Only six trading days ago, shares of healthcare information technology solution provider MTBC (NASDAQ:MTBC) could have been bought for as low as 29 cents each. The stock has been in a full-on sprint ahead off that low, including printing as high as $2.87 in Monday morning action.
That's a cool move of 889.7% from bottom to top.
The run started on news of a new partnership wit Health Compliance Network to coordinate marketing efforts to promote the services of each company. The Somerset, NJ-based company also said that preliminary data indicates revenue from the first quarter should be about $8.2 million, up about 60 percent from Q1 2016 and representing a second straight quarter of year-over-year sales growth. GAAP net loss is also expected to be shaved "significantly," according to CFO Bill Korn.
After slipping a bit on Friday, MTBC is back on the climb today on news that the company has successfully developed Health Information Exchange interfaces for interoperability between its clinical platforms and leading hospitals, including Torrance Memorial Medical Center and NYU Langone Medical Center. This results in better flexibility in exchanging clinical information between MTBC's platform and third-party electronic health record systems, while reducing paperwork, clinical errors, patient engagement and more. In short, it improves connectivity, which gives providers a more comprehensive view of a patient's medical history, which is critical in creating a better healthcare ecosystem.
Shares of MTBC closed Friday at $1.36 and have jetted ahead as high as $2.87 this morning before trimming gains modestly back to 76.5% at $2.40 only minutes into the afternoon session.
