Medical Transcription Billing Corp. reported historic revenue growth in the third quarter of 2018, putting it on track for a record year.
Here's what you should know:
1. MTBC posted $17 million in third-quarter revenue, a year-over-year growth of 127 percent. The company's third-quarter revenue exceeded its total revenue from the first half of the year, which was attributed to the company's Orion acquisition in July.
2. MTBC generated $3.3 million of revenue from practice management services in the third quarter because of the acquisition. In the quarter, MTBC took over management services for three pediatric practices in Ohio and Illinois, as well as a group purchasing organization that generated $477,000 in revenue.
3. Cash flow from operations for the quarter was $2.8 million.
4. The company's GAAP net loss of $1.6 million was an improvement of $3.8 million from the same period last year. Adjusted EBITDA also increased from the third quarter of 2017, reaching $3.4 million.
5. MTBC reported $34 million in revenue for the first nine months of 2018, an increase of 45 percent.
6. For the full year, MTBC is on track to grow its revenue by more than 50 percent year over year and increase its adjusted EBITDA by about 100 percent.
7. The company reaffirmed its full-year guidance. It projects revenue between $49 million and $50 million, and adjusted EBITDA between $4 million and $5 million.