MTBC, Inc.[/a] (MTBC) (MTBCP), a leading provider of cloud-based healthcare IT solutions and services, including telehealth,
reaffirmed its 2020 revenue and earnings guidance, which will represent year-over-year revenue and adjusted EBITDA growth of nearly 50% or more.
" style="margin-bottom: 1em; color: rgb(0, 0, 0); font-family: "Yahoo Sans Finance", "Helvetica Neue", Arial, sans-serif; font-size: 18px;">“MTBC is pleased to reaffirm our 2020 full-year revenue guidance of $100 – 102 million and adjusted EBITDA guidance of $12 – 13 million, despite the uncertainty in the U.S. economy from the COVID-19 pandemic and the related significant decline in non-emergency doctor visits,” said Bill Korn, MTBC Chief Financial Officer.
" style="margin-bottom: 1em; color: rgb(0, 0, 0); font-family: "Yahoo Sans Finance", "Helvetica Neue", Arial, sans-serif; font-size: 18px;">Mr. Korn continued, “Approximately 60% of our revenue is directly tied to the cash collected by our medical practice customers, which means our short-term revenue will decline as less patients visit their doctors during periods of social distancing. However, a limited portion of this steep decline is expected to be offset by a significant increase in the percentage of patient encounters that are being managed through a variety of telehealth technologies.”
" style="margin-bottom: 1em; color: rgb(0, 0, 0); font-family: "Yahoo Sans Finance", "Helvetica Neue", Arial, sans-serif; font-size: 18px;">“We continue to see solid opportunities for increased revenue growth during the second half of 2020, which we believe, subject to successful execution of our business strategies, will play an important role in enabling us to achieve our guidance. These include partnership opportunities, through MTBC Force, as well as potential acquisitions, where we can help others whose situation is not as strong as ours. We anticipate this will yield a strong second half of 2020, so we will exit the year at a higher annual run rate, and we still anticipate growing our overall revenue by 55% or more, to $100 – 102 million. In addition, we have been actively managing our expenses since our acquisition of CareCloud in January, so we continue to believe that our adjusted EBITDA will grow at least 48%, to match our $12 – 13 million guidance for the year.”