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  Title	CareCloud Reports Record Breaking Full Year 2024 Net Income
  ID	7682246
  External ID	7622997209
  Author	Unknown
  Published Date	March 13, 2025, 6:20 a.m.
  Summary	Returns to GAAP Profitability, Achieves Record Cash Flow, Resumes Dividends & Strengthens Balance Sheet SOMERSET, N.J., March 13, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP)
  Tags	press-release
  URL	https://www.manilatimes.net/2025/03/13/tmt-newswire/globenewswire/carecloud-reports-record-breaking-full-year-2024-net-income/2072623
  Sentiment	Negative: 0.01396    Neutral: 0.03749    Positive: 0.94856
  Relevance	0.04018

• Content Details

  Content ID	4987492
  Key	af754cff-bfaf-4e0a-83f5-d22d49566d23
  Content	Returns to GAAP Profitability, Achieves Record Cash Flow, Resumes Dividends & Strengthens Balance Sheet SOMERSET, N.J., March 13, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions, today announced strong financial results for the full year ended December 31, 2024. The Company's strategic execution and AI-driven innovation have fueled a transformational turnaround, positioning CareCloud for continued profitability and long-term growth. CareCloud's management team will discuss these results and provide insights into 2025 growth strategies in a live conference call today at 8:30 a.m. ET. Full Year 2024 Performance: An impressive turnaround from 2023 GAAP net income of $7.9 million, compared to a net loss of $48.7 million last year Adjusted EBITDA of $24.1 million, compared to $15.4 million in 2023, an increase of 56% Free cash flow of $13.2 million, compared to $3.8 million last year, an increase of 244% Revenue of $110.8 million, compared to $117.1 million in 2023 Fourth Quarter 2024: A Strong Finish GAAP net income of $3.3 million, compared to a net loss of $43.7 million in Q4 2023 Adjusted EBITDA of $7.1 million, compared to $4.1 million in Q4 2023, an increase of 73% Revenue of $28.2 million, compared to $28.4 million in Q4 2023 Recent Operational Wins: Series A Preferred Stock Conversion - Reduces annual dividend burden by $7.7 million, converting 3.5 million preferred shares into 26 million common shares Resumed Preferred Dividends - Payments restarted in February 2025 Fully Repaid Credit Line - Repaid Silicon Valley Bank facility using internally generated cash flow Advertisement "AI is supercharging our operations,” said A. Hadi Chaudhry, Co-CEO of CareCloud. "From clinical workflows to revenue cycle automation, AI is making us faster, smarter, and more efficient. This will fuel even greater profitability in 2025.” "We've successfully transformed our cost structure and positioned CareCloud for future growth,” added Co-CEO Stephen Snyder. "During January 2025, the number of authorized common shares were increased from 35 million to 85 million and we declared the payment of two months of Preferred Stock dividends to be paid in February and March of 2025” said Norman Roth, Interim CFO and Corporate Controller of CareCloud. "In March 2025, we converted 3.5 million shares of Series A Preferred Stock into common stock, which resulted in the issuance of 26 million additional common shares. This conversion included all accrued and unpaid dividends on the Series A Preferred Stock which was converted. The conversion will yield substantial dividend savings every month, satisfied $11.4 million of accrued but unpaid dividends and put us in an excellent position to reinvest those funds into the Company.” Full year 2024 Financial Results Advertisement Revenue for the year 2024 was $110.8 million, compared to $117.1 million for the year 2023. For the year 2024, the Company's GAAP net income was $7.9 million, compared to a GAAP net loss of $48.7 million for the year 2023. Adjusted net income was $10.5 million, or $0.65 per share. Full year adjusted EBITDA was $24.1 million, an increase of $8.7 million from $15.4 million from last year. Advertisement Fourth Quarter 2024 Financial Results Revenue for the fourth quarter 2024 was $28.2 million, compared to $28.4 million for the fourth quarter of 2023. Fourth quarter 2024 GAAP net income was $3.3 million, as compared to a net loss of $43.7 million in the same period last year. The GAAP net income was $0.00 per share, based on the net loss attributable to common shareholders, which takes into account the preferred stock dividends earned, whether or not they were declared or paid during the quarter. Adjusted EBITDA for the fourth quarter 2024 was $7.1 million, or 25% of revenue, compared to $4.1 million in the same period last year. Advertisement Adjusted net income was $3.9 million, or $0.24 per share. Norman Roth commented "this is our third consecutive quarter of positive GAAP net income and our largest quarterly net income since Q4 2021. It was also the highest quarterly adjusted EBITDA we have reported in two years. We were able to use the profits and cash flows we generated to fully pay the outstanding balance on our Silicon Valley Bank line of credit. We have accomplished what we set out to achieve in 2024, leaving ourselves in a strong position for 2025.” Cash Balances and Capital As of December 31, 2024, the Company had approximately $5.1 million of cash. Net working capital was $5.2 million. During the full year 2024, cash flow from operations was approximately $20.6 million, compared to $15.5 million in 2023. Advertisement On December 31, 2024, the Company had 4,526,231 shares of Series A Preferred Stock outstanding and 1,511,372 shares of non-convertible Series B Preferred Stock outstanding. As of December 31, 2024, the Series A and B shares both accrued dividends at the rate of 8.75% per annum, based on the $25.00 per share liquidation preference (equivalent to $ $2.1875 annually per share), and they are redeemable at the Company's option once the preferred stock dividends are brought current. Effective September 12, 2024, the dividend on the Series A Preferred Stock was reduced from 11% to 8.75% per annum or $2.75 to $2.1875 annually per share. Due to the Series A Preferred Stock conversion in March 2025, the number of Series A Preferred Stock shares outstanding was reduced to 984,530 shares. 2025 Guidance: Poised for More Growth CareCloud is raising the bar for 2025, expecting: For the Fiscal Year Ending December 31, 2025 Advertisement Forward-Looking Guidance Revenue $111 - $114 million Adjusted EBITDA $26 - $28 million Net Income Per Share (EPS) The Company anticipates full year 2025 revenue of approximately $111 to $114 million. Revenue guidance is based on management's expectations regarding revenue from existing clients, organic growth in new client additions and anticipated number of acquisitions. Adjusted EBITDA is expected to be $26 to $28 million for full year 2025 and reflects improvements from the Company's cost reduction efforts. EPS is expected to be $0.10 to $0.13 for full year 2025. Conference Call Information CareCloud management will host a conference call today at 8:30 a.m. Eastern Time to discuss the full year 2024 results. The live webcast of the conference call and related presentation slides can be accessed at ir.carecloud.com/events . An audio-only option is available by dialing 201-389-0920 and referencing "CareCloud Full Year 2024 Earnings Call.” Investors who opt for audio-only will need to download the related slides at ir.carecloud.com/events A replay of the conference call and related presentation slides will be available approximately three hours after conclusion of the call at the same link . An audio-only option can also be accessed by dialing 412-317-6671 and providing the access code 13751992. Use of Non-GAAP Financial Measures In our earnings releases, prepared remarks, conference calls, slide presentations, and webcasts, we use and discuss non-GAAP financial measures, as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investor Relations section of our web site at ir.carecloud.com Forward-Looking Statements This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may,” "might,” "will,” "shall,” "should,” "could,” "intends,” "expects,” "plans,” "goals,” "projects,” "anticipates,” "believes,” "seeks,” "estimates,” "forecasts,” "predicts,” "possible,” "potential,” "target,” or "continue” or the negative of these terms or other comparable terminology. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry's) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company's ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies' products and services competitive with ours, manage and keep our information systems secure and other important risks and uncertainties referenced and discussed under the heading titled "Risk Factors” in the Company's filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About CareCloud CareCloud (Nasdaq: CCLD, CCLDO, CCLDP) brings disciplined innovation and generative AI solutions to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), artificial intelligence (AI), business intelligence (BI), patient experience management (PXM) and digital health, at www.carecloud.com Follow CareCloud on LinkedIn X and Facebook For additional information, please visit our website at www.carecloud.com . To listen to video presentations by CareCloud's management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com SOURCE CareCloud Company Contact: Norman Roth Interim Chief Financial Officer and Corporate Controller CareCloud, Inc. nroth@carecloud.com Investor Contact: Stephen Snyder Co-Chief Executive Officer CareCloud, Inc. ir@carecloud.com CARECLOUD, INC. CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2023 ($ in thousands, except share and per share amounts) December 31, December 31, ASSETS Current assets: Cash Accounts receivable - net Contract asset Inventory Current assets - related party Prepaid expenses and other current assets Total current assets Property and equipment - net Operating lease right-of-use assets Intangible assets - net Goodwill Other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Accrued compensation Accrued expenses Operating lease liability (current portion) Deferred revenue (current portion) Notes payable (current portion) Dividend payable Total current liabilities Notes payable Borrowings under line of credit Operating lease liability Deferred revenue Total liabilities COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Preferred stock, $0.001 par value - authorized 7,000,000 shares. Series A, issued and outstanding 4,526,231 shares at December 31, 2024 and December 31, 2023. Series B, issued and outstanding 1,511,372 and 1,468,792 shares at December 31, 2024 and December 31, 2023, respectively Common stock, $0.001 par value - authorized 35,000,000 shares. Issued 16,997,035 and 16,620,891 shares at December 31, 2024 and December 31, 2023, respectively. Outstanding 16,256,236 and 15,880,092 shares at December 31, 2024 and December 31, 2023, respectively Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Less: 740,799 common shares held in treasury, at cost at December 31, 2024 and December 31, 2023 Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY CARECLOUD, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND YEARS ENDED DECEMBER 31, 2024 AND 2023 ($ in thousands, except share and per share amounts) Three Months Ended December 31, December 31, NET REVENUE OPERATING EXPENSES: Direct operating costs Selling and marketing General and administrative Research and development Depreciation and amortization Goodwill impairment charges Lease terminations, unoccupied lease charges and restructuring costs Total operating expenses OPERATING INCOME (LOSS) OTHER: Interest income Interest expense Other expense - net INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES Income tax provision (benefit) ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")}); News Nation Regions World Sports Entertainment Lifestyle The Sunday Times Opinion Editorial Editorial Cartoon OP-ED Columns From our Readers Legal Advice Business Top Business Corporate News Foreign Business Sunday Business & IT Company Announcements Special Sections Special Features TMT Newswire Videos Podcasts Market Overview Weather Exam Results The Manila Times Home Delivery Subscription Subscribe to our Digital Edition The Manila Times College The Manila Times Streaming The Manila Times Forum The Manila Times Coffee Break The Manila Times Classifieds Twitter Youtube Facebook Instagram DailyMotion Spotify Subscribe Now Copyright © The Manila Times – All Rights Reserved. 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  Data Source Type	news
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