MTBC (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of
proprietary, cloud-based healthcare IT solutions and services,
issued a letter to shareholders today with an update on full year
2017 results.
“We are pleased to report that 2017 was a year
of significant revenue and profitability growth for MTBC, leaving
us in a great position as we begin 2018,” said Stephen Snyder,
MTBC’s Chief Executive Officer. “We expect to report annual revenue
growth of approximately 30% for 2017, at the high end of our
upward-adjusted revenue guidance range. We also expect to hit
our full-year adjusted EBITDA guidance, as we anticipate reporting
more than $2 million in adjusted EBITDA – the highest in our
company’s history.”
- Full year 2017 revenue was approximately $31.8 million – an
increase of approximately 30% over 2016 revenue of
$24.5 million, and our highest revenue ever;
- Full year 2017 adjusted EBITDA was approximately $2 million –
an increase of approximately $2.6 million over
2016, and our highest adjusted
EBITDA ever;
- Year-end 2017 cash was approximately $4.4 million – an
increase of approximately 25% from year-end 2016,
and we have an untapped $5 million credit
facility; and
- Year-end 2017 debt was approximately $0.3 million – a
decrease of approximately 98% from $14.7 million
at year-end 2016.
In the company’s letter to shareholders, Mr.
Snyder also made the following points:
The improvement between our January 1, 2017
balance sheet and our December 31, 2017 balance sheet leaves us
well positioned for continued growth. At the beginning of the year,
we had $9.3 million outstanding on our credit facility and owed an
additional $5 million for an acquisition we completed in late
2016. During 2017, we successfully integrated our 2016
acquisition, resumed generating positive cash from
operations, and we raised capital, primarily by selling
additional shares of our non-convertible Series A Preferred
Stock. As a result, we ended the year practically
debt-free, with $4.4 million in cash on
hand and a new, untapped $5 million revolving line of
credit with Silicon Valley Bank, the
pre-eminent lender to high growth technology and healthcare
companies such as MTBC.
Our operating results showed similar proof of
success during 2017. At the end of 2016, we acquired substantially
all of the assets of a struggling competitor. The purchase price
was attractive, but we knew we would face operating losses for a
couple quarters as we focused on integration and cost
rationalization. While our adjusted EBITDA was ($814,000)
during Q4 of 2016, we returned to positive adjusted EBITDA positive
during Q2 of 2017, grew it significantly during Q3 and Q4 of 2017,
and we expect to report over $2 million of adjusted
EBITDA for the year.
During 2017 we also started to reap the benefits
of our investment in several growth initiatives. For example, we
successfully launched our next-generation, voice-enabled electronic
health records solution, talkEHR™, with provider sign-ups in most
states. It’s our vision with talkEHR to design a user-friendly,
intuitive platform that automates and increases patient charting
efficiency by using artificial intelligence and natural language
processing. talkEHR is offered free of cost to all U.S. healthcare
providers, with an option to upgrade to a premium billing solution
that generates revenue for MTBC.
We also signed one of the 10 largest
insurance carriers in the U.S. as our first client
for EnrollmentPlus™, a new solution we launched during
2017 that is designed to improve the industry’s standard insurance
enrollment workflow. We believe the insurance industry is yearning
for faster onboarding times, reduced data remediation costs,
process visibility and powerful analytics ‒ and we believe that
we’ve developed a solution that will help accomplish these
important objectives.
During late November 2017, we also
signed a 950 clinician practice that provides
physical, occupational and speech therapy services to patients in
multiple states. This customer has gone live, and is already
our largest customer as measured by monthly
revenue.
Having made significant progress in 2017, we
look forward to another strong year of continued top-line and
bottom line growth during 2018. We are grateful to our
shareholders who have enthusiastically responded to the success of
our strategy and since management and the Board own almost
50% of our outstanding common stock, you can be confident
that we will continue to make decisions that we believe to be in
the best interests of all shareholders.
Please join us at 8:30 a.m. EDT on Wednesday,
March 7, 2018, when our management team will host a conference call
to discuss our 2017 results. The live webcast of the conference
call can be accessed under Events & Presentations at
ir.mtbc.com. A replay of the conference call, as well as investor
presentations, interviews with management, press releases and
access to all our SEC filings are available at the same link.
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.
For regular updates, please follow MTBC on
Twitter, LinkedIn or Facebook.
Use of Non-GAAP Financial
Measures
In our earnings releases, prepared remarks,
conference calls, slide presentations, and webcasts, we may use or
discuss non-GAAP financial measures, as defined by SEC Regulation
G. The GAAP financial measure most directly comparable to each
non-GAAP financial measure used or discussed is included in this
press release, and reconciliations of the differences between each
non-GAAP financial measure and the comparable GAAP financial
measure are included in our earnings press releases, which can be
found in the Investor Relations section of our web site at
ir.mtbc.com.
Forward-Looking Statements
This press release contains various
forward-looking statements within the meaning of the federal
securities laws. 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 "may," "might," "will," "should,"
"intends," "expects," "plans," "goals," "projects," "anticipates,"
"believes," "estimates," "predicts," "potential," or "continue" or
the negative of these terms or other comparable terminology.
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.
These forward-looking statements are only
predictions, are uncertain and involve substantial known and
unknown risks, uncertainties and other factors which may cause our
(or our industry’s) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating 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.
Please note that all 2017 numbers are
preliminary and unaudited, and subject to adjustment when we
release our Annual Report on Form 10-K in March.
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.
SOURCE MTBC
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
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