Medical Transcription Billing Corp (NASDAQ: MTBC) tumbled on markets Monday, after the company reported a Q3 loss of $0.14 per share on sales of $7.51 million.
The company based in Somerset, New Jersey reported a GAAP operating loss of $275,000 for the quarter, an improvement of $1.1 million or 80% from second quarter Revenues for third quarter 2017 were $7.5 million, an increase of 41% compared to $5.3 million in the same period last year.
According to CEO Mahmud Haq, “We are pleased to announce revenue growth of 50% over the first nine months of 2016, which puts us on target to set a new record for annual revenue,”
“Our third quarter GAAP net loss improved by 42% over second quarter, while we achieved positive adjusted EBITDA of $609,000, our highest ever. Moreover, our GAAP operating loss for the quarter improved by 80%, while we achieved record positive adjusted operating income of $356,000.”
Haq continued, “MTBC has also made great progress ramping up our new business development engine, While we have spent less than 4% of revenue on sales and marketing so far this year, we are generating more than three dollars of annualized revenue for every dollar spent.”
The Company raised gross proceeds of $7.9 million from the sale of approximately 315,000 additional shares of its non-convertible Series A Preferred Stock via four small public offerings during the quarter.
MTBC shares reached noon hour ET Monday, down 89 cents, or 22.3%, to $3.10.
