On November 2, 2023, CareCloud Inc (CCLD, Financial), a leader in healthcare technology solutions, announced its financial and operational results for the quarter ended September 30, 2023. The company reported a 13% decline in revenue from Q3 2022, standing at $29.3 million. The GAAP net loss was $2.7 million, compared to a net income of $1.1 million in the same period last year.
Financial Highlights
Adjusted net income for Q3 2023 was $203,000, or $0.01 per share, with an adjusted EBITDA of $3.2 million, compared to $4.8 million in Q3 2022. Year-to-date 2023 revenue was $88.6 million, marking a 17% decrease from YTD 2022. The GAAP net loss for the first nine months of 2023 was $5.0 million, compared to a net income of $4.9 million in the same period last year. Adjusted net income for the first nine months of 2023 was $4.0 million, or $0.25 per share.
Company's Outlook
Despite the decline in revenue, CareCloud's President and CEO, A. Hadi Chaudhry, expressed optimism about the company's future. He stated,
We are optimistic about the opportunities ahead and remain committed to delivering top-tier healthcare solutions to our customers while generating returns for our shareholders. We believe that the strategic actions we have taken recently will further strengthen our position as a leading tech-enabled revenue cycle management provider and return the company to sustainable growth."
Financial Tables Summary
The company's balance sheet as of September 30, 2023, shows a total asset value of $125.9 million, compared to $136.1 million as of December 31, 2022. The total liabilities and shareholders' equity also stood at $125.9 million. The company's cash and net working capital were approximately $6.4 million and $5.5 million, respectively. During the first nine months of 2023, cash flow from operations was approximately $11.7 million.
Analysis of Performance
The decline in revenue and the shift from net income to net loss indicate a challenging period for CareCloud Inc (CCLD, Financial). However, the company's optimism about future growth and its strategic actions to improve its position in the market suggest potential for recovery. The company's focus on servicing specialist provider markets and emerging international opportunities also indicate areas for potential growth.
Explore the complete 8-K earnings release (here) from CareCloud Inc for further details.
