Good morning and welcome to the MTBC First Quarter 2016 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Amrita Deol, General Counsel, Corporate Secretary. Please go ahead ma'am.

Good morning everyone. Welcome to the MTBC 2016 first quarter conference call. On today’s call are Mahmud Haq, our Chairman and Chief Executive Officer; Stephen Snyder, our President and Director; and Bill Korn, our Chief Financial Officer. Before we begin, I would like to remind you that many of our comments may contain forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties that could cause our actual results to differ materially. These statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise these forward-looking statements in light of new information or future events. Please refer to our press release and our reports filed with the Securities and Exchange Commission, where you will find factors that could cause actual results to differ materially from these forward-looking statements. With that said, I'll now turn the call over to the Chairman and CEO of MTBC, Mr. Mahmud Haq. Mahmud?

Thank you, Amrita and thank you for joining us on our first quarter 2016 call. We are very pleased with the progress that we have made. We've made solid strides towards achieving our 2016 growth and EBITDA objective. Our management team continued to execute our long term business strategy of growth through acquisition on favorable terms while delivering a second consecutive quarter of positive EBITDA and finishing the quarter with $7.4 million of growth capital. I would now like to turn the call over Steve Snyder our President to discuss the growth activities effort in more details. Steve?

Thank you, Mahmud. Our acquisition team is hard at work identifying attractive growth opportunities and as our team identifies these opportunities. We are strategically deploying our growth capital accordingly. On April 30, we were pleased to apply our Renaissance Physician Services, a small Tennessee-based medical billing company. Renaissance had trailing 12 months revenues for active accounts of approximately 600,000, much like our February acquisition of Texas-based Gulf Coast Billing, we were pleased to acquire Renaissance and an attractive valuation structured in a manner that closely alliance our collective interest in client retention and revenue growth. We are paying 27% of revenues received during the three years after closing, which totals approximately 81% of annual revenues assuming revenues remain constant. At closing we made an advanced payment for Renaissance of $175,000 which will be deducted from the first 4 or 5 quarterly revenue based payments until that advance payment is fully regrouped. We're also pleased to have onboard the former owner of Renaissance, who now serves as a member of our business development team. We look forward to deploying additional growth capital as we pursue opportunities with other potential sellers that align our 2016 growth and profitability objectives. With regard to organic growth initiatives, during the first quarter of 2016 we more than tripled our investment in sales and marketing, increasing it from less than 2% of revenue in the first quarter of 2015, the 6.5% of revenue during the first quarter of this year. While this is small compared to many of the other players in our industry, we're beginning to see results including the signing of the new Chicago based hospital owned group that we believe has great growth potentials as we move forward. I’ll now turn the call over to Bill Korn our CFO to provide you with the detailed review of our first quarter financial results. Bill?

Thank you, Steve. Revenue in first quarter 2016 was $5.1 million down 17% from $6.1 million in the first quarter of 2015. This was principally due to loss of clients during 2015 from CastleRock, Practicare and Omni companies we repurchased at the time of the IPO. Revenue from these three acquisitions was down $1.8 million from first quarter 2015 to first quarter 2016 and was partially offset by revenue from several smaller acquisitions during 2015, as well as Gulf Coast. Additionally the first quarter is seasonally our lowest in terms of revenue and profits, similar to other ambulatory practice management and revenue cycle management providers. Both insurance plans contained an annual deductable, so when the patient visits their doctor during the first quarter, the fee is often part of the patients deductable. Instead of insurance paying the doctor, the doctor has to wait, so the patient has to pay the deductable themselves. We recognized revenue when the doctor is actually paid and thus our fees are determinable so while providers wait for patient payments which generally take longer than insurance payments our revenues are delayed. Since our expenses reflect the work of submitting a constant level of claims, even though payment to our doctors are down, we normally anticipate negative adjusted EBITDA during the first quarter of each year achieving positive adjusted EBITDA this quarter is a result of automating manual processes and moving enough work offshore to allow us to reduce costs and offset this seasonal decline in revenue. The $65,000 adjusted EBITDA in the first quarter of 2016 is a significant improvement from the negative $710,000 adjusted EBITDA in the first quarter of last year. We reduced direct operating cost by 35% from $3.5 million to $2.3 million and reduced general and administrative expenses from $3.1 million to…

Thank you, Bill. As Bill highlighted we had our second consecutive EBITDA positive quarter and have capital available to invest in attractive acquisition and partnership opportunities. MTBC has never been in a stronger position to grow and we look forward to giving you further updates on our progress. I would also like to thank all of our team members in U.S., Poland and Pakistan for their hard work and dedication. Finally I want to thank our physicians, customers for trusting us to help manage their practice. We will now open the call to questions. Operator?

Thank you. Thank you everyone for joining our first quarter 2016 call.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines.