IQVIA for real-world patient data sourced from electronic health records.

A blend of Oracle Health (formerly Cerner) for medical practice software and IQVIA for healthcare data analytics.

• Veradigm Network: A comprehensive platform that connects healthcare providers, life sciences companies, and payers to facilitate secure and valuable data exchange.
• Veradigm Research (Real-World Data & Analytics): Provides access to extensive de-identified real-world patient data and advanced analytics to generate insights for life sciences research and development.
• Veradigm Provider Solutions: Offers a portfolio of software and services, including Electronic Health Records (EHR), practice management, and revenue cycle management, designed to optimize healthcare provider operations.
• Veradigm Life Sciences Solutions: Delivers tailored services and data-driven insights to pharmaceutical and biotech companies to accelerate drug development, clinical trials, and commercialization strategies.
• Veradigm Payer Solutions: Provides technology and services to health plans for managing costs, improving care coordination, and enhancing member engagement and satisfaction.

Veradigm (MDRX) primarily sells its healthcare technology solutions to other companies within the healthcare industry, rather than directly to individuals.

While Veradigm's SEC filings indicate they have "relatively few large customers" that contribute significantly to their revenues, the specific names of these individual customer companies are generally not publicly disclosed in their financial reports unless they account for 10% or more of their total revenue (which is not the case for any single customer as per their latest 10-K filing). Therefore, we cannot list specific named major customer companies with their symbols.

However, Veradigm serves a diverse range of companies across the healthcare ecosystem. Its major customer categories include:

• Physician Groups and Ambulatory Practices: These range from small independent clinics to large multi-specialty physician organizations. They utilize Veradigm's Electronic Health Records (EHR) systems, practice management software, and revenue cycle management solutions.
• Hospitals and Health Systems: Integrated delivery networks and various hospital settings also leverage Veradigm's platforms, particularly for population health management and data analytics solutions.
• Health Plans and Payers: Insurance companies and other health plans use Veradigm's data and analytics solutions to manage patient populations, optimize claims, and improve health outcomes for their members.
• Life Sciences Companies: Pharmaceutical, biotechnology, and medical device companies utilize Veradigm's de-identified patient data and analytical tools for clinical research, drug development, real-world evidence generation, and commercial strategies.

• Amazon (AMZN)
• Surescripts

Don Trigg, Chief Executive Officer
Don Trigg is a healthcare technology veteran with over two decades of experience driving innovation and operational transformation. Before joining Veradigm, he served as CEO of apree health, which was acquired by Elevance Health in 2024. Prior to apree health, he was President of healthcare IT innovator Cerner Corporation, overseeing businesses with over $5 billion in revenue, including the electronic medical record, revenue cycle, and strategic growth units. During his tenure at Cerner, Trigg held roles of increasing revenue and strategic responsibility, led global operations in the United Kingdom and Ireland, and established the company's government practice.

Lee Westerfield, Interim Chief Financial Officer
Mr. Westerfield has held multiple Chief Financial Officer roles in dynamic sectors and has successfully scaled, funded, and exited several software and data service-based ventures. He most recently served as CFO of Clearsense, an enterprise healthcare data analytics platform, and as CFO of Aetion, a real-world evidence company. Additionally, he served as CFO of Dstillery, an advertising technology data analytics provider, and Uphold, a financial technology platform, where he later became Vice Chairman of the Board of Directors. He has held other CFO positions at numerous SaaS companies and began his career as a senior equity research analyst.

Tehsin Syed, Chief Product and Technology Officer
Tehsin Syed is responsible for Veradigm's product, engineering, IT, data, security, and AI functions. Before joining Veradigm, he was General Manager of AWS Health AI, where he established new offerings and scaled interoperability. Previously, he spent over two decades at Cerner in senior executive roles, including leading Strategic Growth Engineering and playing a central role in developing HealtheIntent, a cloud-based population health platform.

Jonathan Vipperman, SVP & General Manager of Veradigm Provider
Jonathan Vipperman serves Veradigm as SVP and General Manager for the Provider Business Unit. He previously spent 22 years in the organization in various sales, business development, and sales leadership roles, and was named General Manager of the Payerpath business in 2016. After leaving Veradigm in 2019, he held executive positions at Ovia Health, where he led the Payer and Employer business unit, and at Change Healthcare, where he led the Clinical Exchange business unit. He rejoined Veradigm in 2024 as COO of the Payer Business Unit before assuming his current role.

Stuart Green, SVP & General Manager of Veradigm Life Sciences
Stuart Green is an accomplished operator with over 30 years of successful general management and commercial leadership experience. He joined Veradigm in 2021 as Senior Vice President and General Manager of its Life Science business. He has extensive global experience in the Life Sciences information services and clinical research industries, consistently delivering profitable growth and turning around challenging businesses. Stuart has served in senior leadership roles at IQVIA, Symphony Health, and Signant Health, and was part of the senior management team at Symphony Health that oversaw the company's sale to PRA Health.

Risk of Delisting from Nasdaq Due to Delayed Financial Filings and Non-Compliance

Veradigm is at significant risk of having its common stock delisted from the Nasdaq Global Select Market due to its failure to timely file essential financial documents, including its Annual Report on Form 10-K for the year ended December 31, 2022, and Quarterly Reports on Form 10-Q for all quarters of fiscal year 2023. This non-compliance stems from an ongoing Audit Committee investigation that has revealed issues requiring remediation actions, which in turn impact the company's ability to meet SEC filing requirements. The company has received multiple notices of noncompliance from Nasdaq and, despite extensions, has not yet regained compliance. Veradigm has acknowledged the risk of stock delisting in its SEC disclosures. While the company is actively working to resolve these issues and intends to submit its delayed reports, there is no definitive timeline for these filings, and the final decision from Nasdaq's Panel regarding its listing status is highly anticipated. The company's Board of Directors extended its Stockholder Rights Plan, noting that "many of the underlying risks and conditions that existed upon the initial adoption of the Rights Plan continue to be present," and intends to terminate this plan once current in its financial reporting and relisted on a national exchange, which is expected in 2026.

The clear emerging threat to Veradigm (MDRX) is the increasing strategic focus and technological advancements by hyperscale cloud providers (such as Amazon Web Services with HealthLake, Google Cloud with its Healthcare API, and Microsoft with its Cloud for Healthcare) in offering comprehensive, HIPAA-compliant platforms for healthcare data aggregation, interoperability, advanced analytics, and artificial intelligence. These powerful platforms provide pharmaceutical companies, payers, and other healthcare stakeholders with robust, scalable infrastructure and sophisticated tools to process vast amounts of real-world data and generate insights directly, potentially disintermediating traditional healthcare technology companies like Veradigm that have historically specialized in aggregating proprietary EHR data and providing analytics and real-world evidence solutions.

Veradigm (MDRX) operates in several key segments within the healthcare technology market. While specific addressable market sizes for all of its individual products or services are not extensively detailed, information is available for the broader markets in which the company is a player.

One of Veradigm's main product areas is patient engagement solutions. The global market for patient engagement solutions is projected to reach USD 41.8 billion by 2028, growing from USD 22.5 billion in 2023. Veradigm holds a significant position as a leading player in this market.

More broadly, Veradigm provides a suite of healthcare information technology solutions, including Electronic Health Records (EHR), practice management, revenue cycle management, financial solutions, analytics and insights, and a real-world data and research platform. The global healthcare IT market, which encompasses these offerings, is expected to reach $500 billion by 2025.

Veradigm (MDRX) is anticipated to experience revenue growth over the next two to three years driven by several strategic initiatives and market expansions:

1. Growth in Payer and Life Sciences Segments: Veradigm has observed growth in its payer and life sciences segments. For example, in the second quarter of 2025, this segment grew by 3%. The company's 2022 10-K report also highlighted growth in Payer and Life Science revenue as a contributor to overall revenue increases. Veradigm recently added Sentara Health Plans to its Payer Insights Solution, aiming to deploy integrated care gap alerting in early 2026.
2. Acquisition of New Customers and Expansion of Contracts: Veradigm explicitly expects top-line growth to come from securing new customers and expanding existing contracts. The company reported a significant increase in commercial activities, closing deals worth over $30 million in annual contract value in Q1 2025, representing a 25% increase compared to the same period in 2024.
3. Development and Expansion of AI-Enabled Solutions: Veradigm is focusing on and investing in AI-enabled solutions to drive growth. These initiatives include targeting revenue cycle efficiencies and enhancing client reporting. In November 2025, Veradigm launched enhanced Ambient Scribe Capabilities, an AI-powered solution that offers multilingual support, structured diagnosis code recommendations, and clinical decision insights for its EHR customers. The company also plans to focus on enhancing AI-enabled clinical and financial workflow solutions.
4. Strategic Product Portfolio Review and Network Expansion: The company is actively reviewing its entire product portfolio with a focus on growth and profitability. This strategic assessment is expected to lead to optimized and potentially new offerings. Additionally, Veradigm plans to expand the reach and capabilities of its Veradigm Network.
5. Price Increases: Price increases are also identified as a factor contributing to top-line growth in the company's 2025 outlook.

Share Repurchases

• In November 2020, Allscripts (now Veradigm) announced a new share repurchase program authorizing up to $300 million of common stock through December 31, 2021, replacing a fully utilized $250 million program.
• In the fourth quarter of 2021, Allscripts repurchased $108 million in shares, fully exhausting a prior authorization, and subsequently approved a new share repurchase program for up to $250 million without a termination date.
• In July and September 2025, Veradigm repurchased approximately $164 million and $50 million, respectively, of its 0.875% Convertible Senior Notes due 2027, totaling around $230 million including premiums and interest.

Share Issuance

• As of December 31, 2021, 5,052,906 shares were available for issuance under the Amended and Restated Allscripts Healthcare Solutions, Inc. Employee Stock Purchase Plan, along with an additional 6,524,457 shares under other stock incentive plans.
• Veradigm expanded its 2024 Stock Incentive Plan in July 2025, making an additional 6 million shares available for grants, bringing the total to 11 million shares.
• As of September 29, 2025, Veradigm had 108.9 million shares of common stock outstanding and 10.6 million unvested restricted stock units outstanding.

Outbound Investments

• On October 15, 2020, Allscripts completed the sale of EPSi to Strata Decision Technology for $365 million.
• In the second quarter of 2022, Allscripts completed the sale of its Hospitals and Large Physician Practices business segment to a subsidiary of Constellation Software, enabling a focus on the Veradigm business.
• Veradigm reported outflows of $110 million for acquisitions in 2024 and approximately $13 million for prior acquisitions in Q1 2025.

Capital Expenditures

• Capital expenditures were approximately $35 million in 2024.
• In the first quarter of 2025, outflows for capital expenditures were approximately $6 million, and in the second quarter of 2025, they were approximately $7 million.
• Veradigm's focus for upcoming capital allocation includes improving profitability, reigniting growth, and achieving current SEC financial reporting, expected in 2026.