MTBC (MTBC) Increases 2020 Revenue Guidance

MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today announced that it is increasing its 2020 revenue guidance to $105 - $107 million, which represents year-over-year revenue growth of approximately 65%, while reaffirming its 2020 adjusted EBITDA guidance of $12 - $ 13 million.

(*Consensus sees FY revenue of $102.6 million)

“We’ve had a remarkable first half of the year and we are pleased to increase our revenue guidance, based on our recent Meridian acquisition,” said Stephen Snyder, MTBC CEO. “Moreover, we are better positioned today than ever to continue to grow our revenue and expand margins during the balance of 2020 and beyond.”

“We expect annualized revenue of approximately $130 - $135 million during the second half of 2020, which reflects our assumptions regarding a modest and temporary reduction to our normalized run rate revenue due to COVID-19,” said Bill Korn, MTBC CFO. “We expect to achieve approximately $24 - 25 million of annualized adjusted EBITDA during the second half of 2020, representing an adjusted EBITDA margin of nearly 20%. Our adjusted EBITDA during the first half of 2020 was reduced due to the CareCloud acquisition during January and COVID-19, which reduced the total number of doctor visits during March through June.”

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