MTBC Discusses Achievement of Financial Milestones
October 09 2017 - 9:00AM
MTBC (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of
proprietary, cloud-based healthcare IT solutions and services today
reported certain initial highlights of the Company’s financial
achievements during the third quarter of 2017.
“The third quarter of 2017 was an important
inflection point for MTBC and we believe that we are now as well
positioned as we’ve ever been,” said Bill Korn, MTBC’s CFO. “While
we will officially report our financial results on November 6,
2017, after our independent accountants review our financial
statements for the third quarter, we wanted to provide some initial
highlights of key accomplishments.”
“During the third quarter of 2017, we repaid all
of our outstanding term debt and also fully satisfied our MediGain
acquisition debt,” said Mr. Korn. The details of the debt
repayment are as follows:
- MTBC fully repaid the balance of its $8 million term loans from
Opus Bank, which had outstanding balances of approximately $7.3
million as of January 1, 2017, almost two years ahead of
maturity.
- On September 28, 2017, MTBC paid Prudential $5.3 million, which
represented payment-in-full for the balance of the consideration
owed for MTBC’s MediGain transaction.
Mr. Korn further explained, “We sold
approximately $7.9 million of additional non-convertible Series A
Preferred Stock, enabling us to repay these debts without diluting
our common stockholders. Our last tranche closed on September 28
and was oversubscribed even after being upsized. The monthly
dividends on our preferred stock are less than the monthly
principal repayments we were making to Opus Bank until we repaid
the term loans in September.”
“As a result of the success of our growth
strategy and acquisition integration efforts, we are pleased to
report that our revenues have exceeded cash operating expenses
(which excludes depreciation and amortization) since May 2017. On
September 30, 2017, MTBC had approximately $2.7 million of cash and
$2.0 million drawn on our revolver. We are in the process of
initiating a new revolving line of credit with a bank that is very
strong in healthcare and technology, which will leave us
well-positioned for growth,” explained Mr. Korn. Please visit
MTBC’s Investor Relations website at ir.mtbc.com to view the MTBC
Fact Sheet, Corporate Presentation, and listen to interviews with
the MTBC leadership team.
About MTBC
Medical Transcription Billing, Corp. (MTBC) is a
healthcare information technology company that provides a fully
integrated suite of proprietary web-based solutions, together with
related business services, to healthcare providers practicing in
ambulatory care settings. Our integrated Software-as-a-Service (or
SaaS) platform helps our customers increase revenues, streamline
workflows and make better business and clinical decisions, while
reducing administrative burdens and operating costs. MTBC's common
stock trades on the NASDAQ Capital Market under the ticker symbol
“MTBC,” and its Series A Preferred Stock trades on the NASDAQ
Capital Market under the ticker symbol “MTBCP.”
For additional information, please visit our
website at www.mtbc.com.
Follow MTBC on TWITTER, LINKEDIN and
FACEBOOK.
Forward-Looking Statements
This press release contains various
forward-looking statements within the meaning of the Securities Act
of 1933, as amended, and the Securities Exchange Act of 1934, as
amended. These statements relate to anticipated future events,
future results of operations or future financial performance. In
some cases, you can identify forward-looking statements by
terminology such as "anticipate", "believe", "continue", "could",
"estimate", "expect", "goals", "intend", "likely", "may", "plan",
"potential", "predict", "project", "will" or the negative of these
terms or other similar terms and phrases.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, increased sales and marketing expenses, and the expected
results from the integration of our acquisitions.
Forward-looking statements are only current
predictions and are subject to known and unknown risks,
uncertainties, and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially
different from those anticipated by such statements. These factors
include, but are not limited to, the company's ability to manage
growth; integrate acquisitions; effectively migrate and keep newly
acquired customers and other important risks and uncertainties
referenced and discussed under the heading titled "Risk Factors" in
the Company's filings with the Securities and Exchange Commission.
Although we believe that the expectations reflected in the
forward-looking statements contained in this press release are
reasonable, we cannot guarantee future results, levels of activity,
performance, or achievements.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
(732) 873-5133
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