SOMERSET, N.J., Nov. 04, 2021 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: MTBC) (Nasdaq: MTBCP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced financial and operational results for the third quarter ended September 30, 2021. The Company’s management will conduct a conference call with related slides today at 8:30 a.m. Eastern Time to discuss these results and management’s outlook for the year.

Third Quarter 2021 Highlights

  • Record revenue of $38.3 million, 21% growth over Q3 2020
  • Record GAAP net income of $1.5 million, compared to a net loss of $1.7 million in Q3 2020
  • Record adjusted net income of $6.1 million, or $0.41 per share, growth of 72% over Q3 2020
  • Record adjusted EBITDA of $6.7 million, an increase of $2.5 million compared to $4.2 million in Q3 2020

Year-to-date 2021 Highlights

  • Revenue of $102.1 million, a 40% increase from YTD 2020
  • GAAP net loss declined to $686,000, compared to a net loss of $9.0 million in the same period last year
  • Adjusted net income of $13.5 million or $0.91 per share, compared to $3.5 million in the same period last year
  • Adjusted EBITDA of $16.0 million, an increase of $10.8 million from $5.2 million in the same period last year

“We are excited to report record revenue of $38.3 million in the third quarter, a $6.7 million year-over-year increase,” said A. Hadi Chaudhry, CareCloud’s Chief Executive Officer and President. “We are on track to achieve another year with 30% or more year-over-year revenue growth while we more than double our adjusted EBITDA. That would make 2021 our fifth consecutive year with over 25% annual revenue growth. We achieved these record results through a combination of organic growth and our acquisition of medSR on June 1, 2021, as well as our relentless focus on reducing costs in our acquired companies to improve our operating efficiencies.”

“We are very proud to report positive GAAP net income of $1.5 million this quarter, in addition to a record $6.7 million in adjusted EBITDA, representing our eighteenth consecutive quarter of positive adjusted EBITDA,” continued Hadi Chaudhry. “We are pleased to give investors the opportunity to invest in a company achieving both rapid growth and profitability.”

Third Quarter 2021 Financial Results

Revenue for the third quarter 2021 was a record $38.3 million, an increase of $6.7 million or 21% from the third quarter of 2020.

Bill Korn, Chief Financial Officer, commented “Revenue was a new record for the Company, 12% above our previous all-time high, set last quarter. Our annualized revenue run rate is now $150 million, which is 43% above our 2020 revenue and 133% above our 2019 revenue. This is proof that our strategy of growing through a combination of organic and strategic growth continues to allow us to grow revenue significantly faster than the industry.”

Third quarter 2021 GAAP net income was $1.5 million, as compared to a net loss of $1.7 million in the same period last year and a net loss of $227,000 in second quarter 2021. “While the management team looks at adjusted EBITDA and cash flow from operations as the primary indicators of whether our business is growing in a sustainable way, achieving positive GAAP profitability of well over $1 million this quarter is a great milestone showing our progress,” remarked Bill Korn.

GAAP net loss was $0.15 per share, based on the net loss attributable to common shareholders, which takes into account the preferred stock dividends declared during the quarter.

Non-GAAP adjusted net income for third quarter 2021 was $6.1 million, or $0.41 per share, and is calculated using the end-of-period common shares outstanding. “Non-GAAP adjusted net income exceeds the quarterly dividend paid to preferred shareholders, which is a metric investors often pay attention to,” Bill Korn noted. “Since non-GAAP adjusted net income excludes non-cash expenses like depreciation and amortization, it is a good indicator that our steady-state operating cash flow exceeds our dividend.”

Adjusted EBITDA for third quarter 2021 was $6.7 million, or 17% of revenue, compared to $4.2 million in the same period last year. CareCloud’s adjusted EBITDA increased by approximately $2.5 million from Q3 2020, in large part due to the cost savings resulting from integrating the businesses the Company acquired during 2020. “Adjusted EBITDA set a new record, growing by 58% from third quarter last year, 18% from our last quarter and 17% from our previous record,” stated Bill Korn.

Nine Month 2021 Financial Results

Revenue for the first nine months of 2021 was $102.1 million, an increase of 40% compared to $73.1 million in the first nine months of 2020. Revenue for nine months of 2021 was just $3.0 million less than full-year revenue for all of 2020, and was $37.7 million greater than full-year revenue for 2019.

Bill Korn remarked, “Approximately 82% of our year-to-date revenue involved the use of our technology, including clients using our core technology suite (approximately 50% of our revenue), clients using one or more components of our technology (approximately 22% of revenue), or clients where we are providing IT services utilizing our technology processes and know-how (approximately 10% of our revenue). Another 7% of revenue came from clients where we are providing solely revenue cycle management services, 9% of revenue is from clients where we are managing their entire medical practice, and approximately 2% of revenue comes from other services.”

For the first nine months of 2021, the Company’s GAAP net loss was $686,000, compared to a GAAP net loss of $9.0 million in the first nine months of 2020. GAAP net loss per share was $0.77, based on the net loss attributable to common shareholders.

Non-GAAP adjusted net income for the first nine months of 2021 was $13.5 million or $0.91 per share, an increase of $10.0 million over adjusted net income of $3.5 million in the first nine months of 2020.

During this period, our adjusted EBITDA was $16.0 million, an increase of $10.8 million or 210% from $5.2 million in the same period last year. Adjusted EBITDA for nine months for 2021 is $5.1 million greater than full-year 2020 and $7.9 million greater than full year 2019, reflecting the cost savings from previous acquisitions.

Cash Balances and Capital

As of September 30, 2021, the Company had approximately $9.3 million of cash, including restricted cash. During the third quarter 2021, cash flow from operations was approximately $5.1 million. Our net working capital on September 30, 2021 was approximately $9.9 million.

On September 30, 2021, the Company had approximately 5,295,000 shares of non-convertible Series A Preferred Stock outstanding. These shares pay monthly cash dividends of approximately $0.23 per share, but they are fully redeemable at any time the Company chooses. Bill Korn commented “Our Preferred Stock has been a great way to finance our rapid growth without restrictive covenants. Now that it is redeemable, management is evaluating several options to start redeeming the Preferred in ways that are accretive to common stockholders and prepare us for the next stage of our growth.”

Conference Call Information

CareCloud management will host a conference call today at 8:30 a.m. Eastern Time to discuss the third quarter 2021 results. The live webcast of the conference call and related presentation slides can be accessed under Events & Presentations at An audio-only option is available by dialing 786-204-3966 and referencing “CareCloud Third Quarter 2021 Earnings Call.” Investors who opt for audio only will need to download the related slides at

A replay of the conference call with slides will be available approximately one hour after conclusion of the call at the same link. An audio replay can also be accessed by dialing 412-317-6671 and providing access code 6554517.

About CareCloud
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 practice management (PM), electronic health records (EHR), business intelligence, telehealth, revenue cycle management (RCM), Medical office practice management and patient experience management (PXM) at

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For additional information, please visit our website at To view CareCloud’s latest investor presentations, read recent press releases, and listen to interviews with management, please visit

Use of Non-GAAP Financial Measures

In our earnings releases, prepared remarks, conference calls, slide presentations, and webcasts, we use and discuss non-GAAP financial measures, as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. Our earnings press releases containing such non-GAAP reconciliations can be found in the Investor Relations section of our web site at

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.

SOURCE CareCloud

Company Contact:
Bill Korn
Chief Financial Officer
CareCloud, Inc.

Investor Contact:
Matt Kreps, Managing Director
Darrow Associates Investor Relations
(214) 597-8200