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."
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