Before the opening bell, Medical Transcription Billing, Corp. (NASDAQ: MTBC) (NASDAQ: MTBCP) announced that it has been named among Deloitte’s Technology Fast 500™ based on its 130 percent revenue growth from 2012 to 2015. The Deloitte rankings list the fastest growing technology, media, telecommunications, life sciences and energy technology companies in North America across both the public and private sectors. Eligibility requirements for inclusion on the list include an operating history of at least four years, current-year operating revenues of at least $5 million and ownership of proprietary intellectual property or technology that’s sale or licensing accounts for a majority of the company’s operating revenues.
“As we celebrate our fifteenth year of business, we thank our customers and employees for enabling us to continue growing at a rate that even outpaces most early stage private and public companies,” Stephen Snyder, president of MTBC, stated in this morning’s news release. “Of the 500 companies ranked on Deloitte’s prestigious list in 2016, MTBC was among a smaller subset of the named companies that is publicly traded on NASDAQ and we are honored to be included among this group of market leaders.”
According to the company’s management team, MTBC’s sustained revenue growth is attributable to a combination of an industry-leading technology platform and a high quality, cost-efficient operations team that currently spans five countries and includes roughly 250 information technology and R&D professionals. The effectiveness of the company’s operations team is particularly noteworthy following MTBC’s recent acquisition of MediGain, LLC and affiliate Millennium Practice Management, LLC. In addition to purchasing accounts in good standing with annual revenues of more than $10 million as part of the strategic acquisition, the MediGain transaction added seasoned team members in North America and talented, cost-effective workforces in Asia to MTBC’s existing operations. Combined, these factors are expected to make this acquisition accretive to MTBC shareholders in 2017.
“We are greatly encouraged by the growth opportunities provided by our recent acquisition of MediGain,” Mahmud Haq, chairman and chief executive officer of MTBC, stated in a news release. “The successful closing of this transaction has positioned MTBC to experience exponential growth through access to new, untapped markets.”
Last week, MTBC offered shareholders an update on its recent performance through the release of its financial and operational results for the third quarter of 2016. The company’s revenues for the three-month period were $5.3 million, up from $5.2 million in the second quarter of this year. This result built on a trend of quarter-over-quarter revenue growth that has persisted throughout 2016. On a year-over-year basis, MTBC’s revenues were down slightly, which management attributed to a loss of clients from the businesses it acquired during the third quarter of 2014. The team discussed this trend in more detail as part of a conference call held last week. An audio webcast of the call is currently available for review on MTBC’s investor relations website.
For more information, visit www.mtbc.com, and see the company’s fact sheet at http://ir.mtbc.com/events.cfm.
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