iCoreConnect Annual Recurring Revenue Grows to $7.2MM from $1.7MM for Fiscal 2021

Rhea-AI Summary

iCoreConnect reported record revenues of $4.9 million for 2021, up 133% from $2.1 million in 2020. Annual Recurring Revenue (ARR) soared to $7.2 million, a remarkable 323% growth from $1.7 million. Subscriber numbers increased significantly, reaching 22,000 by the end of 2021, compared to under 8,000 at the end of 2020. The company launched two new products, iCoreVerify and iCoreCloud, and completed two acquisitions to bolster its services. These achievements underscore iCoreConnect's commitment to enhancing healthcare business operations through innovative SaaS solutions.

Positive

• Total revenues increased to $4.9 million in 2021 from $2.1 million in 2020.
• Annual Recurring Revenue (ARR) grew 323% to $7.2 million.
• Subscriber count increased by 175% to 22,000 by year-end 2021.
• Launched innovative products like iCoreVerify and iCoreCloud.
• Completed two strategic acquisitions to enhance service offerings.

Negative

• None.

iCoreConnect delivered total record revenues to $4.9MM in 2021 from $2.1MM in 2020

OCOEE, FL, April 26, 2022 (GLOBE NEWSWIRE) -- NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a market leading cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services, announces its 2021 full year results.

iCoreConnect delivered a stellar year of performance on the back of its iCoreRx SaaS software which helped drive total record revenues to $4.9MM in 2021 from $2.1MM in 2020.

Financial Highlights

•  Annual Recurring Revenue:  $7.2MM from $1.7MM (323% growth)
•  Revenues:  $4.9MM from $2.1MM  (133% growth)
•  Subscribers:  Increased subscribers by 14,000

The performance of iCoreRx also contributed to the increase in Annual Recurring Revenues (ARR) increasing to $7.2MM from $1.7M coupled with the increase in subscriptions of all its other SaaS solutions including iCoreExchange, iCoreVerify, iCoreHuddle and iCoreHuddle+, iCoreCodeGenius, iCoreCloud, iCorePay, iCoreSecure and iCoreIT (MSaaS and MSP services).

Subscribers grew by 175% to 22,000 recurring subscribers at the end of 2021 from under 8,000 at the end of 2020. 

Operational Highlights

•  iCoreVerify Launches
•  iCoreCloud Launches
•  Two acquisitions completed and integrated

The company launched iCoreVerify and iCoreCloud in the late part of 2021.  iCoreVerify is a HIPAA-compliant SaaS solution that allows practices to verify patient insurance benefits automatically and on-demand using our real-time technology. It provides the practice with the ability to check available patient benefits directly from the payors in real-time. The system returns results typically in less than one second for most responses. This substantially reduces the phone calls and labor hours for the practice. This tool integrates with most popular practice management systems.

iCoreConnect launched iCoreCloud to satisfy the need to have the flexibility of a HIPAA-compliant, cloud-based backup with automatic mirroring, data recovery and the ability to expand effortlessly as our clients' needs grow.

iCoreConnect completed and integrated the acquisitions of Advantech and Spectrum Technology Solutions to enhance its iCoreIT offerings of MSaaS and MSP services to its subscriber base.

About iCoreConnect

iCoreConnect (OTCQB: ICCT) is a market leading, cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy places a high value on customer feedback, allowing iCoreConnect to respond to the market’s needs. iCoreConnect touts a platform of 15 SaaS enterprise solutions and more than 70 agreements with state or regional healthcare associations across the U.S. 

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: IR@iCoreConnect.com

FAQ

What were iCoreConnect's revenue figures for 2021?

iCoreConnect reported revenues of $4.9 million for 2021, a 133% increase from $2.1 million in 2020.

How much did iCoreConnect's Annual Recurring Revenue grow?

The Annual Recurring Revenue (ARR) grew by 323% to $7.2 million in 2021.

What is the subscriber growth for iCoreConnect?

iCoreConnect's subscriber base grew by 175%, reaching 22,000 recurring subscribers by the end of 2021.

What new products did iCoreConnect launch in 2021?

In 2021, iCoreConnect launched iCoreVerify and iCoreCloud.

Did iCoreConnect make any acquisitions in 2021?

Yes, iCoreConnect completed two acquisitions in 2021 to enhance its service offerings.