iCoreConnect Inc. Reports Strong Revenue and Subscriber Growth in Q2 2024 With a 66% Revenue Increase
iCoreConnect Inc. (NASDAQ: ICCT) reported strong financial results for Q2 2024, with a 66% revenue increase to $3.1 million. The company saw improved gross profit margins, rising from 74% to 80%. iCoreConnect experienced high customer demand, including for its new Fintech product, iCorePay. The company implemented AI in its support division and is testing it across various solutions.
Operating expenses increased due to a one-time $4.8 million charge related to stock-based compensation. iCoreConnect expanded channel relationships and successfully restructured approximately $3.6 million in debt, extending maturities to August 1, 2027. This restructuring aims to improve cash flow management and support growth initiatives.
iCoreConnect Inc. (NASDAQ: ICCT) ha riportato risultati finanziari solidi per il Q2 2024, con un incremento del fatturato del 66% a 3,1 milioni di dollari. L'azienda ha visto un miglioramento dei margini di profitto lordo, salendo dal 74% all'80%. iCoreConnect ha riscontrato una forte domanda da parte dei clienti, incluso per il suo nuovo prodotto Fintech, iCorePay. L'azienda ha implementato l'IA nella sua divisione di supporto e la sta testando su diverse soluzioni.
Le spese operative sono aumentate a causa di un addebito una tantum di 4,8 milioni di dollari relativo alla compensazione in azioni. iCoreConnect ha ampliato le relazioni commerciali e ha ristrutturato con successo circa 3,6 milioni di dollari di debito, estendendo le scadenze fino al 1 agosto 2027. Questa ristrutturazione mira a migliorare la gestione del flusso di cassa e a supportare le iniziative di crescita.
iCoreConnect Inc. (NASDAQ: ICCT) reportó resultados financieros sólidos para el Q2 2024, con un incremento de ingresos del 66% a 3.1 millones de dólares. La empresa vio una mejora en los márgenes de ganancia bruta, aumentando del 74% al 80%. iCoreConnect experimentó una alta demanda por parte de los clientes, incluyendo su nuevo producto Fintech, iCorePay. La compañía implementó IA en su división de soporte y lo está probando en varias soluciones.
Los gastos operativos aumentaron debido a un cargo único de 4.8 millones de dólares relacionado con la compensación basada en acciones. iCoreConnect amplió sus relaciones comerciales y reestructuró con éxito aproximadamente 3.6 millones de dólares en deudas, extendiendo los vencimientos hasta el 1 de agosto de 2027. Esta reestructuración tiene como objetivo mejorar la gestión del flujo de caja y apoyar las iniciativas de crecimiento.
아이코어커넥트 주식회사 (NASDAQ: ICCT)는 2024년 2분기 강력한 재무 결과를 보고했으며, 66%의 매출 증가를 기록하며 310만 달러에 도달했습니다. 이 회사는 총 이익률이 74%에서 80%로 상승하여 향상된 수익성을 보았습니다. 아이코어커넥트는 새로운 핀테크 제품인 아이코어페이에 대한 고객 수요가 높았습니다. 회사는 지원 부서에 AI를 도입했으며 다양한 솔루션에서 테스트 중입니다.
운영 비용은 주식 기반 보상과 관련된 일회성 비용 480만 달러로 인해 증가했습니다. 아이코어커넥트는 채널 관계를 확장했으며 약 360만 달러의 부채를 성공적으로 재구성하여 만기를 2027년 8월 1일로 연장했습니다. 이 재구성은 현금 흐름 관리 개선과 성장 이니셔티브 지원을 목표로 합니다.
iCoreConnect Inc. (NASDAQ: ICCT) a annoncé de solides résultats financiers pour le T2 2024, avec une augmentation de 66% des revenus atteignant 3,1 millions de dollars. L'entreprise a connu une amélioration de ses marges bénéficiaires brutes, passant de 74% à 80%. iCoreConnect a fait face à une forte demande de la part des clients, notamment pour son nouveau produit Fintech, iCorePay. La société a mis en œuvre l'IA dans sa division d'assistance et teste cette technologie sur diverses solutions.
Les charges d'exploitation ont augmenté en raison d'une charge exceptionnelle de 4,8 millions de dollars liée à la rémunération en actions. iCoreConnect a élargi ses relations commerciales et a restructuré avec succès environ 3,6 millions de dollars de dettes, en prolongeant les échéances jusqu'au 1er août 2027. Cette restructuration vise à améliorer la gestion des flux de trésorerie et à soutenir les initiatives de croissance.
iCoreConnect Inc. (NASDAQ: ICCT) berichtete über starke finanzielle Ergebnisse für das Q2 2024, mit einer Umsatzsteigerung von 66% auf 3,1 Millionen Dollar. Das Unternehmen verzeichnete eine Verbesserung der Bruttogewinnmargen, die von 74% auf 80% anstiegen. iCoreConnect hatte eine hohe Kundennachfrage, insbesondere für sein neues Fintech-Produkt, iCorePay. Das Unternehmen implementierte KI in seiner Unterstützungsabteilung und testet diese in verschiedenen Lösungen.
Die Betriebsausgaben stiegen aufgrund einer einmaligen Belastung von 4,8 Millionen Dollar im Zusammenhang mit aktienbasierter Vergütung. iCoreConnect erweiterte seine Channel-Beziehungen und strukturierte erfolgreich rund 3,6 Millionen Dollar Schulden um, wobei die Fristen bis zum 1. August 2027 verlängert wurden. Diese Umstrukturierung zielt darauf ab, das Cashflow-Management zu verbessern und Wachstumsinitiativen zu unterstützen.
- 66% increase in Q2 2024 revenue, rising from $1.6 million to $3.1 million
- Gross profit margins improved from 74% to 80%
- High customer demand, including for the new Fintech product iCorePay
- Successful debt restructuring of $3.6 million, extending maturities to August 2027
- Implementation of AI in support division with potential for expansion to other solutions
- Increased operating expenses due to a one-time $4.8 million charge for stock-based compensation
Insights
The 66% revenue increase to
iCoreConnect's integration of AI into its support division and ongoing tests across various solutions demonstrate a forward-thinking approach. The potential application of AI in ICD-10 coding and insurance verification software could be a game-changer, potentially reducing errors and increasing efficiency. The expansion of channel relationships and the seamless integration offered by the iCoreEnterprise platform showcase a strong focus on user experience and interoperability. These technological advancements, combined with the high demand for solutions like iCorePay, position the company well in the competitive healthcare software market.
The unprecedented situation of having signed agreements with customers waiting for installation indicates robust market demand and potential for future growth. This backlog, coupled with the launch of iCorePay, suggests untapped revenue streams. The expansion of partnerships with state associations and HIPAA consultants broadens iCoreConnect's market reach. However, the healthcare software market is highly competitive and maintaining this growth rate may be challenging. The company's success will depend on its ability to rapidly scale operations, manage the installation backlog and continue innovating to stay ahead of competitors.
OCOEE, FL , Aug. 16, 2024 (GLOBE NEWSWIRE) -- iCoreConnect Inc. (NASDAQ: ICCT) ("iCore" or the "Company"), a leading provider of cloud-based software and technology solutions designed to enhance workflow productivity and customer profitability, is pleased to announce its financial results for the three and six months ended June 30, 2024.
- Revenue Growth: The Company reported a significant
66% increase in revenue, rising from$1.6 million in Q2 2023 to$3.1 million in Q2 2024. For the six months ending June 30, 2024, revenue grew from$3.7 million to$5.8 million compared to the same period in 2023. This growth was driven by strong performance across all active products and services. - Gross Profit Margins: iCoreConnect saw an improvement in gross profit margins, increasing from
74% to80% for both the three and six months ending June 30, 2024 compared to the three and six months ending June 30, 2023 respectively. - Customer Demand: For the first time in the company's history, it has signed agreements with customers waiting for installation reflecting high demand for iCore’s solutions, including the newly launched Fintech product, iCorePay.
Operational and Strategic Developments
- Operating Expenses: Operating expenses increased due to a one-time, non-recurring charge of
$4.8 million . This charge is related to stock-based compensation awarded to certain officers and employees in recognition of the Company's Nasdaq listing and merger with FG Merger Corp in 2023. - Artificial Intelligence Integration: The Company has implemented artificial intelligence (AI) in its support division and is testing AI across various solutions. Notably, iCoreConnect sees significant potential in leveraging AI for its ICD-10 coding and insurance verification software, promising exciting developments soon.
- Channel Relationships: iCoreConnect continued to expand its relationships with companies such as mConsent, Arthur/Marshall, independent HIPAA consultants, and various state associations, including the California Association of Orthodontists and Tennessee Dental Associations. These relationships enhance value for end users by enabling them to access multiple solutions with a single sign-on through the iCoreEnterprise platform, seamlessly integrating with existing practice management software.
Debt Restructuring
As part of its strategy to improve cash flow management, iCoreConnect has successfully reached restructuring agreements with certain of its convertible noteholders. These agreements cover approximately
This debt restructuring provides the Company with an additional runway to preserve cash and support ongoing growth initiatives.
About iCoreConnect, Inc. (NASDAQ: ICCT)
iCoreConnect Inc. is a market leading, cloud-based software and technology company focused on increasing workflow productivity and practice profitability through its enterprise and healthcare workflow platform of applications and services. iCoreConnect is most notably known for its innovation in solving healthcare business problems. iCoreConnect’s philosophy places a high value on customer feedback, positioning iCoreConnect to respond to the market’s needs. iCoreConnect touts a platform of 16 SaaS enterprise solutions and more than 130 product endorsements with state or regional healthcare associations across the United States.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’ ‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’ ‘approximately’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. “Risk Factors” in the Company’s most recently filed Form 10-K filed with the Securities and Exchange Commission (“SEC”) and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Investor Contacts:
IR@icoreconnect.com
888.810.7706, ext 5
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