iCoreConnect Inc. Reports Strong Revenue and Subscriber Growth in Q2 2024 With a 66% Revenue Increase
August 16 2024 - 4:30PM
iCoreConnect Inc. (NASDAQ: ICCT) ("iCore" or the "Company"), a
leading provider of cloud-based software and technology solutions
designed to enhance workflow productivity and customer
profitability, is pleased to announce its financial results for the
three and six months ended June 30, 2024.
Q2 2024 Financial Highlights
- Revenue Growth: The Company reported a significant 66% increase
in revenue, rising from $1.6 million in Q2 2023 to $3.1 million in
Q2 2024. For the six months ending June 30, 2024, revenue grew from
$3.7 million to $5.8 million compared to the same period in 2023.
This growth was driven by strong performance across all active
products and services.
- Gross Profit Margins: iCoreConnect saw an improvement in gross
profit margins, increasing from 74% to 80% for both the three and
six months ending June 30, 2024 compared to the three and six
months ending June 30, 2023 respectively.
- Customer Demand: For the first time in the company's history,
it has signed agreements with customers waiting for installation
reflecting high demand for iCore’s solutions, including the newly
launched Fintech product, iCorePay.
Operational and Strategic Developments
- Operating Expenses: Operating expenses increased due to a
one-time, non-recurring charge of $4.8 million. This charge is
related to stock-based compensation awarded to certain officers and
employees in recognition of the Company's Nasdaq listing and merger
with FG Merger Corp in 2023.
- Artificial Intelligence Integration: The Company has
implemented artificial intelligence (AI) in its support division
and is testing AI across various solutions. Notably, iCoreConnect
sees significant potential in leveraging AI for its ICD-10 coding
and insurance verification software, promising exciting
developments soon.
- Channel Relationships: iCoreConnect continued to expand its
relationships with companies such as mConsent, Arthur/Marshall,
independent HIPAA consultants, and various state associations,
including the California Association of Orthodontists and Tennessee
Dental Associations. These relationships enhance value for end
users by enabling them to access multiple solutions with a single
sign-on through the iCoreEnterprise platform, seamlessly
integrating with existing practice management software.
Debt Restructuring
As part of its strategy to improve cash flow management,
iCoreConnect has successfully reached restructuring agreements with
certain of its convertible noteholders. These agreements cover
approximately $3.6 million in combined principal and accrued
interest, originally due in 2024. The majority of maturities have
now been extended to August 1, 2027, with all principal and
interest payable at that time. Upon shareholder approval,
noteholders will have the option to convert their notes into common
stock at a conversion price of $0.80 per share, with mandatory
conversion required if the common stock price exceeds $1.04.
This debt restructuring provides the Company with an additional
runway to preserve cash and support ongoing growth initiatives.
About iCoreConnect, Inc. (NASDAQ: ICCT)
iCoreConnect Inc. is a market leading, cloud-based software and
technology company focused on increasing workflow productivity and
practice profitability through its enterprise and healthcare
workflow platform of applications and services. iCoreConnect is
most notably known for its innovation in solving healthcare
business problems. iCoreConnect’s philosophy places a high value on
customer feedback, positioning iCoreConnect to respond to the
market’s needs. iCoreConnect touts a platform of 16 SaaS enterprise
solutions and more than 130 product endorsements with state or
regional healthcare associations across the United States.
Forward-Looking Statements
Some of the statements in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. The Company has attempted to identify
forward-looking statements by terminology including ‘believes,’
‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’
‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’
‘approximately’ or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors, including those discussed
under Item 1A. “Risk Factors” in the Company’s most recently filed
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
and updated from time to time in its Form 10-Q filings and in its
other public filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. The Company
undertakes no obligation to update any forward-looking statements
contained in this release to reflect events or circumstances
occurring after its date or to reflect the occurrence of
unanticipated events.
Investor Contacts:IR@icoreconnect.com888.810.7706, ext
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