Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On July 31, 2026 (the Vitalware Closing Date), we closed the previously announced divestiture of the Vitalware Business, pursuant to which Med-Metrix paid to the Company an aggregate base purchase price of $147 million in cash, subject to customary adjustments for cash, indebtedness, net working capital, and transaction costs. The initial proceeds were reduced by approximately $1.8 million of direct transaction costs, and assuming the divested assets held for sale and associated liabilities as of the Vitalware Closing Date will be materially similar to the amounts in our June 30, 2026 condensed consolidated balance sheet, we expect to recognize a gain on sale of approximately $66 million in the third quarter of 2026 in connection with the disposition of the Vitalware Business. The estimated gain is subject to the final determination of transaction costs, the carrying value of the net assets sold, and customary post-closing adjustments. Concurrently with the closing of the Vitalware Transaction, on the Vitalware Closing Date, we used the net cash proceeds received from the Vitalware Transaction, together with cash on hand, to voluntarily repay in full all outstanding obligations under the Credit Agreement, which consisted of payments of (i) the $122.8 million principal amount outstanding under the initial term loan, (ii) the $37.1 million aggregate principal amount outstanding under the delayed draw facility, (iii) a $3.2 million prepayment premium, (iv) $0.6 million of accrued and unpaid interest, and (v) certain other fees and expenses. The repayment in full of our obligations under the Credit Agreement resulted in the termination of the Credit Agreement and the simultaneous release in full of all liens thereunder. The debt repayment will significantly reduce ongoing interest expense, but we expect to recognize a loss on extinguishment of debt of approximately $10 million in the third quarter of 2026, due to the write-off of unamortized debt issuance costs, debt discount, and prepayment premiums.
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