CareCloud Inc (CCLD) Reports Q3 2023 Earnings: Revenue Declines 13% YOY

• CareCloud Inc (NASDAQ:CCLD) has reported a decline in revenue for Q3 2023, with a 13% decrease compared to Q3 2022, amounting to $29.3 million.

• The company has also posted a net loss of $2.7 million, in contrast to a net income of $1.1 million in the same period last year.

• Adjusted net income for Q3 2023 stands at $203,000, or $0.01 per share.

• Year-to-date revenue for 2023 is $88.6 million, showing a 17% decrease from YTD 2022.

On November 2, 2023, CareCloud Inc (NASDAQ:CCLD), 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,

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.

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Analysis of Performance

The decline in revenue and the shift from net income to net loss indicate a challenging period for CareCloud Inc (NASDAQ:CCLD). However, the company’s optimism about future growth and its strategic actions to improve its market position 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.

This article first appeared on GuruFocus.