SOMERSET, N.J., Aug. 07, 2019 (GLOBE NEWSWIRE) -- MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of proprietary, cloud-based healthcare IT solutions and services, today announced financial and operational results for the second quarter of 2019. The Company’s management will conduct a conference call with related slides today at 8:30 a.m. Eastern Time to discuss these results and management’s outlook for the rest of the year.
Second Quarter 2019 Financial Results:
| For the Fiscal Year Ending December 31, 2019 Forward-Looking Guidance | |
| Revenue | $63 – $65 million |
| Adjusted EBITDA | $8 – $10 million |
The Company anticipates 2019 revenue of approximately $63 to $65 million, which represents growth of 24% to 29% over 2018 revenue. Revenue guidance includes revenues from Etransmedia’s customers for the remainder of 2019, but excludes the effect of any additional, material acquisitions. “With revenue of $16.7 million during the second quarter and $31.8 million for the first half, we feel that we are very well-positioned to achieve our $63 to $65 million guidance,” commented Bill Korn.
Adjusted EBITDA is expected to be $8 to $10 million for 2019, growth of 67% to 108% over 2018 adjusted EBITDA. This is comparable with 2018, when MTBC’s adjusted EBITDA was double 2017’s adjusted EBITDA. According to Bill Korn, “MTBC management has experience integrating acquired businesses, and the integration efforts of Orion and Etransmedia are proceeding according to plan. As always, we start by reducing dependence on expensive third-party subcontractors, whose work quality is variable, and move work to our offshore employees. Customers appreciate getting better service while we benefit from lower costs. We then look for opportunities to eliminate redundancies, trim excess costs and leverage our technology to improve operational and cost efficiency.”
“This effort was largely completed for Orion, whose business we acquired on July 1, 2018, by the end of the second quarter. It is well underway for Etransmedia, which was much smaller and therefore a faster implementation, even though that transaction occurred on April 1, 2019,” continued Bill Korn. “Our expense run rate at the end of June was significantly lower than it was at the beginning of April. With the cost savings we expect will result from actions taken during the first half of 2019, we are on track to achieve our adjusted EBITDA guidance for the full year of 2019.”
About MTBC
MTBC, Inc. is a healthcare information technology company that provides a fully integrated suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. 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 Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.”
For additional information, please visit our website at www.mtbc.com.
