CareCloud Reviews 2022 Highlights and Provides 2023 Outlook
Trading opens with new Nasdaq symbol CCLD today
SOMERSET, N.J., Jan. 10, 2023 (GLOBE NEWSWIRE) -- 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.
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.
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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.
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Chief Financial Officer
Released January 10, 2023