CareCloud Q3 revenue falls 13% to $29.3M; GAAP net loss $2.7M; maintains FY guidance

CareCloud, Inc.

2023-Q3 EPS reported -$1.07 revenue$88,643,000

Revenue $29.3M, down 13% YoY; GAAP net loss $2.7M vs net income $1.1M in Q3 2022.
Adjusted EBITDA $3.2M (11% of revenue) vs $4.8M in Q3 2022; adj. net income $203k ($0.01/share).
Full-year 2023 guidance reaffirmed: revenue $120-122M, adj. EBITDA $15-17M.
Company plans cost reductions to improve free cash flow by $10M annualized; launched CirrusAI generative AI platform.
Cash at Sep 30: $6.4M; net working capital $5.5M; YTD adj. EBITDA $11.3M.

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 quarter ended September 30, 2023 results: revenue $29.3 million, net income $2.7 million.

Period: quarter ended September 30, 2023
Revenue: $29.3 million
Net income: $2.7 million
Result: reported results

Exact text from the filing

our position as a leading tech-enabled revenue cycle management provider and return the company to sustainable growth.” Third Quarter 2023 Highlights ● Revenue of $29.3 million, 13% decline from Q3 2022 ● GAAP net loss of $2.7 million, compared to a net income of $1.1 million in Q3 2022 ● Adjusted net income of $203,000, or $0.01 per share ● Adjusted

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CareCloud, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-039076

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