Business
CareCloud Reports First Quarter 2023 Results
SOMERSET, N.J., May 04, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDP and CCLDO), a leader in healthcare
About this update from Carecloud, Inc.
[{"type":"text","content":"SOMERSET, N.J., May 04, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDP and CCLDO), a leader in healthcare technology solutions for medical practices and health systems nationwide, announced financial and operational results for the quarter ended March 31, 2023. 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 rest of the year. “At CareCloud, we are undergoing a significant transformation by transitioning from a growth strategy that relied solely on acquisitions at the time of our IPO to a self-sustaining company that thrives on organic growth,” said A. Hadi Chaudhry, CareCloud’s chief executive officer and president. “We continue to see momentum in our bookings growth, signing up new practices and selling new services to existing customers, and remain open to acquisition opportunities that align with our vision. Our priority, however, is to convert our record bookings into realized revenue, while continuing to deliver innovative technology and new solutions that drive our mission to revolutionize healthcare management.” First Quarter 2023 Highlights ●Revenue of $30.0 million ●GAAP net loss of $401,000, or $0.28 per share ●Adjusted net income of $2.4 million, or $0.15 per share ●Adjusted EBITDA of $4.2 million First Quarter 2023 Financial Results Revenue for the first quarter 2023 was $30.0 million, a decrease of 15% from the first quarter of 2022, primarily due to the decrease in revenue from the two large clients discussed below and a decrease in non-recurring revenue. Bill Korn, CareCloud’s chief financial officer remarked, “there were three principal drivers of the $5.3 million decline in revenue compared with first quarter 2022. First, when we acquired Meridian Medical Management, their two largest clients were in the process of migrating away. Both clients finished the majority of their migrations in mid-2022. Approximately $2.6 million of the revenue decrease was due to these clients. In addition, our first quarter professional services revenue was down $1.2 million from first quarter 2022. The revenue from these projects fluctuates, but our professional services business continues to be strong. Finally, the first quarter of 2022 included approximately $1.2 milli...