NEXTGEN HEALTHCARE, INC.
nextgen.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2024 10-Q, filed Oct 24, 2023. Its latest SEC filing is a 15-12G from Nov 20, 2023.
10-Q for Q2 FY2024, filed Oct 24, 2023
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides cloud-based electronic health records, practice management, and related health technology for ambulatory medical, behavioral, and oral health providers.
10-K for FY2023, filed May 23, 2023NextGen Healthcare is a leading provider of innovative, cloud-based, healthcare technology solutions that empower ambulatory healthcare…View ↗
NextGen Healthcare provides integrated cloud-based solutions and services that align with our client’s strategic imperatives. Ultimately…View ↗
We optimize the core with an automation and workflow layer that gives our clients control over how platform capabilities are implemented to…View ↗
Enterprise – The Enterprise domain is both the largest and encompasses our broadest portfolio of solutions (e.g., clinical, financial, and…View ↗
Office – The Office domain reflects almost all solutions (software solutions and adjacent services) provided to an ambulatory care practice…View ↗
INSIGHTSView ↗
How Did They Make Money?
Ambulatory care organizations pay for software licenses, subscriptions, support and maintenance, managed services, data and transaction services, and implementation and consulting. Subscriptions and service contracts are generally billed over their term, while implementation and other one-time services are billed for completed work.
10-K for FY2023, filed May 23, 2023We generate revenue from sales of licensing rights and subscriptions to our software solutions, hardware and third-party software products…View ↗
Subscription services. Performance obligations involving subscription services, which include annual libraries, are satisfied over time as…View ↗
Support and maintenance. Performance obligations involving support and maintenance are satisfied over time as the customer simultaneously…View ↗
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10-K for FY2023, filed May 23, 2023
FY2023 revenue by product or service ↗
$653.2M
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10-K for FY2023, filed May 22, 2023
$653.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Recurring
Mix
10-K for FY2023, filed May 23, 2023 |
91%
FY2020: 91%
|
Recurring, FY2023
$593.9M Sources
|
Mix |
|
Software, Hardware, and Other Non-recurring
Mix
10-K for FY2023, filed May 23, 2023 |
9.1%
FY2020: 9.4%
|
Software, Hardware, and Other Non-recurring, FY2023
$59.3M Sources
|
Mix |
Who Were Their Customers?
Ambulatory practices, from large multispecialty groups to sole practitioners, and networks such as community health centers buy the solutions. Sales are primarily direct, with a smaller reseller channel.
10-K for FY2023, filed May 23, 2023We serve clients across all 50 states. Over 100,000 providers use NextGen Healthcare solutions to deliver care in nearly every medical…View ↗
Our long-term strategy is to position NextGen Healthcare as both the essential, integrated, delivery platform and the most trusted advisor…View ↗
We sell and market our products primarily through a direct sales force and to a significantly lesser extent, through a reseller channel.…View ↗
Did Revenues Turn Into Profits?
Not on paper. It lost $2.7M in FY2023, but brought in more cash than it spent: $41.4M of free cash flow.
10-K for FY2023, filed May 22, 2023
−$3.9MView ↗
10-K for FY2023, filed May 22, 2023
−$2.7MView ↗
10-K for FY2023, filed May 22, 2023
$41.4MView ↗
How Were They Changing?
10-Q for Q2 FY2024, filed Oct 24, 2023
Open tableView ↗
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Nov 9, 2023
Thoma Bravo completed its acquisition of NextGen Healthcare
NextGen became a wholly owned subsidiary of Parent, and shareholders received $23.95 per share in cash.
Sources
8-K, filed Nov 9, 2023
Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each of the issued and outstanding shares of…View ↗
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Sep 6, 2023
NextGen agreed to be acquired by Thoma Bravo
The agreement provided for shareholders to receive $23.95 per share in cash, subject to closing conditions.
Sources
8-K, filed Sep 6, 2023
Subject to the terms and conditions of the Merger Agreement, each share of Company common stock, par value $0.01 per share (each a “Company…View ↗
Grew. Revenue grew 23% in 4 years, from $529.2M in FY2019 to $653.2M in FY2023, about 5% a year.
Who Did They Compete With?
Competes with athenahealth, Oracle, eClinicalWorks, Epic Systems, Greenway Health, Veradigm, and Modernizing Medicine
10-K for FY2023, filed May 23, 2023The markets for healthcare information systems and services are intensely competitive and highly fragmented. Our traditional full-suite…View ↗
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