Issuer Direct Corp. reported almost $3.4 million in revenue during its fourth quarter of 2017, up 22 percent from the same quarter the previous year, according to a filing with the Securities and Exchange Commission.

The Morrisville-based communications company reported a net income of $745,000, or 24 cents per share, a 46 percent increase from the same quarter in 2016. No analysts follow Issuer Direct.

CEO Brian Balbirnie said in a statement the company made 51 percent of its 2017 revenue from Issuer Direct’s platform and technology business, compared to 36 percent in 2016. Balbirnie said the company focused on increasing subscriptions to its Platform id. product in its fourth quarter.

“Looking ahead, in 2018, we are focused on continuing to grow our direct customer base, as well as customers through our strategic partnerships, which should further expand our higher margin platform business,” he said. “Successfully implementing this initiative will support our objective of continuing to accelerate sales and earnings and maximizing shareholder value.”

Issuer Direct reported $12.6 million in total revenue for 2017, a 5 percent increase from 2016. The company made 64 cents per share in 2017, compared to 54 cents in 2016.

The company acquired Interwest Transfer Co., a professional registrar and transfer agency, in October for $3.23 million. Revenue from the acquisition was about $404,000 during the fourth quarter.

Issuer Direct’s shares fell 4 cents to $17.96 in Friday afternoon trading.