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Medical Transcription Billing Corp. hits $8.3M in Q1 revenue — 6 notes

Medical Transcription Billing Corp. posted its first quarter of positive GAAP net income since its IPO in 2014.

Here are six notes

1. MTBC reported first-quarter revenues of $8.3 million, up from $8.2 million in the same period last year. The company's revenue growth includes revenue from clients who signed contracts with MTBC in the fourth quarter of 2017.

2. First-quarter GAAP net income was $75,000, an improvement of $2.8 million compared to the first quarter of 2017.

CFO Bill Korn attributed the turnaround to four factors: a 14 percent reduction in direct operating costs; a 13 percent reduction in general and administrative expenses, a $929,000 reduction in depreciation and amortization expense; and elimination of $276,000 of restructuring charges, all compared with last year's first quarter.

3. MTBC reported non-GAAP adjusted net income of $666,000.

4. The company's first-quarter GAAP net loss in 2018 was $0.06 per share.

5. The GAAP operating income was $39,000 for the first quarter of 2018. Adjusted operating income was $739,000.

6. On Jan. 1, MTBC adopted a new revenue recognition standard, the ASC 606. The change resulted in $47,000 of additional revenue in the first quarter. The impact "was not material to any line item."

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