Medical Transcription Billing Corp. reported strong revenue growth and record profitability in the second quarter of 2018.
Here's what you should know:
1. MTBC posted $8.7 million in second-quarter revenue, a year-over-year growth of 12 percent.
2. The company's GAAP net income and adjusted EBITDA achieved record levels in the second quarter.
GAAP net income increased $1.9 million year over year to reach $195,000, which CFO Bill Korn attributed to cost savings resulting from the company's MediGain acquisition.
Adjusted EBITDA increased by $1.1 million to reach $1.6 million.
3. Total operating expenses decreased by $557,000 since the second quarter of 2017.
4. Non-GAAP adjusted net income was $1.3 million, a $1.4 million increase from the same period in 2017.
5. The GAAP net loss for the second quarter was $0.09 per share.
6. Revenues for the first half of 2018 reached $17 million, a 6 percent year-over-year increase.
7. Despite costs related to the company's Orion acquisition, MTBC expects revenue in the second half of 2018 to nearly double revenue from the first half of the year. Revenue is projected to reach between $32 and $33 million.