SOMERSET, N.J., July 27, 2020 (GLOBE NEWSWIRE) — MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today provided preliminary comments regarding its year-to-date milestones, including doubling its scale and netting more than $25 million in its most recent offering to invest in acquisitions and organic growth. The company also discussed its full-year outlook, including expanded growth opportunities and its recently increased revenue guidance, representing approximately 65% year-over-year growth.
“In January, we acquired CareCloud, our largest acquisition up to that point, which was later eclipsed in June, when we acquired an even larger target, Meridian Medical Management,” said Stephen Snyder, MTBC Chief Executive Officer. “These acquisitions helped to double our run-rate revenues, while adding new, highly rated technology solutions and experienced team members. Our expanded capabilities are already playing a key role in driving additional growth as we signed more new business during the first half of 2020 than we signed in all of 2019. As we begin the second half of the year, we do so with doubled scale, newly added talent and solutions, and with more capital on hand than ever to invest in advancing our acquisitive and organic growth objectives during the second half of the year and beyond.”
“During the first half of 2020, we’ve been reminded of the extraordinary privilege we have to support U.S. healthcare providers who are playing a unique and heroic role during the pandemic,” said A. Hadi Chaudhry, MTBC President. “As we’ve strived to provide critical clinical and back-office support to health systems and independent practices, we’ve been grateful to see our company grow and become even better positioned to address market opportunities. From contactless patient check-in applications, to electronic health records, revenue cycle and practice management, business analytics, robotic processing automation, telehealth, and more, our cloud-based tools and global team are helping our clients meet today’s and tomorrow’s challenges.”
“We believe that we are on track to generate $130 to 135 million in revenue and $24 to 25 million in adjusted EBITDA, on an annualized basis, during the second half of 2020,” said Bill Korn, MTBC Chief Financial Officer. “Based on our expectations regarding the second half of the year, we were pleased to have recently increased our full-year 2020 revenue guidance to $105 to 107 million, which represents year-over-year growth of approximately 65% — almost twice as high as our 6-year CAGR through 2019 of 35%.”