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Veradigm Inc. (MDRX0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2022.
The filing includes financial statements for the year, showing total revenue of $588,017,000, an increase from $577,427,000 in the previous year. Provider revenue decreased by 2.6% to $465,927,000, while Payer and Life Science revenue increased by 23.3% to $122,090,000.
Cost of revenue for the year was $279,597,000, representing 48% of total revenue, compared to 51% in the previous year. This decrease is attributed to changes in revenue mix and increased revenue.
Veradigm reported a gross profit of $308,420,000 for the year, compared to $282,446,000 in the previous year, with the increase attributed to decreased cost of revenue.
Selling, general, and administrative expenses increased to $169,201,000 from $111,760,000, primarily due to higher legal costs and bad debt expense.
Net income from continuing operations was a loss of $20,044,000, down from a profit of $127,778,000 in the previous year. The company attributes this decline to increased expenses and lower other income.
Net income from discontinued operations was a loss of $66,418,000, compared to a profit of $11,787,000 in the previous year. The loss was primarily due to the sale of the HLPP business.
Veradigm's cash and cash equivalents increased to $446,593,000 from $133,658,000. The increase was primarily due to cash received from the sale of the HLPP business.
The company identified material weaknesses in its internal controls over financial reporting. These weaknesses relate to revenue recognition, measurement of expected credit losses, financial reporting, divestiture accounting, impairment accounting, and bonus accruals.
Veradigm announced several recent developments, including the acquisition of Babel Health, Inc. and Opargo, LLC, and changes in executive leadership.
The filing also details various legal proceedings, including ongoing investigations and litigation related to the company's financial disclosures and internal controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veradigm Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.