CareCloud, Inc. reported a net revenue of $110.8 million for the fiscal year ending December 31, 2024, a decrease of 5% from $117.1 million in 2023. The company achieved a net income of $7.9 million, a significant recovery from a net loss of $48.7 million in the previous year, primarily due to a reduction in operating expenses and the absence of goodwill impairment charges, which had totaled $42 million in 2023. Adjusted EBITDA for 2024 was $24.1 million, compared to $15.4 million in 2023, reflecting improved operational efficiency.
The company made notable strategic changes, including a restructuring initiative that resulted in a workforce reduction aimed at optimizing operations and enhancing profitability. This restructuring incurred costs of approximately $606,000 in 2024, down from $645,000 in 2023. CareCloud also resumed dividend payments on its preferred stock in February 2025 after a suspension in December 2023, indicating a stabilization in its financial position.
Operationally, CareCloud served approximately 40,000 providers across 2,600 practices as of December 31, 2024, maintaining a customer renewal rate of 95%, up from 91% in 2023. The company’s revenue streams included $73.7 million from technology-enabled business solutions, $18.2 million from professional services, and $14.4 million from medical practice management services. The decline in revenue was attributed to the winding down of services for two large accounts acquired prior to 2022, which accounted for a significant portion of the revenue drop.
Looking ahead, CareCloud is focused on expanding its product offerings and enhancing its technology solutions to meet the evolving needs of healthcare providers. The company plans to leverage its offshore operations in Pakistan and Sri Lanka, which provide cost advantages, to maintain competitive pricing. Additionally, CareCloud aims to explore new market opportunities and continue integrating artificial intelligence into its services to improve operational efficiency and client satisfaction. The company’s outlook remains cautiously optimistic, with expectations for continued growth in the healthcare IT sector, which is projected to reach $325.2 billion by 2033.
About CareCloud, Inc.
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