SOMERSET, NJ–(Marketwired – Apr 28, 2017) – MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of proprietary, web-based electronic health records, practice management and mHealth solutions, will release its first quarter financial results for the three months ended March 31, 2017 before the market opens on Wednesday, May 10, 2017. The Company will follow with a conference call for investors on May 10 at 8:30 a.m. EDT to review highlights of its quarterly results and discuss its business outlook and other matters.
The call can be accessed by dialing 844-802-2438, or 412-317-5131 for international callers, and referencing “MTBC First Quarter 2017 Earnings Call.” An audio webcast of the call will be available live and archived until September 30, 2017 on MTBC’s investor relations website at ir.mtbc.com.
A replay of the conference call will be available approximately one hour after conclusion of the call and will be accessible through September 30, 2017. The replay can be accessed by dialing 877-344-7529, or 412-317-0088 for international callers, and providing access code 10105457.
Bill Korn, MTBC Chief Financial Officer, said: “We are pleased to announce that, based on preliminary financial data, first quarter revenue is expected to be approximately $8.2 million, which is our second consecutive quarter with approximately 60% year-over-year revenue growth. As we reduce expenses from our October 2016 acquisition of MediGain, we anticipate that our first quarter 2017 GAAP net loss will be significantly lower than in fourth quarter of 2016, and that our non-GAAP adjusted EBITDA will also show a significantly smaller loss.”
MTBC is confirming our 2017 guidance, summarized in the following table:
|For the Fiscal Year Ending December 31, 2017|
Forward Looking Guidance
|Revenue||$30 – $31 million|
|Adjusted EBITDA||$2.0 – $2.5 million|
The Company anticipates full year 2017 revenue of approximately $30 to $31 million, which represents growth of 22% to 27% over 2016 revenue. We expect adjusted EBITDA to be $2.0 to $2.5 million for full year 2017.
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.
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, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investor Relations section of our web site at ir.mtbc.com.
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.
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:
Chief Financial Officer
Medical Transcription Billing, Corp.