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CareCloud, Inc. (CCLD) is a leading healthcare information technology company specializing in delivering innovative, cloud-based solutions tailored for high-growth medical groups. Recognized for its award-winning design, CareCloud's technology empowers medical professionals to enhance patient care while optimizing operational efficiency.
CareCloud offers a comprehensive suite of proprietary Software-as-a-Service (SaaS) platforms, including practice management (PM), electronic health records (EHR), business intelligence, telehealth, and patient experience management (PXM) solutions. Additionally, the company provides robotic process automation (RPA) bots, and complementary business services such as revenue cycle management (RCM), healthcare consulting, implementation services, and on-demand workforce staffing capabilities. These tools are designed to support high-performance medical groups and health systems across the nation.
As an early leader in healthcare cloud computing, CareCloud is committed to ensuring the highest levels of flexibility, security, and reliability for both physicians and patients. The company's modern and intuitive platform allows medical practices to focus on what matters most: patient health and delivering an exceptional patient experience.
CareCloud's core operating segments include Healthcare IT, which is the primary revenue driver, and Practice Management. The company's cloud platform provides medical groups with the essential tools they need to succeed in today's competitive medical economy.
Recent achievements include expanding its technological capabilities and forming strategic partnerships to enhance service offerings. CareCloud consistently updates its solutions to meet the evolving needs of the healthcare industry.
Follow CareCloud's latest news and updates on their official LinkedIn, Twitter, and Facebook pages.
For investor inquiries, contact Bill Korn at ir@carecloud.com.
CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) announced its Q1 2024 financial results, reporting $26 million in revenue, down from $30 million in Q1 2023.
Despite lower revenue, the company achieved a GAAP operating income of $129,000, compared to a $223,000 loss in the previous year.
Net loss improved to $241,000 or $0.02 per share, from $401,000 or $0.28 per share in Q1 2023. Adjusted EBITDA fell to $3.7 million from $4.2 million, but cash from operations surged to $4.1 million from $1.0 million, and free cash flow reached $2.2 million, a significant improvement from a negative $2.0 million in Q1 2023.
Operationally, CareCloud identified $22 million in annualized expense reductions, with $15 million expected this year, and repaid $2 million of its credit facility.
The company is also leveraging generative AI to enhance efficiencies. CEO A. Hadi Chaudhry expressed optimism about the financial direction, highlighting improvements in cash flow metrics and profitability.
CareCloud, Inc. received an unsolicited offer to acquire the company for $5.00 per share of common stock and $25 redemption price per share of its Series B Preferred Stock. The Board of Directors declined the offer after thorough evaluation and retained an investment bank to assess the terms of its Series A Preferred Stock.
CareCloud, Inc. has retained Citizens JMP as its exclusive capital structure advisor after receiving an unsolicited indication of interest to acquire the company. The Board of Directors declined the proposal and Citizens JMP will evaluate CareCloud's capital structure for potential modifications to its Series A Preferred Stock.
CareCloud, Inc. partners with NJ Comprehensive Healthcare to enhance operational efficiency and reduce costs. NJCH adopts CareCloud's talkUltimate suite for revenue cycle management, electronic health records, and practice management solutions, aiming to streamline processes and boost workflow efficiency.
CareCloud, Inc. will announce its first-quarter 2024 financial results on May 14, 2024. The company is a prominent provider of healthcare technology solutions in the medical industry. The results will be disclosed before the market opens, followed by an investor conference call at 8:30 a.m. Eastern Time. Interested parties can access the live webcast and presentation slides on the company's investor relations website. A replay will also be available shortly after the call.