Business
CareCloud Reports Record Third Quarter Revenue and Net Income
SOMERSET, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in healthcare
About this update from Carecloud, Inc.
[{"type":"text","content":"SOMERSET, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced financial and operational results for the third quarter ended September 30, 2021. 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. Third Quarter 2021 Highlights Record revenue of $38.3 million, 21% growth over Q3 2020Record GAAP net income of $1.5 million, compared to a net loss of $1.7 million in Q3 2020Record adjusted net income of $6.1 million, or $0.41 per share, growth of 72% over Q3 2020Record adjusted EBITDA of $6.7 million, an increase of $2.5 million compared to $4.2 million in Q3 2020 Year-to-date 2021 Highlights Revenue of $102.1 million, a 40% increase from YTD 2020GAAP net loss declined to $686,000, compared to a net loss of $9.0 million in the same period last yearAdjusted net income of $13.5 million or $0.91 per share, compared to $3.5 million in the same period last yearAdjusted EBITDA of $16.0 million, an increase of $10.8 million from $5.2 million in the same period last year “We are excited to report record revenue of $38.3 million in the third quarter, a $6.7 million year-over-year increase,” said A. Hadi Chaudhry, CareCloud’s Chief Executive Officer and President. “We are on track to achieve another year with 30% or more year-over-year revenue growth while we more than double our adjusted EBITDA. That would make 2021 our fifth consecutive year with over 25% annual revenue growth. We achieved these record results through a combination of organic growth and our acquisition of medSR on June 1, 2021, as well as our relentless focus on reducing costs in our acquired companies to improve our operating efficiencies.” “We are very proud to report positive GAAP net income of $1.5 million this quarter, in addition to a record $6.7 million in adjusted EBITDA, representing our eighteenth consecutive quarter of positive adjusted EBITDA,” continued Hadi Chaudhry. “We are pleased to give investors the opportunity to invest in a company achieving both rapid growth and profitability.” Third Quarter 2021 Financial Results Revenue for the third quarter 2021 was a recor...