iCoreConnect Announces 109% Revenue Growth in 2020

Rhea-AI Summary

iCoreConnect, Inc. (OTCQB: ICCT) reported its Form 10-K for the fiscal year 2020, revealing a revenue growth of 109% year-over-year to $2.1 million and a quarterly increase of 202% to $0.6 million. President and CEO Robert McDermott attributed this growth to a significant uptake in new SaaS offerings and over 40 agreements with state dental and medical associations, providing access to thousands of doctors. iCoreConnect continues to expand its platform, now featuring 13 cloud-based products, amidst the COVID-19 pandemic.

Positive

• Revenue growth of 109% year-over-year, totaling $2.1 million.
• Fourth quarter revenue increased by 202% to $0.6 million.
• Expansion of SaaS offerings, growing the platform to 13 products.
• Over 40 agreements with state dental and medical associations, increasing market access.

Negative

• None.

Windermere, FL, April 20, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a cloud-based, Software as a Service (SaaS) platform for healthcare business workflow, announced filing its Form 10-K for the 2020 fiscal year. In the April 15, 2021 filing, the company reported revenues for the fiscal year and fourth quarter ended December 31, 2020 of $2.1 million and $0.6 million, up approximately 109% and 202% respectively from the prior year period. 

President and CEO Robert McDermott shared, “We continued increasing our organic revenue growth trends due to a tremendous uptake in new SaaS offerings, expanding our current platform to 13 cloud-based products, despite the COVID-19 pandemic.”  The second factor in the company’s organic growth can be attributed to new state association agreements. “We have more than 40 agreements with state dental and medical associations,” continued McDermott. “These association relationships provide access to thousands of doctors and opportunities to develop new software to meet the needs of the market.”

About iCoreConnect

iCoreConnect is a cloud-based software and technology company focused on increasing profit and operational speed in high-compliance industries. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy is built on a high level of customer feedback, allowing iCoreConnect to respond to the market’s needs.  iCoreConnect touts a platform of more than a dozen SaaS enterprise solutions and more than 40 agreements with state or regional healthcare associations. iCoreConnect is a member of the prestigious StartUp Health accelerator.

Forward Looking Statements

In this news release, the use of the words "believe," "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions are intended to identify forward-looking statements that represent the Company's current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors.

Contact:

Cile Spelce

Chief Marketing Officer

iCoreConnect

cspelce@icoreconnect.com

FAQ

What were iCoreConnect's revenues for 2020?

iCoreConnect reported revenues of $2.1 million for the fiscal year 2020.

How much did iCoreConnect's revenue grow in the fourth quarter of 2020?

The fourth quarter revenue grew by 202% to $0.6 million.

What factors contributed to iCoreConnect's revenue growth?

Revenue growth was driven by new SaaS offerings and agreements with state dental and medical associations.

How many cloud-based products does iCoreConnect currently offer?

iCoreConnect has expanded its offerings to 13 cloud-based products.

How many agreements does iCoreConnect have with healthcare associations?

The company has over 40 agreements with state dental and medical associations.