Healthcare data company Veradigm will remain a standalone company after it was unable to find a buyer.
Veradigm said on Thursday its board of directors unanimously voted to end an eight-month strategic evaluation process, in which it sought a potential buyer or merger partner. During the evaluation, the company said five bidders submitted preliminary, non-binding indications of interest but the company did not receive any final proposals.
Related: Veradigm explores sale, says CEO is leaving
The company's interim CEO Tom Langan said in a release Veradigm is focused on executing its strategy and is well positioned to remain a standalone company. It has brought in a strategic advisory firm to help refine its go-forward plan for the business.
Veradigm did not respond to an additional request for comment.
Veradigm, formerly known as Allscripts, was delisted from the Nasdaq stock exchange in February 2024 after it failed to upload required financial statements. Veradigm has been unable to file multiple financial reports since a software problem caused its 2022 revenue figures to be overstated.
On Thursday, Veradigm said it planned to return to a regular cadence of providing investor updates, including financial guidance. It will provide updated fiscal year 2023 and preliminary fiscal year 2024 estimated unaudited financial ranges as well as a business and audit update in mid-March.
Langan replaced the previous Veradigm interim CEO Dr. Yin Ho, who resigned in May before the company started the strategic review.
Veradigm's stock traded at $4.75 per share on Friday morning down 40% from its Thursday closing price of $8.00 per share.
