SOMERSET, NJ--(Marketwired - Jul 27, 2017) - Medical Transcription Billing, Corp. ("MTBC" or the "Company") (
"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:
| For the Fiscal Year Ending December 31, 2017 Forward-Looking Guidance | ||||
| Prior Guidance | Revised Guidance | |||
| Revenue | $30 - $31 million | $31 - $32 million | ||
| Adjusted EBITDA | $2.0 - $2.5 million | $2.0 - $2.5 million | ||
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 .
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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
Company and Investor Contact: Bill Korn Chief Financial Officer Medical Transcription Billing, Corp. bkorn@mtbc.com 732-873-5133
