Business
CareCloud Reports Record Full Year 2022 Results
SOMERSET, N.J., March 02, 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., March 02, 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 year ended December 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. “2022 was a successful transformational year for CareCloud,” said A. Hadi Chaudhry, CareCloud’s Chief Executive Officer and President. “We launched several new products, including CareCloud Remote for home healthcare and CareCloud Wellness, which expanded our digital health portfolio to provide chronic care management and remote patient monitoring to a rapidly growing user base. The combination of broadening our service offering with these new products and successful focus on organic growth were primary drivers that helped us achieve record bookings in 2022, which is more than double the previous year. We are on a mission to redefine technology-enabled revenue cycle solutions for healthcare and are positioned well to build on this momentum in 2023.” Full Year 2022 Highlights Revenue of $138.8 million, as compared to $139.6 million in 2021Record GAAP net income of $5.4 million, compared to $2.8 million in 2021Adjusted net income of $16.3 million or $1.07 per share, compared to $18.5 million or $1.24 per share in 2021Record adjusted EBITDA of $22.2 million, an increase of $129,000 over $22.1 million in 2021 Fourth Quarter 2022 Highlights Revenue of $32.5 million, as compared to $37.5 million in Q4 2021GAAP net income of $499,000, compared to $3.5 million in Q4 2021Adjusted net income of $3.9 million, or $0.25 per shareAdjusted EBITDA of $5.7 million, as compared to $6.1 million in Q4 2021 Full Year 2022 Financial Results Revenue for 2022 was $138.8 million, a 1% decline compared to $139.6 million in 2021. Bill Korn, CareCloud’s Chief Financial Officer remarked, “when we acquired Meridian Medical Management in mid-2020, their two largest clients were health systems which had each been acquired in 2016 and 2018, and were in the process of migrating away from Meridian onto the platforms utilized by their acquirers. We recognized that we could not stop this migr...