MTBC (MTBC) Provides Investor Update on 2020 Guidance

MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today provided an update to its guidance for 2020 financial results.

“We continue to expect record revenue and adjusted EBITDA results in the fourth quarter, exceeding our record-setting third quarter results for these metrics. However, we are moderating our full-year outlook slightly,” said Stephen Snyder, MTBC’s Chief Executive Officer. “We remain excited about the growth MTBC will demonstrate in 2020, as well as realizing the efficiencies of our integration efforts, and we anticipate another record year in 2021.”

“MTBC has been carefully monitoring and assessing the effects of the COVID-19 pandemic on our clients,” said Bill Korn, Chief Financial Officer. “As the second wave of infections has hit the U.S., our estimated revenue, which is driven partially by patient volumes, is slightly lower, and our estimated pace of cost reductions is slightly slower. Our forecast has been refined; however, we still expect that our fourth quarter 2020 revenue and adjusted EBITDA will set new records and we believe that we remain on track to exit 2020 with annualized revenue of approximately $130 million and annualized adjusted EBITDA of approximately $24 million.”

MTBC anticipates its 2020 revenues are likely to be in the range of $104 to $106 million, which represents year-over-year growth of approximately 61% to 64%, and expects adjusted EBITDA to be $10 to $12 million for the full year 2020, representing growth of 23% to 48%.

MTBC’s long-term outlook remains unchanged.

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