iCoreConnect Announces Record Preliminary Fourth Quarter and 2020 Revenue

Rhea-AI Summary

iCoreConnect (OTCQB:ICCT) reported preliminary annual revenue for 2020 exceeding $2.0 million, marking a 100% increase from 2019's $1.0 million. The fourth quarter alone showed revenue growth to over $0.5 million, up 180% compared to the previous year's $0.2 million. This significant growth is attributed to an increase in subscribers and endorsements from dental associations. CEO Robert McDermott expressed optimism about sustained growth through the company’s software capabilities and strategic plans.

Positive

• Preliminary 2020 revenue exceeds $2.0 million, a 100% increase YoY.
• Q4 2020 revenue greater than $0.5 million, up 180% YoY.
• Subscriber growth and 20 new product endorsements from dental associations.

Negative

• None.

Preliminary annual 2020 revenue to exceed $2.0 million, up approximately 100% compared to 2019 revenue of $1.0 million

WINDERMERE, FL / ACCESSWIRE / February 17, 2021 / iCoreConnect, Inc. (OTCQB:ICCT), a cloud-based, Software as a Service (SaaS) company focused on increasing profit and operational speed in healthcare, announced preliminary revenue for the fourth quarter ended December 31, 2020 will be greater than $0.5 million, up approximately 180% compared to fourth quarter 2019 revenue of $0.2 million. The Company also reported that preliminary revenue for fiscal 2020, ending December 31, 2020, will be in excess of $2.0 million, an increase of approximately 100% compared to annual 2019 revenue of $1.0 million.

"The strength of the iCoreConnect platform and the dedication of our team resulted in persistent user growth throughout 2020, more than doubling our 2020 revenues," said Robert McDermott, President and Chief Executive Officer of iCoreConnect, Inc., "We believe that the breadth and capabilities of our software suite and continued execution of our Land & Expand strategy will permit us to continue this rapid growth trajectory."

The higher revenues are attributed to significant growth of subscribers as well as 20 new product endorsements from new and current state dental association partners. Six new state associations endorsed 14 iCoreConnect products. Additionally, six current state association partners expanded their product endorsement agreements.

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:
Rich Cockrell
CG CAPITAL
877.889.1972
investorrelations@cg.capital

SOURCE: iCoreConnect, Inc.

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FAQ

What was iCoreConnect's revenue for 2020?

iCoreConnect reported preliminary revenue exceeding $2.0 million for 2020.

How much did iCoreConnect's revenue grow in Q4 2020?

Revenue for Q4 2020 exceeded $0.5 million, representing a 180% increase compared to Q4 2019.

What factors contributed to iCoreConnect's revenue growth?

The revenue growth was driven by increased subscribers and endorsements from state dental associations.

What is the stock symbol for iCoreConnect?

The stock symbol for iCoreConnect is ICCT.