Record Financial Results Announced By MTBC

MTBC (NASDAQ:MTBC), a company that provides cloud-based solutions for the healthcare industry, reported record year-end financial results with revenue of $50.5 million, a 59 percent hike from 2017. Cash from operations generated $6.8 million and adjusted EBITDA figures stood at $4.8 million.

As quoted in the press release:

“We are thrilled to report record full year 2018 results, including a 59% increase in our revenue to $50.5 million, while growing our adjusted EBITDA by 110% to $4.8 million and generating $6.8 million in cash from operations. Revenue and adjusted EBITDA were both at-or-above the high end of our guidance range as we delivered our seventh consecutive quarter of positive adjusted EBITDA,” said Stephen Snyder, MTBC’s Chief Executive Officer.

“We ended 2018 with $14.5 million of cash and an untapped $10 million line of credit, providing maximum flexibility as we continue to consolidate our segment of the market,” said Snyder. “Even excluding any additional material acquisitions, we expect to grow our revenues by approximately 25% or more during 2019, while increasing our adjusted EBITDA by more than 65% — and with our proven and repeatable acquisition model, available growth capital, and proprietary platform, we believe that we are well positioned to exceed these baselines.”

Click here for the full press release.