First Quarter Highlights
- Total clinical documentation volume reaches a quarterly
high of 866 million lines for the first quarter of 2011; a 39%
increase versus prior year same period
- Adjusted EBITDA increases 94% versus prior year same
period to $26.8 million
- Adjusted Net Income per diluted share - adjusted for
the IPO and exchange offer up 82% versus prior year same period to
$0.31
- Continued strong free cash flow
- Customers' demand increases offshore volume goal, and
volumes edited post speech recognition continue to
grow
- Integration of Spheris completed, and integration of
MedQuist Inc. and MedQuist Holdings commences
- Legacy litigation resolved
- Updates guidance to reflect first quarter
performance
The highlights above, as well as the discussion below, contain
certain non-GAAP financial measures that, together with applicable
GAAP financial measures, we utilize to evaluate the results of our
performance. Refer to the section of this release entitled
"Non-GAAP Financial Measures" for further discussion, as well as
the tables attached to this release that reconcile these non-GAAP
financial measures to applicable GAAP financial measures.
MedQuist Holdings Inc. (Nasdaq:MEDH), a leading provider of
integrated clinical documentation solutions for the U.S. healthcare
industry, announced its financial results for the three months
ended March 31, 2011.
Operating Results
Net revenues increased 31% to $111.2 million for the first
quarter of 2011, including $31.0 million in net revenues
contributed by the acquisition of Spheris compared with $85.1
million for the first quarter of 2010. The Spheris acquisition was
closed in April 2010. Volumes improved versus prior year same
quarter due to the impacts of the Spheris acquisition as well as
approximately 3% of organic growth unrelated to the impacts of the
acquisition. Additionally, volumes improved to 866 million lines
for the current quarter representing an improvement of 2% versus
the fourth quarter of 2010.
Adjusted EBITDA for the first quarter of 2011 was $26.8 million,
or 24% of net revenues, compared with $13.8 million, or 16% of net
revenues, for the first quarter of 2010. The year-over-year
increase in Adjusted EBITDA and margin is the result of higher
utilization of offshore resources and higher percentage of volume
edited post speech recognition, as well as synergies realized from
adding volumes from the Spheris acquisition to our scalable
platform. Adjusted EBITDA for the first quarter of 2011 versus the
fourth quarter of 2010 reflects the seasonal variations in volumes
and higher employer taxes, as well as movement of volumes to the
Company's global production facilities.
Adjusted net income for the first quarter of 2011 was $16.4
million, or $0.31 per diluted share – adjusted for the IPO and
exchange offer, compared with $8.7 million, or $0.17 per diluted
share – adjusted for the IPO and exchange offer, in the first
quarter of 2010. Net income attributable to common shareholders for
the first quarter of 2011 was $2.3 million, or $0.05 per diluted
share, compared with $1.4 million, or $0.04 per diluted share,
reported in the first quarter of 2010.
During the three months ended March 31, 2011, we recorded net
restructuring charges of $5.4 million including approximately $3.2
million from a reduction in workforce and a charge of $1.5 million
representing future lease payments on MedQuist Inc.'s former
corporate headquarters in Mt. Laurel, New Jersey, and former data
center in Sterling, Virginia, offset by estimated sublease rentals.
The future minimum lease payments on the Mt. Laurel facility total
$2.5 million. In addition, we recorded non-cash stock compensation
charges of $0.7 million due to the acceleration of stock option
vesting and the extension of the stock option exercise period for
terminated employees. The benefits from these restructuring efforts
are not expected to be fully realized until 2012.
The Company also recognized $9.7 million of income associated
with the termination of its customer accommodation program, offset
by $1.8 million in charges of related litigation costs and $0.4
million of fees incurred in connection with the minority
shareholder litigation associated with our exchange offers.
Operating Metrics |
|
Q1 2011 |
|
Q4 2010 |
|
Q1 2010 |
Total clinical documentation
volume: |
|
866 million lines |
|
850 million lines |
|
624 million lines |
Transcription volumes
processed offshore: |
|
41% |
|
42% |
|
41% |
Transcription volumes edited post
speech recognition: |
|
72% |
|
71% |
|
57% |
Peter Masanotti, Chief Executive Officer of MedQuist Holdings,
said, "We are off to a good start to 2011 and in line with our plan
for the year. The sequential and year-over-year volume improvement
came from organic growth and our ability to stabilize the Spheris
book of business. The sustained increase in post speech recognition
editing continues to enhance our productivity and our focus on
achieving integration savings is significantly reducing our direct
costs.
"Customers' demand for our offshore resources continues to
accelerate, and we are building a sizable inventory. Given the size
and complexity of this new work, we are executing a very
conservative rollout of these conversions. The strong demand gives
us increased confidence that we can reach our goal of 50% offshore
by the end of the year."
Liquidity and Capital Structure
As of March 31, 2011, the Company had $75.6 million in cash and
$269.5 million in debt and capital lease obligations. During the
first quarter of 2011, the Company paid its scheduled $5 million
term loan payment plus an additional $20 million in optional
prepayment amounts on its senior facility, thereby satisfying its
principal amortization obligations on its term loan through the
first quarter of 2012. Free cash flow for the first quarter of
2011 increased to $13.3 million compared with $8.8 million in the
first quarter of 2010. The first quarter capital expenditures were
higher than expected average quarterly expenditures for the
remainder of the year due to costs associated with integration
work. In the second quarter, the Company expects to pay an
additional $12.0 million related to the IPO and exchange
offers.
The Company's high level of cash generated as compared to its
Adjusted EBITDA reflects its continued ability to utilize available
tax attributes to absorb current period taxes. At December 31,
2010, the Company had federal net operating loss carry forward
amounts of approximately $102 million with approximately 80%
available through 2014 to help off-set future period taxable income
amounts. Additionally, the Company had approximately $194
million of capitalized tax intangibles, of which approximately 60%
are expected to be amortized for tax purposes over the next five
years. Utilization of the net operating loss carry forwards and
intangible amortization amounts are subject to annual limitations
in future years but are anticipated to result in low cash tax
amounts paid in the near term.
In accordance with the terms of a Settlement Stipulation entered
into in connection with the settlement of MedQuist Inc. shareholder
litigation and subject to final approval of the settlement by the
Court, the 3% of remaining issued and outstanding shares of
MedQuist Inc. not already owned by MedQuist Holdings Inc. are to be
exchanged on the same terms as the public exchange initiated on
February 3, 2011, through a short-form merger that is expected to
be completed by the end of the third quarter of 2011. In connection
with this short-form merger and to immediately reduce duplicate
costs of being a public company, MedQuist Inc. delisted its common
stock from NASDAQ. Subsequent to completing the short-form
merger, fully diluted shares outstanding will increase to
approximately 52 million.
Performance Goals for 2011
Based on the first quarter results, the Company has updated its
previously issued performance goals for 2011 as noted below:
Total clinical documentation volume: |
3.5 billion to 3.7 billion lines |
Adjusted EBITDA: |
$113 million to $116 million |
Adjusted Net Income: |
$1.26 to $1.33 per diluted share – |
|
adjusted for the IPO and exchange
offer |
Commenting on the 2011 outlook, Mr. Masanotti added, "I'm
pleased with the improving outlook for the year and confident the
integration work will allow us to have one set of goals and
objectives across companies, driving efficiencies that will allow
us to reduce costs in accordance with our plan and provide better
service to our customers. The current market environment also
continues to play to our strengths as smaller clinical
documentation providers are struggling to compete with our ability
to provide end-to-end clinical solutions combined with speech
recognition and offshore resources."
Investor Conference Call and Web Simulcast
MedQuist Holdings will host a conference call on May 16, 2011,
at 9:00 a.m. CT to discuss its results of operations for the first
quarter of 2011. The number to call for the interactive
teleconference is (212) 231-2901. A replay of the conference call
will be available through Monday, May 23, 2011, by dialing (402)
977-9140 and entering the confirmation number, 21520377.
A live broadcast of MedQuist Holdings quarterly conference call
will be available online at the Company's website,
www.medquistholdings.com, under Investor Relations or
http://www.videonewswire.com/event.asp?id=78513 on May 16, 2011,
beginning at 9:00 a.m. CT. The online replay will follow
shortly after the call and continue for one year. About
MedQuist Holdings
MedQuist Holdings is a leading provider of integrated clinical
documentation solutions for the U.S. healthcare system, and the
largest provider by revenue of clinical documentation based on
physicians' dictation of patient interaction, or the physician
narrative, in the United States. MedQuist Holdings serves more than
2,400 hospitals, clinics, and physician practices throughout the
United States, including 40% of hospitals with more than 500
licensed beds.
MedQuist Holdings' solutions convert the physician narrative
into a high quality and customized electronic record, and enable
hospitals, clinics, and physician practices to improve the quality
of clinical data as well as accelerate and automate the
documentation process. We believe our solutions improve physician
productivity and satisfaction, enhance revenue cycle performance,
and facilitate the adoption and use of electronic
health records. For more information, please visit our website
at www.medquistholdings.com.
Forward-Looking Statements
Information provided and statements contained in this press
release that are not purely historical, such as
statements regarding our 2011 financial and operating performance,
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. Such forward-looking statements only speak as of the date of
this press release and MedQuist Holdings Inc. assumes no obligation
to update the information included in this press release.
Statements made in this press release that are forward-looking in
nature may involve risks and uncertainties. Accordingly, readers
are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict,
including, without limitation, specific factors discussed herein
and in other releases and public filings made by MedQuist Holdings
Inc. (including filings by MedQuist Holdings Inc. with the SEC).
Although MedQuist Holdings 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. Unless otherwise required by law, MedQuist Holdings
also disclaims any obligation to update its view of any such risks
or uncertainties or to announce publicly the result of any
revisions to the forward-looking statements made in this press
release.
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Consolidated Statements
of Operations |
(In thousands, except
per share amounts) |
Unaudited |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
Net revenues |
$ 111,236 |
$ 85,087 |
Cost of revenues |
66,021 |
54,615 |
Gross profit |
45,215 |
30,472 |
Operating costs and
expenses: |
|
|
Selling, general and administrative |
16,192 |
14,480 |
Research and development |
2,251 |
2,281 |
Depreciation and amortization |
8,418 |
6,139 |
Cost of legal proceedings, settlements
and accommodations |
(7,513) |
1,043 |
Acquisition and restructuring |
6,878 |
984 |
|
|
|
Total operating costs and
expenses |
26,226 |
24,927 |
Operating income |
18,989 |
5,545 |
|
|
|
Equity in income of affiliated company |
-- |
514 |
Other income |
10 |
77 |
Interest expense, net |
(7,037) |
(1,869) |
|
|
|
Income from continuing operations
before income taxes and noncontrolling interests |
11,962 |
4,267 |
|
|
|
Income tax provision (benefit) |
1,144 |
(20) |
|
|
|
Net income from continuing
operations |
10,818 |
4,287 |
|
|
|
Income from discontinued
operations, net of tax |
-- |
30 |
Net income |
10,818 |
4,317 |
|
|
|
Less: Net income attributable to
noncontrolling interests |
(1,506) |
(2,229) |
|
|
|
Net income attributable to
MedQuist Holdings Inc. |
$ 9,312 |
$ 2,088 |
|
|
|
Net income per common share from
continuing operations |
|
|
Basic |
$ 0.06 |
$ 0.04 |
Diluted |
$ 0.05 |
$ 0.04 |
|
|
|
Net income per common share from
discontinued operations |
|
|
Basic |
$ -- |
$ -- |
Diluted |
$ -- |
$ -- |
|
|
|
Net income per common share
attributable to MedQuist Holdings Inc. |
|
|
Basic |
$ 0.06 |
$ 0.04 |
Diluted |
$ 0.05 |
$ 0.04 |
|
|
|
Weighted average shares
outstanding: |
|
|
Basic |
40,933 |
35,013 |
Diluted |
41,980 |
35,183 |
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Consolidated Balance
Sheets |
(In
thousands) |
Unaudited |
|
|
|
|
March 31, |
December 31, |
|
2011 |
2010 |
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 75,635 |
$ 66,779 |
Accounts receivable, net of allowance of
$1,662 and $1,466, respectively |
77,997 |
82,038 |
Other current assets |
20,164 |
23,706 |
Total current assets |
173,796 |
172,523 |
|
|
|
Property and equipment, net |
24,492 |
23,018 |
Goodwill |
90,250 |
90,268 |
Other intangible assets, net |
105,080 |
107,962 |
Deferred income taxes |
7,023 |
6,896 |
Other assets |
13,621 |
14,212 |
|
|
|
Total assets |
$ 414,262 |
$ 414,879 |
|
|
|
Liabilities and Equity |
|
|
Current liabilities: |
|
|
Current portion of long term debt |
$ 7,946 |
$ 27,817 |
Accounts payable |
14,049 |
11,358 |
Accrued expenses |
37,088 |
36,917 |
Accrued compensation |
20,071 |
16,911 |
Deferred revenue |
9,393 |
10,570 |
Related party payable |
5,000 |
-- |
Total current liabilities |
93,547 |
103,573 |
Long term debt |
261,543 |
266,677 |
Deferred income taxes |
5,307 |
4,221 |
Related party payable - noncurrent |
4,406 |
3,537 |
Other non-current liabilities |
2,449 |
2,360 |
Total liabilities |
367,252 |
380,368 |
Commitments and contingencies |
|
|
Equity |
|
|
Preferred stock -- $0.10 par value;
authorized 25,000 shares; none issued or outstanding |
-- |
-- |
Common stock -- $0.10 par value;
authorized 300,000 shares; 49,168 and 35,158 shares issued and
outstanding, respectively |
4,917 |
3,516 |
Additional paid in capital |
141,287 |
148,265 |
Accumulated deficit |
(97,867) |
(107,179) |
Accumulated other comprehensive loss |
(729) |
(663) |
Total MedQuist Holdings Inc.
stockholders' equity |
47,608 |
43,939 |
Noncontrolling interests |
(598) |
(9,428) |
Total equity |
47,010 |
34,511 |
|
|
|
Total liabilities and equity |
$ 414,262 |
$ 414,879 |
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Consolidated Statements
of Cash Flow |
(In
thousands) |
Unaudited |
|
|
|
Three Months
Ended |
|
2011 |
2010 |
Operating activities: |
|
|
Net income |
$ 10,818 |
$ 4,317 |
|
|
|
Adjustments to reconcile net income to cash
provided by operating activities: |
|
|
Depreciation and amortization |
8,418 |
6,363 |
Equity in income of affiliated
company |
-- |
(515) |
Deferred income taxes |
1,091 |
(359) |
Share based compensation |
978 |
144 |
Provision for doubtful accounts |
170 |
779 |
Non-cash interest expense |
858 |
-- |
Other |
(796) |
(139) |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
3,458 |
(182) |
Other current assets |
(414) |
(141) |
Other non-current assets |
(135) |
109 |
Accounts payable |
(1,188) |
(1,622) |
Accrued expenses |
(1,837) |
(1,246) |
Accrued compensation |
3,136 |
(1,577) |
Deferred revenue |
(1,177) |
(598) |
Other non-current liabilities |
59 |
(151) |
Net cash provided by operating
activities |
$ 23,439 |
$ 5,182 |
|
|
|
Investing activities: |
|
|
Purchase of property and equipment |
(4,343) |
(1,928) |
Purchases of capitalized intangible
assets |
(2,345) |
(1,109) |
Payments for acquisitions and interests
in affiliates, net of cash acquired |
-- |
(7,685) |
Net cash used in investing activities |
(6,688) |
(10,722) |
|
|
|
Financing activities: |
|
|
Proceeds from debt |
-- |
2,769 |
Repayment of debt |
(25,789) |
(3,085) |
Debt issuance costs |
-- |
(195) |
Net proceeds from issuance of common
stock |
22,320 |
-- |
Payments for offering costs |
(4,504) |
-- |
Net cash used in financing activities |
(7,973) |
(511) |
|
|
|
Effect of exchange rate changes |
78 |
125 |
|
|
|
Net increase (decrease) in cash and cash
equivalents |
8,856 |
(5,926) |
|
|
|
Cash and cash equivalents - beginning of
period |
66,779 |
29,633 |
|
|
|
Cash and cash equivalents - end of
period |
$ 75,635 |
$ 23,707 |
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Reconciliation of Net
Income to Adjusted EBITDA |
(In
thousands) |
Unaudited |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
|
|
|
Net income attributable to MedQuist Holdings
Inc. |
$ 9,312 |
$ 2,088 |
|
|
|
Net income attributable to noncontrolling
interests |
1,506 |
2,229 |
Income from discontinued operations, net of
tax |
-- |
(30) |
Income tax provision (benefit) |
1,144 |
(20) |
Interest expense, net |
7,037 |
1,869 |
Depreciation and amortization |
8,418 |
6,139 |
Acquisition and restructuring |
6,878 |
984 |
Cost of legal proceedings, settlements and
accommodations |
(7,513) |
1,043 |
Equity in income of affiliated company |
-- |
(514) |
Adjusted EBITDA |
$ 26,782 |
$ 13,788 |
|
|
|
Adjusted EBITDA as a percentage of net
revenues |
24.1% |
16.2% |
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Free Cash
Flow |
(In
thousands) |
Unaudited |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
|
|
|
Adjusted EBITDA |
$ 26,782 |
$ 13,788 |
Less: Interest expense (net of non-cash
interest expense of $858 and $60, respectively) |
(6,179) |
(1,809) |
Capital expenditures (including
capitalized software development costs) |
(6,688) |
(3,037) |
Current tax provision |
(598) |
(110) |
Free Cash Flow |
$ 13,317 |
$ 8,832 |
|
|
|
|
|
|
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Adjusted Net
Income |
(In
thousands) |
Unaudited |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
Adjusted Net Income: |
|
|
|
|
|
Adjusted EBITDA |
$ 26,782 |
$ 13,788 |
Less: Amortization of capitalized
intangible assets (excluding acquired intangibles) |
(3,598) |
(3,172) |
Interest expense (net of non-cash
interest expense of $858 and $60, respectively) |
(6,179) |
(1,809) |
Current tax provision |
(598) |
(110) |
Adjusted Net Income |
$ 16,407 |
$ 8,697 |
|
|
|
Adjusted Net Income Per Share - Adjusted for
IPO and Exchange Offer: |
|
|
Basic (a) |
$ 0.32 |
$ 0.17 |
Diluted (a) |
$ 0.31 |
$ 0.17 |
|
|
|
(a) Based on proforma shares
outstanding for the IPO and Exchange Offer. See Share Calculation
below. |
|
|
|
MedQuist Holdings Inc.
and Subsidiaries |
Share
Calculation |
(In
thousands) |
Unaudited |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2011 |
2010 |
|
|
|
MedQuist Holdings Shares |
|
|
Basic outstanding |
40,933 |
35,013 |
Effect of dilutive options |
1,047 |
170 |
Diluted shares |
41,980 |
35,183 |
|
|
|
Proforma impact of Minority Interest Shares
(1) |
|
|
Minority interest - basic |
7,906 |
11,685 |
Minority interest - diluted |
7,906 |
11,685 |
|
|
|
Proforma impact of IPO and Minority
Shareholder Shares (2) |
|
|
Basic |
2,309 |
4,320 |
Diluted |
2,309 |
4,320 |
|
|
|
Proforma Shares Outstanding for IPO and
Exchange Offer |
|
|
Basic |
51,148 |
51,018 |
Fully Diluted |
52,195 |
51,188 |
|
|
|
(1) Assumes the issuance of our
common stock in exchange for shares of MedQuist Inc. common stock
pursuant to terms of private and public exchange offers, which will
increase our ownership in MedQuist Inc. from 69.5% to 100%. Also
assumes exercise of in-the-money MedQuist Inc. options. We
have completed our exchange offers, and we currently own
approximately 97% of MedQuist Inc. |
|
|
|
(2) Adjusts for timing of
issuance of shares of common stock to a related party during the
quarter, as well as unissued shares to another minority owner. |
Total Clinical Documentation Volume
Management believes that total clinical documentation volume is
an important measure of the Company's operating results. Total
clinical documentation volume is defined as total lines processed
on our clinical documentation platforms and/or transcribed or
edited by our personnel.
Non-GAAP Financial Measures
In addition to the United States generally accepted
accounting principles, or GAAP, results provided throughout this
document, MedQuist Holdings Inc. has provided certain
non-GAAP financial measures to help evaluate the results of our
performance. The Company believes that these non-GAAP financial
measures, when presented in conjunction with comparable GAAP
financial measures, are useful to both management and investors in
analyzing the Company's ongoing business and operating performance.
The Company believes that providing the non-GAAP information to
investors, in addition to the GAAP presentation, allows investors
to view the Company's financial results in the way that management
views financial results. The tables attached to this press release
include a reconciliation of these historical non-GAAP financial
measures to the most directly comparable GAAP financial
measures.
We also present Adjusted EBITDA and Adjusted Net Income on a
forward-looking basis as part of our Performance Goals for
2011. We are unable to present a quantitative reconciliation
of these forward-looking non-GAAP financial measures to the most
directly comparable forward-looking GAAP financial measures because
management cannot predict, with sufficient reliability,
contingencies relating to potential changes in tax valuation
allowances, potential changes to customer accommodation accruals,
potential restructuring impacts, contingencies related to past and
future acquisitions, and changes in fair values of our derivative
instruments, all of which are difficult to estimate primarily due
to dependencies on future events.
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP financial measure, is defined by the
Company as Net Income excluding taxes, interest, equity in income
of an affiliated company, depreciation, amortization, cost of legal
proceedings and settlements, acquisition and restructuring charges,
discontinued operations and certain non-recurring accrual
reversals. Management believes Adjusted EBITDA is useful as
supplemental measures of the Company's financial results because it
removes costs not related to the Company's operating performance.
Management believes that Adjusted EBITDA should be considered in
addition to, but not as a substitute for items presented in
accordance with GAAP that are presented in this press release. A
reconciliation of Net income to Adjusted EBITDA is provided
above.
Free Cash Flow
Free Cash Flow, a non-GAAP financial measure, is defined by the
Company as Adjusted EBITDA less interest expense (net of non-cash
interest), less capital expenditures (including capitalized
software development costs), and less current tax
provision. Management believes that utilization of Free Cash
Flow is an important non-GAAP measure of the Company's ability to
convert operating results into cash.
Adjusted Net Income
Adjusted Net Income, a non-GAAP financial measure, is defined by
the Company as Adjusted EBITDA less amortization expense for
capitalized intangible assets (excluding acquired intangibles),
less interest expense (net of non-cash interest), and less current
tax provision. We measure Adjusted Net Income based on Proforma
Shares Outstanding (see below). Management believes that
utilization of Adjusted Net Income is an important non-GAAP
financial measure of our normalized operating results.
Proforma Shares Outstanding for Exchange
Offer
For purposes of evaluating our results on per-share metrics,
many of our computations utilize proforma share
computations. Our measure of proforma shares includes our
Basic and Diluted share computations utilized for GAAP purposes,
plus our estimate of the impacts of minority interest shares
outstanding.
Proforma Shares Outstanding for Initial Public Offering
and Exchange Offer
For purposes of evaluating our results on per-share metrics,
many of our computations utilize proforma share
computations. Our measure of proforma shares include our Basic
and Diluted share computations utilized for GAAP purposes, plus our
estimate of the impacts of minority interest shares outstanding and
shares issued by us to a related party during the quarter in
connection with our initial public offering and shares to be issued
to another minority shareholder.
CONTACT: Investor Contacts:
Tony James
Chief Financial Officer
tjames@medquist.com
(615) 261-1509
Tripp Sullivan
Corporate Communications, Inc
tripp.sullivan@cci-ir.com
(615) 324-7335
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