Before the opening bell, Medical Transcription Billing, Corp. (NASDAQ: MTBC) (NASDAQ: MTBCP) announced that its board of directors has declared monthly cash dividends for its 11% Series A Cumulative Redeemable Perpetual Preferred Stock for December, January and February. These monthly dividends will be valued at roughly $0.23 per share, or 11% of the $25 per share liquidation preference, and will be made payable on the 15th day of the following month. The applicable record date for the newly-announced dividends will be the last day of the relevant calendar month.
News of the dividends comes just over a week after MTBC reported its financial results for the third quarter of 2016. Among the highlights from these results, the company reported its fourth consecutive quarter of positive adjusted EBITDA. Additionally, MTBC expanded upon its recent trend of quarterly revenue growth, recording $5.3 million for the three-month period. With revenue growth of 130 percent from 2012 to 2015, MTBC has established a position as one of the fastest growing technology companies in the country. This position was reaffirmed earlier this week when MTBC was named among Deloitte’s 2016 Technology Fast 500™, the fifth time since 2009 that the company has achieved this honor.
While MTBC’s third quarter revenue total was a mild decrease from the comparable period in 2015, a result that MTBC’s management team attributes to a loss of clients from subsidiaries purchased during the third quarter of 2014, the company has already positioned itself for forward growth through the October acquisition of MediGain, LLC and subsidiary Millennium Practice Management, LLC.
Noted as the company’s largest acquisition to date, the MediGain purchase included accounts in good standing with annual revenues of more than $10 million. When considered in combination with MTBC’s acquisition price of $7 million, the company’s management team expects the incremental profits from the transaction to exceed the cost of capital and therefore become accretive to shareholders in 2017. Other highlights from the MediGain acquisition include the addition of experienced new members to the MTBC team in North America and an expansion of its Asia-based staff to additional countries with talented, cost-effective workforces.
“We are greatly encouraged by the growth opportunities provided by our recent acquisition of MediGain. The successful closing of this transaction has positioned MTBC to experience exponential growth through access to new, untapped markets,” Mahmud Haq, chairman and chief executive officer of MTBC, stated in a recent news release. “In turn, we expect to expand our client base and deliver significant revenue growth in 2017.”
For more information, visit www.mtbc.com, and see the company’s fact sheet at http://ir.mtbc.com/events.cfm.
About NetworkNewsWire
NetworkNewsWire (NNW) provides news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, NNW is uniquely positioned to best serve private and public companies who need to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, visit https://www.NetworkNewsWire.com
Please see full disclaimers on the NetworkNewsWire website: http://nnw.fm/Disclaimer
No comments:
Post a Comment