CareCloud Beats On Q1 Top and Bottomline; Reiterates FY22 Outlook

Author: Anusuya Lahiri | May 09, 2022 01:32pm

• CareCloud, Inc (NASDAQ:MTBC) reported first-quarter FY22 revenue growth of 19% year-on-year to $35.3 million beating the consensus of $33.8 million.
• Adjusted EPS of $0.23 beat the consensus loss of $(0.27).
• CareCloud held $10.1 million in cash and equivalents and generated $3.1 million in operating cash flow.
• CareCloud reiterated the FY22 revenue outlook of $152 million - $155 million versus the consensus of $153 million.
• The University of Tennessee Health Science Center, College of Dentistry Pathology, chose CareCloud's Revenue Cycle Services and talkEHR to enhance revenues, streamline workflows, and alleviate billing inefficiencies.
• CEO A. Hadi Chaudhry said, "Revenue was a record for a first quarter, while we delivered a third consecutive quarter of positive GAAP net income. I am particularly proud of the innovative work performed by our product teams, as we introduced two more digital health solutions – CareCloud Wellness and CareCloud Remote. Wellness is off to a great start in particular, where 75 customers have expressed interest in just the first week of launch."
• Price Action: MTBC shares traded lower by 8.46% at $3.57 on the last check Monday.

Posted In: MTBC