CareCloud Reports Q1 2024 Results

May 14, 2024

DENVER, Colo., May 14, 2024 (247marketnews.com)- CareCloud, Inc. (Nasdaq:CCLD) reported its first quarter financial and operational results

Despite revenue dropping from $30 million in the first quarter of 2023, to $26 million in the first quarter 2024, CareCloud grew GAAP operating income to $129,000, for Q1 2024, as compared to operating loss of ($223,000) in Q1 2023, and free cash flow of $2.2 million, for Q1 2024, as compared to ($2.0 million) in Q1 2023.

The improved margins are a result of approximately $22 million in annualized expense reductions since the Company implemented an initiative that began in October 2023, of which $15 million in cost savings will be realized this year.

“I’m very pleased to announce that we are turning the corner in our pivot towards improved profitability, as our free cash flow, cash from operations and related metrics are all moving strongly in the right direction even with a lower level of revenue, enabling us to pay down $2.0 million on our credit facility so far this year,” commented A. Hadi Chaudhry, CEO of CareCloud. “Additionally, we have continued to actively expand our use of generative AI, which further drives operating efficiencies as we simultaneously strengthen the foundation of our platform.”

“Our entire team remains hard at work, with the shared goal of aligning costs and driving profitability,” said CareCloud’s President, Stephen Snyder. “Our first quarter revenue is always seasonally low, due to the effect of insurance deductibles, and we continued to have softness in medSR’s nonrecurring project-based revenue; however, the effects of our cost reduction efforts are starting to materialize. During the quarter, we were encouraged to realize improved year-over-year free cash flow, and positive GAAP operating income for the first time since 2022, and a large increase in cash provided from operations.”

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