CareCloud Q1 revenue down 15% to $30M; GAAP net loss of $401k; reaffirms FY 2023 guidance

CareCloud, Inc.

2024-Q1 EPS reported -$0.28 revenue$30,001,000

Revenue $30.0M (down 15% YoY); GAAP net loss $401k ($0.28/sh) vs $1.1M net income a year ago.
Adjusted net income $2.4M ($0.15/sh); Adjusted EBITDA $4.2M (14% margin) vs $4.7M last year.
Revenue decline driven by two large acquired clients migrating off in mid-2022 ($2.6M), lower professional services ($1.2M), and end of COVID-related RCM ($1.2M).
Reiterates FY 2023 guidance: revenue $142-146M, adjusted EBITDA $24-27M.
Cash $8.2M; $10M drawn on SVB/First-Citizens line of credit; net working capital $12.3M.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CareCloud, Inc. reported fiscal year ending December 31, 2023 results: revenue $142 – $146 million. Guidance reaffirmed.

Period: fiscal year ending December 31, 2023
Revenue: $142 – $146 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

CareCloud is reiterating the following forward-looking guidance for the fiscal year ending December 31, 2023: For the Fiscal Year Ending December 31, 2023 Forward-Looking Guidance Revenue $142 – $146 million Adjusted EBITDA $24 – $27 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CareCloud, Inc. reported first quarter 2023 results: revenue $30.0 million, net income net loss of $401,000, EPS $0.28 per share. Guidance reaffirmed.

Period: first quarter 2023
Revenue: $30.0 million
Net income: net loss of $401,000
EPS: $0.28 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First Quarter 2023 Highlights ● Revenue of $30.0 million ● GAAP net loss of $401,000, or $0.28 per share

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CareCloud, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-015370

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