SOMERSET, N.J., March 14, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the "Company") (NASDAQ:CCLD, CCLDO, CCLDP)), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, announced today that its Board of Directors (the "Board") has declared monthly cash dividends for its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") and its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferre ...

Financial Performance - The company reported net revenue of $110.837 million for the year ended December 31, 2024, a decrease of 5.2% from $117.059 million in 2023[261] - Adjusted EBITDA for 2024 was $24.057 million, significantly up from $15.429 million in 2023, representing a year-over-year increase of 55.5%[261] - The company achieved a GAAP net income of $7.851 million in 2024, compared to a net loss of $48.674 million in 2023[261] - Adjusted operating income for 2024 was $11.455 million, up from $5.967 million in 2023, resulting in an adjusted operating margin of 10.3% compared to 5.1% in the previous year[264] - Non-GAAP adjusted net income for 2024 was $10.520 million, compared to $4.801 million in 2023, indicating a substantial improvement in profitability[264] - The company reported a non-GAAP adjusted earnings per share of $0.65 for 2024, an increase from $0.30 in 2023[266] - The company’s GAAP operating margin improved to 8.2% in 2024 from a negative 40.2% in 2023[264] - Operating income for 2024 was $9,121,000, compared to an operating loss of $47,115,000 in 2023[267] - Net income for 2024 was $7,851,000, a significant improvement from a net loss of $48,674,000 in 2023[267] - Net income attributable to common shareholders was a loss of $4,459,000 in 2024, an improvement from a loss of $64,348,000 in 2023[267] Expenses and Cost Management - The company’s offshore operations accounted for approximately 15% of total expenses in 2024, up from 9% in 2023, with personnel-related costs making up about 75% of these expenses[256] - Total operating expenses decreased to $101,716,000 in 2024 from $164,174,000 in 2023, reflecting a reduction of 38%[267] - Direct operating costs represented about 13% of total costs in 2024, compared to 11% in 2023, indicating a slight increase in operational efficiency[282] - General and administrative expenses accounted for approximately 22% of total expenses in 2024, up from 17% in 2023, suggesting increased administrative costs[284] - Selling and marketing expenses decreased by $3.4 million or 35% to $6.2 million in 2024 from $9.7 million in 2023[314] - General and administrative expenses decreased by $5.3 million or 25% to $16.1 million in 2024 from $21.5 million in 2023[315] - Research and development expenses decreased by $955,000 or 20% to $3.8 million in 2024 from $4.7 million in 2023[316] - Total operating expenses for 2024 were $101.7 million, a decrease of $62.5 million or 38% from $164.2 million in 2023[313] Cash Flow and Financial Position - Cash balance increased to $5,145,000 in 2024 from $3,331,000 in 2023[268] - Positive cash flow from operations increased to $20.6 million in 2024 from $15.5 million in 2023, representing a 34% increase[331] - Cash used in investing activities decreased to $7.4 million in 2024 from $11.6 million in 2023, a reduction of $4.2 million[336] - Cash used in financing activities was $11.3 million in 2024, down from $13.3 million in 2023, including the full repayment of a $10 million credit line[337] - The company recorded a net increase in cash of $1.8 million in 2024, compared to a decrease of $8.9 million in 2023, marking a turnaround of $10.8 million[331] Client and Revenue Metrics - The company served approximately 40,000 providers across about 2,600 practices as of December 31, 2024, maintaining a stable client base[275] - Customer renewal rates improved to 95% in 2024 from 91% in 2023, reflecting strong client retention[276] - Revenue from technology-enabled business solutions accounted for approximately 67% of total revenues in 2024, up from 65% in 2023[277] - Revenue from technology-enabled business solutions was $73.7 million in 2024, down from $76.6 million in 2023[310] - Professional services revenue decreased by $4.8 million in 2024 compared to 2023, primarily due to the winding down of services for two large accounts[311] Goodwill and Impairment - Goodwill impairment charges in 2023 amounted to $42,000,000, reflecting a significant write-down related to the Healthcare IT reporting unit[287] - Goodwill impairment of approximately $2 million was recorded in October 2023, with an additional impairment of approximately $40 million recorded in December 2023[305] - Goodwill impairment charge of $42 million was recorded in 2023, resulting in the reversal of the entire deferred tax liability at December 31, 2023[325] Shareholder Information - The total fully diluted shares increased to 16,498,736 in 2024 from 16,614,000 in 2023[266] - The weighted average common shares outstanding increased to 16,146,975 in 2024 from 15,669,472 in 2023[267] - Shareholders' equity increased to $49,774,000 in 2024 from $41,717,000 in 2023[268] Tax and Interest - The income tax provision for 2024 was $160,000, contrasting with a tax benefit of $364,000 in 2023[323] - Interest income decreased by $66,000 or 43% to $88,000 for the year ended December 31, 2024, compared to $154,000 in 2023[320] - Interest expense decreased by $294,000 or 25% to $900,000 for the year ended December 31, 2024, from $1.2 million in 2023[321] - Other expense - net improved to $298,000 in 2024 from $883,000 in 2023, primarily due to a foreign exchange gain of $130,000 compared to a loss of $790,000 in 2023[322] Future Outlook - The company plans to continue leveraging its offshore operations to maintain competitive cost advantages in the healthcare IT sector[256] - The company expects to achieve further economies of scale as it grows, potentially reducing direct operating costs as a percentage of revenue[282] - The company has a total federal NOL carry forward of approximately $265 million, with $187 million expiring between 2031 and 2038[328]

CareCloud, Inc. (NASDAQ:CCLD) Q4 2024 Earnings Conference Call March 13, 2025 8:30 AM ET Company Participants Kristen Rothe - Corporate Counsel Stephen Snyder - Co-Chief Executive Officer Hadi Chaudhry - Co-Chief Executive Officer & Director Norman Roth - Interim Chief Financial Officer & Corporate Controller Mahmud Haq - Founder & Executive Chairman Conference Call Participants Michael Kim - Zacks Small-Cap Research Jeffrey Cohen - Ladenburg Thalmann Allen Klee - Maxim Group Operator Greetings, and welcome ...

Q4 2024 RESULTS Nasdaq Global Market: CCLD, CCLDP, CCLDO March 13, 2025 A leading provider of technology-enabled services and solutions that redefine the healthcare revenue cycle © CareCloud, Inc. 2025 Safe Harbor Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by term ...

Exhibit 99.1 CareCloud Reports Record Breaking Full Year 2024 Net Income SOMERSET, N.J. March 13, 2025 (GLOBE NEWSWIRE) - CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions, today announced strong financial results for the full year ended December 31, 2024. The Company's strategic execution and AI-driven innovation have fueled a transformational turnaround, positioning CareCloud for continued profitability and long-term growth. CareCloud's management ...

Core Viewpoint - CareCloud, Inc. has achieved a significant turnaround in its financial performance for the year ended December 31, 2024, returning to GAAP profitability, generating record cash flow, resuming dividends, and strengthening its balance sheet [1][4][9] Financial Performance - Full year 2024 revenue was $110.8 million, down from $117.1 million in 2023 [4][6] - GAAP net income for 2024 was $7.9 million, a recovery from a net loss of $48.7 million in 2023 [4][6] - Adjusted net income for 2024 was $10.5 million, or $0.65 per share [4][8] - Adjusted EBITDA for 2024 was $24.1 million, an increase of 56% from $15.4 million in 2023 [6][9] Fourth Quarter Performance - Fourth quarter 2024 revenue was $28.2 million, slightly down from $28.4 million in Q4 2023 [5][6] - GAAP net income for Q4 2024 was $3.3 million, compared to a net loss of $43.7 million in Q4 2023 [6][7] - Adjusted EBITDA for Q4 2024 was $7.1 million, a 73% increase from $4.1 million in the same period last year [6][7] Operational Improvements - The company has successfully transformed its cost structure, enhancing operational efficiency through AI-driven innovations [2][4] - Free cash flow for 2024 was $13.2 million, a substantial increase of 244% from $3.8 million in 2023 [6][9] Shareholder Actions - In January 2025, CareCloud increased the number of authorized common shares from 35 million to 85 million and declared two months of Preferred Stock dividends [3] - The conversion of 3.5 million shares of Series A Preferred Stock into common stock resulted in the issuance of 26 million additional common shares, reducing the annual dividend burden by $7.7 million [3][6] 2025 Guidance - For the fiscal year ending December 31, 2025, CareCloud expects revenue between $111 million and $114 million [12][13] - Adjusted EBITDA is anticipated to be between $26 million and $28 million, with net income per share projected at $0.10 to $0.13 [12][13]

SOMERSET, N.J., March 11, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare information technology and generative AI solutions for medical practices and health systems nationwide, announced today that it will formally notify The Nasdaq Stock Market LLC of its intent to voluntarily delist its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: CCLDP) (“Series A Preferred Stock”) from the Nasdaq Global Market. The Company expects ...

Core Viewpoint - CareCloud, Inc. has announced the mandatory conversion of its 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock into Common Stock, which is expected to eliminate approximately $7 million in annual dividend obligations and improve the company's capital structure [1][2]. Group 1: Conversion Details - The conversion will be effective at 4:01 p.m. Eastern Time on March 6, 2025, with each share of Preferred Stock converting into 7.3358 shares of Common Stock, including all accumulated and unpaid dividends [2][3]. - Shareholders holding at least 100,000 shares of Preferred Stock will retain the right to object to the conversion if their shares are held by the company's transfer agent [3]. Group 2: Financial Implications - The conversion is anticipated to free up capital for reinvestment in growth initiatives, enhancing the company's ability to create shareholder value [2]. - The elimination of dividend obligations is expected to provide greater flexibility in managing the company's financial resources [2]. Group 3: Company Overview - CareCloud specializes in healthcare information technology and generative AI solutions, serving over 40,000 providers to improve patient care while reducing administrative burdens and operating costs [5].

Core Viewpoint - CareCloud, Inc. is resuming its acquisition strategy to enhance its position in the healthcare technology and revenue cycle management sectors, starting with the acquisition of Mesa, LLC, which was finalized on February 28, 2025 [2][3]. Group 1: Acquisition Strategy - The acquisition of Mesa, LLC marks CareCloud's first step in a renewed aggressive expansion strategy, aiming to reinforce its leadership in the healthcare billing industry [2][3]. - CareCloud has a history of successful acquisitions, having completed over 20 deals between 2012 and 2022, achieving a compound annual growth rate (CAGR) of over 30% during that period [3]. - The company is shifting back into high gear for acquisitions after a pause since Q2 2021, with MesaBilling being the starting point for this new phase [3]. Group 2: Market Context - The renewed focus on acquisitions aligns with a growing demand from medical practices for streamlined, technology-enabled financial management solutions [4]. - CareCloud plans to leverage its proprietary technology, including AI-powered revenue cycle management and automation tools, to expand its platform and serve a broader network of healthcare providers [4]. Group 3: Company Overview - CareCloud provides a suite of AI and technology-enabled solutions aimed at improving financial and operational performance, streamlining clinical workflows, and enhancing patient experiences [5]. - The company serves over 40,000 providers, helping them reduce administrative burdens and operating costs while improving patient care [5].

SOMERSET, N.J., Feb. 24, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, will release its financial results for the fourth quarter and full year ended December 31, 2024 before the market opens on Thursday, March 13, 2025. The Company will follow with a conference call for investors at 8:30 a.m. Eastern Time. The live webcast of the conference call and related presentation ...