Welcome to our dedicated page for iCoreConnect news (Ticker: ICCT), a resource for investors and traders seeking the latest updates and insights on iCoreConnect stock.
iCoreConnect Inc. develops and markets secure cloud-based HIPAA compliant software services focused on compliance, workflow/productivity, and electronic health records systems. Its core services technology can be adopted to other vertical markets that require a high degree of secure data communication, such as the legal, financial, and education fields. It markets secure HIPAA compliant cloud-based software as a service (SaaS) offering under the names of iCoreExchange, iCoreCodeGenius, iCoreSecure, iCoreMD, iCoreDental, iCoreMobile, iCoreHuddle, iCoreRx, iCorePDMP, iCoreEPCS, and iCorePay. The company's software is sold under annual recurring revenue subscriptions. The company has a single reporting segment for reporting purposes focused on the North American market.
iCoreConnect, Inc. (OTCQB: ICCT) announced that the Maryland State Dental Association has selected its product, iCoreVerify. This cloud-based solution automates insurance checks for scheduled dental patients, reducing claim denials by up to 90%. The partnership aims to alleviate the administrative burden associated with insurance communications, allowing dental staff to focus more on patient care. iCoreConnect boasts over 40 agreements with healthcare associations and 15 SaaS products, indicative of its commitment to enhancing healthcare business operations.
iCoreConnect (OTCQB: ICCT) has appointed Archit Shah as the new Chief Financial Officer (CFO), effective September 7, 2021. Shah's expertise includes finance and operations consulting, with a history of involvement in startups and corporate turnarounds. iCoreConnect is experiencing impressive organic growth and has successfully executed acquisitions, positioning itself strongly in the healthcare SaaS market. The leadership change aims to enhance the company’s growth trajectory, leveraging Shah’s background in managing corporate financial strategies.
iCoreConnect, Inc. (OTCQB: ICCT) has finalized its acquisition of Spectrum Technology Solutions, enhancing its SaaS offerings in healthcare business workflow. This marks iCoreConnect’s eighth strategic acquisition, aimed at improving operational efficiency with Spectrum's services like cybersecurity and strategic IT leadership. President and CEO Robert McDermott emphasized the acquisition's role in accelerating growth, as highlighted in a recent filing. Spectrum’s CEO expressed enthusiasm for joining the high-performance team, indicating a strong alignment of services and business goals.
iCoreConnect (OTCQB: ICCT) announced a remarkable 106% revenue growth to $1.0 million for Q2 2021, driven by an increase in active subscriptions. The gross profit also surged by 166% to $0.7 million, achieving a gross margin of 71.6% compared to 55.5% in Q2 2020. Operating loss improved to $0.6 million from $0.8 million, while operating expenses as a percentage of revenue decreased significantly to 131% from 232%
Management remains optimistic about future growth, supported by a recent acquisition and new service offerings.
iCoreConnect (OTCQB: ICCT) has launched iCoreVerify, a Software-as-a-Service (SaaS) solution aimed at streamlining insurance benefit checks for dental practices. This tool dramatically reduces the time spent on verifying insurance coverage from hours or days to a single click, accessing information from over 2,100 insurance companies. It allows practices to instantly determine patient coverage, enhancing their operational efficiency and potentially increasing treatment scheduling and completion rates. This launch marks the 15th product in iCoreConnect's SaaS portfolio.
iCoreConnect (OTCQB: ICCT) announced the launch of iCoreCloud, an automated secure backup system for healthcare data. This marks the company's 14th product aimed at enhancing productivity in high-compliance industries. iCoreCloud ensures HIPAA compliance and protects against data loss that can arise from manual backups. The company's Q1 2021 report showed a 46% revenue growth in subscription services compared to 2020. iCoreConnect plans to continue innovating products that offer secure, scalable options to broaden their recurring revenue model.
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.
iCoreConnect (OTCQB: ICCT) has successfully completed its acquisition of Advantech, a Scottsdale-based Managed Software as a Service provider, enhancing its SaaS and MSaaS capabilities in the healthcare sector. This marks iCoreConnect's sixth strategic acquisition under CEO Robert McDermott. The merger is expected to accelerate growth, leveraging Advantech's expertise and recurring revenue model. Both companies thrived during the pandemic, presenting significant opportunities for innovative service offerings. The acquisition is anticipated to contribute meaningfully to iCoreConnect's growth in 2021 and beyond.
iCoreConnect, Inc. (OTCQB: ICCT) reported its Form 10-K for the fiscal year 2020, revealing a revenue growth of 109% year-over-year to $2.1 million and a quarterly increase of 202% to $0.6 million. President and CEO Robert McDermott attributed this growth to a significant uptake in new SaaS offerings and over 40 agreements with state dental and medical associations, providing access to thousands of doctors. iCoreConnect continues to expand its platform, now featuring 13 cloud-based products, amidst the COVID-19 pandemic.
iCoreConnect (OTCQB: ICCT) has appointed Hal Goetsch as the new chief financial officer, effective March 8, 2021. Goetsch brings extensive SaaS experience, focusing on financial management and strategic growth. He aims to enhance iCoreConnect's revenue through acquisitions and capital raising. Previously, he served as CFO at DigniFi and has 20 years of experience in investment management. The company, recognized for its innovative healthcare solutions, operates a range of SaaS products and has over 40 agreements with healthcare associations.
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