Before the opening bell, Medical Transcription Billing, Corp. (NASDAQ: MTBC; MTBCP) announced plans to release its third quarter financial results for the three-month period ended September 30, 2016, before the market opens on Thursday, November 10. Following the release, MTBC plans to host a conference call for investors in order to review highlights from its quarterly results, including the recent acquisition of MediGain, LLC and its affiliate, Millennium Practice Management, LLC.
The conference call will take place on November 10 at 8:30 am EDT. To access the call, investors should dial 844-802-2438, or 412-317-5131 for international callers, and reference “MTBC Third Quarter 2016 Earnings Call.” A replay of the conference call will be available roughly one hour after the conclusion of the call and can be accessed by dialing 877-344-7529, or 412-317-0088 for international callers, and providing access code 10095250. Alternatively, an audio recording of the conference call will be made available on the company’s investor relations website (ir.mtbc.com) through the end of the year.
To date in 2016, MTBC has leaned on its integrated cloud-based technology platform and sizable international workforce to distinguish itself in the competitive health care IT market. In a recent interview with NetworkNewsWire, Bill Korn, chief financial officer of MTBC, spoke to some of the company’s main accomplishments in 2016. Specifically, MTBC delivered its third consecutive quarter of positive Adjusted EBITDA during the second quarter of 2016, raised $7.5 million of non-convertible preferred stock and closed on its tenth and largest acquisition since its IPO in 2014.
Among these achievements, the MediGain acquisition, in particular, is expected to be transformative for MTBC. Completed for a total purchase price that represented a “significant discount as compared to the industry norm of at least one times annualized revenues for a company of MediGain’s size,” Korn noted that “the incremental profits for this acquisition are expected to greatly exceed the company’s cost of capital,” making it accretive to shareholders as early as the first quarter of 2017. Supporting this forecast, the accounts in good standing acquired through the transaction have annual revenues in excess of $10 million.
“[W]e are very pleased to have acquired MediGain, which marks an important corporate milestone as our largest acquisition to date, and demonstrates the highly strategic nature of our successful, acquisition-based growth strategy,” Mahmud Haq, chief executive officer of MTBC, stated in a recent news release.
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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