CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDP, CCLDO), a
leader in healthcare technology solutions for medical practices and
health systems nationwide, reflects on the challenges and successes
of 2022, as well as provides guidance for 2023.
CareCloud experienced another milestone in 2022
by recording the highest organic bookings growth since going public
in 2014. The year featured strategic initiatives aimed at driving
organic growth while helping providers navigate the next generation
of healthcare. The continued advancement of CareCloud's organic
growth strategy, initiated in 2020, allowed the Company to achieve
record bookings in three quarters of 2022, through a combination of
new customers and new products to drive more revenue from existing
customers.
The Company continued to enhance its solutions
and services to be more interoperable with other systems, support
more users, and add proprietary technology that better meets the
needs of a wider range of providers, as well as the needs of an
industry constantly evolving. CareCloud also added a comprehensive
suite of digital health solutions that have proven critical to
helping providers adopt a more proactive approach to care delivery,
while taking advantage of a value-based care model.
Below is a summary of CareCloud’s 2022 key
milestones:
- Appointed new sales and marketing
leadership and expanded team from 13 at the beginning of 2020 to
more than 50 by the end of 2022
- 94% growth in annual recurring
bookings, supported by growth in the Company’s core healthcare
technology
- Signed large workforce augmentation
contract (CareCloud Force) that initially provides an anticipated
few hundred employees to a well-known, publicly-traded healthcare
technology company
- Launched new digital health
solutions for chronic care management and remote patient
monitoring
- Solutions and services recognized
for excellence by several review-based award sites, including KLAS
Research, Forbes, Business News Daily and more
- Advanced interoperability efforts,
including certifying technology to Cures Act criteria, developing
an FHIR-based integration engine called CareCloud Connector, and
currently pursuing other designations
- Improved healthcare analytics and
business intelligence platform by adding scalability and
platform-agnosticism
- Updated software to the new
technology platforms
CareCloud President and Chief Executive Officer
Hadi Chaudhry noted that CareCloud's bookings improved every
quarter in 2022, and the record numbers will help CareCloud grow
more in the future. “CareCloud experienced record organic bookings
in 2022, including more than $5 million in the second quarter, more
than $7 million in the third quarter, and more than $8 million in
the fourth quarter,” said Chaudhry. “In fact, we closed almost
twice as much in new recurring bookings in 2022 as in 2021. When
realized, those bookings will further advance our growth trajectory
in the coming years.”
Although CareCloud signed a significant number
of new customers in 2022, revenue was impacted by the loss of two
previously announced major customers that had each been acquired by
different health systems before we assumed their contracts in a
2020 merger. Both customers completed migration to their acquirers’
platforms in mid-2022 to better align with their new health
systems.
“CareCloud has built a strong sales and
marketing team, increased our digital marketing and awareness
initiatives, and enhanced the scope of new digital offerings and
next generation solutions,” said Bill Korn, Chief Financial
Officer. “If we weren’t comparing to 2021 revenue, which included
the two customers in process of migrating away, we would have seen
healthy revenue growth for the year.
“Because of challenges faced in 2022, we updated
our guidance for 2022 revenue to $138 to $140 million. We remain
confident with our guidance range of $22 to $24 million of adjusted
EBITDA for 2022. Based on revenue from cross-selling our new
CareCloud Wellness offering to existing customers, and our sales
and marketing team signing record new business in 2022, we expect
our 2023 guidance to be in the range of $142 to $146 million. This
excludes any growth from potential acquisitions during 2023. We
also expect our adjusted EBITDA will be in the range of $24 to $27
million.”
Ticker Change to CCLD
As previously announced, effective today
CareCloud’s Nasdaq ticker symbol will change from MTBC to CCLD. At
the same time, CareCloud’s Series A Preferred Stock ticker will
change from MTBCP to CCLDP, and the Series B Preferred Stock ticker
will change from MTBCO to CCLDO.
About
CareCloud
CareCloud (Nasdaq: CCLD, CCLDP and CCLDO) brings
disciplined innovation to the business of healthcare. Our suite of
technology-enabled solutions helps clients increase financial and
operational performance, streamline clinical workflows and improve
the patient experience. Approximately 40,000 providers count on
CareCloud to help improve patient care, while reducing
administrative burdens and operating costs. Learn more about our
products and services, including revenue cycle management (RCM),
practice management (PM), electronic health records (EHR), business
intelligence, telehealth and patient experience management (PXM) at
www.carecloud.com.
For additional information, please visit our
website at www.carecloud.com.
Follow CareCloud on LinkedIn, Twitter and Facebook.
Forward-Looking Statements
This press release contains various
forward-looking statements within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. 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 terminology
such as “may,” “might,” “will,” “shall,” “should,” “could,”
“intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,”
“believes,” “seeks,” “estimates,” “forecasts,” “predicts,”
“possible,” “potential,” “target,” or “continue” or the negative of
these terms or other comparable terminology.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, the impact of the Covid-19 pandemic on our financial
performance and business activities, and the expected results from
the integration of our acquisitions.
These forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are only predictions, are uncertain and involve substantial
known and unknown risks, uncertainties and other factors which may
cause our (or our industry’s) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating to the Company’s ability to manage growth,
migrate newly acquired customers and retain new and existing
customers, maintain cost-effective global operations, increase
operational efficiency and reduce operating costs, predict and
properly adjust to changes in reimbursement and other industry
regulations and trends, retain the services of key personnel,
develop new technologies, upgrade and adapt legacy and acquired
technologies to work with evolving industry standards, compete with
other companies’ products and services competitive with ours, and
other important risks and uncertainties referenced and discussed
under the heading titled “Risk Factors” in the Company’s filings
with the Securities and Exchange Commission. In addition, there is
uncertainty about the spread of the Covid-19 virus and the impact
it may have on the Company’s operations, the demand for the
Company’s services, and economic activity in general.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
SOURCE CareCloud
Company Contact:Bill KornChief
Financial OfficerCareCloud, Inc. bkorn@carecloud.com
Investor Contact:Asher DewhurstICR
WestwickeCareCloudIR@westwicke.com
Media Inquiries:Alexis FeinbergICR
WestwickeCareCloudPR@westwicke.com
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