iCoreConnect Q1 2021 Revenue Grows 39% and Subscriptions Exceed 12,000

Rhea-AI Summary

iCoreConnect (OTCQB: ICCT) reported a 39% increase in total revenue for Q1 2021, attributed to an increase in SaaS and Managed Service Provider subscriptions. The company's gross profit margin rose to 66% from 57% year-over-year. Subscription-based services accounted for 84% of total revenue, up from 80% in Q1 2020. iCoreConnect also acquired Advantech, enhancing gross margins and profitability.

Positive

• 39% revenue increase in Q1 2021.
• Gross profit margin improved to 66% from 57% year-over-year.
• Subscription revenue represented 84% of total revenue, up from 80% in Q1 2020.
• Acquisition of Advantech expected to enhance gross margins and profitability.

Negative

• None.

iCoreConnect gross profit percentage was 66% and 57% for the three months ended March 31, 2021 and 2020, respectively

Windermere, FL, May 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a cloud-based, Software-as-a-Service (SaaS) platform for healthcare business workflow, announced total revenue for Q1 2021 increased by 39%.  The revenue growth is attributed to the increased number of SaaS and Managed Service Provider (MSP) subscriptions compared to the prior year period.  

iCoreConnect provides subscription-based SaaS, Managed IT including MSP, Managed Software-as-a-Service (MSaaS), professional IT and other services.  “We expect the growth rate of our SaaS and MSaaS subscription offerings to grow faster than our professional services and other revenue streams,” cited iCoreConnect President and CEO, Robert McDermott.  “Subscription software and services revenue represented 84% of total revenue for the first quarter of 2021 compared to 80% of revenue for the same period in 2020. Professional services and other revenue represented 16% of total revenue for the first quarter of 2021 compared to 20% of revenue for the same period in 2020.”

Gross profit percentage was 66% and 57% for the three months ended March 31, 2021 and 2020, respectively. In April of this year, iCoreConnect acquired Advantech, a Scottsdale AZ-based MSP and software developer. “Advantech is accretive to our gross margins, profitability and growth, while leveraging our new marketing relationship with the Arizona Dental Association,” explained McDermott. 

About iCoreConnect

iCoreConnect is a cloud-based, Software-as-a-Service (SaaS) platform for healthcare business workflow. The company focuses 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.

Cile Spelce
cspelce@icoreconnect.com