MTBC Comments on 2017 Guidance and 2018 Outlook
November 28 2017 - 9:15AM
MTBC (NASDAQ:MTBC) (NASDAQ: MTBCP), a leading provider of
cloud-based healthcare IT solutions and services, today provided
additional guidance on 2017 as well as an outlook for 2018.
“We are pleased to reaffirm our 2017 revenue
guidance of $31 to $32 million, which represents year-over-year
revenue growth of approximately 30%,” said Bill Korn, MTBC’s
Chief Financial Officer. “Moreover, the recent signing of the
largest client in our history positions MTBC for additional revenue
growth in 2018. We expect our new client to represent
approximately 10% of our 2018 revenue.”
“During fourth quarter 2017, we anticipate
reporting record adjusted EBITDA in excess of $1 million for the
quarter, together with continued improvement in GAAP net income and
positive cash from operations, even while we invest in the ramp-up
of our new client,” Bill Korn continued. “For 2018, we
anticipate a continuation of our fourth quarter trends, with
adjusted EBITDA averaging $1 million per quarter during 2018,
further improvements to profitability, and positive cash flow from
operations each quarter.”
“We are pleased to have achieved a record year
of new signings even before the recent closing of the largest
contract in our history,” said Stephen Snyder, MTBC
President. “We’ve seen a strong return on the investment we
began to make during late 2016 in our sales organization and
anticipate another year of record revenue in 2018 as our sales
organization continues to pursue significant deals that will have a
meaningful impact on our revenue and profitability.”
About MTBC
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 throughout the United States. Our integrated
Software-as-a-Service (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.
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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, the ramp-up, revenue and retention of new and existing
clients, 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 transition, ramp-up,
and retain new and existing customers; comply with controlling
contractual obligations and legal requirements; 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.
SOURCE MTBC
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
(732) 873-5133
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