Medical Transcription Billing, Corp (MTBC) saw its loss widen to $1.49 million, or $0.17 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $1.23 million, or $0.13 a share. On the other hand, adjusted net loss for the quarter narrowed to $0.21 million, or $0.02 a share from a loss of $0.40 million or $0.04 a share, a year ago. Revenue during the quarter dropped 4.84 percent to $5.34 million from $5.61 million in the previous year period. Operating margin for the quarter stood at negative 23.78 percent as compared to a negative 22.76 percent for the previous year period.
Operating loss for the quarter was $1.27 million, compared with an operating loss of $1.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.13 million compared to negative $0.18 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 2.43 percent for the quarter compared to negative 3.28 percent in the last year period.
“We are pleased to announce another quarter of quarter-over-quarter revenue growth,” says Mahmud Haq, MTBC’s chairman and chief executive officer. “Even though we continue to report a GAAP net loss, which is largely a result of non-cash amortization and depreciation expense, we are proud to report four consecutive quarters of positive adjusted EBITDA.”
Operating cash flow remains negative
Medical Transcription Billing, Corp has spent $0.49 million cash to meet operating activities during the nine month period as against cash outgo of $1.90 million in the last year period. The company has spent $1.74 million cash to meet investing activities during the nine month period as against cash outgo of $0.45 million in the last year period.
Cash flow from financing activities was $1.30 million for the nine month period, down 55.87 percent or $1.64 million, when compared with the last year period.
Cash and cash equivalents stood at $7.11 million as on Sep. 30, 2016, up 340.76 percent or $5.50 million from $1.61 million on Sep. 30, 2015.
Working capital turns positive
Working capital of Medical Transcription Billing, Corp has turned positive to $2.27 million on Sep. 30, 2016 from negative $1.78 million on Sep. 30, 2015. Current ratio was at 1.30 as on Sep. 30, 2016, up from 0.73 on Sep. 30, 2015.
Days sales outstanding were almost stable at 42 days for the quarter, when compared with the last year period.
Debt comes down
Medical Transcription Billing, Corp has recorded a decline in total debt over the last one year. It stood at $4.83 million as on Sep. 30, 2016, down 16.07 percent or $0.92 million from $5.75 million on Sep. 30, 2015. Total debt was 19.44 percent of total assets as on Sep. 30, 2016, compared with 26.66 percent on Sep. 30, 2015. Debt to equity ratio was at 0.44 as on Sep. 30, 2016, down from 0.54 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
