24/7 Market News Snapshot 12 November, 2024 – CareCloud, Inc. Common Stock (NASDAQ:CCLD)

November 12, 2024

DENVER, Colo., 12 November, 2024 (247marketnews.com) – (Nasdaq:CCLD) are discussed in this article.
CareCloud, Inc. (Nasdaq:CCLD, CCLDO, CCLDP) has experienced a remarkable surge in its stock performance, opening at $3.36 and currently trading at $3.46, representing a notable increase of approximately 32.57%. This uptick follows yesterday’s close at $2.61, indicating a robust positive sentiment among investors, reflected in a trading volume of 507.94K shares. Such activity highlights the strong interest in CareCloud, signaling confidence in its significant growth prospects.

In addition to its impressive market performance, CareCloud recently announced a significant milestone in its financial strategy by paying off a $10 million credit line with Silicon Valley Bank. This strategic move aligns with the company’s commitment to boosting its financial health, evidenced by a substantial year-to-date free cash flow of $10.3 million—an increase of 328% from the previous year.

CareCloud’s third-quarter results for 2024 further underscore its upward trajectory, reporting a GAAP net income of $3.1 million, a reversal from a loss of $2.7 million during the same period last year. The quarter also noted a remarkable 111% increase in adjusted EBITDA to $6.8 million. Despite a slight year-over-year decline, the year-to-date revenue reached $82.6 million, demonstrating resilience in its operations.

Looking forward, CareCloud plans to resume dividends on its Series A and B Preferred Stock starting March 15, 2025, reinforcing its commitment to enhancing shareholder value. CEO A. Hadi Chaudhry emphasized the company’s successful execution of profitability targets, which have been bolstered by the integration of generative AI capabilities. As CareCloud continues to innovate within the healthcare technology sector, it is well-positioned for sustained growth and enhanced operational efficiency.

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