SOMERSET, N.J, Nov. 28, 2017 (GLOBE NEWSWIRE) -- MTBC (NASDAQ:MTBC) (NASDAQ: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today provided additional guidance on 2017 as well as an outlook for 2018.
“We are pleased to reaffirm our 2017 revenue guidance of $31 to $32 million, which represents year-over-year revenue growth of approximately 30%,” said Bill Korn, MTBC’s Chief Financial Officer. “Moreover, the recent signing of the largest client in our history positions MTBC for additional revenue growth in 2018. We expect our new client to represent approximately 10% of our 2018 revenue.”
“During fourth quarter 2017, we anticipate reporting record adjusted EBITDA in excess of $1 million for the quarter, together with continued improvement in GAAP net income and positive cash from operations, even while we invest in the ramp-up of our new client,” Bill Korn continued. “For 2018, we anticipate a continuation of our fourth quarter trends, with adjusted EBITDA averaging $1 million per quarter during 2018, further improvements to profitability, and positive cash flow from operations each quarter.”
“We are pleased to have achieved a record year of new signings even before the recent closing of the largest contract in our history,” said Stephen Snyder, MTBC President. “We’ve seen a strong return on the investment we began to make during late 2016 in our sales organization and anticipate another year of record revenue in 2018 as our sales organization continues to pursue significant deals that will have a meaningful impact on our revenue and profitability.”
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 throughout the United States. Our integrated Software-as-a-Service (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.”
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