Veradigm Inc. Provides Audit Update And Updates Financial Guidance For 2023; Now Sees FY23 EPS $0.80-$0.90 Vs $0.87 Est.; Revenue $615M-$635M Vs $638.08M Est.;
Portfolio Pulse from Benzinga Newsdesk
Veradigm Inc. (NASDAQ:MDRX) has announced that it will not be able to file its Annual Report on Form 10-K for the year ended December 31, 2022, or its Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2023, and June 30, 2023, due to ongoing audit procedures related to previously disclosed accounting and internal control errors. The company expects to file these reports in Q4 2023. As a result, it anticipates receiving a delisting notice from Nasdaq but plans to request a hearing to stay any suspension or delisting action. Veradigm has also revised the estimated cumulative impact of the accounting errors down to approximately $20 million and updated its financial guidance for FY23.
September 18, 2023 | 1:14 pm
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Veradigm Inc. (NASDAQ:MDRX) has delayed its annual and quarterly reports due to ongoing audit procedures. The company anticipates a Nasdaq delisting notice but plans to request a hearing. It has also updated its FY23 financial guidance.
The delay in filing the annual and quarterly reports due to ongoing audit procedures indicates potential financial instability, which could negatively impact investor confidence and the stock price. The anticipated Nasdaq delisting notice could further negatively impact the stock price. However, the company's plan to request a hearing to stay any suspension or delisting action could mitigate some of this negative impact. The updated FY23 financial guidance could also influence the stock price, depending on how it compares to previous guidance and market expectations.
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