13 trading days ago, shares of Medical Transcription Billing Corp. (NASDAQ:MTBC) dove as low as 29 cents. A partnership with two key healthcare groups and a compliance network, along with a handful of other positive developments and the stock is running like a scalded dog, including printing as high as $3.84 in Wednesday trading.
Save yourself, we'll do the math. That's a stunning bottom-to-top rise of 1,224.14%.
The latest move was underscored by an upbeat first quarter report. Revenue during the quarter totaled $8.2 million, up 61% from Q1 2016. At the same time, net loss was shaved by 33% from the fourth quarter of 2016 to $2.7 million (29 cents per share), although it was up from $2.0 million in the year prior quarter. Adjusted net loss, a non-GAAP measure that excludes special and one-time items, was $852,000, or 8 cents per share.
While not the greatest numbers in the world outside of the growing sales, the results topped Wall Street estimates by $0.3 million for revenues and 3 cents per share on the net loss.
MTBC also reiterated its 2017 full year guidance of revenue in the range of $30-$31 million and adjusted EBITDA between $2.0-$2.5 million.
Investors are responding favorably to the report, sending shares to their highest level in nearly three years in early action. As the day moves on, the stock has returned some of the gains, but is still trading at $2.72 around 1 PM EDT, for a gain of 38.8% from Tuesday's closing price and marking the best value for the stock since March 2015.
