Allscripts may have missed revenue projections for Q2, but the EHR company was bullish on bookings, seeming to be coming out of the tailspin that began last year with the falling apart of its board of directors, firing of its chairman and finally the stepping down of then CEO Glen Tullman.

Allscripts reported bookings of $214 million, ahead of the pre-announcement of $200 million, an increase of 10 percent year over year. A third of the bookings were derived from population health management solutions. Revenues were $344.8 million, down 7 percent from last year.

On Aug. 8, when Allscripts President and CEO Paul Black announced Q2 results, he put a bright spin on the quarter.

"We achieved important milestones this quarter that strengthen Allscripts long-term market position," Black said. "While we have important work ahead of us to return Allscripts to sustainable, predictable top-line growth and improved profitability, this quarter's achievements are certainly encouraging."

The company announced on August 9 its most recent booking with Mercy Health System in Maine, which purchased Allscripts Revenue Cycle Management Services. Mercy is already using Allscripts’  EHR and practice management system.

Piper Jaffray Senior Research Analyst Sean Wieland issued a report on Allscripts titled "Making Lemonade: Allscripts Misses Revenue and EPS."

"We absolutely believe the company is moving in the right direction, but still believe the turnaround will take longer and cost more money than the consensus view, and believe the stock is overvalued," Wieland wrote.

Allscripts issued these highlights for Q2:

• Achieved the highest quarterly level of new bookings since the fourth quarter of 2011.
• Grew contract revenue backlog 16 percent over the prior quarter to a record $3.2 billion as of June 30, 2013.
• Approximately 33 percent of bookings were derived from population health management solutions composed of Allscripts Care Management, dbMotion, FollowMyHealth patient portal, Patient Flow, Care Director as well as Allscripts post-acute, decision support and clinical analytics solutions. These offerings are sold within as well as outside Allscripts core practice management and electronic health record client base.
• Achieved 2014 ONC HIT Certification for all of Allscripts core EHR platforms including Sunrise Acute and Ambulatory Care, Enterprise and Professional EHR as well as modular EHR certification for FollowMyHealth for both ambulatory and inpatient settings. These certifications are critical steps to ensure client readiness to support meaningful use Stage 2 attestation.
• Closed $650 million of new senior secured credit facilities and issued $345 million of cash convertible senior unsecured notes. These capital structure enhancements, totaling nearly $1 billion, immediately lowered the company's cash costs, reduced near-term debt service requirements and significantly increased available liquidity. 

Wieland's conclusion: "We believe work remains to be done to complete the turnaround, yet the stock is trading in line with the HCIT peer group, and trading at a premium relative to EBITDA and EPS."