CareCloud Reports Record Breaking Full Year 2024 Net Income

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$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$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$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]