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Allscripts Healthcare Solutions Management Discusses Q2 2012 Results - Earnings Call Transcript

Total R&D expense increased year-over-year, reflecting significant investments in our core Electronic Health Record assets to improve performance and our increased focus on new product development and innovation.

Our operating cash flow remains strong with close to $60 million generated in Q2 and free cash flows in excess of $25 million. Also, our board doubled the size of our share repurchase program in April to $400 million.

We repurchased a total of 21 million shares in the quarter. Dave will provide more information about our share repurchase program and the impact on our financial guidance for 2012.

Now let's turn to a more detailed upgrade or update within several areas of our business.

We continue to see ample opportunity for Allscripts to grow market share across the entire continuum of care. Our vision of a connected community of health continues to be a differentiator for us. Cape Cod Healthcare's decision in Q2 to replace their incumbent clinical vendor demonstrates the power of pairing robust clinical solutions with the ability to connect to a local community. This was a major new enterprise win for us, covering more than 300 physicians.

Within the acute arena, we expanded our Sunrise footprint by 2 hospitals in Q2, including Salford Royal NHS Foundation Trust, our second acute care win in the United Kingdom. In addition, we signed a new SCM client in the Northeast, as well as an SCM footprint expansion with Ascension Health, one of our largest national clients. We also had a strong bookings quarter in care management, another area where Allscripts differentiates itself from our competition. The quarter included wins at North Shore Long Island Jewish Medical Center and New York-Presbyterian Hospital. New client sales of our care management solution were also up during the quarter.

Turning to product delivery. Our solutions development team continue to make progress enhancing the performance and integration of our portfolio. The next releases of our core Electronic Health Record systems are currently in the early adopter phase at multiple client sites and on target for general availability in the fourth quarter of this year.

SCM 6.0 and Enterprise EHR 11.4 include major development enhancements in new functionality such as ICD-10 compliance, improved stability and performance, along with enhanced upgrade experience for our clients.

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