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CareCloud (Nasdaq: MTBC, MTBCP) has announced the release of PrecisionBI version 7, a significant upgrade to its healthcare analytics platform. This version is now fully cloud-based, enhancing scalability and accessibility for over 20,000 providers. The re-engineering includes a transition to a SaaS architecture and improved API capabilities. CareCloud aims to empower health systems and practices with data-driven insights, fostering better decision-making and performance improvements.
CareCloud, Inc. (Nasdaq: MTBC, MTBCP) announced significant growth, exceeding $138 million in revenue for 2021, marking a record year. Adjusted EBITDA reached approximately $22 million, doubling from 2020. Key metrics include an 83% increase in medical practices using their SaaS platform (1,650 practices) and a 142% rise in payments collected through revenue cycle management, totaling $2.3 billion. The share of technology-enabled revenue leaped to 82% in 2021, up from 59% in 2019. Looking ahead, the company anticipates continued growth despite seasonal revenue fluctuations.
CareCloud, Inc. (Nasdaq: MTBC, MTBCP) has launched CareCloud Connector, an innovative integration and data management engine designed for healthcare organizations. This solution offers easy-to-deploy integrations that enhance data management and compliance with evolving U.S. healthcare data exchange regulations, particularly the Cures Act. CareCloud aims to close interoperability gaps and streamline data management for health IT vendors and organizations, driving improved financial and operational performance. The Connector is the first product in the upcoming CareCloud Conductor suite.
CareCloud, a leader in cloud-based healthcare solutions, will participate in the Benchmark Company’s Discovery One-on-One Virtual Investor Conference on December 2, 2021. This event is an opportunity for institutional investors to engage with the company directly, requesting meetings through the conference sponsor or by contacting CareCloud’s IR representative, Matt Kreps.
CareCloud offers a range of services, including revenue cycle management, practice management, and telehealth services, aimed at enhancing operational efficiency for over 40,000 providers.
CareCloud (Nasdaq: MTBC, MTBCP) announced the declaration of monthly cash dividends for its 11% Series A Cumulative Redeemable Perpetual Preferred Stock for December 2021, January, and February 2022. This marks the 76th consecutive month of dividends since the Series A Preferred Stock was offered in November 2015. The monthly dividend per share is $0.22917, with record dates at the end of each month and payment dates on the 15th of the following month. Shareholders are entitled to cumulative cash dividends based on a $25.00 per share liquidation preference.
CareCloud reported third quarter 2021 results, achieving record revenue of $38.3 million, a 21% increase from Q3 2020. The company posted a GAAP net income of $1.5 million, compared to a net loss of $1.7 million in the same period last year. Adjusted net income reached $6.1 million, or $0.41 per share, with adjusted EBITDA at $6.7 million. Year-to-date revenue totaled $102.1 million, a 40% increase from 2020. The company highlighted strong organic growth and the integration of recent acquisitions as key growth drivers.
CareCloud (Nasdaq: MTBC, MTBCP) has appointed three new leaders at its subsidiary medSR to enhance healthcare consulting and staffing services. The executives include Dwight Garvin as COO, Pete Fagot as CRO, and Heather Logan as CAO, reporting to CEO Jerry Howell. These appointments aim to address the evolving needs of hospitals and health systems post-pandemic by providing integrated staffing and technology solutions. The leadership changes come at a critical time as clients face workforce shortages and increased revenue pressures.
CareCloud (formerly MTBC, Inc.) will announce its third quarter financial results for the period ending September 30, 2021, on November 4, 2021, before market opening. The company will host a conference call for investors at 8:30 a.m. ET, which will be accessible via a live webcast. A replay will be available an hour after the call concludes. CareCloud offers a range of healthcare technology solutions serving over 40,000 providers, aiming to enhance patient experiences and operational performance.
CareCloud (Nasdaq: MTBC, MTBCP) announced an increased secured line of credit from Silicon Valley Bank to $20 million, with a two-year extension until October 13, 2023. This untapped credit facility aims to support future growth initiatives. CareCloud’s financial health remains strong, boasting a 44% compound annual revenue growth and 79% adjusted EBITDA growth since 2017, all while maintaining a virtually debt-free balance sheet. The firm plans to leverage this increased credit for strategic transactions and market consolidation.
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