Medical Transcription Billing Corp. (NASDAQ:MTBC) reported first quarter earnings before the bell today..
On a GAAP basis, MTBC reported net loss of $ 0.7 million or 6 cents per share, compared with loss of $ 2.91 million or 29 cents per share, a year ago period.
Excluding special items, the company announced non-gaap adjusted income of $ 0.67 million or 6 cents per share.
Headquartered in Somerset, New Jersey, MTBC recorded net revenue that rose to $ 8.31 million from $ 8.22 million in the same quarter last year.
Analysts polled by Thomson Reuters expected Medical Transcription Billing Corp. to reveal loss of $ -0 per share on revenue of $ 8.29 million for the first quarter.
Mahmud Haq, Executive Chairman said, First quarter 2018 was an important milestone, with positive GAAP net income for our first time since we’ve been a public company. We have dramatically reduced costs, are generating positive cash flow, and our balance sheet has never been stronger, with virtually no debt, $13 million of cash and an untapped credit line of $5 million.