Allscripts’ client base includes hospitals, physician practices, post-acute facilities, payers, laboratories and pharmaceutical companies.

Poulson said 82% of the company’s revenue comes from recurring revenue, representing “one of the most diverse revenue streams in the healthcare IT market.”

“We have a resilient business model, but of course we’re not immune to the impact of COVID on patient volumes and client priorities,” he said.