CareCloud Financial & Operational Update

SOMERSET, N.J., Sept. 20, 2023 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, has released a financial and operational update, highlighting its continued success and commitment to growth:

• Reaffirmed Fiscal Year 2023 Guidance: CareCloud has reaffirmed its previously announced forward-looking guidance for 2023. This guidance includes expected revenue in the range of $120 to $122 million and adjusted EBITDA between $15 to $17 million. This demonstrates the Company’s confidence in meeting its financial targets.
• Solid Foundation for Future Growth: CareCloud highlights its stable core business, significant contract wins, and advancements in generative artificial intelligence (AI) technology. These factors collectively lay a solid foundation for anticipated revenue growth, profitability improvements and positive free cash flow in 2024. The Company’s strategic focus on AI and innovative solutions positions it well for success in the evolving healthcare technology landscape.
• Stable Financial Position: CareCloud emphasizes its stable financial position, with a $25 million line of credit and compliant with its covenants, which were recently relaxed to provide additional flexibility. Last year, the Company redeemed approximately $20 million of preferred stock at the $25 face value per share. With a strong balance sheet and three classes of publicly-trading shares, the Company has several alternatives if it were desirable to raise additional capital in the future, and has the option to redeem additional preferred stock at $25 per share if it chooses.
• Consistent Dividend Payments: The Company takes pride in its impressive track record, spanning 8+ years of paying timely monthly cash dividends on both series of its preferred stock. This commitment to rewarding shareholders reflects CareCloud’s dedication to delivering value to its investors.

A. Hadi Chaudhry, President and Chief Executive Officer of CareCloud stated, “CareCloud’s financial and operational update reaffirms our expectations to meet our fiscal year 2023 guidance. With the core business performing well and our focus on emerging technologies like generative AI solutions, CareCloud is well-positioned for continued success in the healthcare technology sector.”

“CareCloud is committed to improving profitability and its positive free cash flow in 2024,” added Larry Steenvoorden, Chief Financial Officer. “This will provide the financial support to manage our capital structure while also driving top-line growth.”

About CareCloud

CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation 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), business intelligence, patient experience management (PXM) and digital health, at www.carecloud.com.

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For additional information, please visit our website at www.carecloud.com. To view CareCloud’s latest investor presentations, read recent press releases, and listen to interviews with management, please visit ir.carecloud.com.

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 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,” “seek,” “estimates,” “forecast,” “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 the Covid-19 pandemic 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, 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. In addition, there is uncertainty about the spread of the Covid-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s services, and economic activity in general.

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.

SOURCE CareCloud

Company Contact:
Bill Korn
Chief Strategy Officer
CareCloud, Inc.
bkorn@carecloud.com

Investor Contact:
Asher Dewhurst
ICR Westwicke
CareCloudIR@westwicke.com