Allscripts reported $402 million in revenue for the third quarter of 2020, down 9.5 percent from $444 million during the same time period last year.
Five things to know about the Chicago-based EHR vendor's financial performance for the third quarter, which ended Sept. 30:
1. Allscripts posted $187 million in bookings for the third quarter, down 20 percent from $236 million in bookings in the third quarter of 2019.
2. The company reported a contract revenue backlog of $4.4 billion for the quarter.
3. In an Oct. 29 news release, Allscripts CEO Paul Black said the "typically seasonally weaker third quarter was impacted by challenges related to the ongoing pandemic," and the company's margin improvement initiatives helped increase earnings and cash flow.
4. Allscripts' agreements to sell its CarePort and Epsi businesses will "create heightened focus on our core business while providing significant capital to reduce leverage and return cash to shareholders," Mr. Black said. In October, Allscripts finalized the Epsi acquisition with Strata Decision Technology for $365 million and announced the sale of CarePort Health to WellSky for $1.35 billion.
5. The company posted $1.22 billion in revenue for the nine months ended Sept. 30, down from $1.32 billion during the same time last year.