Increasing emphasis on technology-driven solutions
SOMERSET, N.J., Jan. 05, 2022 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, announced today that its business has more than doubled during the last two years.
“We’re pleased to announce that 2021 was another record year of growth for CareCloud as we anticipate having exceeded $138 million of revenue, the high end of our guidance range, while growing adjusted EBITDA to a new record of approximately $22 million,” said Hadi Chaudhry, President and CEO, CareCloud. Here are some highlights of our activities over the last two years:
- There were approximately 1,650 medical practices using our SaaS platform and/or our revenue cycle management services during 2021, up 83% from approximately 900 practices in 2019.
- Our revenue cycle management services enabled our clients to collect $2.3 billion in payments in 2021, a 142% increase from the $930 million collected in 2019.
- There were more than 70 hospitals using our services and/or technology in 2021, up from approximately 20 in 2019. Hospitals typically use our revenue cycle management services, professional IT services, and our PrecisionBI business intelligence platform, all of which complement third-party EHRs or practice management systems designed for in-patient hospital settings.
- 82% of our total revenue came from technology-enabled solutions, including our SaaS platform and professional services related to technology in 2021, up from 59% in 2019. The technology-enabled component of our revenue has tripled since 2019, accounting for essentially 100% of our growth over the last two years.
“CareCloud completed a pivotal year in 2021, and we are pleased to report that our preliminary numbers indicate we are on track to exceed our annual revenue guidance of $135-138 million,” said Bill Korn, Chief Financial Officer, CareCloud. “We have continued to invest in our future growth, so we expect to report adjusted EBITDA within our guidance range, but toward the lower half of the range. This will represent more than double the adjusted EBTIDA we reported in 2020.”
“For 2022, we expect to continue to provide robust growth in revenue and adjusted EBITDA and anticipate providing annual guidance, as usual, during our next earnings call,” continued Mr. Korn. “During first quarter 2022 we expect significant growth in revenue and adjusted EBITDA compared to first quarter 2021, but just like last year, we will see typical first quarter industry seasonality due to medical deductibles and expect a milder-than-usual cold and flu season, which will reduce revenue and adjusted EBITDA compared to fourth quarter 2021.”
CareCloud (Nasdaq: MTBC) (Nasdaq: MTBCP) 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. More than 40,000 providers count on CareCloud to help them 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.
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,” “should,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” 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.
Chief Financial Officer
Matt Kreps, Managing Director
Darrow Associates Investor Relations
Corporate Communications Manager