Medical Transcription Billing, Corp (MTBC) saw its loss widen to $8.80 million, or $0.95 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.69 million, or $0.50 a share. On the other hand, adjusted net loss for the year widened to $1.98 million, or $0.19 a share from a loss of $1.38 million or $0.13 a share, a year ago. Revenue during the year grew 6.12 percent to $24.49 million from $23.08 million in the previous year. Operating margin for the year stood at negative 32.26 percent as compared to a negative 19.32 percent for the previous year.
Operating loss for the year was $7.90 million, compared with an operating loss of $4.46 million in the previous year.
However, the adjusted EBITDA for the year stood at negative $0.60 million compared to negative $0.68 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 2.47 percent for the year compared to negative 2.92 percent in the last year.
“We are pleased to announce 65% revenue growth over the fourth quarter of 2015 as well as 65% growth over the third quarter of 2016, and our third consecutive quarter of quarter-over-quarter revenue growth,” says Mahmud Haq, MTBC’s Chairman and Chief executive officer. He continued, “We are greatly encouraged by the growth opportunities provided by our recent acquisition and look forward to delivering strong revenue and EBITDA growth in 2017.”
For fiscal year 2017, Medical Transcription Billing, Corp expects revenue to be in the range of $30 million to $31 million.
Operating cash flow remains negative
Medical Transcription Billing, Corp has spent $0.90 million cash to meet operating activities during the year as against cash outgo of $1.88 million in the last year. The company has spent $3.83 million cash to meet investing activities during the year as against cash outgo of $0.60 million in the last year.
Cash flow from financing activities was $0.16 million for the year, down 98.34 percent or $9.35 million, when compared with the last year.
Cash and cash equivalents stood at $3.48 million as on Dec. 31, 2016, down 56.75 percent or $4.56 million from $8.04 million on Dec. 31, 2015.
Working capital turns negative
Working capital of Medical Transcription Billing, Corp has turned negative to $7.42 million on Dec. 31, 2016 from positive $5.13 million on Dec. 31, 2015. Current ratio was at 0.53 as on Dec. 31, 2016, down from 1.89 on Dec. 31, 2015.
Days sales outstanding went up to 50 days for the year compared with 37 days for the same period last year.
Debt increases substantially
Medical Transcription Billing, Corp has witnessed an increase in total debt over the last one year. It stood at $4.83 million as on Dec. 31, 2016, up 88.30 percent or $2.27 million from $2.57 million on Dec. 31, 2015. Total debt was 17.06 percent of total assets as on Dec. 31, 2016, compared with 9.62 percent on Dec. 31, 2015. Debt to equity ratio was at 0.68 as on Dec. 31, 2016, up from 0.17 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
