The directors of Veradigm Inc. say they will look to cut costs and reorganize the health data and analytics venture after not finding a buyer in the past eight months.
Since announcing a formal review of strategic alternatives last May, the Veradigm board had talks with more than 30 entities studying some sort of transaction, the company said late Jan. 30. Five of those parties submitted indications of interest but those were not binding and didn’t result in a final proposal to buy Chicago-based Veradigm.
Up next: A deep dive, with the help of outside consultants, that will aim to “identify potential operational improvements and improve organizational alignment” as Veradigm seeks to get back on financial track. The company’s accountants also continue to work on restating its 2022 financial statements—flaws in its audit and financial controls led to revenues being overstated by about $20 million early this decade—and on filing results from recent quarters so that Nasdaq officials will consider relisting the company’s shares.
“Veradigm remains well-positioned to capitalize on the significant market opportunity ahead of us,” Interim CEO Tom Langan said in a statement. “Our leadership team has been working closely on developing the best path forward for our employees, our clients, and our stockholders.”
