CareCloud reaffirms FY23 revenue view $120M-$122M, consensus $120.67M

CareCloud has released a financial and operational update, highlighting its continued success and commitment to growth: Reaffirmed Fiscal Year 2023 Guidance: CareCloud has reaffirmed its previously announced forward-looking guidance for 2023. This guidance includes expected revenue in the range of $120 to $122 million and adjusted EBITDA between $15 to $17 million; Solid Foundation for Future Growth: CareCloud highlights its stable core business, significant contract wins, and advancements in generative artificial intelligence technology. These factors collectively lay a solid foundation for anticipated revenue growth, profitability improvements and positive free cash flow in 2024; Stable Financial Position: CareCloud emphasizes its stable financial position, with a $25 million line of credit and compliant with its covenants, which were recently relaxed to provide additional flexibility; Consistent Dividend Payments. A. Hadi Chaudhry, President and Chief Executive Officer of CareCloud stated, “CareCloud’s financial and operational update reaffirms our expectations to meet our fiscal year 2023 guidance. With the core business performing well and our focus on emerging technologies like generative AI solutions, CareCloud is well-positioned for continued success in the healthcare technology sector.”