Medical Transcription Billing Corp (NASDAQ: MTBC) shares tailed off a mite Wednesday, having reported Q4 adjusted earnings of $0.13 per share on sales of $8.3 million.
The company, out of Somerset, New Jersey, also reported Q4 revenue of $8.3 million, adjusted EBITDA of $1.5 million, or 18% of revenue – a new record, and adjusted net income of $1.3 million, also a new record.
According to CEO Stephen Snyder, "2017 was a landmark year for us, allowing us to dramatically reduce costs and begin generating positive cash flow at the same time we raised the capital which allowed us to end the year virtually debt free."
As of the new year, the Company had $4.4 million in cash and positive working capital of approximately $4.6 million, a $12.0 million improvement from the working capital deficiency of approximately $7.4 million reported at the end of the year 2016.
The Company raised net proceeds of $16.5 million from the sale of approximately 765,000 additional shares of its non-convertible Series A Preferred Stock via six small public offerings during 2017, as well as net proceeds of $2 million from a registered direct sale of one million shares of common stock in May 2017.
The preferred shares trade on the NASDAQ Capital Market under the ticker MTBCP, and pay monthly cash dividends at the rate of 11% per annum.
Shares in MTBC approached noon Wednesday down seven cents, or 1.9%, to $3.75, within a 52-week trading range of 29 cents to $5.44.