Veradigm (MDRX) Investor Update summary

Financial performance and outlook

• Q2 2025 estimated revenue is $145–$148 million, down 2% year-over-year at the midpoint; year-to-date revenue is down 1% at the midpoint.

• Recurring revenue remains strong at 79% of total, consistent with the prior year.

• Provider segment revenue in Q2 is $115–$117 million, down 3% at the midpoint, with declines in ERP and clearinghouse offset by EHR growth.

• Payer and life sciences revenue in Q2 is $30–$31 million, up 3% at the midpoint, with growth in clinical data exchange and gap closure products.

• 2025 revenue is expected to remain flat versus 2024’s estimated $583–$588 million, with a continued net cash positive position.

Capital structure and liquidity

• As of June 30, 2025, debt was $283 million and cash was $350 million, up $78 million from March 31, 2025.

• Major cash inflows included $72 million from new debt and $23 million from investment sales; outflows included $7 million CapEx and $10 million operating activities.

• Completed two major repurchases of convertible notes totaling $230 million in July and September 2025.

• Pro forma for note repayments, debt as of September 30, 2025, is $75 million, and cash would have been $121 million as of June 30, 2025.

• Net cash pro forma as of June 30, 2025, is $46 million.

Progress on SEC filings and relisting

• Audits for 2023 and 2024 are underway, following the restated 2022 10-K filed in March 2024.

• Material weaknesses are being remediated with new controls and processes.

• Current SEC filing status is anticipated during 2026, with plans to relist common stock thereafter.

• The relisting process is seen as an opportunity to improve systems, strategy, and operational discipline.