Medical Transcription Billing Corp. has expressed doubts about its "ability to continue as a going concern" within 12 months if it does not receive additional financing to satisfy its existing obligations.
The company said it may seek additional capital in the future from public or private offerings of its capital stock or through borrowing additional amounts under new credit lines or from other sources. Medical Transcription Billing had $3.5 million in cash and a working capital deficiency of about $7.4 million as of Dec. 31, 2016. Its accumulated deficit was approximately $17.9 million, and stockholders' equity was about $7.1 million.
For the full year 2017, the company expects revenue in the range of $30 million to $31 million. The company projects adjusted EBITDA to be between $2.0 million and $2.5 million, with the first quarter expected to be slightly negative due to integration expenses and successive quarters anticipated to be more positive.
The company reported a GAAP net loss of $4.0 million for the fourth quarter of 2016, compared to a loss of $802,000 for the year-ago period. For the full year 2016, the company reported a GAAP net loss of $8.8 million, or a loss of 95 cents per share, compared with a GAAP net loss of $4.7 million, or a loss of 50 cents per share, in 2015.