Medical Transcription Billing Corp (NASDAQ:MTBC) shares hit a new 52-week high of $3.84 on Wednesday morning after the company released its financial results for the first quarter and restated guidance for the current fiscal year.
The healthcare information technology company posted revenue of $8.2 million for the first quarter, up 61 percent from the same quarter last year. The surge in revenue was mainly driven by the acquisition of MediGain.
Non-GAAP adjusted earnings for the quarter was $852,000 or $0.08 a share, as compared to $217,000 in the year-earlier quarter.
Chairman and CEO at MTBC, Mahmud Haq said that the company is pleased to announce a second consecutive quarter with more than 60 percent year-over-year revenue growth. MTBC has lowered expenses from its acquisitions last year, it is seeing improvements in its profit margins, and is on track to accomplish positive adjusted EBITDA in the current quarter and FY 2017, he added.
MTBC shares skyrocketed more than 60 percent today. The stock is currently trading around $3.12 with a volume of 12.24 million shares. The company has a market cap of 35.86 million.