iCoreConnect Inc. (OTCMKTS:ICCT) is down 25% in a week. The company reported YoY revenue growth of 158% in Q3 2021 to $1.4 million.
Trading Data
On Monday, ICCT stock moved up 1.63% at $0.15 with more than 126k shares, compared to its average volume of 212k shares. The stock has moved within a range of $0.1305 – 0.1550 after opening trade at $0.14.
Earnings Recap
Notably, the growth is attributed to active subscribers increase and the enhanced service offerings across the company’s platform. Gross profit was $0.8 million, increasing $269% YoY, leading to a gross margin of 60%. The company reported an operating loss of $0.7 million during the quarter.
The cloud-based Software-as-a-Service platform has launched iCoVerify automated, which is areal-time validation of up to a week for scheduled patients. Notably, iCoVerify minimizes hours of the long process into a click through the provision of dental practices. In addition, the company finalized Spectrum Technology Solutions’ acquisition during the quarter and appointed a new CFO, Archit Shah. The company’s CEO Robert McDermott said that the company experienced considerable growth in the ended quarter. He said the addition of iCoVerify ensures the company has an expansive customer offering to the fast-growing customer base. So in the weeks to come, ICCT is worth watching.
Key Quote
“iCoreConnect has advanced the tremendous organic growth of last quarter.” stated Robert McDermott, iCoreConnect’s Chief Executive Officer. “With the addition of iCoreVerify to our already extensive customer offering, we’re giving our rapidly growing healthcare customer base the cloud-based software it needs to meet the demands of the 21st century. Recent product endorsement expansions of the Maryland, Michigan, and California Dental Associations further validates our trajectory in the fourth quarter and beyond.”
Technical Data
ICCT stock is trading above the 200-Day and 50-Day Moving averages of $0.15 and $0.13 respectively. However, the stock is trading below 200-Day moving average of $0.17. The stock is up 43% in the past 3-month
