MTBC Announces Upward Revision to 2017 Revenue Guidance
SOMERSET, NJ-(Marketwired - Jul 27, 2017) - Medical
Transcription Billing, Corp. ("MTBC" or the "Company") (NASDAQ:
MTBC) (NASDAQ: MTBCP), a leading provider of proprietary,
cloud-based healthcare IT solutions and services, today announced
that it is revising upward its revenue guidance for 2017.
"We're very pleased to see our revenue growth outpace our
initial full year revenue guidance," said Mahmud Haq, MTBC's
Chairman and CEO. He continued, "Having also achieved our highest
adjusted EBITDA as a public company during the second quarter of
2017, we anticipate a remarkable year of achievement for MTBC."
The Company is revising its guidance for full year 2017 revenue
from a range of approximately $30 to $31 million to a range of
approximately $31 to $32 million, which represents growth of 27% to
31% over 2016 revenue. The Company reaffirms its guidance for
adjusted EBITDA of $2.0 to $2.5 million for full year 2017.
MTBC's forward-looking financial guidance for the fiscal year
ending December 31, 2017, with an upward adjustment for revenue, is
as follows:
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For the Fiscal Year Ending December 31, 2017 Forward-Looking
Guidance
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|
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Prior Guidance
|
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Revised Guidance
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Revenue
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$30 - $31 million
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$31 - $32 million
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Adjusted EBITDA
|
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$2.0 - $2.5 million
|
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$2.0 - $2.5 million
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Conference Call Information
MTBC management will host a conference call at 8:30 a.m. EDT on
Thursday, August 3, 2017, to discuss the first half 2017 results.
The live webcast of the conference call can be accessed under
Events & Presentations at ir.mtbc.com or by dialing
412-317-5131 and referencing "MTBC Second Quarter 2017 Earnings
Call."
A replay of the conference call will be available approximately
one hour after conclusion of the call at the same link. An audio
replay can also be accessed by dialing 412-317-0088 and providing
access code 10110213.
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 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.
Follow MTBC on Twitter, LinkedIn and 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, 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.
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.
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.
SOURCE MTBC
Contact Information
Company and Investor Contact: Bill Korn Chief Financial Officer
Medical Transcription Billing, Corp. bkorn@mtbc.com
732-873-5133
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