CareCloud, Inc. Reports Strong Q3 2024 Results

Carecloud, Inc. ( (CCLD) ) has released its Q3 earnings. Here is a breakdown of the information Carecloud, Inc. presented to its investors.

CareCloud, Inc., a healthcare technology company specializing in generative AI solutions for medical practices and health systems, announced its financial results for the third quarter of 2024. The company, which provides technology-enabled solutions such as revenue cycle management and electronic health records, is recognized for enhancing patient care while reducing administrative burdens.

In its latest earnings report, CareCloud revealed significant financial improvements for the third quarter of 2024. The company reported a GAAP net income of $3.1 million, marking a turnaround from a net loss of $2.7 million in the same quarter of the previous year. Adjusted net income saw an impressive increase to $3.5 million, a 1,610% rise from the $200 thousand recorded in Q3 2023. Despite a slight decrease in revenue to $28.5 million from $29.3 million, the company showed strong operational performance with a record free cash flow of $5.4 million.

Key financial metrics highlight CareCloud’s strategic financial management, including a 405% increase in free cash flow and a 111% rise in adjusted EBITDA to $6.8 million. The company has successfully paid off its Silicon Valley Bank credit line and plans to resume dividends on its Series A and B Preferred Stock in March 2025. These strategic moves, alongside the integration of generative AI to improve operational efficiencies, position CareCloud for continued profitability and growth.

Looking ahead, CareCloud’s management anticipates leveraging its enhanced financial flexibility to execute on strategic and growth objectives for 2025. With the reaffirmation of revenue guidance and an increase in adjusted EBITDA guidance, the company is set to capitalize on its disciplined execution strategy and AI advancements to drive long-term value creation.