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OCOEE, Fla. - iCoreConnect Inc. (NASDAQ: ICCT), a provider of cloud-based software and technology solutions, has announced a new endorsement agreement with the Delaware State Dental Society (DSDS). This partnership is the latest in iCoreConnect's expansion within state dental associations across the United States. The company now boasts over 180 product endorsements nationwide, reinforcing its position as a prominent partner in the dental sector.
The endorsed iCoreConnect products aim to enhance dental practice efficiency and include insurance verification, ePrescribing, and billing solutions. With the addition of DSDS, iCoreConnect's services now reach approximately 155,000 dental professionals in the U.S.
Robert McDermott, CEO of iCoreConnect, expressed the company's commitment to supporting dental associations like DSDS in their efforts to advance the profession and improve patient care. Dr. Tom Howley, Executive Director of DSDS, reciprocated the sentiment, noting the anticipated productivity boost iCoreConnect's solutions will provide for their members.
iCoreConnect is recognized for its role in continuing education and practice management support, which are vital for state dental associations. The company's growing list of endorsements serves as a key strategy for product distribution and lead generation.
The Delaware State Dental Society represents a significant portion of the state's licensed dentists, focusing on advocacy, continuing education, and community engagement. The collaboration with iCoreConnect is expected to further these goals by integrating advanced technology into dental practices in Delaware.
This news is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. These statements are predictions and may differ materially from actual future events or results. The company has no obligation to update any forward-looking statements post the date of the press release.
In other recent news, iCoreConnect, a provider of cloud-based software solutions, has been making strategic moves to enhance its position in the healthcare sector. The company recently acquired assets from the Healthcare Circle of Excellence (HCofE), a significant step towards providing resources and solutions to support local healthcare practices in the U.S. This acquisition includes the launch of a new Healthcare Circle of Excellence division and a website, aimed at addressing the critical needs of healthcare practitioners.
In a bid to streamline its business model, iCoreConnect has divested its Managed Service Provider Division to The 20, LLC, focusing on its core Software as a Service (SaaS) offerings. This move is expected to enhance operational efficiency and financial performance by reallocating resources to higher-margin SaaS products.
The company has also been actively addressing compliance issues with Nasdaq rules. Shareholders have approved key proposals, including the issuance of up to 11,203,700 shares of common stock and the issuance of shares upon conversion of an amended convertible note. Furthermore, the company has made significant changes to its board of directors, appointing Wayne Kalish and Yvonne Hyland.
Lastly, iCoreConnect has expanded its operations into Tennessee, securing an endorsement from the Tennessee Dental Association for seven of its software solutions. These developments are part of the company's recent efforts to improve its operations and regain compliance with Nasdaq listing rules.
InvestingPro Insights
While iCoreConnect Inc. (NASDAQ: ICCT) continues to expand its partnerships and endorsements in the dental sector, recent financial data from InvestingPro paints a complex picture of the company's current position.
According to InvestingPro data, iCoreConnect's revenue growth has been robust, with a 34.56% increase over the last twelve months as of Q2 2024, and an even more impressive 66.36% quarterly growth in Q2 2024. This aligns with the company's strategic expansion and growing list of endorsements mentioned in the article.
However, despite the revenue growth, InvestingPro Tips highlight some financial challenges. One tip notes that the company is "quickly burning through cash," which could be a result of its rapid expansion efforts. Another tip indicates that iCoreConnect "operates with a significant debt burden," which may be a concern for investors considering the company's growth strategy.
The stock performance has also been challenging, with InvestingPro data showing a 36.16% decline in the past week and a 89.26% drop over the past year. This significant price decrease might reflect market concerns about the company's financial health and path to profitability.
For readers interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for iCoreConnect, providing a deeper understanding of the company's financial situation and market position.
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