secwatch.observer — SEC 8-K summary
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Issuer:     CareCloud, Inc. (CCLD)
CIK:        0001582982
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0001493152-23-015370
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1582982/000149315223015370/0001493152-23-015370-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1582982/000149315223015370/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-015370

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