MTBC Full Year 2017 Shareholder Update
"We are pleased to report that 2017 was a year of significant revenue and profitability growth for MTBC, leaving us in a great position as we begin 2018," said
- Full year 2017 revenue was approximately
$31.8 million- an increase of approximately 30% over 2016 revenue of $24.5 million, and our highest revenue ever;
- Full year 2017 adjusted EBITDA was approximately
$2 million- an increase of approximately $2.6 millionover 2016, and our highest adjusted EBITDA ever;
- Year-end 2017 cash was approximately
$4.4 million- an increase of approximately 25% from year-end 2016, and we have an untapped $5 millioncredit facility; and
- Year-end 2017 debt was approximately
$0.3 million- a decrease of approximately 98% from $14.7 millionat year-end 2016.
In the company's letter to shareholders,
The improvement between our
Our operating results showed similar proof of success during 2017. At the end of 2016, we acquired substantially all of the assets of a struggling competitor. The purchase price was attractive, but we knew we would face operating losses for a couple quarters as we focused on integration and cost rationalization. While our adjusted EBITDA was (
During 2017 we also started to reap the benefits of our investment in several growth initiatives. For example, we
successfully launched our next-generation, voice-enabled electronic health records solution, talkEHR™, with provider sign-ups in most states. It's our vision with talkEHR to design a user-friendly, intuitive platform that automates and increases patient charting efficiency by using artificial intelligence and natural language processing. talkEHR is offered free of cost to all
We also signed one of the 10 largest insurance carriers in the
Having made significant progress in 2017, we look forward to another strong year of continued top-line and bottom line growth during 2018. We are grateful to our shareholders who have enthusiastically responded to the success of our strategy and since management and the Board own almost 50% of our outstanding common stock, you can be confident that we will continue to make decisions that we believe to be in the best interests of all shareholders.
Please join us at
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 is included in this press release, and reconciliations of the differences between each non-GAAP financial measure and the comparable GAAP financial measure are included in our earnings press releases, which 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
Please note that all 2017 numbers are preliminary and unaudited, and subject to adjustment when we release our Annual Report on Form 10-K in March.
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:
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