MTBC Announces Signing of Leading Orthopedic Practice, Marks Another Strong Year of Growth

SOMERSET, N.J., Nov. 13, 2019 (GLOBE NEWSWIRE) -- (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today announced that one of New Jersey’s leading orthopedic practices has selected MTBC’s end-to-end revenue cycle management (“RCM”) and request of information (“ROI”) solutions, capping one of MTBC’s strongest years of new signings. The most recently signed practice, which specializes in orthopedic surgery, sports medicine, and therapeutic services, employs more than 30 providers at its 9 locations.

“We’re pleased to onboard another leading medical practice as we celebrate one of the strongest years of organic growth in MTBC’s history,” said Stephen Snyder, MTBC CEO. “This closing also demonstrates the power of our expanded offering, which now includes our cloud-based ROI solution, in addition to our flagship revenue cycle management and other integrated solutions.”

MTBC grew its revenue at a 37% CAGR between 2013 and 2018, and has provided revenue guidance for 2019 of $63 to $65 million. The company is also on track for another record year of earnings growth, having provided guidance that its adjusted EBITDA will grow between 67% and 108%, during 2019, year-over-year.

MTBC’s most recently signed practice is expected to go-live by the end of November 2019. The contract has a three-year term, with an automatic renewal provision.

About MTBC

MTBC, Inc. is a healthcare information technology company that provides a fully integrated suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. Our integrated Software-as-a-Service (or SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions while reducing administrative burdens and operating costs. MTBC's common stock trades on the Nasdaq Global Market under the ticker symbol "MTBC," and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol "MTBCP."

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