Business
CareCloud Reports First Quarter 2022 Results
SOMERSET, N.J., May 09, 2022 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC, MTBCO and MTBCP), a leader in healthcare
About this update from Carecloud, Inc.
[{"type":"text","content":"SOMERSET, N.J., May 09, 2022 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC, MTBCO and MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, announced record-setting financial and operational results for the quarter ended March 31, 2022. The Company’s management will conduct a conference call with related slides today at 8:30 a.m. Eastern Time to discuss these results and management’s outlook for the year. First Quarter 2022 Highlights Revenue of $35.3 million, 19% growth over Q1 2021 revenueGAAP net income of $1.1 million, compared to GAAP net loss of $2 million in Q1 2021Adjusted net income of $3.5 million, or $0.23 per shareAdjusted EBITDA of $4.7 million, an increase of $1 million compared to $3.7 million in Q1 2021 “We are very pleased with our first quarter results that position us to meet or exceed our targets for the year,” said A. Hadi Chaudhry, CareCloud’s Chief Executive Officer and President. “Revenue was a record for a first quarter, while we delivered a third consecutive quarter of positive GAAP net income. I am particularly proud of the innovative work performed by our product teams, as we introduced two more digital health solutions – CareCloud Wellness and CareCloud Remote. Wellness is off to a great start in particular, where 75 customers have expressed interest in just the first week of launch.” First Quarter 2022 Financial Results Revenue for the first quarter 2022 was $35.3 million, an increase of $5.6 million or 19% from the first quarter of 2021. Revenue showed the normal seasonal decline in the first quarter, based on annual insurance deductibles. “First quarter 2022 GAAP net income was $1.1 million, compared to a GAAP net loss of $2.0 million in the same period last year, and our third consecutive quarter with GAAP net income of $1 million or more,” Bill Korn, CareCloud’s Chief Financial Officer remarked, “While the management team looks at adjusted EBITDA and cash flow from operations as the primary indicators of whether our business is growing in a sustainable way, achieving positive GAAP profitability of over $1 million for three consecutive quarters is a great milestone indication that we’re showing both GAAP and non-GAAP profitability consistently.” GAAP net loss per share for first quarter 2022 was $0.19, based on ...