iCoreConnect Continues Its Revenue Growth in Q2 2022

Rhea-AI Summary

iCoreConnect (OTCQB: ICCT) announced strong Q2 2022 results, reporting $2.1MM in revenue, a 210% increase compared to Q2 2021. Notable metrics include Annual Recurring Revenue rising to $1.8MM (200% growth) and total revenues of $2.0MM (285% growth). The company added 15,000 new subscribers, bringing total recurring subscribers to approximately 27,000, up 225% from the previous year. iCoreConnect's growth is driven by its electronic prescription service, iCoreRx, and the launch of iCoreVerify.

Positive

• Revenue increased to $2.1MM, a 210% growth year-over-year.
• Annual Recurring Revenue (ARR) rose to $1.8MM, reflecting 200% growth.
• Total revenues of $2.0MM showed a 285% increase from the previous year.
• Subscriber base grew by 225% to approximately 27,000 from 12,000 in June 2021.

Negative

• None.

OCOEE, FL, Aug. 12, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – iCoreConnect, Inc. (OTCQB: ICCT), a market leading cloud-based Software-as-a-Service (SaaS) and technology company focused on increasing workflow productivity and customer profitability through its enterprise platform of applications and services, announces its Q2 2022 quarterly results.

iCoreConnect continues to build off its 2021 results delivering $2.1MM of revenue for the quarter ended June 30, 2022 versus $1.0MM for the comparative period of 2021, a 210% rate of growth. Highlights for the Three Months Ended June 30, 2022 and 2021:

• Annual Recurring Revenue: $1.8MM from $0.9MM (200% growth)
• Revenues: $2.0MM from $0.7MM (285% growth)
• Subscribers: Increased subscribers by 15,000
  

The continued traction of the Company’s electronic prescription services, iCoreRx, along with the full launch of its automated insurance verification service, iCoreVerify, contributed to the increase in Annual Recurring Revenues (ARR) to $1.8MM from $1.0MM partnered with the increases in subscriptions of all its other SaaS solutions including iCoreExchange, iCoreHuddle and iCoreHuddle+, iCoreCodeGenius, iCoreCloud, iCorePay, iCoreSecure and iCoreIT (MSaaS and MSP services).

Subscribers grew by 225% to approximately 27,000 recurring subscribers at June 30, 2022 from approximately 12,000 at the end of June 2021.

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 nearly 80 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 Q2 2022 revenue figures?

iCoreConnect reported $2.1MM in revenue for Q2 2022, a 210% increase from the same period last year.

How much did iCoreConnect's Annual Recurring Revenue grow?

iCoreConnect's Annual Recurring Revenue (ARR) grew by 200% to $1.8MM in Q2 2022.

What is the total subscriber count for iCoreConnect as of June 30, 2022?

As of June 30, 2022, iCoreConnect had approximately 27,000 recurring subscribers, a 225% increase from the previous year.

What services contributed to iCoreConnect's revenue growth?

iCoreConnect's revenue growth was driven by its electronic prescription service, iCoreRx, and the launch of iCoreVerify.